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Thor Explorations Ltd

www: www.thorexpl.com   email: info@thorexpl.com
Category: Mid-tier Producer
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Symbol Data

Symbol Currency
CVE:THX CAD
OTCMKTS:THXPF USD

Description

Thor Explorations Ltd are a gold focused mid-tier producer with one producing mine in Nigeria, one mine in development in Senegal and two exploration properties. Currently they produce roughly 80koz. of gold per year. They have approximately 3Moz. of gold in the reserves and resources category of which 1Moz. are in the measured and indicated category. They have a market capitalisation of ~C$609.12M which is a fall of roughly 7% over the last four weeks. As of 08/27/2026 they have no debt and ~C$217.03M cash. They have 667M shares outstanding and trade on the Canadian Venture Exchange and the over-the-counter markets.

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General Details

Financial 08/27/2026
Last
Analysis
Data
Current Data
Change
Item Value Value Updated Value
MCap (FD): $658.28M $609.12M 08/27/2026 $-49.17M
MCap (OS): $658.28M $609.12M 08/27/2026 $-49.17M
Total Assets: $315.73M $312.69M 08/27/2026 $-3.04M
Total Liabilities: $35.32M $34.98M 08/27/2026 $-0.34M
Current Assets: $219.14M $217.03M 08/27/2026 $-2.11M
Current Liabilities: $28.83M $28.56M 08/27/2026 $-0.28M
Total Debt: $0.00M $0.00M 08/27/2026 $0.00M
Cash: $219.14M $217.03M 08/27/2026 $-2.11M
Debt (Net): $-219.14M $-217.03M $2.11M
Enterprise Value: $439.15M $392.09M $-47.06M
Cash Flow: $207.30M $187.51M never $-19.79M
Cash Flow Multiple: 3.18 3.25 never 0.07
Net Debt to
Cash Flow Ratio:		 n/a n/a never 0.00
Finance within 1 year: Yes Yes 08/27/2026 n/a
Misc 08/27/2026
Last
Analysis
Data
Current Data
Change
Item Value Value Updated Value
Shares Outstanding: 666,573,136 666,573,136 08/27/2026 0
Shares (FD): 666,573,136 666,573,136 08/27/2026 0
Insider Ownership: n/a n/a 08/27/2026 n/a
Dividend (Annual): n/a n/a 08/27/2026 n/a
Company Type: Mostly Gold Mostly Gold never n/a
Group: Producer Producer never n/a
Production ETA: n/a 01/01/2021 08/27/2026 n/a
Production (Gold Eq Oz.): (guess) 
80,000		 (guess) 
80,000		 08/27/2026 0
Production (Silver Eq Oz.): (guess) 
5,298,650		 (guess) 
5,287,778		 08/27/2026 -10,871
Development Phase: Producer (Single Mine) Producer (Single Mine) 08/27/2026 n/a
Optionality Play: none No
F
U
T
U
R
E		 % of Spot: 15
Producer: Average
 15
Producer: Average
 08/27/2026 0
Cash Flow Multiple: 14 14 08/27/2026 0.00

