TSX-V- and Aim-listed Thor Explorations has reported a significant rise in revenue and profitability for the three months ended September 30, driven by its Segilola gold mine, in Nigeria, and ongoing exploration projects across West Africa.

The company sold 19 650 oz of gold at an average price of $3 535/oz, generating revenue of $69.9-million, up from $40.2-million in the same period last year.

Net profit increased to $43.1-million, compared with $17.5-million in the third quarter of 2024, while earnings before interest, taxes, depreciation and amortisation (Ebitda) reached $51.8-million, rising from $27.4-million. Adjusted net cash improved sharply to $81-million, from $3.2-million a year earlier.

“The company has had a successful third quarter, which has seen strong production performance at Segilola, and the advancement of exploration programmes across the company’s portfolio . . . supported in part by the continued favourable gold price environment, as well as our cost discipline and operational efficiencies.

“For instance, gold recovery at our process plant has seen steady improvement over the past 12 months, now at 94.3%, up from 88.5% in the third quarter of 2024,” Thor president and CEO Segun Lawson said on November 18.

The Segilola mine delivered 22 617 oz of gold during the quarter, an increase from 20 110 oz in the third quarter of 2024. The mine processed 250 459 t of ore, achieving an average throughput of 2 722 t/d and a mill feed grade of 3.11 g/t.

Thor noted that the process plant recovery performance improved to an average of 94.3% during the quarter, with no significant unplanned downtime. Ore mined totalled 386 558 t at an average grade of 2.26 g/t, while the ore stockpile increased by 2 977 oz to 44 069 oz of gold at an average grade of 0.83 g/t.

The company stated that the substantial stockpile provides flexibility and low risk for future production, with higher-grade material prioritised for processing.

Thor’s exploration activities at Segilola continued during the third quarter, with life-of-mine (LoM) extension drilling testing the depth extensions of existing deposits. Diamond drillholes were completed on 40 m and 80 m spacings to assess the continuity of three high-grade shoots projected to continue southward.

The company said that drilling continued subsequent to the end of the period and would continue throughout the openpit mine life. A mining consultancy had been engaged to review the underground potential, supporting the continuation of the drilling programme, with the aim of defining an updated Segilola resource by the end of the year.

Beyond Segilola, Thor advanced exploration across its regional licences. The company continued geochemical target generation south of Segilola, with drilling on previously delineated targets starting late in the quarter and scheduled to continue to the end of the year.

At the Douta gold project, reverse circulation (RC) drilling at the Baraka 3 prospect was aimed at extending recently discovered mineralisation. Metallurgical testwork showed encouraging initial results, the company said.

Thor stated that its strategy at the Douta gold project remained to delineate an initial 500 000 oz oxide resource at the start of the mine life.

The company also made significant acquisitions to consolidate its Douta position, signing a binding agreement to acquire the remaining 30% interest in the project for $3-million in cash, with a 1.25% average net smelter royalty capped at $60-million, subject to ministerial approval.

In addition, Thor acquired an initial 65% interest in the Bousankhoba exploration permit, adjacent to Douta West. Bousankhoba contains several continuous soil geochemical anomalies, with historical early-stage drilling showing promising results, including 10 m at 3.6 g/t and 2 m at 52 g/t.

Exploration also progressed in Côte d’Ivoire, where initial drilling at the Guitry project intersected several high-grade mineralised lodes. At the Marahui project, mapping and rock sampling continued, with more than 250 samples collected and a 3-km-long anomaly delineated through soil and rock chip sampling.

“In Côte d'Ivoire, we completed the RC drilling programme at Guitry which initially commenced in May. This was a successful programme which helped to increase our understanding of both the geometry and geological controls on gold mineralisation. We look forward to test several other prospective areas of the licence.

“At Marahui, exploration work continued with the priority of delineating additional drilling targets. The exploration work carried out provided further encouraging high grade initial rock and soil geochemistry results that have been characteristic of the licence area to date.

“With the rainy season behind us, we look forward to the next seven months of drilling we have planned on our projects in Côte d'Ivoire,” Lawson said.

Looking ahead, the company narrowed its 2025 production guidance to 90 000 oz to 95 000 oz of gold, with all-in sustaining costs of between $900/oz and $1 000/oz.

Thor also outlined plans to advance exploration programmes across its portfolio, including near-mine, underground, and regional drilling at Segilola, infill and expansion drilling at Douta, assessment of regional targets in Nigeria and Côte d’Ivoire, and acquisition of new concessions or joint partnerships.

The company said it expected to release the Douta prefeasibility study in the fourth quarter of this year and define an updated Segilola resource by the end of the year for publication in the first quarter of next year.