Thor Explorations
Thor Explorations is a West Africa-focused gold producer operating Nigeria's first large-scale commercial gold mine at Segilola, with a development-stage second mine (Douta) in Senegal and exploration assets in Côte d'Ivoire, selling gold globally at spot prices.
- Company typePublic
- Founded2016
- HeadquartersVancouver, Canada
- Headcount1,001–5,000
- GTM typeB2B
- OfferingHardware or Manufacturing
What Thor Explorations does
Thor Explorations Ltd. is a West Africa-focused gold producer and explorer incorporated in British Columbia, Canada, with its principal place of business in Lagos, Nigeria. The company's flagship asset is the Segilola Gold Mine in Osun State, Nigeria — the country's first and only large-scale commercial gold mine — a high-grade open-pit operation that has been in commercial production since Q4 2021 under the wholly-owned subsidiary Segilola Resources Operating Limited (SROL). Segilola processed ore at grades of 3.24-3.31 g/t with 93-95% recovery rates and produced 91,910 ounces of gold in 2025, with an underground diamond drilling program underway to extend mine life beneath the current open pit.
Thor is advancing a portfolio of development and exploration assets across West Africa. The Douta Gold Project in Senegal hosts a 1.78 million ounce gold resource (70% economic interest increased to 100% in September 2025) with a Pre-Feasibility Study indicating a $633 million post-tax NPV and 61% IRR at current gold prices, targeting first production in early 2028. Additional exploration projects include the Guitry project (100% owned), and option-stage Marahui and Boundiali projects (up to 80% earn-in) in Côte d'Ivoire, collectively expanding the exploration footprint to approximately 1,697 km².
The company generates revenue exclusively from gold sales at prevailing market spot prices, with no hedging program in place. It sells gold directly to buyers and refiners globally, with Q1 2026 average realized price of $4,820/oz and operating costs reduced to $672/oz sold. The company is debt-free with $177.9M in cash (Q1 2026), pays a quarterly dividend of C$0.0125 per share (C$0.05 annually), and is dual-listed on the TSX Venture Exchange (THX.V) and AIM Market of the London Stock Exchange (THX.L).
Thor Explorations firmographics
Firmographics- Name
- Thor Explorations
- Legal name
- Thor Explorations Ltd.
- Website
- https://thorexpl.com
- Company type
- Public
- Founded year
- 2016
- Operating status
- Operating
- Headcount range
- 1,001–5,000 employees
- Short description
- Thor Explorations is a West Africa-focused gold producer operating Nigeria's first large-scale commercial gold mine at Segilola, with a development-stage second mine (Douta) in Senegal and exploration assets in Côte d'Ivoire, selling gold globally at spot prices.
- Ownership category
- akta.pro rank
Thor Explorations industry classification
Industry- Product category
- Gold Mining
- NAICS
- Gold Ore and Silver Ore Mining (21222)
- SIC
- Gold And Silver Ores (1040), Metal Mining (1000)
- akta.pro primary industry
- Gold Mining (IMAKAEAA)
- akta.pro secondary industry
- Precious Metals Exploration & Project Development (IMAKAEAI)
Keywords
Where Thor Explorations is headquartered
LocationHeadquarters
- HQ city
- Vancouver
- HQ country
- Canada
- HQ region
- North America
Offices5 records
Markets served
Thor Explorations business model
Business model- GTM type
- B2B
- Offering type
- Hardware or Manufacturing
- Cost components
- Operations, Personnel, Infrastructure, Technology or R&D, Supply Chain
Revenue model
- Gold Production and Sales: Revenue generated from producing and selling gold ounces from the Segilola Mine in Nigeria. Gold is sold at market prices with Q1 2026 average realized price of $4,820/oz. The company achieved record quarterly revenue of $108.75 million in Q4 2025.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Usage-based | Pay-as-you-go | Gold production sold at market spot prices |
Go-to-market motion1 record
Distribution channels1 record
Marketing channels5 records
Thor Explorations product offering
Product offeringCore offering
Thor Explorations is a West African gold producer that operates the Segilola open-pit gold mine in Nigeria (100% owned) and sells produced gold ounces at market prices. The company is also advancing the Douta Gold Project in Senegal toward production and holds an exploration portfolio of licences across Côte d'Ivoire including Guitry, Marahui, and Boundiali. Revenue is generated primarily from gold production, with Q1 2026 production sold at an average realized price of $4,820/oz.
Product overview
Thor Explorations is a West African focused gold producer operating a portfolio of mining assets. The company operates Nigeria's first large-scale commercial gold mine (Segilola Gold Mine - 100% owned), is advancing the Douta Gold Project in Senegal toward production (70% economic interest), and maintains an active exploration pipeline across Côte d'Ivoire including the Guitry, Marahui, and Boundiali projects. The company generates revenue through gold production and is working to extend mine life and expand its asset base through exploration.
Differentiator
Problem solved
Functional benefit
Products and services
- Segilola Gold Mine Nigeria's first and only large-scale commercial gold mine located in Osun State. A high-grade open-pit gold mine that has been in production since Q4 2021, representing Thor's flagship operating asset with 100% ownership.
- Douta Gold Project A large gold development project in south-eastern Senegal where Thor holds a 70% economic interest with a 1.78Moz Au global resource. Target first gold production in early 2028.
- Guitry Gold Project A 100% owned gold exploration project in Côte d'Ivoire, acquired as part of Thor's growing exploration footprint in West Africa.
- Marahui Exploration Licence Exploration licence in Côte d'Ivoire where Thor can earn up to 80% interest through option agreements. Features a 4km long by 200m wide gold-in-soil anomaly.
