Investor Centre
Company Strategy
Thor is a West Africa-focused gold producer, generating cash from the Segilola Gold Mine in Nigeria, with a growth pipeline across Senegal and Côte d’Ivoire.
Key links
Dual-listed
AIM: THX.L |
TSX-V: THX.V
FY2024 production
85,057 oz gold
(Segilola,
Nigeria)
2025 guidance (updated)
Production: 90–95 koz | AISC: US$900– $1,000/oz
Cash position (Q3 2025)
Adjusted net cash:
US$81.0m
Shares outstanding
Basic shares: 665,297,482
100% owned flagship asset
Segilola Gold Mine
(Nigeria) is 100% owned
What we do
A producing gold business, with disciplined growth
Thor operates the Segilola Gold Mine in Nigeria and is advancing a portfolio of exploration and development projects across West Africa. The strategy is simple: run the mine well, extend mine life, and convert exploration into the next value step.
Where we operate
Nigeria: Segilola (Producing asset)
Thor’s flagship producing mine, located in Osun State, Nigeria. Thor has completed its fourth full year of production in 2025.
Senegal: Douta (Development + resource growth)
A large resource base being advanced through technical workstreams, with ongoing drilling and studies. The Company announced its Pre-Feasibility Study in Q1 2026.
Côte d’Ivoire: Exploration portfolio (Multiple targets)
How we create value
1) Operate for margin and cash
Strong operational focus at Segilola, alongside cost discipline and capital management.
2) Extend Segilola mine life
Near-mine and underground evaluation programmes aimed at adding ounces and improving long-term optionality.
3) Advance Douta through studies and drilling
Workstreams to progress development milestones, while drilling continues to support the project plan.
4) Build the next pipeline in Côte d’Ivoire
Systematic exploration to move high-potential areas from targets to drilled discoveries.
What to watch
Near-term milestones and catalysts
• Updated Segilola resource targeted for Q1 2026
• Douta PFS announced in Q1 2026
• Ongoing drilling and field programmes across the portfolio, including Nigeria, Senegal (regional targets) and Côte d’Ivoire
Responsible operations
Building in-country capability and long-term community value
Thor’s operating model prioritises local employment, local procurement, and structured community development initiatives around its operations.
Investment Case & FAQs
Key statistics
Dual-listed Exchanges
AIM: THX.L |
TSX-V: THX.V
FY2025 production
91,910 oz gold
(Segilola,
Nigeria)
2026 guidance
Production: 75–85 koz | AISC: US$1000– $1,200/oz
Cash position (Q4 2025)
Cash balance: US$137.0m (unaudited)
Shares outstanding
Basic shares:
666,573,136
100% owned flagship asset
Segilola Gold Mine (Nigeria) is 100% owned
Company & Strategy
What does Thor Explorations do?
Thor is engaged in the acquisition, exploration, development and production of mineral properties in Nigeria, Senegal and Côte d’Ivoire, with Segilola as its flagship operating asset.
What is Thor’s flagship asset?
The Segilola Gold Project in Osun State, Nigeria (Thor holds a 100% interest).
What is the growth strategy?
To optimise and extend value at Segilola through operational discipline and exploration, while advancing the Douta Project in Senegal and progressing exploration across Côte d’Ivoire and other regional opportunities.
Operations
How much gold did Thor produce last year?
Thor reports 91,910 ounces of gold produced in 2025 at Segilola.
What is Thor’s 2026 production and cost guidance?
FY2026 guidance is currently 75,000–85,000 oz and AISC of $1000–$1200/oz.
How is Thor working to extend mine life at Segilola?
Through near-mine and underground drilling programs designed to test continuity of mineralisation below the current pit design and identify potential extensions.
Projects & exploration
What is Douta and what does Thor own?
Douta is a gold project in south-eastern Senegal where Thor holds a 70% economic interest and reports a 1.78Moz Au global resource.
What is Thor doing in Côte d’Ivoire?
Thor has acquired Guitry and entered into option agreements on additional licences, with early exploration focused on data review, geochemistry and target definition for follow-up work.
Shares & listing
Where is Thor listed? What are the tickers?
Thor trades on AIM: THX.L and the TSX Venture Exchange, TSXV: THX.V as shown in company materials.
