Thor Maintains 2026 Gold Output Guidance After Strong Q2
Mining News | 2026-07-16 07:20:52 | By Paul Ploumis
Thor ended the quarter with $207.5 million in cash and an adjusted net cash position of $225.6 million, including unsold gold bullion, highlighting its strong financial position.
SEATTLE (Scrap Monster): Thor Explorations Ltd. reported solid operational results for the second quarter of 2026, supported by steady production at its Segilola Gold Mine in Nigeria and continued progress across its exploration projects in Senegal and Côte d'Ivoire.
During the April–June quarter, the company produced 19,153 ounces of gold, lifting total output for the first half of 2026 to 39,409 ounces. Gold sales reached 17,050 ounces at an average realized price of $4,535 per ounce, generating $77.3 million in revenue.
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The Segilola processing plant treated 240,769 tonnes of ore with an average gold grade of 2.57 grams per tonne, while maintaining a strong recovery rate of 93.3%. Mine production totaled more than 1.13 million tonnes.
Thor ended the quarter with $207.5 million in cash and an adjusted net cash position of $225.6 million, including unsold gold bullion, highlighting its strong financial position.
The company reaffirmed its 2026 production guidance of 75,000 to 85,000 ounces of gold and maintained its all-in sustaining cost forecast of $1,000 to $1,200 per ounce.
Thor reported continued progress in drilling programs across its portfolio, completing more than 20,000 metres of exploration. The company remains focused on extending the mine life at Segilola, advancing the Douta Gold Project in Senegal toward a final investment decision, and expanding exploration at projects in Côte d'Ivoire. Incidentally, the Douta Mining Convention with the Government of Senegal is expected to be finalized during Q3 2026.