Resource Data

GOLD 08/27/2026
Last Analysis
Data
Current Data
Change
Item Value Value Updated Value
O
U
N
C
E
S		 T
O
T
A
L
 Proven & Probable: 0.40M 0.40M 08/27/2026 0.00M
Measured & Indicated: 1.00M 1.00M 08/27/2026 0.00M
Inferred: 2.00M 2.00M 08/27/2026 0.00M
Reserves & Resources: 3.00M 3.00M never 0.00M
P
L
A
U
S
I
B
L
E		 Proven & Probable: 0.36M 0.36M 08/27/2026 0.00M
Measured & Indicated: 0.79M 0.79M 08/27/2026 0.00M
Inferred: 0.90M 0.90M 08/27/2026 0.00M
Reserves & Resources: 1.69M 1.69M never 0.00M
C
U
R
R
E
N
T		 Annual Production: (guess) 
80,000oz.		 (guess) 
80,000oz.		 08/27/2026 0oz.
Cash Cost: $1,100 $1,100 08/27/2026 $0.00
Extra Operating Cost: $900 $900 08/27/2026 $0.00
Total: $2,000 $2,000 08/27/2026 $0.00
Margin (Free Cash Flow): $2,591 (56%) $2,344 (54%) $-247.37
MCap / Production (AuEq): $8,228.55 $7,613.95 $-614.59
EV / Production (AuEq): $5,489.32 $4,901.10 $-588.22
G
R
A
D
E		 Underground (Avg): 5.00 g/t 5.00 g/t 08/27/2026 n/a
Open Pit (Avg): n/a 2.00 g/t 08/27/2026 n/a
Recovery Rate: (CG)  90.00% (CG)  90.00% 08/27/2026 0.00%
F
U
T
U
R
E		 Proven & Probable: 2.50M 2.50M 08/27/2026 0.00M
Annual Production: 150,000oz. 150,000oz. 08/27/2026 0oz.
Cash Cost: $1,300 $1,300 08/27/2026 $0
Extra Operating Cost: $900 $900 08/27/2026 $0
SILVER 08/27/2026
Last Analysis
Data
Current Data
Change
Item Value Value Updated Value
O
U
N
C
E
S		 T
O
T
A
L
 Proven & Probable: n/a n/a 08/27/2026 0.00M
Measured & Indicated: n/a n/a 08/27/2026 0.00M
Inferred: n/a n/a 08/27/2026 0.00M
Reserves & Resources: n/a n/a never 0.00M
P
L
A
U
S
I
B
L
E		 Proven & Probable: n/a n/a 08/27/2026 0.00M
Measured & Indicated: n/a n/a 08/27/2026 0.00M
Inferred: n/a n/a 08/27/2026 0.00M
Reserves & Resources: n/a n/a never 0.00M
C
U
R
R
E
N
T		 Annual Production: n/a n/a 0oz.
Cash Cost: n/a n/a 08/27/2026 $0.00
Extra Operating Cost: n/a n/a 08/27/2026 $0.00
Total: n/a n/a 08/27/2026 $0.00
Margin (Free Cash Flow): n/a $0.00
MCap / Production (AgEq): $124.24 $115.19 $-9.04
EV / Production (AgEq): $82.88 $74.15 $-8.73
G
R
A
D
E		 Underground (Avg): n/a n/a 08/27/2026 n/a
Open Pit (Avg): n/a n/a 08/27/2026 n/a
Recovery Rate: n/a n/a 08/27/2026 0.00%
F
U
T
U
R
E		 Proven & Probable: n/a n/a 08/27/2026 0.00M
Annual Production: n/a n/a 08/27/2026 n/a
Cash Cost: n/a n/a 08/27/2026 n/a
Extra Operating Cost: n/a n/a 08/27/2026 n/a

Property

Last Analysis Data  (08/27/2026)
Stage Name Owned
%		 NPV
$M		 IRR
%		 CapEx
$M		 Au Ag Cu Notes
Exp Guitry
100 show
Drilling a discovery

16M at 8 gpt AU

Size: 77,000 ha
Exp Marahui
80 show
Early exploration

Size: 25,000 ha
Prod Segilola
100 show
500,000 oz resource.
Dev Douta
70 show
2M oz deposit.

Option to own 100%
Current Data
Stage Name Owned
%		 NPV
$M		 IRR
%		 CapEx
$M		 Au Ag Cu Notes
Exp Guitry
100 show
Drilling a discovery

16M at 8 gpt AU

Size: 77,000 ha
Exp Marahui
80 show
Early exploration

Size: 25,000 ha
Prod Segilola
100 show
500,000 oz resource.
Dev Douta
70 show
2M oz deposit.