What is the current share structure?
As of 7 January 2026:
Shares outstanding: 666,573,136
Options outstanding: 0
Fully diluted: 666,573,136
Shares not in public hands: 38.19%
Reporting, governance & contacts
Where can I find results, reports and technical documents?
Use the Investors section for Financial Statements, Filings & Reports, and Technical Reports, plus the latest Corporate Presentation and Fact Sheet.
Who do I contact for investor relations?
Ibu Lawson (VP of Corporate Development/head of IR)
ibu.lawson@thorexpl.com
Financial Statements
2026
2025
2024
2023
2022
2021
2020
2019
2018
Reports & Presentations
Investor Presentation
Technical Reports
2024 Sustainability Report
NI 43-101 Technical Report – Mineral Resource Estimate, Douta Gold Project, Senegal – April 2023
NI 43-101 Technical Report – Segilola Mineral Resource and Ore Reserve Estimate – May 2021
NI 43-101 Technical Report – Segilola Definitive Feasibility Study – March 2019
Segilola Preliminary Feasibility Study – October 2017
Fact Sheet
ESTMA Reports
Sustainability Reports
Stock & Share Information
Shares Outstanding
664,334,710
Options Outstanding
0
Fully Diluted
664,334,710
Shares not in public hands
38.19%
|
Shareholder
|
Number of Common Shares
|
Percentage of current issued share capital
|
|---|---|---|
|
AFC Equity Investments
|
99,858,480
|
15.0
|
|
Computershare Company Nominees Ltd
|
79,453,343
|
12.0
|
|
Hong Kong Tiande Baorun Trade Limited
|
34,750,000
|
5.2
|
|
Segun Lawson
|
32,618,905
|
4.9
|
|
Nigerian Mining Corporation
|
20,771,478
|
3.1
|
|
Adbro Ltd.
|
19,349,721
|
2.9
|
|
Sparkrod Ltd.
|
19,203,007
|
2.9
|
|
Alhaji S O Babalola Investments Ltd
|
13,844,190
|
2.1
|
Aim Rule 26
Company Information
Thor Explorations Ltd. is a mineral exploration company engaged in the acquisition, exploration, development and production of mineral properties located in Nigeria, Senegal and Cote d’Ivoire. Thor Explorations holds a 100% interest in the Segilola Gold Project located in Osun State, Nigeria and has a 70% interest in the Douta Gold Project located in southeastern Senegal. In Cote d’Ivoire, Thor Explorations has also recently acquired a 100% interest of the Guitry Gold Project , as well as entering into two further option agreements to earn up to an 80% interest in the Marahui and Boundiali Exploration licences. Thor Explorations trades on AIM and the TSX Venture Exchange under the symbol “THX”.
At Segilola, In 2025, Thor has entered into its fourth full year of production, having produced 85,057 ounces of gold in 2024, 84,609 ounces in 2023, and 98,006 ounces in 2022. Early results of near mine exploration drilling programs confirm mineralisation below the pit design.
At Douta, having provided an updated Mineral Resource Estimate of 1.78 million ounces; workstreams in support of a Preliminary Feasibility Study were advanced in 2024. Drilling has confirmed continuity of gold mineralisation with several high grade intersections. The discovery of additional prospects have justified an accelerated drilling program.
In Cote d’Ivoire, at Guitry, Thor is assessing the legacy database and planning for target-generative geochemical surveys. Soil geochemical sampling was conducted at Boundiali, identifying a gold-in-soil anomaly in the eastern sector. Further infill sampling is planned. Exploration activities at the Marahui Permit were initiated in Q4 2024.
In Nigeria, regional exploration efforts Thor delineated a 10 by 5km area of gold anomalism approximately 52km south of Segilola. Thor secured new exploration tenure covering the area. A follow-up exploration program commenced in the period over selected geochemical targets and has continued in 2025.
Regulatory News
Country of Incorporation and Main Countries of Operation
Thor Explorations is incorporated federally in Canada under Canadian law, with registered number BC0860183. The Company’s registered office is located at 550 Burrard St, Suite 2900, Vancouver, BC CA, V6C 0A3 and its principal place of business is House 1, 2C Bank Road, Ikoyi, Lagos, Nigeria.
