Thor Explorations AIM:THX
- Incorporated
- Canada
- Reports in
- CAD
Gold producer operating the Segilola mine, Nigeria's first large-scale gold operation, with exploration and development assets in Senegal and Cote d'Ivoire. Rapid debt paydown and strong margins at current gold prices; dual-listed on the TSX Venture exchange.
Read straight from the annual reports
62.5c at close on 2 Oct 2026 · 10 reported years, 2017–2025
| Line | FY201712/17 | FY201812/18 | FY201912/19 | FY202012/20 | FY202112/21 | FY202201/22 | FY202212/22 | FY202312/23 | FY202412/24 | FY202512/25 | FY2026unreported |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | — | — | — | — | — | ||||||
| Gross profit | — | — | — | — | — | ||||||
| Operating profit | — | ||||||||||
| Exceptional items | — | — | — | — | — | — | — | — | |||
| Net finance cost | — | ||||||||||
| Profit before tax | — | ||||||||||
| Tax charge | — | ||||||||||
| Profit for the year | — | ||||||||||
| EBITDA | — | ||||||||||
| Basic EPS | — | ||||||||||
| Diluted EPS | — | ||||||||||
| Dividend per share | — | — | — | — | — | — | — | — | — |
CAD millions, negatives in brackets. Per-share lines in cents, share counts in millions. later is what a following report restated the figure to; vs is a second reading that disagrees. The figure shown is the one the original filing printed, and both readings are kept. Click any figure: opens the report page it was read from, highlighted; shows how it was calculated. The share price above is drawn to the same columns: each close sits over the financial year it fell in.
5 years, at a glance
Dashed: Operating margin, in % on its own scale — read its shape, not its height against the bars.
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat. Duis aute irure dolor in reprehenderit in voluptate velit esse cillum dolore eu fugiat nulla pariatur. Excepteur sint occaecat cupidatat non proident, sunt in culpa qui officia deserunt mollit anim id est laborum. Sed ut perspiciatis unde omnis iste natus error sit voluptatem accusantium doloremque laudantium, totam rem aperiam, eaque ipsa quae ab illo inventore veritatis et quasi architecto beatae vitae dicta sunt explicabo.
Gold sales from Segilola Mine
Gold revenue $322,134k of total revenue $325,480k in 2025 (2024: $194,430k of $193,130k... net of fair value movement)
page 23Depletion/depreciation method change for mining fleet ROU assets and mine assets (straight-line to units-of-production)
Increased depletion and depreciation expense by $12.4 million in 2025, with corresponding future-period impact
page 15Nigerian gold royalty rate increase
Royalty per ounce rose from 16,218 to 32,436 Nigerian Naira (~$21.40/oz) effective July 1, 2025
page 18On January 13, 2026, the Board declared a standard quarterly dividend of C$0.0125/share plus an additional bonus dividend of C$0.015/share, totaling C$0.0275/share, paid February 13, 2026
page 44Dividends declared totaling $17.8 million (C$0.0375 per share) in 2025, of which $17.1 million was paid; $0.7 million remained payable at year end. No formal written dividend policy disclosed
page 35Unmodified (unqualified) audit opinion from BDO Canada LLP (engagement partner Mark Zastre), dated April 8, 2026. One key audit matter: carrying value of gold ore in stockpile inventory ($102.5 million at Dec 31, 2025; $77.2 million at Dec 31, 2024), reflecting judgment over volume/density estimates. No going-concern material uncertainty was raised
page 3- Carrying value estimation risk on gold ore in stockpile inventory ($102.5 million at Dec 31, 2025), dependent on volume/density estimatesp.3
- Customer concentration - two customers each represent over 10% of revenuep.23
- Foreign currency risk - USD exposure to CAD, NGN, GBP and West African Franc, with no derivative hedging in placep.40
- Contingent legal proceedings arising in the ordinary course of business (assessed as remote by management)p.42
Read from C001306-AR-2025-sedar.
8 annual reports read, FY2018 to FY2025
Open a year to see what its report said. Every line in it carries the page it was read from.
Sources: SEDAR (8)
FY2026Next report expected 5 May 2027