Option to own 100%

Profitability (by resource)

Proven &
Probable		 08/27/2026
Last Analysis
Data
Current Data
Change
Item Value Value Updated Value
Percentage Gold: 100.00% 100.00% n/a 0.00%
Percentage Silver: n/a n/a n/a 0.00%
Total (Gold Eq. Oz.): 0.40M 0.40M n/a 0.00M
Total (Silver Eq. Oz.): n/a n/a n/a -0.05M
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 0.36M 0.36M n/a 0.00M
Silver Eq. Oz.: n/a n/a n/a -0.05M
Maximum Profit (Gold): $932.86M $843.81M n/a $-89.05M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $932.86M $843.81M n/a $-89.05M
Max Profit / Current MCap: 1.417 1.385 n/a -0.032
Max Profit Per Share (Gold): $1.40 $1.27 n/a $-0.13
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $1.40 $1.27 n/a $-0.13
Total Free Profit Per Share: $0.03 $0.00 n/a $-0.03
FD MCap / Gold Eq.: $1,828.57 $1,691.99 n/a $-136.58
FD MCap / Silver Eq.: $27.61 $25.60 n/a $-2.01
FD MCap / Per Metal
as % Spot Price:		 39.83% 38.95% n/a -0.88%
EV / Gold Eq.: $1,219.85 $1,089.13 n/a $-130.71
EV / Silver Eq.: $18.42 $16.48 n/a $-1.94
EV / Per Metal
as % Spot Price:		 26.57% 25.07% n/a -1.50%
Measured &
Indicated		 08/27/2026
Last Analysis
Data
Current Data
Change
Item Value Value Updated Value
Percentage Gold: 100.00% 100.00% n/a 0.00%
Percentage Silver: n/a n/a n/a 0.00%
Total (Gold Eq. Oz.): 1.00M 1.00M n/a 0.00M
Total (Silver Eq. Oz.): n/a n/a n/a -0.14M
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 0.79M 0.79M n/a 0.00M
Silver Eq. Oz.: n/a n/a n/a -0.11M
Maximum Profit (Gold): $2,052.29M $1,856.38M n/a $-195.92M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $2,052.29M $1,856.38M n/a $-195.92M
Max Profit / Current MCap: 3.118 3.048 n/a -0.070
Max Profit Per Share (Gold): $3.08 $2.78 n/a $-0.29
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $3.08 $2.78 n/a $-0.29
Total Free Profit Per Share: $1.71 $1.50 n/a $-0.20
FD MCap / Gold Eq.: $831.17 $769.09 n/a $-62.08
FD MCap / Silver Eq.: $12.55 $11.64 n/a $-0.91
FD MCap / Per Metal
as % Spot Price:		 18.10% 17.70% n/a -0.40%
EV / Gold Eq.: $554.48 $495.06 n/a $-59.42
EV / Silver Eq.: $8.37 $7.49 n/a $-0.88
EV / Per Metal
as % Spot Price:		 12.08% 11.40% n/a -0.68%

Reserves &
Resources		 08/27/2026
Last Analysis
Data
Current Data
Change
Item Value Value Updated Value
Percentage Gold: 100.00% 100.00% n/a 0.00%
Percentage Silver: n/a n/a n/a 0.00%
Total (Gold Eq. Oz.): 3.00M 3.00M n/a 0.00M
Total (Silver Eq. Oz.): n/a n/a n/a -0.41M
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 1.69M 1.69M n/a 0.00M
Silver Eq. Oz.: n/a n/a n/a -0.23M
Maximum Profit (Gold): $4,384.45M $3,965.90M n/a $-418.55M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $4,384.45M $3,965.90M n/a $-418.55M
Max Profit / Current MCap: 6.660 6.511 n/a -0.150
Max Profit Per Share (Gold): $6.58 $5.95 n/a $-0.63
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $6.58 $5.95 n/a $-0.63
Total Free Profit Per Share: $5.21 $4.67 n/a $-0.54
FD MCap / Gold Eq.: $389.06 $360.00 n/a $-29.06
FD MCap / Silver Eq.: $5.87 $5.45 n/a $-0.43
FD MCap / Per Metal
as % Spot Price:		 8.47% 8.29% n/a -0.19%
EV / Gold Eq.: $259.54 $231.73 n/a $-27.81
EV / Silver Eq.: $3.92 $3.51 n/a $-0.41
EV / Per Metal
as % Spot Price:		 5.65% 5.33% n/a -0.32%

Future Valuation (Cash Flow & Totals)

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