Thor Explorations (TSXV:THX) Scaled Net Operating Assets: 0.63 (As of Mar. 2026)


TSXV:THX Thor Explorations Ltd TSXV:THX
43 GF Score
Price C$1.05
GF Value C$0.71
Valuation Significantly Overvalued
! 1 Warning Sign
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What is Thor Explorations Scaled Net Operating Assets?

Thor Explorations TSXV:THX -1.87% 43 Scaled Net Operating Assets is 0.63 as of Mar. 2026. GuruFocus rates TSXV:THX with a GF Score™ of 43/100 and a GF Value™ of C$0.71 (Significantly Overvalued). The stock has 1 warning sign investors should review.

Scaled Net Operating Assets (SNOA) is calculated as the difference between operating assets and operating liabilities, scaled by lagged total assets.

Thor Explorations's operating assets for the quarter that ended in Mar. 2026 was C$390.7 Mil. Thor Explorations's operating liabilities for the quarter that ended in Mar. 2026 was C$38.2 Mil. Thor Explorations's Total Assets for the quarter that ended in Dec. 2025 was C$561.6 Mil. Therefore, Thor Explorations's scaled net operating assets (SNOA) for the quarter that ended in Mar. 2026 was 0.63.

Thor Explorations Scaled Net Operating Assets Historical Data

* Premium members only.

The historical data trend for Thor Explorations's Scaled Net Operating Assets can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

Thor Explorations Scaled Net Operating Assets Chart

Thor Explorations Annual Data
Trend Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
Scaled Net Operating Assets
Get a 7-Day Free Trial Premium Member Only Premium Member Only 1.17 0.68 0.59 0.81 0.85

Thor Explorations Quarterly Data
Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24 Mar25 Jun25 Sep25 Dec25 Mar26
Scaled Net Operating Assets Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 0.79 0.76 0.76 0.71 0.63

TSXV:THX vs NEM, AU: Scaled Net Operating Assets Comparison

For the Gold subindustry, Thor Explorations's Scaled Net Operating Assets, along with its competitors' market caps and Scaled Net Operating Assets data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.

Thor Explorations Scaled Net Operating Assets vs Metals & Mining Industry

For the Metals & Mining industry and Basic Materials sector, Thor Explorations's Scaled Net Operating Assets distribution charts can be found below:

* The bar in red indicates where Thor Explorations's Scaled Net Operating Assets falls into.


TSXV:THX
43GF Score
Thor Explorations Ltd TSXV:THX
Scaled Net Operating Assets is just one metric. See GF Score™, valuation, warning signs, and more.
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Thor Explorations Scaled Net Operating Assets Calculation

Scaled Net Operating Assets (SNOA) is calculated as the difference between operating assets and operating liabilities, scaled by lagged total assets.

Thor Explorations's Scaled Net Operating Assets (SNOA) for the fiscal year that ended in Dec. 2025 is calculated as

Scaled Net Operating Assets (SNOA)(A: Dec. 2025 )
=(Operating Assets (A: Dec. 2025 )-Operating Liabilities (A: Dec. 2025 ))/Total Assets (A: Dec. 2024 )
=(371.544-33.77)/397.594
=0.85

where

Operating Assets(A: Dec. 2025 )
=Total Assets - Cash, Cash Equivalents, Marketable Securities
=561.57 - 190.026
=371.544

Operating Liabilities(A: Dec. 2025 )
=Total Liabilities - Long-Term Debt & Capital Lease Obligation - Short-Term Debt & Capital Lease Obligation
=37.35 - 0.062 - 3.518
=33.77

Thor Explorations's Scaled Net Operating Assets (SNOA) for the quarter that ended in Mar. 2026 is calculated as

