Higher gold prices drove Thor Explorations’ net income to $46.7 million in Q1, offsetting lower sales volumes.
Thor Explorations Ltd reported a first-quarter net income of $46.7 million, up from the prior period, as a gold price of $4,820 per ounce compensated for reduced sales volumes. Revenue reached $74.3 million, supporting the company’s guidance of 75,000 to 85,000 ounces of production this year.
The company is advancing toward a final investment decision at its Douta project in Senegal, aiming to expand operations. Prior-year comparisons were not provided, but the current quarter reflects strong pricing tailwinds in the gold market.
No immediate market reaction was disclosed in the report.