LONDON (ShareCast) - (Sharecast News) - Thor Explorations reported record quarterly revenue, EBITDA and net profit for the second quarter of 2025 on Tuesday, supported by strong production from its Segilola gold mine in Nigeria, cost discipline and a favourable gold price environment.
Gold sales in the quarter totalled 25,900 ounces at an average realised price of $3,187 per ounce, generating revenue of $82.7m, up 54% year-on-year.

EBITDA rose to $60.3m from $37.6m, while net profit climbed to $51.6m from $33.7m.

Cash operating costs were $715 per ounce, with all-in sustaining costs at $915 per ounce.

The company ended the period with net cash of $52.8m, more than double the previous quarter.

First-half production reached 45,574 ounces, with recoveries averaging 93.1% and no significant plant downtime.

Thor maintained its 2025 output guidance of 85,000 to 95,000 ounces at an all-in sustaining cost of $800 to $1,000 per ounce.

"Revenue in the second quarter of 2025 increased by 54% year on year, with net profit rising by 50% year on year," said president and chief executive Segun Lawson.

"These financial achievements are not only reflective of a favourable gold price, but our continued cost discipline and operational efficiencies."

Exploration continued across Thor's portfolio, with the board reporting that at Segilola, underground resource drilling was under way to extend mine life, with an updated resource targeted by year-end.

Regional work in Nigeria included geochemical sampling south of the mine and follow-up drilling on identified targets.

In Senegal, the company completed a 12,000-metre campaign at the Baraka 3 prospect in the Douta-West licence, with assays due in the third quarter to feed into the Douta pre-feasibility study.

Thor said that at Côte d'Ivoire, drilling at the Guitry project confirmed mineralisation, with further work at Guitry and initial drilling at Marahui planned for later in the year.

The company said that it had increased its exploration budget for the remainder of 2025, citing encouraging results across all projects and confidence in delivering further shareholder value.

At 1239 BST, shares in Thor Exporations were up 6.13% at 46.49p.

Reporting by Josh White for Sharecast.com.

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