Thor Explorations Delivers Higher Q3 2025 Production and Stronger Financial Performance

Thor Explorations has reported a strong third quarter for 2025, reflecting the continued operational progress and improving financial resilience of its Segilola gold mine in Nigeria. Higher throughput, efficient plant performance and firm gold prices contributed to a quarter marked by rising production, stronger revenues and sustained profitability. These developments underscore Segilola’s role as a reliable anchor asset for the company as it tightens its annual production guidance and advances exploration across its broader portfolio.

During the quarter, Thor achieved gold sales of 19,650 ounces at an average realised price of 3,535 dollars per ounce, driving total revenue to 69.9 million dollars. Net profit reached 43.1 million dollars, supported by steady operational metrics, including 22,617 ounces of gold poured and a robust plant recovery rate of 94.3 percent. Mine life extension drilling continued across several fronts, including near mine targets, underground zones and regional prospects, each designed to expand Segilola’s resource base and extend long term production potential. The ore stockpile also increased to 44,069 ounces, providing valuable processing flexibility as the company manages mine sequencing and maintains consistent throughput.

Thor’s financial position strengthened further, with adjusted net cash rising to 81 million dollars, reflecting disciplined cost control, efficient operations and the benefit of strong gold prices. The company maintained its all in sustaining cost outlook of 900 to 1,000 dollars per ounce and narrowed its 2025 production guidance to between 90,000 and 95,000 ounces, signalling confidence in the stability of its operational performance. CEO Segun Lawson highlighted the continued improvement at Segilola and the momentum gained from expanded drilling activity across the group’s exploration portfolio, which remains central to Thor’s long term growth strategy. Investor sentiment responded positively, with shares trading slightly higher at 59.95 pence during early London dealings.

As Thor builds on rising production, improved cash flow and expanding exploration efforts, the company is strengthening its position within West Africa’s gold sector. Continued operational stability at Segilola, combined with ongoing investment in resource growth, has the potential to reinforce Nigeria’s emerging role in regional gold development while supporting greater economic participation and mining sector confidence across the country.

Mini Glossary

• Throughput: The amount of ore processed by a mining plant over a given period.
• Plant recovery: The percentage of gold successfully extracted from processed ore.
• Ore stockpile: Accumulated ore stored for future processing to maintain steady plant feed.
• AISC: All in sustaining cost, the full cost of producing an ounce of gold, including sustaining capital and overheads.