Thor Explorations cuts annual gold guidance to 70K to 72K oz

Severe August rainfall has reduced the gold expected from a Nigerian mine in 2026, even as quarterly sales generated US$81.7 million. Thor Explorations Ltd. CVETHX LONTHX, the owner of the Segilola gold mine in Osun State, cut its annual production forecast on Wednesday to 70,000 to 72,000 ounces.

The mine poured 15,515 ounces in the three months ended Sept. 30, down from 19,153 ounces in the second quarter. Output was also below the 22,617 ounces reported for the third quarter of 2025.

Thor shares closed at C$1.11 on the TSX Venture Exchange at 4:00 p.m. EDT on Oct. 13, according to the CVETHX quote page. That close preceded the Oct. 14 operating update.

The 2026 all-in sustaining cost forecast remains US$1,000 to US$1,200 an ounce. Thor maintained its C$0.0125 quarterly dividend, payable Nov. 13 to shareholders on record Oct. 23.

Rainfall Reduces The Annual Production Target

Thor attributed the lower forecast to severe rainfall in late August and the resulting disruption to mining. Its previous 2026 range was 75,000 to 85,000 ounces, so even the top of the revised forecast is below the former minimum.

Adding the first three quarters in Thor's production table gives 54,924 ounces poured through Sept. 30. Reaching the revised annual range therefore requires 15,076 to 17,076 ounces in the fourth quarter.

The operating figures show a sharper decline in material mined than in plant throughput. Total material mined in Q3 was 567,059 tonnes, compared with 1,134,646 tonnes in Q2. Ore mined fell to 303,602 tonnes from 489,704 tonnes over the same comparison.

The mill processed 249,607 tonnes in the third quarter, above the second quarter's 240,769 tonnes. The grade of that feed declined to 2.10 grams per tonne from 2.57 grams per tonne. Recovery also eased to 92.8 per cent from 93.3 per cent.

The production table separately records 16,832 ounces recovered and 15,515 ounces poured, so the full-year comparison here uses poured ounces consistently.

Gold Sales Exceed Quarterly Production

Thor sold 19,000 ounces during the third quarter of 2026, more than it poured in the same period. The average realised selling price was US$4,297 an ounce, generating the reported US$81.7 million in revenue. The release does not provide a third-quarter realised AISC figure alongside the maintained annual forecast.

At Sept. 30, the mine held 58,322 ounces of gold in its ore stockpile at an average grade of 0.72 grams per tonne. Gold in circuit was 2,509 ounces, while doré inventory stood at 3,740 ounces.

Thor's release gives two cash balances for the same quarter. Its highlights report US$224.9 million at Sept. 30, while the chief executive's quotation says US$224.6 million. The release does not reconcile the difference.

Lower quarterly output also features in Mugglehead's earlier report on First Majestic's production. First Majestic Silver Corp. TSEAG NYSEAG FRAFMV is a Canadian producer operating four underground mines in Mexico. Its Oct. 8 update reported third-quarter gold production of 29,552 ounces. That was 15 per cent below the second quarter.

First Majestic's Toronto shares closed at C$23.22 at 4:00 p.m. EDT on Oct. 13, according to the TSEAG quote page. Its production release attributed lower silver output mainly to a labour dispute at San Dimas, a different disruption from Thor's reported rainfall.

Read more: First Majestic Silver Corp reports 9 per cent Q3 silver output drop, renews buyback

Douta Resource Update Is Targeted For Year-End

Thor's Oct. 14 update says discussions with Senegal's government are in their final stages for the Douta Mining Convention. Thor holds a 100 per cent economic interest in the Senegalese gold project, which it is advancing alongside its Nigerian operation.

"We are working closely and constructively with the Government of Senegal towards finalising the Douta Mining Convention, which represents the final outstanding milestone ahead of our Final Investment Decision," Thor chief executive Segun Lawson said in the release.

Infill drilling at Makosa North, Makosa East and Baraka 3 is aimed at converting inferred resources to indicated resources. Thor is also drilling for additional oxide resources on the Bousankhoba licence. The update sets no date for issuing the convention or making the investment decision.

Thor targets the updated Douta mineral resource by the end of 2026 for use in an optimised pre-feasibility study. Segilola's revised annual forecast will also be tested against the ounces poured for the year ending Dec. 31.