14th Jul 2025 10:10
(Alliance News) - Thor Explorations Ltd on Monday said it benefited from full exposure to high gold prices in the second quarter, resulting in record quarterly revenue.
The Vancouver, Canada-based mining company, focused on west Africa, said it sold 25,900 ounces of gold in the quarter to the end of June at an average realised price of USD3,187, resulting in revenue of USD82.5 million.
Revenue was up 53% from USD53.8 million a year ago.
The company poured 22,784 ounces of gold in the quarter, up 4.8% from 21,742 ounces.
It said the amount of ore processed was 37% higher at 238,425 tonnes from 174,000 in the prior year. The ore was milled at an average grade of 3.12 grams per tonne with process plant recovery at 93%.
Mine production was 242,461 tonnes at an average grade of 3.02 grams per tonne for 23,573 ounces. It said the ore stockpile fell by 307 ounces to 41,092 ounces of gold at an average grade of 0.84 grams per tonne.
Thor Explorations maintained its production guidance range for the full year between 85,000 and 95,000 ounces of gold. The all-in sustaining cost range was also maintained at between USD800 and USD1,000 per ounce.
The company said it will maintain its previously announced quarterly dividend policy, with the second payment scheduled for August 15. It will pay a dividend of 1.25 Canadian cents per share, compared to none a year ago.
"I am pleased to report a solid operational second quarter of the year, which continues from the strong start we made to the year. Having unwound all our hedged gold positions in the previous quarter, we were able to benefit from the full exposure to the high prevailing gold prices, resulting in a record quarterly revenue," said Chief Executive Officer Segun Lawson.
"Looking ahead, we are well positioned for the second half of the year... On the exploration front, underground drilling at Segilola [in Nigeria] continues, building on the data received in the quarter and aimed at extending the Segilola mine life."
Shares in Thor Explorations were up 3.4% at 41.35 pence in London on Monday morning.
By Michael Hennessey, Alliance News reporter
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