Thor Explorations (LSE:THX), which operates the Segilola Gold Mine in Nigeria alongside exploration assets in Senegal and Côte d'Ivoire, poured 19,153 ounces of gold in the second quarter.
Gold sales of 17,050 ounces at an average realised price of $4,535 generated revenue of $77.3 million for the three months to 30 June.
The company maintained its full-year 2026 guidance range of 75,000 to 85,000 ounces of production, with all-in sustaining costs guided at $1,000 to $1,200 per ounce, bringing first-half output to 39,409 ounces.
Process plant recovery stood at 93.3%, with ore milled at an average grade of 2.57 grammes per tonne.
The company closed the quarter with a cash balance of $207.5 million and 4,514 ounces of unsold gold bullion, for an adjusted net cash position of $225.6 million.
Thor carried out more than 20,000 metres of drilling across its portfolio during the quarter, including underground resource definition work at Segilola and infill drilling in Senegal aimed at upgrading inferred resources at the Douta project.
"We are also pleased to have made significant steps in the development of the Douta Project and are engaged in advanced discussions with the Government of Senegal to finalise the Douta Project Mining Convention and reach a Final Investment Decision," said President and CEO Segun Lawson.
The company expects to finalise the Douta Mining Convention and reach that investment decision during the third quarter, alongside the release of drilling results from Segilola, Guitry and Marahui.
