THOR EXPLORATIONS ANNOUNCES THIRD QUARTER 2026 FINANCIAL AND OPERATING RESULTS, FOR THE THREE MONTHS ENDING SEPTEMBER 30, 2026
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| November 5, 2026 | TSXV/AIM: THX |
THOR EXPLORATIONS ANNOUNCES THIRD QUARTER 2026 FINANCIAL AND OPERATING RESULTS, FOR THE THREE MONTHS ENDING SEPTEMBER 30, 2026
Thor Explorations Ltd. (TSXV / AIM: THX) ("Thor Explorations", “Thor”, the "Company" or the “Group”) is pleased to provide an operational and financial review for its Segilola Gold mine, located in Nigeria ("Segilola"), and for the Company's mineral exploration properties located in Nigeria, Senegal and Côte D’Ivoire for the three months to September 30, 2026 (the “Quarter”, the “Period” or “Q3”).
The Company's Unaudited Condensed Consolidated Financial Statements together with the notes related thereto, as well as the Management's Discussion and Analysis for the three months ended September 30, 2026, are available on Thor Explorations' website at: http://www.thorexpl.com/investors/reports-presentations
All figures are in US dollars (“US$”) unless otherwise stated.
Q3 2026 Financial Highlights
- 19,000 ounces (“oz”) of gold (“Au”) sold at an average gold price of US$4,280 per oz.
- Cash operating cost of US$754 per oz sold and all-in sustaining cost (“AISC”) of US$993 per oz sold.
- Revenue of US$81.3 million (Q3 2025: US$69.9 million).
- Net profit of US$47.3 million (Q3 2025: US$43.1 million).
- EBITDA of US$56.9 million (Q3 2025: US$51.4 million).
- Adjusted net cash of US$236.6 million (Q3 2025: US$81.0 million).
Operational Highlights
Segilola Production
- Gold poured totalled 15,515 oz during Q3 2026 (Q3 2025: 22,617 oz).
- 249,607 tonnes of ore processed during Q3 2026 (Q3 2025: 250,459 tonnes), at a milling throughput rate of 2,957 tonnes per day.
- Mill feed grade was 2.10 grammes per tonne (“g/t”) Au.
- Process plant recovery averaged 92.8%, in line with the grade recovery relationship.
- No significant unplanned downtime periods.
- 303,602 tonnes of ore mined during the Period (Q3 2025: 386,558 tonnes), at an average grade of 1.69 g/t Au.
- The ore stockpile decreased by 109 oz to 58,322 oz of Au at an average grade of 0.72 g/t Au.
- The significant stockpile available, equivalent to approximately two years of process plant supply, offers flexibility and low risk for future process plant production.
- The mine will continue to feed higher grade material in preference to low grade material, with lower grade material to be processed later in the mine life and during periods of reduced or minimal mining activity.
Segilola Exploration
- The Segilola life of mine extension drilling program continued during Q3 2026, with diamond drilling testing the depth extensions of the Segilola deposits
- Drilling focused on the Northern and Southern Zones, targeting extensions of mineralisation with potential for underground mining.
- Drilling is continuing to further delineate potential underground mining zones, with the next set of results expected in Q4 2026.
- A follow-up drilling program designed to test surrounding geochemical signatures and potential extensions along strike commenced during the Period.
Regional Exploration
- During Q3 2026, the Group continued geochemical sampling across its Southern, Central and Western Prospects to generate new targets and refine existing targets.
- Sampling activities included auger, soil, stream sediment, termite mound and rock chip sampling.
- Exploration focused on the Western Prospects, approximately 15 kilometres (“km”) west of Segilola, following significant gold assay results reported in Q2 2026.
- A drone magnetic survey was completed over parts of the Western Prospects, with the data submitted to Southern Geosciences for processing and analysis
Douta
- During the Quarter, reverse circulation (“RC”) drilling was continued on the Bousankhoba Permit where exploration focused on testing and extending gold mineralisation along the 10 km, northeast-trending corridor between Sekhoto North and Massa Massa.
- An updated Mineral Resource Estimate for the project is targeted for Q4 2026.
Côte D’Ivoire
- Exploration focused on target generation and drill testing at the Marahui Project, auger geochemical sampling at the Guitry Project, and early-stage target generation at the Laoudiba and Boundiali Projects.
- At Marahui, an initial RC drilling program was completed, with 7,385 m drilled in 64 holes along a line of artisanal workings extending over a strike length of approximately 3 km.
- Significant results included:
- MRRC26-008: 6 m at 5.60 g/t Au from 129 m.
- MRRC26-012: 9 m at 5.40 g/t Au from 40 m.
- MRRC26-115: 6 m at 6.20 g/t Au from 74 m.
- MRRC26-053: 8 m at 3.60 g/t Au from 35 m.
- MRRC26-143: 8 m at 3.40 g/t Au from 50 m.
- MRRC26-052: 5 m at 3.60 g/t Au from 75 m.
- Gold mineralisation at Marahui occurs within a subvertical, en-echelon vein array in a north-west-trending shear zone approximately 200 m wide and extending for more than 4 km along strike.
- Results to date suggest individual veins have apparent strike continuity of up to 700 m and estimated true widths of up to approximately 7 m.
