REG - Thor Explorations Ld - FIRST QUARTER 2026 FINANCIAL & OPERATING RESULTS

Thor ExplorationsAnnouncement

19/05/2026 07:00

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RNS Number : 8062E  Thor Explorations Ltd  19 May 2026

 

 

 

 

NEWS RELEASE

NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR

DISTRIBUTION TO U.S. WIRE SERVICES

 

 May 19, 2026  TSXV/AIM: THX

 

THOR EXPLORATIONS ANNOUNCES FIRST QUARTER 2026 FINANCIAL AND OPERATING
RESULTS, FOR THE THREE MONTHS ENDING MARCH 31, 2026

 

Thor Explorations Ltd. (TSXV / AIM: THX) ("Thor Explorations", "Thor", the
"Group" or the "Company") is pleased to provide an operational and financial
review for its Segilola Gold mine, located in Nigeria ("Segilola"), and for
the Company's mineral exploration properties located in Nigeria, Senegal and
Cote D'Ivoire for the three months to March 31, 2026 (the "Quarter", the
"Period" or "Q1").

The Company's Unaudited Condensed Consolidated Financial Statements together
with the notes related thereto, as well as the Management's Discussion and
Analysis for the three months ended March 31, 2026, are available on Thor
Explorations' website at:

https://thorexpl.com/investors/financial-statements/
(https://thorexpl.com/investors/financial-statements/)

 

All figures are in US dollars ("US$") unless otherwise stated.

 

Q1 2026 Financial Highlights

·      15,417 ounces ("oz") of gold sold (Q1 2025: 22,750 oz) with an
average gold price of US$4,820 per oz (Q1 2025: US$2,720).

·      Cash operating cost of US$672 per oz sold (Q1 2025: US$711) and
all-in sustaining cost ("AISC") of US$936 per oz sold (Q1 2025: US$950)

·      Revenue of US$74.3 million (Q1 2025: US$64.0 million).

·      EBITDA of US$55.8 million (Q1 2025: US$43.6 million).

·      Net Income of US$46.7 million (Q1 2025: US$34.4 million).

·      Adjusted Net Cash of US$177.9 million (Q1 2025: US$24.7 million).

·      Quarterly dividend and bonus dividend of CAD$0.0275 per share
paid.

 

 

Operational Highlights

Segilola Production

·      Gold poured totalled 20,256 oz during Q1 2026 (Q1 2025: 22,790
oz).

·      18,199 oz (Q1 2025: 22,594 oz) recovered with a recovery rate of
93.1% (Q1 2025: 93.7%).

·      239,644 total tonnes ("t") of ore processed over Q1 2026 at a
grade of 2.54 grammes per tonne ("g/t") of gold ("Au").

·      Total ore mined of 459,246 t at a grade of 1.58 g/t Au during the
Quarter.

Segilola Exploration

·      Work continues to focus on extending the mine life of Segilola. A
diamond drilling program with six drilling rigs continued during the Quarter
to test the depth extensions of the Segilola deposits. Initial results are
expected to be published during Q2 2026.

·      Independent studies commenced to assess the economic viability of
potential pit cutbacks ahead of a transition to underground mining, taking
into account current higher gold prices. The Company is reviewing its options
following the Period end.

Regional Exploration

·      During the Quarter, Exploration activities continued on all the
Group's licences in Nigeria.

·      A follow-up drilling program designed to test surrounding
geochemical signatures and potential extensions along strike of Segilola
commenced after the Period.

Douta

·      At the Douta Gold Project ("Douta"), the Company released the
results of the Pre‑Feasibility Study ("PFS") and an updated Mineral Resource
Estimate ("MRE").

·      Highlights of the PFS include:

o  Long-life production profile delivering 1.0 million ounces ("Moz") of gold
from 37 million tonnes Mt of mill feed grading 1.03g/t Au (containing 1.2Moz)
over 12.6‑years of operations.

o  Pre-tax project NPV5% of US$908 million and IRR of 73% (100% equity basis)
at a long-term gold price assumption of US$3,500/oz.

o  Strong early cashflow, with gold production of 413koz in the first four
years of oxide and transitional ore feed at an all-in sustaining cost ("AISC")
of US$1,555/oz, generating a pre-tax cashflow of US$798 million and a payback
period of 1.0 years from the start of processing.

o  Low initial project capital of US$254 million.

