Thor Explorations Announces Q2 2026 Operating Update
MWN-AI** Summary
Thor Explorations Ltd. (TSXV: THX) has released its Q2 2026 operational update for the Segilola Gold Mine in Nigeria and its exploration projects in Nigeria, Senegal, and Côte d'Ivoire. The company reported a solid quarter, pouring 19,153 ounces of gold and achieving gold sales of 17,050 ounces at an average price of US$4,535, generating revenues of $77.3 million. During Q2, 240,769 tonnes were milled at an impressive grade of 2.57 grams per tonne, maintaining a processing recovery rate of 93.3%.
Mine production totaled 1,134,646 tonnes with an average grade of 1.54 g/t, contributing to an ore stockpile increase to 58,431 ounces. The company ended the quarter with a cash balance of $207.5 million and an adjusted net cash position of $225.6 million. Production guidance for FY 2026 remains steady at 75,000-85,000 ounces.
In exploration, Thor continued extensive drilling activities with over 20,000 meters completed across its portfolio. In Nigeria, the focus is on underground resource drilling at Segilola, while in Senegal, infill drilling is aimed at upgrading resources within the Douta Project. Exciting results emerged from drilling in the Bousankhoba licence. Additionally, advanced discussions are underway with the Senegalese government regarding a Mining Convention, anticipated to be finalized by Q3 2026.
The company announced the maintenance of its dividend policy, with a payment scheduled for August 14, 2026, at C$0.0125 per share. CEO Segun Lawson expressed satisfaction with the quarter's performance and highlighted ongoing efforts to extend the mine's life and progress on the Douta Project, indicating a promising outlook for Thor Explorations moving forward.
MWN-AI** Analysis
Thor Explorations Ltd.'s (TSXV: THX) recent Q2 2026 operational update showcases strong performance at their Segilola Gold Mine and significant activity across their exploration portfolio. With gold poured totaling 19,153 ounces and a solid revenue of $77.3 million from sales, the company demonstrates a robust operational foundation, particularly with a maintained production guidance of 75,000 to 85,000 ounces for FY 2026.
The increase in ore stockpile to 58,431 ounces provides a safety net, allowing for continued production flexibility, while an impressive cash balance of $207.5 million and an adjusted net cash position of $225.6 million suggest a strong liquidity profile. This financial health positions Thor well for ongoing exploration and development activities, particularly at the Douta project in Senegal, which is advancing toward a final investment decision.
Going forward, investors should focus on several key catalysts: the completion of advanced discussions regarding the Mining Convention in Senegal, anticipated results from over 20,000 meters of drilling, and the upcoming quarterly dividend payment, highlighting the company’s commitment to returning value to shareholders.
Furthermore, the potential uplift from ongoing exploration in Côte d'Ivoire and the progress at the Segilola mine reinforces a positive outlook. The company's strategic emphasis on underground resource drilling signifies a commitment to extending mine life and enhancing future revenues.
However, investors should also remain prudent and monitor the volatility in gold prices, as realized prices averaged $4,535 per ounce this quarter, which may not be sustainable in the longer term.
In summary, Thor Explorations presents a compelling investment opportunity, underpinned by strong operational metrics and strategic exploration initiatives. A cautious yet optimistic approach is recommended, capitalizing on upcoming drilling results and the evolution of the Douta project while remaining vigilant on market fluctuations impacting gold prices.
**MWN-AI Summary and Analysis is based on asking OpenAI to summarize and analyze this news release.
Vancouver, British Columbia--(Newsfile Corp. - July 16, 2026) - Thor Explorations Ltd. (TSXV: THX) (AIM: THX) ("Thor Explorations" or the "Company") is pleased to provide its second quarter 2026 interim operational update for the 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 June 30, 2026 (the "Quarter" or "Q2").
