12th Aug 2025 14:57
(Alliance News) - Thor Explorations Ltd on Tuesday said performance was tracking in line with expectations, with higher revenue and profit recorded in the first half.
For the six months that ended June 30, the Vancouver-based mining firm posted net profit of USD86.1 million, more than double USD39.9 million a year ago.
Revenue increased by 68% to USD146.9 million from USD87.2 million. Gold revenue from Thor's Nigerian operations generated USD144.4 million, up from USD89.9 million on-year. The balance was made up of silver revenue and unrealised fair value movements on forward sale gold contracts.
Earnings before interest, tax, depreciation and amortisation climbed 71% to USD103.9 million from USD60.9 million.
Cost of sales over the half-year decreased by 30% to USD36.3 million, while net cash rose to USD52.8 million at June 30 from USD12.0 million at December 31.
For the second quarter that ended June 30, net profit was up 53% at USD51.6 million. Revenue rose 54% to USD82.8 million, while Ebitda was 60% ahead of the previous year at USD60.9 million.
The company sold 22,700 ounces of gold at an average USD3,187 per ounce during the three-month period.
Thor has proposed a quarterly dividend of 1.25 Canadian dollar cents per share, up from none reported the previous year.
The firm maintained full-year guidance for gold production of between 85,000 and 95,000 ounces at an all-in-sustaining-cost range of USD800 to USD1,000 per ounce of gold.
"I am pleased with the company's operational performance for the second quarter and first half of 2025, with record quarterly figures across revenue, Ebitda and net profit. We were unhedged and exposed to the high gold price environment, resulting in a record-breaking quarter," commented Chief Executive Segun Lawson.
"These financial achievements are not only reflective of a favourable gold price, but our continued cost discipline and operational efficiencies."
Thor Explorations stock rose 5.9% to 46.39 pence per share on Tuesday afternoon in London.
By Holly Munks, Alliance News reporter
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