Canada's Thor Explorations Q3 profit rises; heavy rainfall disrupts mining

Thor Explorations

05/11/2026 07:14

Overview
Canada-based gold miner's Q3 revenue and net profit rose yr/yr despite lower gold production
Gold production fell due to severe rainfall; full-year output guidance revised lower
All-in sustaining cost guidance maintained despite operational disruptions

Outlook
Company cuts 2026 gold production guidance to 70,000-72,000 oz from 75,000-85,000 oz
Company maintains 2026 AISC guidance at $1,000-$1,200 per oz
Company in final stages of securing Douta Mining Convention in Senegal

Result Drivers
SEVERE RAINFALL - Co said heavy rainfall disrupted mining operations and led to lower gold production and revised output guidance
ORE STOCKPILE - Large ore stockpile provided flexibility for processing and mitigated impact of mining disruptions
COST CONTROL - Co maintained low cash operating and all-in sustaining costs despite operational challenges

Company press release: ID:nMFN7JFskQ

Key Details
Metric
Beat/Miss
Actual
Consensus Estimate
Q3 Net Income
 
$47.30 mln
 
Q3 EBITDA
 
$56.90 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$2.39, about 159.7% above its November 4 closing price of C$0.92
The stock recently traded at 3 times the next 12-month earnings vs. a P/E of 3 three months ago

Reuters Recommended Reads
Nov 4 - Canada's B2Gold lowers annual all-in sustaining cost guidance after strong gold production in Q3
Nov 4 - Canada's Allied Gold Q3 gold output rises 5%
Nov 4 - Canada's Aris Mining YTD gold production rises 16%

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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.)