Segilola Q2 Highlights
- Q2 gold poured of 19,153 ounces ("oz")
- Gold sales in Q2 2026 of 17,050oz at an average realised price of US$4,535 resulting in revenue of $77.3 million
- Gold produced from 240,769 tonnes milled at an average grade of 2.57 grammes per tonne ("g/t") of gold
- Process plant recovery at 93.3%
- Mine production of 1,134,646 tonnes at an average grade of 1.54 g/t of gold for 24,279 oz
- Ore stockpile increased by 4,374oz to 58,431oz of gold at an average grade of 0.74 g/t
- Gold in circuit ("GIC"), reduced by 583oz to 2,486oz of gold
- Gold doré inventory of 5,571oz
- Q2 cash balance of $207.5 million and gold bullion inventory of 4,514oz for an adjusted net cash position of $225.6 million
FY 2026 Outlook and Catalysts
- FY 2026 production guidance range maintained at 75,000 to 85,000 oz of gold
- FY 2026 All-in Sustaining Cost guidance range maintained at $1,000 to $1,200 per oz
- Over 20,000 metres of drilling programs carried out across the Company's exploration portfolio with results to be released in the current period. Drilling activities include:
- Segilola: continuation of underground exploration drilling program targeting additional resource definition during 2026
- Nigeria: continuation of scout drilling programs on identified near-mine and regional targets
- Senegal (Douta Project):
- Infill drilling at Makosa North, Makosa East and Baraka 3 targeted at converting inferred resources to indicated resources
- Drilling program in Bousankhoba licence to delineate scale of opportunity and potentially include additional resources in the Douta Preliminary Feasibility Study ("PFS") mine plan
- Further reverse circulation ("RC") drilling targeting additional oxide resources
- Target updated Douta Mineral Resource Estimate by the end of the year to be used for an optimised Preliminary Feasibility Study
- Côte d'Ivoire: Guitry, Marahui and Boundiali licenses, continuation of geochemical work programs and initial drill programs on identified targets with results from the Guitry and Marahui licence to be released early in Q3 2026.
- Advanced ongoing discussions with the Government of Senegal regarding the Mining Convention expected to be completed during Q3 2026 in parallel to the Company's objective of reaching Final Investment Decision.
Dividend
The Group will maintain its dividend policy with the next quarterly dividend payment scheduled for August 14, 2026.
Dividends for the Quarter will be paid at an amount of C$0.0125 per share.
Proposed dividend timetable
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TSX.V approval of Director change
The appointment of Mr. Bernard Swanepoel (previously announced on May 12, 2026) to the Thor Board of Directors, has been formally approved by the TSX Venture Exchange.
Segun Lawson, President & CEO, stated:
"We are pleased to have delivered another solid quarter, continuing our momentum from the previous quarter. Gold poured during the Quarter totalled just over 19,000 ounces bringing our total gold production at the midway point of the year to 39,409 ounces.
"During the Quarter, we have been extremely active with drilling and regional exploration activities across the Group's entire portfolio, whilst also advancing the Douta Project towards final investment decision. Having received these results subsequent to the end of the quarter, we look forward to releasing these results in the coming weeks.
"Our focus at Segilola continues to be on extending the mine life whilst also carrying out preliminary underground mining assessments. Our drilling activities continue underneath the pit with the objective of delineating sufficient ore tonnage to proceed with underground mine development.
"In Senegal, following the completion of the Douta Preliminary Feasibility Study in the previous Quarter, our exploration drilling has identified mineralisation within the existing pit shells, delineating additional oxide targets. Our drilling to date this year has identified additional new targets in the Bousankhoba Licence where we believe we can add additional oxide ore to the Douta Project.
"We are also pleased to have made significant steps in the development of the Douta Project and are engaged in advanced discussions with the Government of Senegal to finalise the Douta Project Mining Convention and reach a Final Investment Decision and expect to reach this milestone during Q3 2026.
"Lastly, in Côte d'Ivoire, exploration is ongoing across all of our licences. We have ongoing drilling programs at both the Guitry Project and the Marahui Licence, where we have received the majority of the drilling results from our drilling campaign. We now look forward to releasing these results in this quarter.
"We ended the Quarter with a healthy cash balance of US$207.5 million and 4,514 ounces of unsold gold bullion leaving us with a strong net cash position of US$225.6 million."
Exploration Activity Summary Q2 2026
Summary
The Group's key focus is to extend the current Segilola mine life in Nigeria. As a result, exploration during the period continued to prioritise Segilola Underground Resource drilling and working up near mine drill targets. This consisted of over 10,000 metres ("m") of drilling with drilling results to be released in Q3.
In Senegal, During the Quarter, over 15,000 metres of RC drilling was completed across the Senegal projects during the period as part of a 40,000 metre drilling program.
The ongoing 40,000 metre drilling program has been designed to upgrade the classification of inferred mineralisation that currently lies within the pit shells, and to test several previously delineated oxide targets in the Douta, Douta-West and Bousankohba licences.
At Douta, sterilisation drilling commenced to support planning for future mine infrastructure. At Douta West, RC drilling extended the Baraka 3 mineralisation northward and confirmed its continuation in that direction.
