Thor Explorations maintains production guidance as output up on-year

Thor Explorations Ltd on Wednesday announced a higher gold pour than a year ago but lower than a quarter prior, as it maintained its 2025 production guidance.

The Vancouver, Canada-based mining company targeting West Africa said gold poured fell 0.7% to 22,617 ounces in the third quarter of 2025, from 22,784 in the second quarter, but was up 12% from 20,110 in the third quarter of 2024.

Ore mined jumped 59% on-quarter to 386,558 tonnes in the third quarter, and was up 8.7% from 355,515 a year ago. The grade of gold was 2.26 grammes per tonne in the third quarter, down 25% from 3.02 grammes in the second quarter, but up 12% from 2.01 a year ago.

Thor Explorations maintained its 2025 production guidance range at 85,000 to 95,000 ounces of gold, which would be up between a marginal amount and 12% from 84,965 ounces in 2024.

Thor’s 2025 all-in sustaining cost guidance was maintained at between $800 and $1,000 per ounce of gold, between 4.6% and 31% higher than $765 in 2024, but between 24% and 39% lower than $1,313 in 2023.

Chief Executive Officer Segun Lawson said: ‘Exploration campaigns across the company’s portfolio slowed during the wet season, and I am eagerly awaiting the planned re-start of programs at Baraka 3 in Senegal, Guitry in [Ivory Coast] and commencement of our maiden program at Marahui in [Ivory Coast].’

Thor Explorations shares were flat at 74.00 pence each on Wednesday morning in London.

Copyright 2025 Alliance News Ltd. All Rights Reserved.