Thor Explorations Ltd

Description

Thor Explorations Ltd is a profitable West African gold producer led by its 100%-owned Segilola Gold Mine in Nigeria. Segilola is the company's current cash-generating asset, while the Douta Gold Project in Senegal provides the principal development-stage growth opportunity. The company also holds an expanding early-stage exploration portfolio in Côte d’Ivoire.

The investment case combines high-margin gold production, a strong balance sheet, dividend capacity, potential Segilola mine-life extension and self-funded growth toward a second producing mine. Segilola produced approximately 91,910 oz gold in 2025, while 2026 guidance is 75,000–85,000 oz at US$1,000–US$1,200/oz AISC. At June 2026, Thor reported approximately US$193.1M cash, negligible lease debt and H1 net profit of US$95.5M.

Douta is the principal growth asset. Its January 2026 PFS defined approximately 1.212 Moz Probable reserves at 1.03 g/t Au, a 12.6-year mine life, US$254M initial capex and US$1,890/oz LOM AISC. The project remains subject to updated feasibility work, final mining approvals, financing and a development decision.

List of Projects:

Project 1: Segilola Gold Mine
Nigeria — Gold. 100%-owned producing open-pit mine and processing plant. 2026 guidance is 75–85 koz. Underground and near-mine drilling are testing high-grade extensions and potential mine-life growth.

Project 2: Douta Gold Project
Senegal — Gold. Development-stage project with 100% economic interest pending final licence approvals. The project hosts approximately 1.97 Moz in Mineral Resources and 1.212 Moz Probable reserves. The PFS supports a 12.6-year development case with US$254M initial capex.

Project 3: Douta West / Bousankhoba
Senegal — Gold. Regional exploration licences surrounding the Douta development project. Drilling targets additional oxide ounces that could extend or improve early-stage production.

Project 4: Guitry
Côte d’Ivoire — Gold. 100%-owned early-stage exploration project acquired from Endeavour. Maiden drilling returned high-grade intersections and follow-up target definition continues.

Project 5: Marahui
Côte d’Ivoire — Gold. Option-stage exploration project. September 2026 maiden results included high-grade gold intercepts, while only a minority of the prospective trend has been drill tested.

Project 6: Boundiali / Loulida
Côte d’Ivoire — Gold. Early-stage exploration licences where geochemistry, target definition and initial drilling form part of Thor's broader regional discovery pipeline.

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