Highlights of the drilling results which were released in the Quarter include:
Baraka 3 Deposit
- Drillhole DWDD003 - 5.5m at 2.91g/t Au from 185m
- Drillhole DWRC453 - 7.0m at 4.28g/t Au from 122m
- Drillhole DWRC523 - 18m at 1.31g/t Au from 90m
- Drillhole DWRC543 - 9m at 1.62g/t Au from 24m
Makosa Tail
- Drillhole DTRC1211 - 4m at 3.26g/t Au from 24m
- Drillhole DTRC1193 - 4m at 3.06g/t Au from 20m
Bousankhoba Prospect
- Drillhole BSAC045 - 4m at 17.0g/t Au from 7m
- Drillhole BSA019 - 4m at 4.56g/t Au from 6m
In Côte d'Ivoire, exploration work continued on the Guitry and Marahui projects, with an initial drilling program focused on the Guitry Project. At Marahui, further geological mapping and geochemical sampling continued and have generated several prospective drill targets. Drilling at Guitry has tested the strike extensions of the known mineralisation.
The Company expects to release exploration results during the upcoming quarter.
PRODUCTION SUMMARY
Table 1: Production Summary
| Units | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | |
| Mining | ||||||
| Total Mined | Tonnes | 1,134,646 | 1,542,501 | 2,185,527 | 2,511,593 | 2,756,363 |
| Waste Mined | Tonnes | 644,942 | 1,083,255 | 1,604,912 | 2,125,035 | 2,513,901 |
| Ore Mined | Tonnes | 489,704 | 459,246 | 580,615 | 386,558 | 242,461 |
| Grade | g/t Au | 1.54 | 1.58 | 1.71 | 2.26 | 3.02 |
| Processing | ||||||
| Ore Processed | Tonnes | 240,769 | 239,664 | 231,825 | 247,075 | 201,958 |
| Grade | g/t Au | 2.57 | 2.54 | 3.23 | 3.08 | 3.22 |
| Recovery | % | 93.3 | 93.1 | 93.7 | 89.2 | 88.5 |
| Gold Recovered | Oz | 18,570 | 18,199 | 22,594 | 21,827 | 18,496 |
| Gold Poured | Oz | 19,153 | 20,256 | 22,790 | 24,662 | 20,110 |
THOR EXPLORATIONS LTD.
Segun Lawson
President & CEO
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 Côte d'Ivoire. Thor Explorations holds:
- a 100% interest in the Segilola Gold Project located in Osun State, Nigeria
- a 100% economic interest in the Douta Gold Project located in south-eastern Senegal
- a 100% interest in the Guitry Gold Project Côte d'Ivoire
- additional exploration tenure in Nigeria, Senegal and Côte d'Ivoire, comprising wholly and majority-owned interests
Thor Explorations trades on AIM and the TSX Venture Exchange under the symbol "THX".
For further information, please contact:
Thor Explorations Ltd
Email: info@thorexpl.com
Canaccord Genuity (Nominated Adviser & Broker)
James Asensio / Henry Fitzgerald-O'Connor / Harry Rees
Tel: +44 (0) 20 7523 8000
Hannam & Partners (Broker)
Andrew Chubb / Matt Hasson / Jay Ashfield
Tel: +44 (0) 20 7907 8500
BlytheRay (Financial PR)
Tim Blythe / Megan Ray / Said Izagaren
Tel: +44 207 138 3204
Yellow Jersey PR (Financial PR)
Charles Goodwin / Shivantha Thambirajah
Tel: +44 (0) 20 3004 9512
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.
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FAQ**
How does the operational performance of Thor Explorations Ltd. (THX:CC) at Segilola Gold Mine compare to other mining operations in Vancouver, British Columbia, considering their production rates and cost management strategies?
What impact does the current gold market and prices have on Thor Explorations Ltd. (THX:CC) operations in Nigeria, and how could shifts in market sentiment influence investor confidence in Vancouver's mining sector?
Given the focus on mineral exploration in Nigeria, Senegal, and Côte d'Ivoire, what role does geopolitical stability play in Thor Explorations Ltd. (THX:CC) operations, and how might it affect potential investments from Vancouver-based firms?
With the expected completion of the Douta Project Mining Convention, what synergies could emerge between Thor Explorations Ltd. (THX:CC) and other Vancouver companies engaged in mineral exploration and sustainable practices?
**MWN-AI FAQ is based on asking OpenAI questions about Thor Explorations (OTC: THXPF).
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