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Thor Explorations Ltd on Thursday reported higher profit in 2025, during which gold sales benefitted from strong pricing. The Vancouver, Canada-based mining company booked $199.3 million in annual pretax profit, up from $91.2 million in 2024. Revenue advanced to $325.3 million from $193.1 million, while gold sales totalled 94,130 ounces, up from 84,965 oz, at an average price per ounce of $3,422, compared with $2,288 on-year. All-in sustaining cost was $927 per ounce sold, up from $882. The company ended December with a cash balance of $137.8 million, versus $12.0 million at the end of 2024. It added that it is now debt-free, having repaid a senior debt facility with Africa Finance Corp. Thor in 2025 set a new dividend policy, under which it will pay at least C$0.0125 per share each quarter, which is around $0.0090. The company also declared a special dividend of C$0.015 per share in 2025. It plans to maintain its ordinary payout policy through 2026, with the next quarterly payment of C$0.0125 due May 15. Looking to the year ahead, Thor is targeting production between 75,000 and 85,000 ounces, at an all-in sustaining cost of $1,000 to $1,200 per ounce. By region, it is eyeing 2026 exploration expenses from $9 million to $11 million in Nigeria, $10 million to $12 million in Senegal and $8 million to $10 million in Ivory Coast. The company aims to extend the life of Nigeria’s Segilola mine by defining additional resources. It aims to secure permits for Senegal’s Douta gold project to reach a final investment decision and begin construction in the second half of 2026, having secured 100% ownership of Douta in 2025. ‘Our acquisition of the Bousankhoba licence has enabled us to expand the project footprint and we believe the project continues to have promising growth potential,’ commented Chief Executive Segun Lawson. In Ivory Coast, it is planning continued work on the Guitry and Marahui projects. CEO Lawson praised the company’s ‘record’ peformance, saying: ‘We have fully capitalised on the high gold price environment whilst maintaining our cost discipline throughout the year.’ Lawson added: ‘We have the cash flow and team to underpin our activities across the group and are better positioned than ever to deliver on our objectives. Thor Explorations shares rose 4.7% to 80.60p on Thursday morning in London, having more than trebled over the past year. Copyright 2026 Alliance News Ltd. All Rights Reserved.
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