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(Sharecast News) - Thor Explorations reported strong fourth-quarter gold production and cash generation from its Segilola mine in Nigeria on Tuesday, alongside 2026 operating guidance and the declaration of a bonus dividend.
The AIM- and TSX Venture Exchange-listed miner said it poured 23,719 ounces of gold in the three months to December, taking full-year 2025 production to 91,910 ounces, in the top half of its original guidance range.
Gold sales in the quarter totalled 25,830 ounces at an average realised price of $4,189 per ounce, delivering record unaudited quarterly revenue of $108m.
Thor ended the quarter with an unaudited cash balance of $137m and bullion inventory of 3,188 ounces, reflecting what it described as record cash generation during the period.
Operationally, Segilola processed 242,182 tonnes of ore in the quarter at an average grade of 3.31 grams per tonne, with plant recovery of 94.8%.
Mine production totalled 580,615 tonnes at an average grade of 1.71 grams per tonne, while the ore stockpile increased by 6,144 ounces to 50,213 ounces of gold.
Gold in circuit rose by a further 971 ounces to 5,126 ounces.
The company said it would pay a total fourth-quarter dividend of 2.75 Canadian cents per share, comprising the standard quarterly dividend of 1.25 Canadian cents per share and a bonus dividend of 1.5 Canadian cents per share.
For 2026, Thor said it intended to maintain quarterly dividends of 1.25 Canadian cents per share, equivalent to five Canadian cents for the year, with scope to increase payments depending on cash reserves.
The shares were due to go ex-dividend on 23 January, with payment scheduled for 13 February.
Looking ahead, Thor set 2026 gold production guidance of 75,000 to 85,000 ounces, with all-in sustaining costs expected to be between $1,000 and $1,200 per ounce.
The company said a preliminary feasibility study for its Douta project in Senegal was expected on 26 January, alongside ongoing drilling programmes at Segilola, across Nigeria, and in Senegal and Cte d'Ivoire.
"We are extremely pleased to report a strong final production quarter, which has resulted in the company achieving our narrowed production guidance of 91,910 ounces, which was also in the top half of the original production guidance for the full year 2025," said president and chief executive Segun Lawson.
"We poured 23,719 ounces in the Quarter and sold 25,830 ounces at our highest achieved gold price of $4,189 per ounce resulting in record quarterly revenue of $108m."
Lawson said the group's cash generation enabled it to repay all remaining outstanding payables and end the year with a higher-than-expected cash balance.
"We are pleased to return some of this surplus cash to our shareholders in the form of a bonus dividend, in line with our commitment to return funds to shareholders whilst retaining sufficient cash on our balance sheet to fund all our activities across the group and continue to grow our cash reserves."
He also highlighted ongoing exploration success beneath the Segilola open pit, progress towards a development decision at Douta, and initial drilling activity in Cte d'Ivoire.
"Finally, we are excited by the year ahead."
At 1141 GMT, shares in Thor Explorations were up 2.85% at 74.05p.
Reporting by Josh White for Sharecast.com.