Scaled Net Operating Assets (SNOA)(Q: Mar. 2026 )
=(Operating Assets (Q: Mar. 2026 )-Operating Liabilities (Q: Mar. 2026 ))/Total Assets (Q: Dec. 2025 )
=(390.747-38.169)/561.57
=0.63

where

Operating Assets(Q: Mar. 2026 )
=Total Assets - Cash, Cash Equivalents, Marketable Securities
=609.58 - 218.833
=390.747

Operating Liabilities(Q: Mar. 2026 )
=Total Liabilities - Long-Term Debt & Capital Lease Obligation - Short-Term Debt & Capital Lease Obligation
=40.088 - 0 - 1.919
=38.169

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

What does a Scaled Net Operating Assets of 0.63 mean?
Thor Explorations (TSXV:THX) has a Scaled Net Operating Assets of 0.63 as of Mar. 2026. Scaled net operating assets equals current-period operating assets less operating liabilities less prior-period total assets. View historical data on Thor Explorations and its competitors.
Is Thor Explorations' Scaled Net Operating Assets too high?
Thor Explorations' current Scaled Net Operating Assets is 0.63. Overall, Thor Explorations has a GF Score™ of 43/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Thor Explorations' Scaled Net Operating Assets compare to NEM and AU?
Thor Explorations' Scaled Net Operating Assets of 0.63 can be compared against companies in the Metals & Mining industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Scaled Net Operating Assets for a Metals & Mining company?
A good Scaled Net Operating Assets depends on the Metals & Mining industry context. However, Scaled Net Operating Assets should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Scaled Net Operating Assets mean?
A high Scaled Net Operating Assets can signal that a stock is expensive relative to its fundamentals. Scaled net operating assets equals current-period operating assets less operating liabilities less prior-period total assets. View historical data on Thor Explorations and its competitors. Thor Explorations's current Scaled Net Operating Assets is 0.63. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Thor Explorations stock overvalued right now?
Based on GuruFocus' analysis, Thor Explorations (TSXV:THX) is currently considered Significantly Overvalued. The stock's GF Value™ is C$0.71, compared to a current price of C$1.05 — trading 47.9% above its estimated fair value. The current Scaled Net Operating Assets is 0.63. Thor Explorations' overall GF Score™ is 43/100 with 1 warning sign to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Scaled Net Operating Assets calculated?
Scaled Net Operating Assets is calculated from a company's financial statements. For Thor Explorations (TSXV:THX), the current Scaled Net Operating Assets is 0.63 as of Mar. 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.

Is Thor Explorations (TSXV:THX) Overvalued in 2026?

Based on GuruFocus' analysis, Thor Explorations stock appears to be overvalued. The current stock price of C$1.05 is trading 47.9% above its estimated GF Value™ of C$0.71. GuruFocus considers Thor Explorations to be Significantly Overvalued.

Key valuation signals for TSXV:THX:

  • Scaled Net Operating Assets: 0.63
  • GF Value™: C$0.71 vs. price of C$1.05 (47.9% above fair value)
  • GF Score™: 43/100 with 1 warning sign

No single metric tells the full story. See the TSXV:THX stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Thor Explorations Business Description

Other Exchanges THXPF:USATHX:UKT2X:Germany
Address 119 West Pender Street, No. 404, Vancouver, BC, CAN, V6B 1S5
Thor Explorations Ltd is a Canadian mineral exploration company engaged in the acquisition, exploration, development, and production of mineral properties located in Nigeria, Senegal, and Cote d'Ivoire. Its project portfolio includes the Segilola Gold Project located in Osun State, Nigeria; the Douta Gold Project located in south-eastern Senegal; and the Guitry Gold Project Cote d'Ivoire. Additionally, the company has entered into two further option agreements to earn the majority interest in the Marahui and Boundiali Exploration licences. Thor Explorations derives revenue mainly from the sale of gold and silver, of which substantial revenue is generated from gold. The company's operations comprise three reportable segments: the Segilola Mine Project, Exploration Projects, and Corporate.
43GF Score

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Scaled Net Operating Assets is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

C$1.05
Price
C$0.71
GF Value