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Home CompaniesThor Explorations Ltd.

Thor Explorations Ltd.

Basic Materials Gold
PortfolioPortfolio WatchlistWatchlist
Company price
0.86 CAD -0.03 ( 3.37%)
Last update at 2026-11-03T20:26:00Z
VOLUME
382581
Market Cap
933.20M
P/E
3.41

Momentum Score

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Thor Explorations Ltd., together with its subsidiaries, operates as a gold producer and explorer. The company also explores for silver deposits. Its flagship property is the Segilola Gold Project in Nigeria. Thor Explorations Ltd. was incorporated in 1968 and is based in Vancouver, Canada.

Source: TradingView
The charts and visual representations are sourced from TradingView through embedded widgets. For any issues with chart display, please visit the TradingView website

Day Price Range
0.85
Low
0.89
High
52 Week Price Range
0.53
Low
1.93
High

Momentum Score

…
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A unique technical analysis driven score developed by Kalkine showing momentum in stock prices based on select technical indicators identified.

Score - Rating
>= 1 - Low / > 1 but < 2 - Below Average / > 2 but < 3 - Average / > 3 but < 4 - Above Average / > 4 - High
AI Summary

Thor Explorations Ltd is a TSXV-listed gold developer focused on advancing the Segilola gold project in southwest Nigeria and on near-mine exploration to expand resources. Long-term growth drivers include progressing Segilola toward commercial production, exploration-led resource expansion, and exposure to the gold price that could support project economics. The company appears positioned to deliver project-level leverage to gold for investors who monitor West African operating conditions.
Material risks include geopolitical and permitting uncertainty in Nigeria, execution and financing risk for development, gold price volatility, and operational and environmental challenges.

Risk Score
Medium

Note: The summary and risk score provided above is created by AI and should not be construed as a recommendation of Kalkine.

Key Metrics*

Previous Close
0.89
Dividend Yield
2.43%
Revenue TTM
325.48M
Revenue Per Share
0.49
Gross Profit TTM
215.16M
Debt / Equity
0.49
ROE
67.51%
Net Debt
62.58M
ROCE
51.84%
Diluted EPS TTM
0.41

Key Financials*

Income Statement

Balance Sheet

Change in Cash

Total Operating Cash

Dividends Paid

Breakdown 2025-12-31 2024-12-31 2023-12-31 2022-12-31 2021-12-31
Type yearly yearly yearly yearly yearly
Date 2025-12-31 2024-12-31 2023-12-31 2022-12-31 2021-12-31
Income before tax 196.21M 91.17M 14.67M 25.40M -2.58M
Net income 196.21M 91.17M 14.67M 25.40M -2.51M
Selling general administrative 14.87M 10.34M 10.75M 15.62M 3.93M
Selling and marketing expenses - - 3.76M - -
Gross profit 215.16M 112.18M 52.62M 57.25M 2.51M
Reconciled depreciation 42.69M 32.71M 28.24M 31.65M 0.11M
Ebit - - 38.12M 30.47M -1.82M
Ebitda - - 76.23M 71.68M -1.69M
Depreciation and amortization - - 38.12M 41.21M 0.13M
Operating income 199.68M 100.64M 38.12M 40.02M -1.51M
Other operating expenses - - 152.52M 124.88M 9.32M
Interest expense 0.46M 5.50M 13.11M 14.62M 0.08M
Tax provision 0.00M 0.00M 0.00M 0.00M -0.05M
Interest income 0.67M - - - -
Net interest income 0.22M -5.50M -13.11M -14.88M -0.27M
Income tax expense - - 0.00M 0.01M -0.07M
Total revenue 325.48M 193.13M 190.64M 165.17M 7.82M
Total operating expenses 125.81M 92.48M 14.50M 16.96M 4.01M
Cost of revenue 110.32M 80.95M 138.02M 107.92M 5.31M
Total other income expense net -3.68M -3.98M -23.44M -14.62M -1.08M
Net income from continuing ops 196.21M 91.17M 10.87M 25.40M -2.07M
Breakdown 2025-12-31 2024-12-31 2023-12-31 2022-12-31 2021-12-31
Type yearly yearly yearly yearly yearly
Date 2025-12-31 2024-12-31 2023-12-31 2022-12-31 2021-12-31
Total assets 407.08M 279.07M 341.67M 223.25M 263.22M
Intangible assets 0.06M 0.13M 28.91M 19.23M 19.06M
Other current assets - - 10.09M - 4.74M
Total liab 27.07M 77.82M 193.73M 136.47M 188.05M
Total stockholder equity 380.01M 201.25M 147.94M 86.78M 75.17M
Other current liab - 11.26M 21.18M 10.19M 16.32M
Common stock - - 107.45M - -
Capital stock 83.11M 81.63M 81.49M 80.44M 99.86M
Retained earnings 301.15M 121.57M 40.02M 5.50M -26.65M
Cash 137.75M 12.04M 10.34M 6.69M 1.62M
Total current liabilities 21.91M 70.37M 167.49M 78.81M 107.43M
Current deferred revenue - - 15.61M - -
Net debt - - 62.58M 21.10M 66.71M
Short term debt - - 53.29M - -
Short long term debt - 0.86M 2.89M 0.53M 35.58M
Short long term debt total - - 72.92M - -
Other stockholder equity - - 0.00M - -
Total current assets 186.66M 57.70M 75.87M 37.29M 30.18M
Net receivables - - 0.37M 0.07M -
Long term debt - - 0.52M 27.25M 32.75M
Inventory 37.20M 41.10M 55.08M 19.90M 23.07M
Accounts payable 0.89M 46.27M 77.42M 46.91M -
Accumulated other comprehensive income - - 0.46M - -
Non currrent assets other 86.33M 57.12M 59.37M 0.00M 0.00M
Non current assets total 220.42M 221.37M 265.79M 185.97M 233.04M
Capital lease obligations 2.60M 7.21M 11.49M 15.41M 23.24M
Breakdown 2025-12-31 2024-12-31 2023-12-31 2022-12-31 2021-12-31
Type yearly yearly yearly yearly yearly
Date 2025-12-31 2024-12-31 2023-12-31 2022-12-31 2021-12-31
Investments - -12.87M -37.84M -30.55M -35.33M
Net borrowings -15.83M -42.87M - - -
Total cash from financing activities -32.25M -44.70M -28.14M -48.43M 37.22M
Net income 196.21M 91.17M 14.67M 25.40M -2.51M
Change in cash 125.71M 4.20M 1.28M 5.41M -26.64M
Begin period cash flow 12.04M 7.84M 9.06M 1.28M 28.26M
End period cash flow 137.75M 12.04M 10.34M 6.69M 1.62M
Total cash from operating activities 185.66M 61.76M 80.47M 84.39M -22.36M
Issuance of capital stock - - - 0.00M 2.04M
Depreciation 42.69M 32.71M 38.12M 31.65M 0.08M
Dividends paid -17.18M 0.00M 0.00M 0.00M 0.00M
Change to inventory -13.01M -40.57M -33.96M -1.75M -23.21M
Change to account receivables - - -0.08M 0.02M -0.05M
Other cashflows from financing activities - - -0.17M -43.55M 38.20M
Capital expenditures 4.99M 4.10M 51.07M 28.68M 41.37M
Change in working capital -55.54M -74.27M 17.45M 9.04M -21.78M
Stock based compensation - - 0.00M 0.45M 1.68M
Other non cash items 1.03M 9.47M 80.01M 17.85M 0.24M
Free cash flow 180.67M 57.66M 29.40M 55.71M -63.73M

