About
Thor Explorations Ltd (TSX-V: THX; AIM: THX) is a West African-focused gold producer and explorer that operates the Segilola Gold Mine in Osun State, Nigeria — the country's first and only large-scale commercial gold mine. Located approximately 120 kilometres northeast of Lagos, Segilola was built and brought into production by Thor in Q4 2021, during the height of the COVID-19 pandemic, and has delivered four consecutive full years of profitable production. Annual output has been: 98,006 oz (2022), 84,609 oz (2023), 85,057 oz (2024), and 91,910 oz (2025). Q3 2025 alone generated revenue of US$69.5 million with EBITDA of US$51.8 million and net profit of US$43.1 million. The mine's probable reserves of 517,800 oz at 4.02 g/t Au (2021) are being extended through ongoing near-mine and depth-extension drilling. FY2026 production guidance is 75,000–85,000 oz at AISC of $1,000–$1,200/oz. Beyond Segilola, Thor holds a 70% interest in the Douta Gold Project in southeastern Senegal (1.78 Moz MRE, Pre-Feasibility Study released Q1 2026), and is expanding in Côte d'Ivoire (Guitry 100%, Marahui and Boundiali options). Thor won Mining Indaba's Investment Battlefield competition in 2018. The company has a first-mover advantage across Nigeria's Western Gold Province, covering over 1,300 km² of prospective ground. CEO: Segun Lawson (BSc Geology, Imperial College; MBA, Cass Business School). Adjusted net cash of $81 million as at Q3 2025, with cumulative dividends of C$0.0375/share paid in 2025.
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