Thor Explorations Ltd on Tuesday reported profit during 2024 rose nearly nine times higher than the year before on ‘record’ revenue from its Segilola gold mine, and announced its maiden dividend payout.

Shares in Thor Explorations were up 12% at 24.70 pence each in London on Tuesday afternoon. The stock has risen 70% over the past year.

The Vancouver-based gold miner with projects in West Africa said pretax net profit for 2024 was $91.2 million, up from $10.9 million in 2023.

Revenue grew 37% to $193.1 million from $141.2 million, while cost of sales was reduced by 20% to $80.9 million from $101.4 million.

Interest expenses for the year were down 36% to $5.5 million from $7.8 million, and the firm’s net loss on financial liabilities narrowed to $4.0 million from $5.2 million.

Thor Explorations announced its maiden dividend, committing to a dividend policy of at least 1.25 Canadian cents per share per quarter.

During the year, Thor Explorations sold 84,965 ounces of gold, up 16% from 73,356 ounces in 2023, at an average gold price of $2,288 per ounce. This was 20% higher than $1,907 per ounce in 2023.

‘I am pleased with our performance and progress as a group in 2024 where we generated record revenues from our Segilola gold mine whilst being disciplined in our cost control and focusing on our [environmental, social & governance] commitments,’ said President & Chief Executive Officer Segun Lawson.

Thor Explorations made its final payment of $4.1 million towards a senior debt facility with Africa Finance Corp, following which the company has now fully settled its senior debt obligations.

Lawson continued: ‘Our primary objectives in 2024 were to fully repay our senior debt facility and strengthen our balance sheet. This was achieved whilst also expanding our exploration portfolio in Nigeria, Senegal and in Cote d’Ivoire.

‘The group is now strongly positioned for a new dynamic phase with big increases budgeted in our exploration expenditure around Segilola and also across our entire portfolio, all funded by strong cash flow at Segilola. Since the end of 2024, we have continued to strengthen our balance sheet and grow our cash balance whilst making further material improvements on our accounts payable position.’

Looking ahead, Thor Explorations guides for production between 85,000 and 95,000 ounces in 2025, with all-in sustaining cost guidance of $800 to $1,000 per ounce.

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