Thor Explorations (AIM:THX) cut its full-year 2026 gold production guidance to a range of 70,000 to 72,000 ounces, down from 75,000 to 85,000 ounces, after heavy rains in late August disrupted mining operations at its Segilola mine in Nigeria.
The AIM and TSX Venture-listed gold producer, which also operates the Segilola mine and is developing the Douta Gold Project in Senegal, poured 15,515 ounces of gold in the third quarter.
Gold sales of 19,000 ounces at an average realised price of $4,297 generated quarterly revenue of $81.7 million.
The company kept its full-year all-in sustaining cost guidance unchanged at $1,000 to $1,200 per ounce.
Segilola's process plant recovered 92.8% of gold from 249,607 tonnes milled at an average grade of 2.10 grammes per tonne, with total mined material of 567,059 tonnes for the quarter, down sharply from 1.13 million tonnes in the second quarter.
"We are pleased to report another solid quarter for Thor, despite the challenging operating conditions experienced at Segilola as a result of exceptionally heavy rainfall during the period," said Segun Lawson, president and chief executive, adding that the team "demonstrated considerable resilience in navigating these challenges".
Thor ended the quarter with a cash balance of $224.9 million and gold bullion inventory of 2,825 ounces, for an adjusted net cash position of $236.7 million, up from $218.6 million at the end of the first half.
The company is in the final stages of discussions with the Government of Senegal over the Douta Mining Convention, which Lawson described as "the final outstanding milestone" ahead of a final investment decision on the project, where Thor holds a 70% interest and has reported combined resources of approximately 1.97 million ounces.
Exploration continued across the portfolio during the quarter, including infill drilling at Makosa North, Makosa East and Baraka 3 in Senegal aimed at converting inferred resources to indicated status, alongside drill testing at the Guitry and Marahui projects in Côte d'Ivoire, where Thor recently reported maiden drilling results including intercepts of 9 metres at 5.40 g/t gold.
Thor plans to publish an updated Douta mineral resource estimate by the end of the year to support an optimised preliminary feasibility study, alongside a separate updated resource estimate for underground mineralisation beneath the Segilola pit.
The company will pay its next quarterly dividend of C$0.0125 per share on 13 November, with shares trading ex-dividend from 23 October.
