Thor Explorations achieved half-yearly records in revenue, EBITDA, and net profit for the first half of 2026, supported by strong gold prices despite lower production at its Segilola mine in Nigeria.

The company reported H1 2026 revenue of US$151.9 million, compared with US$146.8 million in the first half of 2025. EBITDA rose to US$108.4 million from US$103.9 million, while net profit increased to US$95.5 million from US$86.1 million.

During the second quarter of 2026, Thor sold 17,050 ounces of gold at an average price of US$4,554 per ounce, generating quarterly revenue of US$77.6 million, EBITDA of US$55.4 million, and a net profit of US$48.7 million. Q2 cash operating costs were US$760 per ounce sold, with an all-in sustaining cost of US$1,262 per ounce sold. Thor ended the period with an adjusted net cash position of US$218.6 million.

Gold poured at Segilola decreased to 19,153 ounces in Q2 2026 from 22,784 ounces in Q2 2025. The process plant milled 240,769 tonnes of ore at a feed grade of 2.57 grammes per tonne with a recovery rate of 93.3%.

“I am pleased with the Company's operational performance for the second quarter and first half of 2026. Despite lower production compared with the prior year, the strength of the gold price, together with continued cost discipline and operational efficiencies, resulted in half-year records across revenue, EBITDA and net profit. We ended the Period with a strong adjusted net cash position of US$218.6 million.”

— Segun Lawson, President & CEO

Thor maintained its full-year 2026 production guidance at 75,000 to 85,000 ounces of gold, with AISC expected between US$1,000 and US$1,200 per ounce. The company expects to complete underground exploration drilling at Segilola and release an updated Mineral Resource Estimate by the end of 2026. In Senegal, Thor targets an updated Douta Mineral Resource Estimate by year-end to support an optimised Preliminary Economic Study.

Read the full announcement: Thor Explorations Announces Financial and Operating Results, for the Three and Six Months Ending June 30, 2026