Peer Comparison*

Sector: Basic Materials Industry: Gold

Stock Name
Change
(CAD)
Price
(CAD)
Trailing
PE (x)
Forward
PE (x)
Price Sales
TTM (x)
Price to Book Value (x)
Enterprise Value
to Revenue (x)
Enterprise Value
to EBITDA (x)
THX
Thor Explorations Ltd.		 -0.03
3.37%		 0.86 3.41 2.77 2.87 1.88 1.80 2.44
OMG
Omai Gold Mines Corp		 -0.07
4.22%		 1.48 - - - 62.63 - -4.09
ASE
Asante Gold Corporation		 -0.03
4.76%		 0.60 - 6.57 2.23 269.42 2.23 49.52
MKO
Mako Mining Corp		 -0.31
2.97%		 10.14 18.47 2.34 6.21 4.73 4.31 10.00
GRZ
Gold Reserve Inc		 0.23
4.28%		 5.60 - 11.64 246.03 10.46 0.62 -10.79

Profile*

Thor Explorations Ltd.

Thor Explorations Ltd., together with its subsidiaries, operates as a gold producer and explorer. The company also explores for silver deposits. Its flagship property is the Segilola Gold Project in Nigeria. Thor Explorations Ltd. was incorporated in 1968 and is based in Vancouver, Canada.

550 Burrard Street, Vancouver, BC, Canada, V6C 0A3

778-658-6391

https://www.thorexpl.com

Name Title Year Born
Mr. Olusegun Lawson BSc, MBA Pres, CEO & Director NA
Mr. Ben Hodges CPA Sec. NA
Mr. Mike Kelly Segilola Mine Gen. Mang. NA
Mr. Chris Omo-Osagie Chief Financial Officer 1975
Mr. James Philip VP of Corp. Devel. NA
Mr. Alfred John Gillman FAusIMM Group Exploration Mang. NA
Mr. Olusegun Lawson BSc, MBA President, CEO & Director NA
Mr. Christopher Omo-Osagie CFO & Secretary 1975
Mr. James Philip Chief Operations Officer NA
Mr. Alfred John Gillman FAusIMM Group Exploration Manager NA

Disclaimer - (*)This information, including any data, is sourced from Unicorn Data Services SAS, trading as EOD Historical Data (“EODHD”) on an ‘as is’ basis, using their API. We cannot guarantee the completeness or validity of the information and data provided on this page, as well as via the API. In some cases, the data may include analyst ratings or recommendations sourced through the EODHD API, which are intended solely for general information purposes.
This information does not consider your personal objectives, financial situation, or needs. Kalkine is not liable for any errors or omissions in the information provided or for any actions taken in reliance on it. You should seek advice from a financial adviser, stockbroker or other professional adviser (including taxation and legal advice) as necessary before acting on this information.

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