Thor Exploration announces Q1 2026 Financial & Operating results for the three months ending Mar 31, 2026

Thor Explorations Ltd provides an operational and financial review for its Segilola Gold mine, located in Nigeria and for the Company’s mineral exploration properties located in Nigeria, Senegal and Cote D’Ivoire for the three months to March 31, 2026

Q1 2026 Financial Highlights”

·      15,417 ounces (“oz”) of gold sold (Q1 2025: 22,750 oz) with an average gold price of US$4,820 per oz (Q1 2025: US$2,720).

·      Cash operating cost of US$672 per oz sold (Q1 2025: US$711) and all-in sustaining cost (“AISC”) of US$936 per oz sold (Q1 2025: US$950)

·      Revenue of US$74.3 million (Q1 2025: US$64.0 million).

·      EBITDA of US$55.8 million (Q1 2025: US$43.6 million).

·      Net Income of US$46.7 million (Q1 2025: US$34.4 million).

·      Adjusted Net Cash of US$177.9 million (Q1 2025: US$24.7 million).

·      Quarterly dividend and bonus dividend of CAD$0.0275 per share paid.

Operational Highlights : Segilola Production

·      Gold poured totalled 20,256 oz during Q1 2026 (Q1 2025: 22,790 oz).

·      18,199 oz (Q1 2025: 22,594 oz) recovered with a recovery rate of 93.1% (Q1 2025: 93.7%).

·      239,644 total tonnes (“t”) of ore processed over Q1 2026 at a grade of 2.54 grammes per tonne (“g/t”) of gold (“Au”).

·      Total ore mined of 459,246 t at a grade of 1.58 g/t Au during the Quarter.

·      Work continues to focus on extending the mine life of Segilola. A diamond drilling program with six drilling rigs continued during the Quarter to test the depth extensions of the Segilola deposits. Initial results are expected to be published during Q2 2026.

·      Advance exploration programs across the portfolio, including near mine, underground and regional programmes at Segilola, assessing regional potential targets in Nigeria and Côte d’Ivoire, and acquiring new concessions and joint partnership options on potential targets

Segun Lawson, President & CEO, stated:

“I am pleased to report a strong start to 2026, with the Company continuing to deliver excellent financial results while continuing to advance the next phase of growth across the portfolio during the Quarter. Operationally, Segilola continued to perform well, with 20,256 ounces of gold poured during the quarter. We are particularly pleased with our strong cost control, with a cash operating cost of US$672 per ounce sold and AISC of US$936 per ounce sold. This financial performance carried on from 2025 and has enabled the Company to continue with its dividend policy.