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Thor Explorations Ltd on Tuesday said it remains focused on delivering its gold production and continuing to advance its exploration programmes as it posted higher first-quarter earnings and revenue. The gold producer said earnings before interest, tax, depreciation and amortisation in the first quarter of the year rose 28% to $55.8 million from $43.6 million a year prior. Revenue climbed 16% to $74.3 million from $64.0 million. It sold 15,417 ounces of gold, down 32% from 22,750 ounces. However, the average realised gold selling price for Thor Explorations shot up 77% to $4,820 per ounce from $2,720. For 2026, the company expects a gold production of 75,000 to 85,000 ounces, which would be between 9.7% and 20% lower than 94,130 ounces in 2025. The anticipated all-in sustaining cost for 2026 is between $1,000 and $1,200 per ounce of gold sold, between 7.9% and 29% higher than $927 in 2025. Chief Executive Officer Segun Lawson said: ‘In [Ivory Coast], the early exploration results from Marahui continue to support our view that the project has significant exploration potential. With reverse circulation drilling now underway, we look forward to updating shareholders on these programmes during the second quarter. ‘Looking ahead, we remain focused on delivering our gold production, while continuing to advance our exploration programmes across Nigeria, Senegal and [Ivory Coast] and importantly, reaching a final investment decision for the Douta project. With a strong, growing balance sheet we are well positioned to achieve our objectives and look forward to updating shareholders.’ Thor Explorations shares rose 2.7% to 73.40 pence each on Tuesday morning in London. Copyright 2026 Alliance News Ltd. All Rights Reserved.
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