Thor Explorations Ltd ( TSX-V:THX , AIM:THX , OTC:THXPF , FRA:T2X ) reported third-quarter revenue of US$81.7 million from its Segilola gold mine in Nigeria, selling 19,000 ounces of gold at an average realized price of US$4,297 per ounce.
The company poured 15,515 ounces in the quarter, produced from 249,607 tonnes milled at an average grade of 2.10 grammes per tonne, with process plant recovery of 92.8%.
Thor revised its 2026 production guidance to 70,000 to 72,000 ounces from 75,000 to 85,000 ounces, citing severe rainfall at Segilola in late August and its effect on mining operations. All-in sustaining cost guidance was maintained at US$1,000 to US$1,200 per ounce.
Thor ended the quarter with a cash balance of US$224.9 million and 2,825 ounces of gold bullion inventory, for an adjusted net cash position of US$236.7 million.
"We are pleased to report another solid quarter for Thor, despite the challenging operating conditions experienced at Segilola as a result of exceptionally heavy rainfall during the period," CEO Segun Lawson said. "Our team has demonstrated considerable resilience in navigating these challenges."
Mining activity totalled 567,059 tonnes of material, including 303,602 tonnes of ore at an average grade of 1.69 g/t for 16,523 ounces. The ore stockpile stood at 58,322 ounces at quarter-end.
Exploration continued across the company's portfolio. At Segilola, drilling is targeting additional underground-mineable resources. In Senegal, infill drilling at the Douta project is aimed at converting inferred resources to indicated, and Thor is targeting an updated mineral resource estimate by year-end for use in an optimised preliminary feasibility study.
Thor said it is in the final stages of discussions with the Government of Senegal on the Douta Mining Convention, the last outstanding milestone ahead of a final investment decision.
In Côte d'Ivoire, the company is drill testing targets at Guitry and Marahui and generating early-stage targets at Laoudiba and Boundiali.
