Canada's Thor Explorations Q2 profit falls on lower gold output

Thor Explorations

11/08/2026 07:11

Overview
Canada-based gold miner's Q2 revenue and net profit declined yr/yr on lower production
Company achieved record half-year revenue, EBITDA and net profit, driven by higher gold prices
Full-year production and cost guidance maintained; adjusted net cash position at $218.6 mln

Outlook
Company maintains FY2026 production guidance of 75,000-85,000 oz and AISC of $1,000-$1,200/oz
Company expects updated Segilola and Douta Mineral Resource Estimates by end-2026
Company expects completion of Senegal Mining Convention and Côte d'Ivoire drilling results in Q3 2026

Result Drivers
HIGHER GOLD PRICES - Co said increased gold prices offset lower production and supported record half-year revenue and profit
OPERATIONAL EFFICIENCIES - Co attributed profitability to cost discipline and process plant performance, with recovery rate at 93.3% and no significant downtime
EXPLORATION PROGRESS - Co continued extensive drilling at Segilola and regional exploration, targeting mine life extension and resource growth

Company press release: ID:nRSK0511Qa

Key Details
Metric
Beat/Miss
Actual
Consensus Estimate
Q2 Revenue
 
$77.60 mln
 
Q2 Net Income
 
$48.70 mln
 
Q2 EBITDA
 
$55.40 mln
 

Analyst Coverage
The one available analyst rating on the shares is "buy"
The average consensus recommendation for the gold peer group is "buy"
Wall Street's median 12-month price target for Thor Explorations Ltd. is C$2.58, about 127.9% above its August 10 closing price of C$1.13
The stock recently traded at 3 times the next 12-month earnings vs. a P/E of 4 three months ago

Reuters Recommended Reads
Aug 10 - Canada's Barrick Mining Q2 profit misses estimates, plans North American IPO by end-2026
Aug 10 - Canada's K92 Mining Q2 profit jumps 116% on mine expansion, infrastructure upgrades
Aug 10 - Canada's Silvercorp flags output hit of up to 50% after China suspension for safety upgrades, clouding profit jump

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)