- Boundiali Project Exploration project in Côte d'Ivoire where Thor has option agreements to earn up to 80% interest. Soil geochemical sampling identified a 1km wide and 5km long north-westerly trending gold-in-soil anomaly.
Quantifiable outcome
- Record Q4 2025 revenue of $108.75 million with EPS of $0.11
- +2 more outcomes
Companies that use Thor Explorations
Customer profileNamed customers1 record
Segments1 record
Ideal customer profiles1 record
Thor Explorations technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature2 records
Thor Explorations partnerships and signals
Strategic signalPartnerships
Four partnerships are on record, tiered minor and core.
- Long Term Incentive Plan (LTIP) Participantsminor3,826,963 Restricted Share Units (RSUs) granted to senior management and employees, vesting in three equal tranches over three years starting January 2026.
- Birima Gold Resources ConsultingcoreJoint venture partner holding 30% free carry interest in the Douta-West licence. Birima Gold has a 30% free carry until completion of the Preliminary Feasibility Study, after which they must contribute to funding or have their interest diluted to minimum 5% free carry.
- International Mining Company SARL (IMC)coreJoint venture partner holding 30% free carry interest in the original Douta licence until Thor announces a probable reserve. IMC holds the permit for the main Douta mining lease application.
- Sofita Services Et LogistiquesminorOperator of the Sofita Gold Exploration Licence 03634 located about 45km southwest of the Douta Project, held by Thor under an agreement with Sofita Services.
Scale indicators13 records
Recent moves6 records
Expansion highlights6 records
Thor Explorations competitors and assessment
Company assessmentDirect peers
- Endeavour Mining: Major West African gold producer operating multiple mines across Burkina Faso, Côte d'Ivoire, and Senegal. Most directly comparable to Thor as a multi-jurisdictional West African gold producer with a pipeline of development and exploration projects in the same Birimian belt.
- Perseus Mining: Mid-tier gold producer with three operating mines in West Africa: Edikan (Ghana), Yaouré and Sissingué (Côte d'Ivoire). Directly comparable as a multi-asset West African gold producer pursuing organic growth from cash flow in similar jurisdictions.
- B2Gold: Mid-tier gold producer with its flagship Fekola mine in Mali and growing West African footprint. Comparable as a West African-focused gold producer generating strong free cash flow at current gold prices and advancing development projects.
- IAMGOLD: Gold producer with the Essakane mine in Burkina Faso as its flagship asset and development projects in West Africa. Comparable as a West African gold producer with a single large operating mine and a development pipeline funded by operating cash flow.
- Allied Gold Corp: West African gold producer operating Sadiola and Yatela in Mali and Korali-Sud in Mali. Comparable as a West African-focused gold producer with operating mines and a development pipeline in similar Birimian belt jurisdictions.
- Robex Resources: West African gold producer and developer with operations in Mali and Guinea. Comparable as a junior-to-mid-tier West African gold producer focused on advancing production from existing assets in the region.
- Centamin: Gold producer with the Sukari mine in Egypt and an emerging West African exploration portfolio. Comparable as a gold producer with dual-listing structure (LSE/TSX) and a development pipeline aimed at growing production from cash flow.
Emerging players
- Newcore Gold: Gold developer advancing the Enchi project in Ghana through permitting and resource definition. Comparable as a West African gold developer focused on a single advanced-stage project in the same Birimian belt.
- Mako Gold: Junior gold explorer focused on the Napié project in Côte d'Ivoire. Comparable as a junior gold explorer operating in the same Côte d'Ivoire jurisdiction where Thor holds its Guitry, Marahui, and Boundiali exploration assets.
- African Gold Group: Junior gold developer advancing the Kobada gold project in Mali. Comparable as a small-cap West African gold developer at a similar stage of advancing a single project toward production.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat4 records
Key risks6 records
Key highlights7 records
Customer concentration
Thor Explorations social profiles
Digital presenceThor Explorations financial estimates
Financial estimateRevenue estimate
Valuation estimate
Thor Explorations leadership team
Management profileNumber of profiles
Profiles12 records
Thor Explorations subsidiaries and ownership
Company hierarchySubsidiaries1 record
Thor Explorations funding detail
Funding detailFunding overview
Funding rounds1 record
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Thor Explorations M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Thor Explorations
What does Thor Explorations do?
Thor Explorations is a West African gold producer that operates the Segilola open-pit gold mine in Nigeria (100% owned) and sells produced gold ounces at market prices. The company is also advancing the Douta Gold Project in Senegal toward production and holds an exploration portfolio of licences across Côte d'Ivoire including Guitry, Marahui, and Boundiali. Revenue is generated primarily from gold production, with Q1 2026 production sold at an average realized price of $4,820/oz.
Is Thor Explorations a public or private company?
Thor Explorations is a public company. It is classified as public and is currently operating.
When was Thor Explorations founded?
Thor Explorations was founded in 2016. It employs 1,001 to 5,000 people.
Where is Thor Explorations based?
Thor Explorations is headquartered in Vancouver, Canada, in the North America region.
How does Thor Explorations make money?
One revenue line is on record: gold Production and Sales.
Who are Thor Explorations's main competitors?
Direct peers on record are Endeavour Mining, Perseus Mining, B2Gold, IAMGOLD, Allied Gold Corp, Robex Resources and Centamin. Emerging players are Newcore Gold, Mako Gold and African Gold Group.
Does Thor Explorations have an API?
No public API is recorded for Thor Explorations.
What industry is Thor Explorations in?
Thor Explorations's product category is Gold Mining. Its primary akta.pro industry code is IMAKAEAA, Gold Mining, with a secondary code of IMAKAEAI, Precious Metals Exploration & Project Development. Its NAICS code is 21222 and its SIC code is 1040.