Thor Explorations cuts 2026 guidance to 70,000 - 72,000 oz

Thor Explorations has cut its 2026 production guidance for the Segilola gold mine in Nigeria to 70,000 - 72,000 ounces after heavy rain hit the site in late August. In its third-quarter operating update on 14 October, the company said it poured 15,515 ounces in the quarter, down from 19,153 ounces in the second.

Why it matters: The cut lowers output, not profitability. Thor kept its cost guidance and its quarterly dividend, and with gold near $4,166 each ounce still sells for three and a half to four times what the company expects to spend producing it.

The details

Thor blamed the lower forecast on "severe rain falls" at Segilola in late August. The company did not change its all-in sustaining cost (AISC) guidance for the year, which stays at $1,000 to $1,200 an ounce.

At Friday's New York close of about $4,166, that cost range leaves a margin cushion of about $2,966 to $3,166 an ounce, or 71% to 76% of the price, on Global Gold Prices data. The World Gold Council put the industry's average AISC at $1,785 an ounce in the first quarter of 2026, so Thor's guided costs sit well below the industry average. How long that cushion lasts depends on what moves the gold price, which is down 3.7% this year on our numbers.

• Sales: Thor sold 19,000 ounces in the third quarter, more than it poured, at an average realised price of $4,297. Revenue for the three months was $81.7 million.
• Processing: the plant treated about 249,600 tonnes of ore grading 2.10 grams a tonne, and recovered 92.8% of the gold.
• Mining: Thor moved about 567,000 tonnes of material in the quarter, of which about 303,600 tonnes was ore at 1.69 grams a tonne.
• Dividend: the quarterly payout was kept at its current level.

Thor also reported high-grade drill results beneath the Segilola open pit, where it is looking for ore that could be mined underground.

Bigger producers start reporting next week. Northern Star, which rejected a takeover approach from Gold Fields last month, has scheduled its September-quarter results for 21 October, and Newmont reports on 22 October after the North American close.