·      An updated Douta MRE constrained within optimised pit shells and
comprised of:

o  An Indicated Mineral Resource of 50.6 million tonnes ("Mt") grading 1.04
grammes per tonne ("g/t") Au for 1.7Moz Au; and

o  Inferred Mineral Resource of 9.3 Mt grading 0.92g/t Au for 273,000oz Au

o  The MRE encompasses Makosa, Makosa Tail and the initial results from the
recently discovered Baraka 3 prospects, all of which remain open along strike
and down dip

·      During the Period, the exploration activities focused on the
Douta-West Licence, which lies contiguous to the west of the original Douta
licence. A 40,000-metre drilling program commenced in the Baraka 3 area and
targeted all three exploration permits, designed to upgrade the classification
of inferred mineralisation within the pit shells and to test several
previously delineated oxide targets in all three exploration permits. Initial
results were published by the Company on 12 May 2026.

·      Drilling was carried out using both reverse circulation ("RC")
and HQ diamond core ("DDH") methods. Several holes were drilled in areas
peripheral to the MRE and further along strike towards the north. The Company
anticipates that the drilling results will positively impact both the
classification and the tonnage of the resource.

·      At the Bousankhoba Licence, a Rotary Air Blast drilling program
has been ongoing to delineate additional oxide targets to add to the resource.
The drilling program was successful in intersecting mineralisation for
follow-up resource drilling. These targets remain open over several
kilometres.

 

Cote d'Ivoire

·      During the Quarter, work in Côte d'Ivoire focused on the drill
testing of targets at the Guitry and Marahui Projects.

·      At Marahui, soil geochemistry sampling and geological mapping
continued and defined two parallel anomalous structures, with the larger one
being a 4km long by 200m wide anomaly.

·      Follow up rock chip sampling from artisanal activity on the
defined structure confirmed bedrock mineralisation with results including
19.3g/t Au, 10g/t Au and 9.97g/t Au.

·      Initial RC drilling has commenced, and drilling results from
these exploration programs are targeted to be released in the second quarter.

 

Environment, Health, Safety and Social

·      A Behavioural Based Management ("BBM") HSE system was introduced
at Segilola in Q1 2026, following five Lost Time Injuries ("LTIs") in 2025.

o  The BBM system is a proactive safety framework focused on reducing
workplace incidents linked to human error and at-risk actions, through
feedback, reinforcement, employee participation, and defined violations,
consequences and rewards.

o  Since implementation, near misses, unsafe acts, and unsafe condition
reporting have increased significantly, while TRIFR has reduced, and no LTIs
were reported during the Quarter.

·      Environmental compliance monitoring continued monthly, with
quarterly summary reports submitted to the Federal Ministry of Environment
("FMEnv").

o  Water quality, air quality and noise level measurements for Q1 2026
remained consistent with the same periods in 2025 and 2024, with all
parameters within FMEnv limits.

o  On-site weather station monitoring over the past three years continues to
support dust suppression planning during the dry season and wet weather
planning for Q2 and Q3 2026.

·      Data gathering for the Group's 2026 ESG and sustainability
reporting is ongoing and remains aligned with the Global Reporting Initiative
("GRI") standards. Highlights for Q1 2026 include:

o  Water withdrawal intensity decreased by 31%, supported by an 8% increase
in reclaimed water use from the Tailings Management Facility compared to Q1
2025.

o  Mineral waste intensity, relating to waste rock, decreased by 58%, while
carbon emissions decreased by 11% compared to Q1 2025.

·      The Group is completing its 2025 Sustainability and ESG report,
which is targeted for publication in Q2 2026.

·      Corporate Social Responsibility activities advanced through
Community Development Agreement ("CDA") initiatives and other local programs.

o  Key activities included opening a newly constructed primary school in
Imogbara and supporting 17 Youth Empowerment Scheme recipients with tools,
equipment, technical training and two years' free rent in local premises.

·      In Senegal, the Douta PFS was completed, and the Phase 1 ESIA for
the oxide component of the project was approved in January 2026. Ongoing
environmental baseline testing and monitoring continue across the Douta
Project, including air, surface water and groundwater.

 

Outlook

·      Production guidance for FY 2026 of 75,000 - 85,000 oz with an
AISC guidance of US$1,000 - $1,200

·      Exploration expenditure guidance of US$9 million - $11 million in
Nigeria, US$10 million - $12 million in Senegal, and US$8 million - $10
million in Côte d'Ivoire for 2026.

·      Obtaining the mining permit for the Douta project.

·      Advance exploration programs across the portfolio, including near
mine, underground and regional programmes at Segilola, assessing regional
potential targets in Nigeria and Côte d'Ivoire, and acquiring new concessions
and joint partnership options on potential targets.

 

Segun Lawson, President & CEO, stated:

"I am pleased to report a strong start to 2026, with the Company continuing to
deliver excellent financial results while continuing to advance the next phase
of growth across the portfolio during the Quarter. The Company sold 15,417
ounces of gold at an average realised gold price of US$4,820 per ounce,
generating revenue of US$74.3 million, EBITDA of US$55.8 million and net
income of US$46.7 million. Our balance sheet also continued to strengthen,
with net cash of US$177.9 million at the Period end.

