Thor Explorations Announces Third Quarter 2025 Financial and Operating Results, for the Three Months Ending September 30, 2025

Core Viewpoint - Thor Explorations reported strong financial and operational results for Q3 2025, driven by increased gold production and favorable market conditions, with a net profit of US$43.1 million and significant advancements in exploration activities across its projects [13][14]. Financial Highlights - Revenue for Q3 2025 reached US$69.9 million, a substantial increase from US$40.2 million in Q3 2024 [7]. - The company sold 19,650 ounces of gold at an average price of US$3,535 per ounce, with cash operating costs of US$783 per ounce and all-in sustaining costs (AISC) of US$1,129 per ounce [7]. - Adjusted net cash position improved to US$81.0 million, up from US$3.2 million in Q3 2024 [7]. Operational Highlights - Gold poured totaled 22,617 ounces during Q3 2025, compared to 20,110 ounces in Q3 2024 [7]. - The Segilola mine processed 250,459 tonnes of ore at an increased throughput rate of 2,722 tonnes per day, with a mill feed grade of 3.11 grams per tonne [7]. - The process plant recovery rate improved to 94.3%, up from 88.5% in Q3 2024, with no significant unplanned downtime [13][14]. Exploration Activities - The life of mine extension drilling program at Segilola continued, focusing on depth extensions of the deposits [5][15]. - A reverse circulation drilling program was completed at the Baraka 3 Prospect, with encouraging initial results from metallurgical tests [11][16]. - The company aims to define an updated resource for Segilola by the end of 2025, with a release planned for Q1 2026 [15]. Strategic Acquisitions - Thor Explorations signed a binding agreement to acquire the remaining 30% interest in the Douta Project for US$3.0 million, enhancing its ownership to 100% [11][16]. - The company also acquired a 65% interest in the Bousankhoba Exploration Permit, which is expected to provide long-term exploration potential [11][16]. Community and ESG Initiatives - The company undertook a community medical outreach program, benefiting over 3,000 residents, and launched SegunCare for chronic health conditions [17]. - Environmental initiatives included a 62% increase in reclaimed water use and improvements in energy and emissions intensity compared to Q3 2024 [17].