Thor Explorations reports steady output from Segilola
By Josh White
Date: Wednesday 15 Oct 2025
(Sharecast News) - Thor Explorations reported steady third-quarter output from its Segilola gold mine in Nigeria and kept full-year guidance unchanged on Wednesday, while confirming a further quarterly dividend.
Gold poured totalled 22,617 ounces in the three months to 30 September, with 19,650 ounces sold at an average realised price of $3,535 per ounce, generating revenue of $69.5m.
The plant processed 250,459 tonnes at an average grade of 3.11 grams per tonne with 94.3% recovery, while mined ore was 386,558 tonnes at 2.26 g/t.
It said the ore stockpile rose to 44,069 ounces, gold in circuit increased to 4,398 ounces, and period-end inventories included gold bullion of 122 ounces and gold doré of 5,668 ounces.
Full-year production guidance was reaffirmed at 85,000 to 95,000 ounces, with all-in sustaining costs maintained at $800 to $1,000 per ounce.
"I am pleased to report continued strong operational performance for the third quarter of the year, meaning we are on track to meet our production and cost guidance for 2025," said president and chief executive Segun Lawson.
"By choosing to remain unhedged, we have been able to take full advantage of the high prevailing gold prices, resulting in an average realised price of $3,535 per ounce, maximising the benefit for our shareholders."
He added that quarter-end inventories contained "just under 6,000 ounces of gold in bullion and doré that remained unsold and was exposed to higher prevailing gold prices."
The company said drilling continued beneath the current Segilola open-pit design, with several high-grade, mineable intersections supporting the geological model and targeting extensions both north and south at depth.
Exploration activity across the broader portfolio slowed during the wet season but is set to re-accelerate in the fourth quarter.
In Senegal, Thor consolidated full ownership of the Douta Project by agreeing to acquire the remaining 30% minority interest, subject to customary conditions, noting the State of Senegal will receive a 10% free carried interest upon the award of a mining concession.
Extended drilling at Baraka 3 was completed with additional RAB and RC rigs scheduled to resume work in October.
Thor also acquired an initial 65% interest in the contiguous Bousankhoba exploration permit, where a large-scale RAB programme is planned early next year.
The company said an updated Mineral Resource Estimate and pre-feasibility study for Douta remain on track for completion by the end of 2025.
In Côte d'Ivoire, the maiden 4,604-metre programme at the Guitry Project confirmed previously untested deeper bedrock mineralisation that remains open, with step-out, oriented core and auger drilling to follow after the rainy season.
Initial drilling at the Marahui Project is planned to begin in the fourth quarter following national elections.
A maiden mineral resource estimate for Guitry was targeted by year-end.
Thor reaffirmed its quarterly dividend policy, declaring a third-quarter dividend of CAD 0.0125 per share payable on 14 November.
Lawson said the company remains focused on advancing multiple growth catalysts alongside Segilola's steady performance.
"Drilling at Segilola has continued, providing further support to our geological model," he said.
"Exploration campaigns across the Company's portfolio slowed during the wet season, and I am eagerly awaiting the planned re-start of programs at Baraka 3 in Senegal, Guitry in Cote d'Ivoire, and commencement of our maiden program at Marahui in Côte d'Ivoire."
At 1113 BST, shares in Thor Explorations were up 1.22% at 74.9p.
Reporting by Josh White for Sharecast.com.
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