- Drilling to date has tested approximately 30% of the overall geological trend. Additional discrete geochemical anomalies have been identified and are scheduled for drill testing in the coming months.
Environment, Social and Governance
- No Lost Time Injuries were recorded during the Quarter. Targeted health, safety and environmental training continued in response to increased wet-season driving risks.
- Monthly environmental compliance monitoring continued, with ambient air quality, noise, and ground and surface water parameters remaining within prescribed or natural ranges.
- ESG reporting remained aligned with Global Reporting Initiative standards. Highlights for Q3 2026 included:
- Raw-water withdrawal declined by 46% compared with Q3 2025 to 30.01 million litres, while reclaimed water use increased by 3%.
- Greenhouse gas emissions totalled 8,668 tonnes of CO₂ equivalent, 24% below Q3 2025, primarily reflecting lower heavy-equipment utilisation as the mine pit narrows.
- Waste intensity improved by 82% compared with Q3 2025.
- Community investment activities progressed under existing Community Development Agreements, livelihood restoration program and Company-funded initiatives.
- Nine minibuses were commissioned across three host communities in Nigeria.
- Six oil-palm and four cassava-processing plants were provided.
- A community medical outreach program was undertaken in Nigeria, attended by more than 2,000 residents.
- In Senegal, work advanced at Douta following approval of the Phase 1 Environmental and Social Impact Assessment (“ESIA”) in January 2026.
- Health, safety, security and environmental (“HSSE”) capacity was expanded, including the appointment of a team leader in July.
- Environmental and social management plans and health, safety and environmental standard operating procedures were completed, and relevant forestry and water permits mandated by the ESIA approval were obtained.
- In Côte d’Ivoire, the Ngnira Gold community team began implementing the Education, Health and Social Action Plan for communities within the Company’s four exploration licence areas and continued updating the stakeholder engagement plan.
Outlook
- Previously announced production guidance revised for 2026 to 70,000 oz - 72,000 oz (previously 75,000 oz - 85,000 oz), following severe rainfall at Segilola in late August and the consequential impact on mining operations. AISC guidance maintained at US$1,000 - US$1,200 per oz.
- Advance exploration programs across the portfolio, including near-mine, underground and regional programs at Segilola, assessing regional potential targets in Nigeria and Côte d’Ivoire, and acquiring new concessions and joint partnership options on potential targets.
- The Company is in the final stages of discussions with the Government of Senegal for the issuance of the Douta Mining Convention
Segun Lawson, President & CEO, stated:
“I am pleased to report continued strong profits during the third quarter, with net profit of US$47.3 million and an adjusted net cash position of US$236.6 million at the end of September. This financial strength supports our continued investment in extending Segilola’s mine life and advancing the exploration and the development of the Douta Project whilst continuing exploration across our portfolio.
“At Segilola, we poured 15,515 oz of gold, with the process plant operating without significant unplanned downtime and AISC of US$993 per oz sold. Severe rainfall in late August and early September affected mining operations, leading us to revise full-year production guidance to 70,000 - 72,000 oz. We have maintained AISC guidance at US$1,000 - US$1,200 per oz, while our substantial ore stockpile continues to provide flexibility for future processing.
“At Segilola, our underground exploration program is testing the depth extensions of the deposit using four owner-operated diamond drill rigs, with further results expected in Q4 2026. Alongside this, regional sampling and geophysical work programs are helping us generate and refine targets around Segilola as we assess opportunities beyond the existing operation.
“In Senegal, drilling continued along the mineralised corridor on the Bousankhoba Permit. We aim to release the first set of drilling results in Q4 2026 with an updated Mineral Resource Estimate at Douta also targeted for Q4 2026. We have made significant progress in finalising our Mining Convention and are at the final stages of obtaining the Douta Mining Permit.
“In Côte d’Ivoire, we have been encouraged by the initial drilling results at our Marahui. We look forward to building on these results through further drilling of the additional geochemical anomalies identified along the trend. At Guitry, auger sampling has also generated prospective targets for drilling, providing further opportunities to assess the potential of our exploration portfolio.
“Our commitment to responsible operations and supporting our host communities remains central to our approach. No lost-time injuries were recorded during the Quarter, while our medical outreach program in Nigeria reached more than 2,000 residents. Community investment also progressed through the provision of transport and agricultural processing facilities, alongside continued environmental monitoring and water-management activities.
“We approach the end of the year with a strong financial position and active exploration programs across our entire portfolio whilst maintaining our quarterly dividend policy of CAD$0.0125 per share. We look forward to updating shareholders during the quarter with further Segilola drilling results, an updated Douta Mineral Resource Estimate as well as the Douta Mining Convention.
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.
About Thor Explorations
Thor Explorations Ltd. is a mineral exploration company engaged in the acquisition, exploration, development, and production of mineral properties located in Nigeria, Senegal, and Cote d'Ivoire. Thor Explorations holds a 100% interest in the Segilola Gold Project located in Osun State, Nigeria and has a 100% economic interest in the Douta Gold Project (Demande 11618) located in south-eastern Senegal. Thor Explorations trades on AIM and the TSX Venture Exchange under the symbol "THX".
THOR EXPLORATIONS LTD.
Segun Lawson
President & CEO
For further information please contact:
Thor Explorations Ltd
Email: info@thorexpl.com
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