Nigeria's Thor Explorations Q1 revenue rises

Thor Explorations

19/05/2026 07:07

Overview

Nigeria mineral explorer's Q1 revenue rose yr/yr despite lower gold sales volume

Q1 net income and EBITDA increased yr/yr

Company paid quarterly and bonus dividend, maintained strong cost control

Outlook

Company guides FY 2026 gold production at 75,000-85,000 oz, AISC at $1,000-$1,200/oz

Company expects 2026 exploration spending of $9 mln-$11 mln in Nigeria, $10 mln-$12 mln in Senegal, $8 mln-$10 mln in Côte d'Ivoire

Company aims to obtain mining permit for Douta project and advance exploration across portfolio

Result Drivers

HIGHER GOLD PRICE - Revenue increased as higher realized gold prices offset lower sales volume

COST CONTROL - Cash operating cost and AISC per ounce sold both decreased yr/yr, supporting profitability

Company press release: ID:nRSS8062Ea

Key Details

Metric
Beat/Miss
Actual
Consensus Estimate
Q1 Revenue
$74.30 mln
Q1 Net Income
$46.70 mln
Q1 EBITDA
$55.80 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 97% above its May 15 closing price of C$1.31

The stock recently traded at 4 times the next 12-month earnings vs. a P/E of 4 three months ago

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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.)