Thor Explorations Sees Record Earnings on Back of Strong Gold Price

Thor Explorations Ltd (TSX-V:THX, AIM:THX, OTC:THXPF) has reported record first-half revenue and net profit in 2026, thanks to a strong gold price. The company's Segilola Gold Mine in Nigeria was a major driver of earnings, producing 19,153 ounces of gold during the second quarter at an average cash operating cost of $760 per ounce sold.

The mine treated 240,769 tonnes of ore during the quarter at an average feed grade of 2.57 grams per tonne gold, with recovery of 93.3% and no significant downtime. Thor's stockpile now holds 58,431 ounces of contained gold at an average grade of 0.74 g/t, providing approximately two years of process plant supply.

The company is continuing its exploration program at Segilola, focusing on extending the life of the operation and assessing potential for future underground mining. A mining consultancy has been engaged to review the opportunity and support ongoing drilling efforts.