Thor Explorations Announces Financial and Operating Results, for the Three and Six Months Ending June 30, 2025

Core Viewpoint - Thor Explorations Ltd. reported strong financial and operational results for Q2 2025 and H1 2025, achieving record revenue, EBITDA, and net profit, driven by high gold prices and operational efficiencies [6][16][17]. Financial Highlights - Q2 2025 revenue reached US$82.7 million, a 54% increase from US$53.8 million in Q2 2024, while H1 2025 revenue totaled US$146.8 million, up from US$87.1 million in H1 2024 [6][16]. - Q2 2025 EBITDA was US$60.3 million, compared to US$37.6 million in Q2 2024, and H1 2025 EBITDA was US$103.9 million, up from US$60.9 million in H1 2024 [6][16]. - Net profit for Q2 2025 was US$51.6 million, a 50% increase from US$33.7 million in Q2 2024, and H1 2025 net profit was US$86.1 million, compared to US$39.9 million in H1 2024 [6][16]. - As of June 30, 2025, the company reported net cash of US$52.8 million, significantly up from US$12.0 million at the end of 2024 [6][16]. Operational Highlights - The Segilola Gold mine sold 25,900 ounces of gold in Q2 2025 at an average price of US$3,187 per ounce, with cash operating costs of US$715 per ounce and all-in sustaining costs of US$915 per ounce [6][16]. - Gold poured totaled 22,784 ounces for Q2 2025 and 45,574 ounces for H1 2025, with a mill feed grade of 3.12 g/t Au and a recovery rate of 93.1% [6][16]. - A total of 238,425 tonnes of ore were processed in Q2 2025, with no significant downtime [6][16]. Exploration Activities - The company focused on underground resource drilling at Segilola, completing 4,418 meters in 12 holes during Q2 2025, with plans to define an updated resource by the end of 2025 [11][20]. - Regional exploration included geochemical target generation with 5,051 samples collected and a drone aeromagnetic survey covering 26 km² [11][20]. - At the Douta Project in Senegal, a 12,000-meter drilling program at the Baraka 3 Prospect was completed, with assay results expected in Q3 2025 [20][21]. Environmental, Social, and Governance (ESG) Initiatives - The company achieved operational efficiencies leading to environmental benefits, including a decrease in fresh process water usage and improved energy and emissions intensity [15][16]. - Notable ESG milestones included community projects such as the completion of the Oba's palace and the delivery of minibuses to local transport cooperatives [15][16]. Outlook - The company maintained its FY2025 production guidance of 85,000 to 95,000 ounces of gold, with AISC guidance of US$800 to US$1,000 per ounce [15][16]. - Continued exploration efforts are planned across its portfolio, including ongoing drilling programs in Nigeria and Côte d'Ivoire [15][16].