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TORONTO - Thor Explorations Ltd. (TSXV/AIM:THX), a West African-focused mineral exploration company, has announced its financial and operational results for the first quarter ending March 31, 2025. The company reported a significant increase in gold sales, revenue, and net income, along with the payment of a maiden quarterly dividend.
During the quarter, Thor Explorations sold 22,750 ounces of gold at an average price of $2,720 per ounce, compared to 17,420 ounces at $2,033 per ounce in the same period last year. This resulted in a revenue of $64.0 million, a substantial increase from $33.3 million in Q1 2024. The company also achieved a record net income of $34.4 million, up from $12.4 million in the previous year.
The operational efficiency at the Segilola Gold Mine in Nigeria is evident from the gold poured, totaling 22,790 ounces, and the recovery rate of 93.7%. The company processed 231,825 tonnes of ore at a grade of 3.24 grams per tonne and mined 272,375 tonnes at a grade of 2.42 grams per tonne.
Thor Explorations’ cash operating costs rose to $711 per ounce sold, with an all-in sustaining cost (AISC) of $950 per ounce, compared to $418 and $632, respectively, in Q1 2024. Despite higher costs, the company’s net cash position improved to $24.7 million, turning around from a net debt of $14.3 million a year earlier.
Shareholders received a corrected maiden quarterly dividend of CAD$0.0125 per share, with an annual dividend projection of CAD$0.05 per share, reflecting the company’s strong financial position.
The company’s exploration activities continued to progress, with the ongoing Segilola underground drilling campaign expected to release its next set of results in Q2 2025. New targets have been identified and drilling commenced post-quarter. At the Douta Gold Project in Senegal, the company reported promising drilling results and is currently completing a 12,000-meter drilling program.
Thor Explorations also engaged in community development projects and environmental, health, and safety initiatives, aligning with the Global Reporting Initiative standards. The company’s 2025 production guidance remains at 85,000 to 95,000 ounces of gold with an AISC of $800 to $1,000 per ounce.
This report is based on a press release statement from Thor Explorations Ltd.
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