THOR EXPLORATIONS LTD - Q1 2026 Results update

Thor Explorations Limited reported strong Q1 2026 financial results and operational performance, driven by robust gold prices, disciplined cost management, and continued project expansion across Nigeria, Senegal, and Côte d’Ivoire. The company produced more than 20,000 ounces of gold during the quarter from its flagship Segilola Gold Mine in Nigeria, maintaining all-in sustaining costs below $1,000 per ounce while generating $74 million in revenue and an adjusted net cash position of $177.8 million following full debt repayment. Thor continues to strengthen shareholder returns through its quarterly dividend policy, with over $38 million returned to investors to date. The company also advanced its high-potential Douta Project in Senegal, where a recently completed preliminary feasibility study outlined a pre-tax NPV of $908 million and confirmed significant resource growth potential, supported by an ongoing 40,000-metre drill programme targeting additional oxide reserves and long-term production expansion. Management remains on track for a final investment decision in Q3 2026 and first gold production in H1 2028, with financing expected to avoid shareholder dilution. In Côte d’Ivoire, Thor expanded exploration activities across multiple licences, reporting encouraging early-stage drilling and geophysical results that support its regional growth strategy. With strong liquidity, expanding resources, active exploration programmes, and multiple near-term catalysts, Thor Explorations continues to position itself as a growing West African gold producer focused on revenue growth, operational efficiency, reserve expansion, and long-term shareholder value creation.