Thor Explorations Ltd (TSXV:THX)

Q3 2025 Thor Explorations Ltd Earnings Call Transcript

Nov 18, 2025 / 02:00 PM GMT

Release Date Price: C$1.15 (+6.48%)

Transcript

Key Points

Positve

Thor Explorations Ltd (THXPF) reported a net profit of $43.1 million for Q3 2025, supported by high gold prices and operational efficiencies.
The company is on track to meet the upper end of its production guidance, expecting to produce between 90,000 and 95,000 ounces of gold in 2025.
Thor Explorations Ltd (THXPF) has completely deleveraged its balance sheet, moving from a negative working capital deficit to a surplus of $96.6 million.
The company has increased its ownership in the Duta project in Senegal to 100%, marking a significant milestone.
Thor Explorations Ltd (THXPF) has a strong cash position of $81 million, allowing it to fund exploration and potential future projects without raising additional equity.

Negative

The company has reduced its production guidance for 2025, indicating potential challenges in meeting initial expectations.
There was an increase in the all-in sustaining cost (AISC) in Q3, which could impact future profitability if not managed.
Thor Explorations Ltd (THXPF) faces challenges with metallurgy in deeper fresh material at the Duta project, requiring ongoing work to find a viable processing solution.
The lithium exploration portfolio in Nigeria has been deprioritized due to the focus on gold, potentially missing out on opportunities in the lithium market.
There are concerns about the transition from open-pit to underground mining at Segulola, which could affect production volumes and require careful planning.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

THX.V - Thor Explorations Ltd
Q3 2025 Thor Explorations Ltd Earnings Call
Nov 18, 2025 / 02:00PM GMT

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Presentation
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Unidentified_1 [1]
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Good afternoon ladies and gentlemen, and welcome to the 4 explorations Limited investor presentation. Throughout this recorded presentation, investors will be in listen-only mode. Questions are encouraged, they can be submitted at any time via the Q&A tab that's just situated on the right hand corner of your screen. Please just simply type in your questions and press send. The company may not be in a position to answer every question it receives during the meeting itself, however, the company can review all questions submitted today and will publish those responses where it's appropriate to do so on the Investor Meat Company platform.

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