Thor Explorations hails gold price surge as revenue climbs comfortably
Thor Explorations Ltd on Tuesday celebrated record fourth quarter revenue on the back of a sharply higher gold price, which easily offset a dip in the amount of gold poured.
The Vancouver, Canada-based mining company targeting West Africa said it poured 23,719 ounces of gold in the fourth quarter of 2025, down 3.8% from 24,662 oz a year ago.
The average realised gold price was $4,189 per ounce, up 68% from $2,497 a year ago. It resulted in a record fourth quarter revenue of $108 million, a 74% on-year jump from $62 million.
The firm mined a total of 580,615 tonnes of ore in the fourth quarter, up 51% from 383,699 tonnes a year prior. The gold grade was 1.71 grammes of gold per tonne, lower than 2.30g/t a year ago.
Chief Executive Officer Segun Lawson said: ‘We are excited by the year ahead. Gold production from Segilola [Nigeria] continues to strengthen the company’s balance sheet. We continue to work towards a Segilola underground development decision and the company has several catalysts across all of its projects, particularly at the Douta project [Senegal] and in Ivory Coast. We look forward to updating the market with our progress through the year.’
Looking ahead, the company set its 2026 production guidance range at 75,000 to 85,000 ounces of gold, between 7.5% and 18% lower compared to 91,910 ounces in 2025.
Thor Explorations shares rose 3.8% to 74.75 pence each on Tuesday morning in London.
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