REG - Thor Explorations Ld - Q425 PRODUCTION, 2026 GUIDANCE & BONUS Q4 DIVIDEND

Thor ExplorationsAnnouncement

Tue 07:00

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RNS Number : 5990O  Thor Explorations Ltd  13 January 2026

NEWS RELEASE

NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR

DISTRIBUTION TO U.S. WIRE SERVICES

 

 

 January 13, 2026  TSXV/AIM: THX

 

 

THOR EXPLORATIONS ANNOUNCES STRONG Q4 2025 GOLD PRODUCTION OF 23,604 OUNCES,
2026 OPERATING GUIDANCE AND BONUS Q4 DIVIDEND

 

Thor Explorations Ltd. (TSXV / AIM: THX) ("Thor Explorations", the "Company"
or the "Group") is pleased to provide its fourth quarter and full year 2025
operational update for the Segilola Gold mine, located in Nigeria
("Segilola"), and for the Company's mineral exploration properties located in
Nigeria and Senegal, for the three months to December 31, 2025 (the "Quarter"
or "Q4") as well as full year operational highlights ("FY 2025").

 

Highlights

·      Q4 gold poured of 23,719 ounces ("oz")

·      FY 2025 gold poured totalled 91,910oz

·      Gold sales in Q4 2025 of 25,830oz at an average realised price of
US$4,189 resulting in record quarterly revenue of US$108 million (unaudited)

·      Q4 cash balance of US$137 million (unaudited)

·      Q4 bullion inventory of 3,188oz (unaudited)

 

Segilola Q4 2025 Operational Highlights

·      23,719 ounces of gold poured

·      Gold produced from 242,182 tonnes milled at an average grade of
3.31 grammes per tonne ("g/t") of gold ("Au") and process plant recovery of
94.8%

·      Mine production of 580,615 tonnes at an average grade of 1.71g/t
of Au for 31,932oz

·      Ore stockpile increased by 6,144oz to 50,213oz of Au at an
average grade of 0.79g/t of Au which includes a medium-grade stockpile of
1,829 tonnes at an average grade of 1.84g/t

·      Addition of a further 971 oz of Au in circuit ("GIC"), increasing
total GIC to 5,126 oz of Au

 

 

Q4
Dividend

·      In addition to the standard Q4 Dividend of C$0.0125 per share,
the Company will pay an additional bonus dividend payment of C$0.015 per
share. The total dividend payable for Q4 will be C$0.0275 per share

 

2026 Dividend

·      2026 Dividends will continue to be paid on a quarterly basis at
an amount of C$0.0125 per share each quarter, for a total of C$0.05 for the
calendar year, with the ability to increase the dividend amount based on the
Group's cash reserves at the end of each quarter

 

 

 

Proposed dividend timetable:

 

 Event                                                           Date
 Ex-Dividend date                                                January 23(rd)  2026
 Record date                                                     January 23(rd)  2026
 Last day for currency election                                  January 30(th)  2026
 Date of exchange rate used for Pounds Sterling                  February 2(nd)  2026
 Announcement of exchange rate in Foreign Designated Currencies  February 2(nd)  2026
 Payment date                                                    February 13(th )2026

 

 

FY 2026 Outlook and Catalysts

·      FY 2026 production guidance range set at 75,000 to 85,000 oz of
gold

·      FY 2026 All-in Sustaining Cost ("AISC") guidance range set at
US$1,000 to US$1,200 per ounce

·      Douta Preliminary Feasibility Study expected on 26 January 2026

·      Drilling programs across all the Company's exploration portfolio:

o  Segilola underground drilling program

o  Nigeria - continuation of scout drilling programs on identified targets

o  Senegal - Douta licence, additional RC drilling targeting additional oxide
resources

o  Cote D'Ivoire - Guitry and Boundiali licenses, continuation of geochemical
work programs and initial drill program on identified targets

 

Segun Lawson, President & CEO, stated:

"We are extremely pleased to report a strong final production quarter, which
has resulted in the Company achieving our narrowed production guidance of
91,910 ounces, which was also in the top half of the original production
guidance for the full year 2025.

