West African focussed gold producer Thor Explorations has had a solid operational second quarter of 2025, continuing from the strong start it made to the year. Having unwound all its hedged gold positions in the previous quarter, the company is able to benefit from the full exposure to the high prevailing gold prices, resulting in a record quarterly revenue of US$82.5 million.

The second quarter 2025 interim operational update is for the Segilola gold mine, located in Nigeria as well as the company’s other mineral exploration properties located still in Nigeria, Senegal and Côte d’Ivoire, for the three months to June 30.

In Senegal, over 11,000 metres were drilled at the Baraka 3 prospect which will be incorporated into the Douta PFS once all the results are received. In Côte d’Ivoire, Thor Explorations has completed its maiden drilling programme on the Guitry project and plans to release the results, as well as from all its drilling programmes, once obtained. The company is also encouraged by the initial exploration results from the Marahui project where it is now positioned to kick off a maiden drilling programme at the end of the rainy season.

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Segun Lawson, president and CEO of Thor Explorations states: “We have achieved this whilst continuing to maintain our production costs in line with our guidance. In the quarter exploration activities, which have included multiple drilling campaigns, were increased across our entire portfolio. Looking ahead, we are well positioned for the second half of the year. We are maintaining our guidance range of 85,000 to 95,000 oz for the year. On the exploration front, underground drilling at Segilola continues, building on the data received in the quarter and aimed at extending the Segilola mine life.