Thor Explorations has reported a strong performance for the financial year ended December 31, 2025, with revenue having increased to $325.5-million, from $193.1-million in the 2024 financial year and net profit having increased to $196.2-million, compared with $91.1-million in the prior financial year.
“Having entered the year with a debt-free balance sheet, we have fully capitalised on the high gold price environment while maintaining our cost discipline throughout the year. As a result, our gold production of about 92 000 oz has resulted in a record financial performance,” president and CEO Segun Lawson comments.
“Our robust cash flow and strong balance sheet enabled us to transition to a dividend-paying company during the year. In 2025, the company returned approximately $18-million to shareholders through dividends paid during the year.
“In addition, the company declared and paid a special dividend together with a quarterly dividend in the first quarter of 2026, bringing total shareholder returns to date to approximately $32-million. We are committed to maintaining this policy through 2026, which is in line with our strategy of returning part of our strong cash flow generation to our shareholders and will continue to retain the option to increase the dividend based on our cash position,” he adds.
Thor’s owns and operates the Segilola mine, in Nigeria, and is developing the Douta project, in Senegal.
The company has set its production guidance at between 75 000 oz and 85 000 oz of gold at an all-in sustaining cost of between $1 000/oz and $1 200/oz for this year.
It is also planning to finalise permitting approvals for Douta to reach a final investment decision and to start construction in the second half of the year.