THOR EXPLORATIONS LTD - Q2 & H1 2026 Financial and Operating Results

Thor Explorations Ltd delivered a strong Q2 and record H1 2026 performance, supported by high-margin gold production at its Segilola mine in Nigeria, disciplined costs and a strengthening balance sheet. First-half revenue reached a record $151 million, with EBITDA of $108.4 million and net profit of $95.5 million, while adjusted net cash increased to $218.6 million. The company maintained 2026 production guidance of 75,000–85,000 ounces of gold and all-in sustaining cost guidance of $1,000–$1,200 per ounce. Segilola’s stockpile contained approximately 58,000 ounces of gold, providing around two years of processing supply, while ongoing underground drilling is targeting a 300,000-ounce resource to support a potential mine-life extension. In Senegal, Thor is targeting a Q3 2026 final investment decision for its 100%-owned Douta Gold Project, with project funding expected to combine internally generated cash and project financing without shareholder dilution. Exploration and resource expansion programmes continue across Senegal and Côte d’Ivoire, providing further growth potential. Thor also continues to return capital through its quarterly dividend policy while funding its growth strategy, positioning the company to evolve from a single-mine producer into a multi-mine, multi-jurisdiction gold producer.