Gold miner Thor Explorations reports stronger earnings and cash position despite lower gold output in the quarter.
Thor Explorations posted a 35.8% year-on-year increase in Q1 2026 net income to $46.7m, driven by higher gold prices and cost efficiencies. Revenue rose 16.1% to $74.3m, while EBITDA climbed to $55.8m from $43.6m in Q1 2025.
The company sold 15,417 ounces of gold at an average price of $4,820 per ounce, up from $2,720 in the same period last year. Cash operating costs fell to $672 per ounce, and all-in sustaining costs dropped to $936 per ounce. Adjusted net cash position improved sharply to $177.9m from $24.7m.
Gold production declined from 22,750 ounces in Q1 2025, but higher prices offset the impact. Exploration activities at Segilola and Douta projects advanced, with initial drilling results expected in Q2 2026.