one hundred US dollars notes.
Thor Explorations Limited the parent of Osun based Segilola Resources Operating Limited (SROL) a Gold Producer has reported a net profit of $34.5 million for the three-month period ended March 31, 2025, compared to a net profit of $12.4 million for the three-month period ended March 31, 2024.
The increase in profit for the period was largely due to: Sales during the period of $64 million (Q1 2024: $33.3 million); and Production costs of $15 million (Q1 2024: $6.6 million).
Thor earned Gold revenue of $61.88 million in Q1, 2025, up 84% compared to $35.4 million in Q1, 2024 and sold 22,750 ounces of Gold in the period largely from the Segilola mine in Nigeria, its only producing asset.
The Average realized price per ounce sold was $2,720 compared to $2,033 in Q1, 2024. The Groups Net cash position improved to $24.75 million up 121% compared to December 2024 levels.
On April 8 2025, the Board of Directors authorized a quarterly dividend of C$0.0125 per share. These dividends were paid on May 16, 2025.
The Nigerian corporate income tax rate remained unchanged at 30% however the Group benefits from a corporate tax holiday at its Segilola mine whereby earnings generated by SROL are not subjected to tax in Nigeria.
On April 29, 2020, the Group announced the closing of project financing for its flagship Segilola Gold Project in Osun State, Nigeria.
As at December 31, 2024, the Group’s gold exploration tenure in Nigeria currently primarily comprises 16 wholly owned exploration licenses and 13 partnership exploration licenses. Together with the mining lease over the Segilola Gold Deposit, Thor’s total gold exploration tenure amounts to 1,697 km².
Thor Explorations Ltd is listed in Canada and has a market capitalisation of USD328 million
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