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(Sharecast News) - Thor Explorations reported a sharp rise in third-quarter profit and revenue on Tuesday, as higher production at its Segilola mine in Nigeria, improved plant recoveries and a stronger gold price lifted financial performance.
The AIM-traded company also advanced exploration across its Nigerian, Senegalese and Ivorian portfolios and strengthened its balance sheet, with adjusted net cash reaching $81m at the end of September.
Revenue for the three months ended 30 September rose to $69.9m from $40.2m a year earlier, after selling 19,650 ounces of gold at an average price of $3,535 per ounce.
Net profit increased to $43.1m from $17.5m, EBITDA rose to $51.8m from $27.4m, and all-in sustaining costs were $1,129 per ounce, with cash operating costs at $783 per ounce.
Production at Segilola improved on several fronts.
The mine poured 22,617 ounces in the quarter, up from 20,110 ounces in the third quarter of 2024, and processed 250,459 tonnes of ore at an average grade of 3.11 grams per tonne, with recoveries rising to 94.3% from 88.5% a year earlier.
Mining rates also increased, and the ore stockpile grew to 44,069 ounces, providing more than a year of mill feed and giving the operation greater flexibility.
Exploration drilling continued on multiple fronts.
At Segilola, the company completed further diamond drilling to test depth extensions of the orebody and assess underground potential, with plans to publish an updated resource in the first quarter of 2026.
Regional work around the mine progressed, including new drilling on targets south of the pit.
In Senegal, Thor completed reverse-circulation drilling at the Baraka 3 Prospect and advanced metallurgical studies, while also increasing its ownership of the Douta Project to 100% and acquiring a 65% interest in the nearby Bousankhoba permit.
The Douta pre-feasibility study remains on track for release in the fourth quarter.
In Cte d'Ivoire, initial drilling at the Guitry Project confirmed several high-grade lodes, while soil sampling and mapping at the Marahui Project delineated new anomalies for follow-up.
The company continued to expand its environmental, social and governance programmes, completing multiple community development projects, delivering medical outreach to more than 3,000 local residents and reporting lower water withdrawal and improved energy and emissions intensity.
One lost-time injury occurred during the period.
Thor narrowed its 2025 production guidance to between 90,000 and 95,000 ounces and tightened its all-in sustaining cost outlook to $900 to $1,000 per ounce.
It said it was also planning continued drilling across its portfolio and expects to release both the Douta pre-feasibility study and an updated Segilola resource over the coming months.
"I am pleased to report that the company has had a successful third quarter, which has seen strong production performance at Segilola, and the advancement of exploration programmes across the company's portfolio," said president and chief executive Segun Lawson.
"In the third quarter our net profit totalled $43.1m, supported in part by the continued favourable gold price environment, as well as our cost discipline and operational efficiencies.
"I am delighted to announce that our adjusted net cash position is now at $81m."
He added that drilling programmes in Nigeria, Senegal and Cte d'Ivoire had delivered "encouraging" results and reiterated the company's expectation of releasing the Douta pre-feasibility study in the fourth quarter and an updated Segilola resource in the first quarter of 2026.
At 1220 GMT, shares in Thor Explorations were down 0.5% at 59.2p.
Reporting by Josh White for Sharecast.com.