Thor Explorations profit falls on lower second-quarter revenue
Thor Explorations Ltd on Tuesday backed full-year production guidance as it reported a drop in second-quarter profit and sales.
The Vancouver, Canada-based gold miner targeting Senegal, Nigeria and the Ivory Coast said net profit fell to USD48.7 million in the second quarter of 2026 from USD51.6 million the year prior.
Earnings before interest, tax, depreciation and amortisation declined to USD55.4 million from USD60.3 million.
Revenue dropped to USD77.6 million from USD82.7 million a year ago, with 17,050 ounces of gold sold in the quarter with an average gold price of USD4,554 per ounce.
Cash operating cost amounted to USD760 per ounce sold, with an all-in sustaining cost of USD1,262 per ounce sold in the quarter.
For 2026, Thor continues to expect production of 75,000 to 85,000 ounces while AISC guidance remains at USD1,000 to USD1,200 per ounce.
Thor said advanced discussions are ongoing with Senegal's government regarding the Mining Convention. It expects this to be completed during the third quarter of 2026, in parallel to its objective of reaching a final investment decision.
Shares in Thor Explorations were down 4.4% at 59.85 pence each in London on Tuesday.
Copyright 2026 Alliance News Ltd. All Rights Reserved.