Aim- and TSX-V-listed Thor Explorations recorded a good operational performance for the second quarter and first half ended June 30, president and CEO Segun Lawson says in an operational and financial review of the company’s Segilola gold mine, in Nigeria, and its mineral exploration properties located in Nigeria, Senegal and Côte d’Ivoire.

Lawson highlights record quarterly revenue; earnings before interest, taxes, depreciation and amortisation (Ebitda); and net profit.

“We were unhedged and exposed to the high gold price environment, resulting in a record-breaking quarter. Revenue in the second quarter increased by 54% year-on-year, with net profit rising by 50% year-on-year. We ended the period more than doubling our net cash position from the previous quarter to $52.8-million,” he explains.

“These financial achievements are not only reflective of a favourable gold price, but [also] our continued cost discipline and operational efficiencies. During the quarter, we produced and sold over 22 700 oz of gold at an average price of $3 187/oz, with a recovery rate of 93.1%,” Lawson adds.

Thor sold 25 900 oz in the second quarter at an average gold price of $3 187/oz.

Cash operating costs were $715/oz sold and all-in sustaining costs (AISC) were $915/oz sold.

Second-quarter revenue was $82.7-million, an increase from the $53.8-million in the prior year’s second quarter. First-half revenue was $146.8-million, also an increase from the $87.1-million reported for the first half of 2024.

Second-quarter Ebitda was $60.3-million, an increase from $37.6-million in the prior comparable period, while first-half Ebitda was $103.9-million, also an increase from $60.9-million in the first half of 2024.

Second-quarter net profit was $51.6-million, an increase from $33.7-million in the prior comparable period, while first-half net profit was $86.1-million, compared with the $39.9-million reported for the first half of 2024.

Thor had net cash of $52.8-million at period end.

Total gold poured at Segilola was 22 784 oz for the second quarter and 45 574 oz for the first half.

Exploration work has progressed at Segilola, with a focus on Segilola underground resource drilling as the company works to extend the current Segilola mine life.

A drilling programme is ongoing, which has been evolving to test different interpretations of the down dip mineralisation at Segilola.

“We will continue to drill through to the end of the calendar year when we aim to define an updated resource for Segilola,” Lawson informs.

“We are also continuing with our regional exploration in Nigeria, with geochemical target generation resulting in a follow-up drilling programme which commenced towards the end of the period,” he adds.

At the Douta project, in Senegal, the company has completed a 12 000 m drilling campaign at the Baraka 3 prospect, in the Douta-West licence.

“We expect to receive assay results in quarter three, which will be fed into the existing Douta resource. This is part of our strategy to combine both the Douta and Douta-West licences and scale up the size of a combined Douta project for the Douta prefeasibility study,” Lawson indicates.

In Côte d’Ivoire, Thor completed a drilling programme at the Guitry project, with initial results confirming gold mineralisation at depth.

Further drilling at Guitry, as well as initial drilling at Marahui, where targets have been delineated, is due to start following the rainy season in late quarter three.

“We have been encouraged by our exploration results to date across the entire portfolio and have increased our exploration budget for the remainder of the year. In doing so, we believe we are well positioned to deliver value to our shareholders,” Lawson highlights.

Thor’s operational guidance for the year remains unchanged at 85 000 oz to 95 000 oz of gold at an AISC of $800/oz to $1 000/oz.