TSX-V- and Aim-listed mineral exploration company Thor Explorations delivered strong profits during the third quarter of 2026, CEO and president Segun Lawson said in the company’s financial and operating results on Thursday.

During the quarter ended September 30, the company’s earnings before interest, taxes, depreciation and amortisation increased to $56.9-million from $51.4-million in the corresponding quarter last year.

“I am pleased to report continued strong profits during the third quarter, with net profit of $47.3-million [from $43.1-million] and an adjusted net cash position of $236.6-million at the end of September,” he said.

The company posted a cash operating cost of $754/oz of gold sold and all-in sustaining cost (AISC) of $993/oz.

“This financial strength supports our continued investment in extending Segilola’s mine life and advancing the exploration and the development of the Douta project while continuing exploration across our portfolio,” said Lawson.

Revenue for the third quarter under review increased to $81.3-million, from $69.9-million in the third quarter of 2025, and 19 000 oz of gold was sold at an average gold price of $4 280/oz.

At Segilola, 15 515 oz of gold was poured during the third quarter of 2026, a decline from 22 617 oz in the corresponding quarter in 2025, and while the process plant operated without significant unplanned downtime, severe rainfall in late August and early September affected mining operations, leading to a revision of the full-year production guidance to between 70 000 oz and 72 000 oz. The company previously published a guidance of between 75 000 oz and 85 000 oz.

“We have maintained AISC guidance at $1 000/oz to $1 200/oz, while our substantial ore stockpile continues to provide flexibility for future processing.”

While the ore stockpile decreased by 109 oz to 58 322 oz of gold at an average grade of 0.72 g/t gold, there remains significant stockpile available, equivalent to about two years of process plant supply, which offers flexibility and low risk for future process plant production.

“At Segilola, our underground exploration programme is testing the depth extensions of the deposit using four owner-operated diamond drill rigs, with further results expected in the fourth quarter of 2026. Alongside this, regional sampling and geophysical work programmes are helping us generate and refine targets around Segilola as we assess opportunities beyond the existing operation,” Lawson continued.

In Senegal, drilling continued along the mineralised corridor on the Bousankhoba Permit, with Thor aiming to release the first set of drilling results in the fourth quarter of 2026, along with an updated mineral resource estimate at Douta.

“We have made significant progress in finalising our Mining Convention and are at the final stages of obtaining the Douta mining permit.”

Meanwhile, in Côte d’Ivoire, Thor is encouraged by the initial drilling results at Marahui.

“We look forward to building on these results through further drilling of the additional geochemical anomalies identified along the trend. At Guitry, auger sampling has also generated prospective targets for drilling, providing further opportunities to assess the potential of our exploration portfolio.

“We approach the end of the year with a strong financial position and active exploration programmes across our entire portfolio while maintaining our quarterly dividend policy of C$0.0125 a share,” he concluded.