"We poured 23,719 ounces in the Quarter and sold 25,830 ounces at our highest
achieved gold price of US$4,189 per ounce resulting in record quarterly
revenue of US$108 million.

"Our record cash generation in the Quarter enabled us to fully repay all
remaining outstanding payables and end the Quarter with a higher than
projected cash balance of approximately US$137 million. We are pleased to
return some of this surplus cash to our shareholders in the form of a bonus
dividend, in line with our commitment to return funds to shareholder whilst
retaining sufficient cash on our balance sheet to fund all our activities
across the Group and continue to grow our cash reserves.

"Near mine exploration in Nigeria continued in Q4, targeting mineralisation
underneath the Segilola open pit. Drilling has continued at a faster rate, and
we have been encouraged by the exploration results which have justified
continuation of the deeper drilling program. We look forward to announcing our
drill results later in Q1 2026.

"In Senegal, at Douta, detailed work on the PFS is being finalised after
working alongside our contractors and equipment manufacturers. The PFS will be
released shortly, on 26 January 2026, and we aim to progress to a development
decision shortly after.

"In Cote d'Ivoire, drilling restarted in Guitry and a maiden drilling program
started on our Marahui Licence. We are very much looking forward to releasing
our first set of results later in Q1 2026.

"Finally, we are excited by the year ahead. Gold production from Segilola
continues to strengthen the Company's balance sheet. We continue to work
towards a Segilola underground development decision and the Company has
several catalysts across all of its projects, particularly at the Douta
Project and in Cote d'Ivoire. We look forward to updating the market with our
progress through the year."

 

 

Exploration Q4 2025 Highlights

 

Nigeria

·      Ongoing encouraging drilling program at Segilola Underground a
decision to continue the program

 

Senegal

·      Finalisation of Douta PFS with completion scheduled for 26
January 2026

·      Continuation of Reverse Circulation drilling campaign

 

Cote d'Ivoire

·      Drilling restarted in Guitry and a maiden drilling program
started on the Company's Marahui Licence

 

 

 

PRODUCTION SUMMARY

 

 

                 Units   Q4 2025    Q3 2025    Q2 2025    Q1 2025    Q4 2024

 Mining
 Total Mined     Tonnes  2,148,016  2,511,593  2,756,363  2,889,975  3,781,881
 Waste Mined     Tonnes  1,588,255  2,125,035  2,513,901  2,630,179  3,398,182
 Ore Mined       Tonnes  580,615    386,558    242,461    272,375    383,699
 Grade           g/t Au  1.71       2.26       3.02       2.42       2.30

 Processing
 Ore Processed   Tonnes  242,182    250,459    238,425    231,825    247,075
 Grade           g/t Au  3.31       3.11       3.12       3.24       3.08
 Recovery        %       94.8       94.3       93.1       93.7       89.2
 Gold Recovered  oz      24,397     23,612     22,229     22,594     21,827
 Gold Poured     oz      23,719     22,617     22,784     22,790     24,662

 

                     Table 1: Production Summary

 

 

 

 

THOR EXPLORATIONS LTD.

Segun Lawson

President & CEO

 

About Thor

Thor Explorations Ltd. is a mineral exploration company engaged in the
acquisition, exploration, development and production of mineral properties
located in Nigeria, Senegal, Cote d'Ivoire and Burkina Faso. 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 and a 100% interest in the Guitry Gold Project in Cote
d'Ivoire. Thor Explorations trades on AIM and the TSX Venture Exchange under
the symbol "THX".

 

For further information please contact:

 

Thor Explorations Ltd

Email: info@thorexpl.com

 

Canaccord Genuity (Nominated Adviser & Broker)

James Asensio / Henry Fitzgerald-O'Connor / 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 3203

 

Yellow Jersey PR (Financial
PR)

Charles Goodwin / Shivantha Thambirajah

Tel:  +44 (0) 20 3004 9512

 

BlytheRay (Financial
PR)

Tim Blythe / Megan Ray / Said Izagaren

Tel: +44 207 138 3204

 

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.

 

 

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