Company Directors
Nominated and Other Key Advisers
Corporate Governance
Constitutional Documents
Directors Responsibilities, Committees and Policies
Financial Reports and Associated Documents
Admission Documents and Circulars
Published Market Announcements
Significant Shareholders and the Percentage of Shares not in Public Hands
Share Price Information
Shares Issued and Outstanding
Shareholders
As the Company is incorporated in Canada, shareholders’ rights may be different to rights of shareholders in a UK incorporated company.
Share Restrictions
There are no restrictions on the free transferability of the Company’s AIM securities.
Details of other exchanges and trading platforms
Thor Explorations shares are listed on the Venture Exchange of the Toronto Stock Exchange (TSX-V: THX) and are listed on AIM of the London Stock Exchange (AIM:[THX]).
City Code and Shareholder Protections
The Company is incorporated in Canada, and, accordingly, transactions in Common Shares in the Company will not be subject to the UK Takeover Code. As a result, Shareholders will not be afforded the protections of the UK Takeover Code. However, Canadian laws applicable to the Company provide for early warning disclosure requirements in relation to potential takeover bids, further details of which are set out in Paragraph 15 of Part 1 of the Company’s AIM Admission Document dated June 16, 2021.
This information was last updated on June 10, 2025.
Analysts
Company Information
Disclaimer: Thor Explorations is followed by the analysts listed below. Please note that any opinions, estimates or forecasts regarding Thor Explorations’ performance made by these analysts are theirs alone and do not represent opinions, estimates or forecasts of Thor Explorations or its management. Thor Explorations does not by its reference to the analysts listed below imply its endorsement of or concurrence with the information, conclusions or recommendations provided by such analysts. Furthermore, Thor Explorations does not distribute information or reports prepared by analysts. The following list includes analysts currently known to follow the company but may not be complete or up to date and may change without notice.
Analyst Coverage
Firm: Paradigm Capital
Analyst: Don Blyth
Phone: +1-416-360-3461
Firm: Canaccord Genuity
Analyst: Alex Bedwany
Phone: +44 (0) 20 7523 8381
Firm: Hannam & Partners
Analyst: Roger Bell
Phone: +44 (0) 20 7907 8534
Advisers
Canaccord Genuity
Nominated Advisor & Joint Broker
88 Wood Street
London, United Kingdom
EC2V 7RS
Fasken Martineau LLP
Solicitors to the Company (Canadian Law)
50 Burrard St
Suite 2900
Vancouver, BC, Canada, V6C 0A3
Hannam & Partners
Joint Broker
2 Park St
London, United Kingdom
W1K 2HX
COMPUTERSHARE
Registrar (UK)
The Pavilions
Bridgwater Road
Bristol, United Kingdom
BS13 8AE
BDO CANADA LLP
Auditor
Royal Centre
1055 West Georgia Street, West
Georgia Street 1100 P.O. Box 11101,
Chartered Accountants
Vancouver, British Columbia
VGE 3P3, Canada
T: +1 (604) 688-5421
F: +1 (604) 688-5132
bdocanadasd@bdo.ca
SLR CONSULTING LTD
Competent Person
Suite 2.9 Warnford Court
29 Throgmorton St
London EC2N 2AT, United Kingdom
BLYTHERAY
Financial PR
4-5 Castle Court
London, United Kingdom
EC3V 9DL
Constitutional Documents
2025 Annual General Meeting
Notice of Meeting Information Circular
Financial Statement Request Form
Form of Instruction
Proxy Form
Voting Instruction Form
2024 Annual General Meeting
Notice of Meeting Information Circular
Financial Statement Request Form
Form of Instruction
Proxy Form
Voting Instruction Form
2023 Annual General Meeting
Voting Instruction Form
Financial Statement Request Form
Form of Instruction
Proxy Form
Voting Instruction Form
2022 Annual General Meeting
Notice of Meeting Information Circular
Financial Statement Request Form
Form of Instruction
Proxy Form
Voting Instruction Form
2021 Annual General Meeting
Proxy Form
Voting Instruction Form
UK Form of Instruction
Notice of Meeting Information Circular
NI Card