Thor Explorations (LSE:THX), the AIM and TSXV-listed gold producer, reported record first-half revenue, EBITDA and net profit despite lower output at its Segilola mine in Nigeria.
H1 2026 revenue rose to US$151.9 million from US$146.8 million a year earlier, even as gold poured fell to 39,409 ounces from 45,574 ounces.
EBITDA climbed to US$108.4 million from US$103.9 million, while net profit reached US$95.5 million, up from US$86.1 million. The gains came as the average realised gold price jumped to US$4,554 per ounce sold in the second quarter, offsetting the production drop.
Cash operating costs stood at US$760 per ounce sold in the quarter, with all-in sustaining costs at US$1,262 per ounce.
The company ended the period with adjusted net cash of US$218.6 million, a figure revised down from a previously reported US$225.6 million following reconciliation work tied to a new financial consolidation system.
"Despite lower production compared with the prior year, the strength of the gold price, together with continued cost discipline and operational efficiencies, resulted in half-year records across revenue, EBITDA and net profit", said Segun Lawson, president and chief executive.
Thor maintained full-year production guidance of 75,000 to 85,000 ounces and AISC guidance of US$1,000 to US$1,200 per ounce.
The company continued underground exploration drilling beneath Segilola's open pit, targeting an updated mineral resource estimate by year-end, while advancing talks with Senegal's government on the Douta Mining Convention, expected to conclude in the third quarter.
Drilling results from its Guitry and Marahui licences in Côte d'Ivoire are due in the third quarter.
News Intelligence what this means for the company
Thor Explorations posted record H1 2026 revenue ($151.9M), EBITDA ($108.4M), and net profit ($95.5M) despite a 13.5% year-on-year drop in gold output to 39,409 ounces—a clean demonstration that higher gold prices ($4,554/oz realised in Q2) can drive profitability even as production declines. The company maintains full-year guidance of 75,000–85,000 ounces and all-in sustaining costs of $1,000–$1,200/oz, and holds $218.6 million in adjusted net cash with no debt, positioning it to fund exploration and advance toward a Final Investment Decision for Douta in Q3 2026.
The record profit on lower output underscores Thor's operational leverage to gold price strength and cost discipline; the $218.6M net cash position—equivalent to 1.4× H1 revenue—provides a buffer for project development and exploration without dilution. The key risk remains execution: Douta's FID timing, Senegal permitting, and whether underground drilling at Segilola can sustain or grow reserves as the open pit matures.
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