"Operationally, Segilola continued to perform well, with 20,256 ounces of gold
poured during the Quarter, we are particularly pleased with our strong cost
control, with a cash operating cost of US$672 per ounce sold and AISC of
US$936 per ounce sold. This financial performance carried on from 2025 and has
enabled the Company to continue with its dividend policy.

"At Segilola, exploration remains focused on extending mine life and assessing
the longer-term potential of the deposit beyond the current open pit. During
the Quarter, drilling continued to test depth extensions and we are aiming to
release initial results later this quarter. We have commenced independent
studies to assess potential pit cutbacks ahead of any transition underground,
considering the current gold price environment. We look forward to updating
our shareholders with our progress.

"In Senegal, the release of the Douta PFS and updated Mineral Resource
Estimate was a major milestone for the Company and underlines the scale and
quality of the opportunity in Senegal. Douta has the potential to become a
long-life gold operation, with strong early cashflow, a rapid payback period
and significant further exploration upside across the wider licence area. Our
focus is now on progressing the mining permit and continuing drilling across
Douta-West and Bousankhoba, where we see clear potential to add further value.

"In Côte d'Ivoire, the early exploration results from Marahui continue to
support our view that the project has significant exploration potential. With
RC drilling now underway, we look forward to updating shareholders on these
programmes during the second quarter.

"Looking ahead, we remain focused on delivering our gold production, while
continuing to advance our exploration programmes across Nigeria, Senegal and
Côte d'Ivoire and importantly, reaching a final investment decision for the
Douta Project. With a strong, growing balance sheet we are well positioned to
achieve our objectives and look forward to updating shareholders."

 

Qualified Person

The above information has been prepared under the supervision of Alfred
Gillman (Fellow AusIMM, CP), who is designated as a "qualified person" under
National Instrument 43-101 and the AIM Rules and has reviewed and approves the
content of this news release. He has also reviewed QA/QC, sampling, analytical
and test data underlying the information.

 

About Thor Explorations

Thor Explorations Ltd. is a mineral exploration company engaged in the
acquisition, exploration, development and production of mineral properties
located in Nigeria, Senegal and Côte d'Ivoire. Thor Explorations holds:

 

-     a 100% interest in the Segilola Gold Project located in Osun State,
Nigeria

-     a 100% economic interest in the Douta Gold Project located in
south-eastern Senegal

-     a 100% interest in the Guitry Gold Project located in Cote d'Ivoire

-     additional exploration tenure in Nigeria, Senegal and Cote d'Ivoire
comprising of wholly and majority owned interests

Thor Explorations trades on AIM and the TSX Venture Exchange under the symbol
"THX".

 

THOR EXPLORATIONS LTD.

Segun Lawson

President & CEO

 

Investor webinar to discuss Q1 2026 results

 

Thor is pleased to announce that Segun Lawson, President, and CEO, will
provide a live investor session via the Investor Meet Company platform on
Tuesday 26 May 2026 at 14:30pm GMT.

 

The session will discuss the announced Q1 2026 results

 

The presentation is open to all existing and potential investors. Questions
can be submitted pre-event via your Investor Meet Company dashboard up until
9:00 am the day before the meeting or at any time during the live
presentation.

 

Investors can sign up to Investor Meet Company for free and add to meet Thor
Explorations plc via:

 

https://www.investormeetcompany.com/thor-explorations-ltd/register-investor
(https://www.investormeetcompany.com/thor-explorations-ltd/register-investor)

 

Investors who already follow Thor Explorations on the Investor Meet Company
platform will automatically be invited.

 

·      Whilst the Company may not be able to answer every individual
question, the aim is to address the issues raised by investors

·      Responses to the Q&A will be published at the earliest
opportunity on the Investor Meet Company platform following the presentation

·      Investor feedback can also be submitted directly to management
after the event to ensure the Company can understand all investor views.

 

 

For further information please contact:

Thor Explorations Ltd

Email: info@thorexpl.com (mailto:info@thorexpl.com)

Canaccord Genuity (Nominated Adviser & Broker)

Henry Fitzgerald-O'Connor / James Asensio / Rory Blundell / Harry Rees

Tel: +44 (0) 20 7523 8000

Hannam & Partners (Broker)

Andrew Chubb / Matt Hasson / Jay Ashfield / Franck Nganou

Tel: +44 (0) 20 7907 8500

BlytheRay (Financial PR)

Tim Blythe / Megan Ray / Said Izagaren

Tel: +44 207 138 3204

Yellow Jersey PR (Financial
PR)

Charles Goodwin / Shivantha Thambirajah

Tel:  +44 (0) 20 3004 9512

 

 

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