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Nov 17, 2025

Thor Explorations Announces Third Quarter 2025 Financial and Operating Results, for the Three Months Ending September 30, 2025

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 Cote D’Ivoire for the three months to September 30, 2025 (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, 2025 are available on Thor Explorations’ website at: https://thorexpl.com/investors/financials/.

All figures are in US dollars (“US$”) unless otherwise stated.
Q3 2025 Financial Highlights
  • 19,650 ounces (“oz”) of gold (“Au”) sold at an average gold price of US$3,535 per oz.
  • Cash operating cost of US$783 per oz sold and all-in sustaining cost (“AISC”) of US$1,129 per oz sold
  • Revenue of US$69.9 million (Q3 2024: US$40.2 million).
  • Net profit of US$43.1 million (Q3 2024: US$17.5 million).
  • EBITDA of US$51.8 million (Q3 2024: US$27.4 million).
  • Adjusted net cash of US$81.0 million (Q3 2024: US$3.2 million).
  • Operational Highlights

Segilola Production

  • Gold poured totalled 22,617 oz during Q3 2025 (Q3 2024: 20,110 oz).
  • 250,459 tonnes (“t”) of ore processed during Q3 2025 (Q3 2024: 201,958 t), at an increased equivalent throughput rate of 2,722 tonnes per day.
  • Mill feed grade was 3.11 grammes per tonne (“g/t”) Au.
  • Process plant recovery performance has improved compared to recent quarters and during Q3 it operated at an average of 94.3%.
  • No significant unplanned downtime periods
  • 386,558 t of ore mined during the Period (Q3 2024: 355,515 t), at an average grade of 2.26 g/t Au
  • The ore stockpile increased by 2,977 oz to 44,069 oz of Au at an average grade of 0.83g/t Au.
  • The significant stockpile available (more than one year 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 and
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