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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 mine in development in Nigeria and four exploration properties. 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$622.49M which is a rise of roughly 47% over the last four months. As of 08/19/2025 they have no debt and ~C$82.08M cash. They have 664M shares outstanding and trade on the Canadian Venture Exchange and the over-the-counter markets.

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General Details

Financial 08/19/2025
Last
Analysis
Data
Current Data
Item Value Value Updated
MCap (FD): $422.91M $622.49M 08/19/2025
MCap (OS): $422.91M $622.49M 08/19/2025
Total Assets: $316.85M $318.15M 08/19/2025
Total Liabilities: $35.45M $35.59M 08/19/2025
Current Assets: $67.28M $82.08M 11/18/2025
Current Liabilities: $28.94M $29.05M 08/19/2025
Total Debt: $0.00M $0.00M 08/19/2025
Cash: $52.81M $82.08M 11/18/2025
Debt (Net): $-52.81M $-82.08M
Enterprise Value: $370.10M $540.41M 02/15/1987
Cash Flow: $153.85M $242.06M never
Cash Flow Multiple: 2.75 2.57 never
Net Debt to
Cash Flow Ratio:		 n/a n/a never
Finance within 1 year: Yes Yes 08/19/2025
Misc 08/19/2025
Last
Analysis
Data
Current Data
Item Value Value Updated
Shares Outstanding: 664,334,710 664,334,710 08/19/2025
Shares (FD): 664,334,710 664,334,710 08/19/2025
Insider Ownership: n/a n/a never
Dividend (Annual): n/a n/a 11/18/2025
Company Type: Mostly Gold Mostly Gold never
Group: Producer Producer never
Production ETA: n/a 01/01/2021 08/19/2025
Production (Gold Eq Oz.): (guess) 
90,000		 (guess) 
90,000		 08/19/2025
Production (Silver Eq Oz.): (guess) 
7,981,037		 (guess) 
6,295,890		 08/19/2025
Development Phase: none Producer (Single Mine) 08/19/2025
Optionality Play: none No
F
U
T
U
R
E		 % of Spot: 15
Producer: Average
 15
Producer: Average
 08/21/2023
Cash Flow Multiple: 12 12 08/19/2025

Resource Data

GOLD 08/19/2025
Last Analysis Data
Current Data
Item Value Value Updated
O
U
N
C
E
S		 T
O
T
A
L
 Proven & Probable: 0.40M 0.40M 08/19/2025
Measured & Indicated: 1.00M 1.00M 08/19/2025
Inferred: 2.00M 2.00M 08/19/2025
Reserves & Resources: 3.00M 3.00M never
P
L
A
U
S
I
B
L
E		 Proven & Probable: 0.36M 0.36M 08/19/2025
Measured & Indicated: 0.79M 0.79M 08/19/2025
Inferred: 0.90M 0.90M 08/19/2025
Reserves & Resources: 1.69M 1.69M never
C
U
R
R
E
N
T		 Annual Production: (guess) 
90,000oz.		 (guess) 
90,000oz.		 08/19/2025
Cash Cost: $1,000 $1,000 08/19/2025
Extra Operating Cost: $600 $600 08/19/2025
Total: $1,600 $1,600 08/19/2025
Margin (Free Cash Flow): $1,709 (52%) $2,690 (63%)
MCap / Production (AuEq): $4,699.00 $6,916.51
EV / Production (AuEq): $4,112.24 $6,004.52
G
R
A
D
E		 Underground (Avg): 5.00 g/t 5.00 g/t 08/19/2025
Open Pit (Avg): n/a 2.00 g/t 03/24/2025
Recovery Rate: (CG)  90.00% (CG)  90.00% 11/18/2025
F
U
T
U
R
E		 Proven & Probable: 2.50M 2.50M 08/19/2025
Annual Production: 150,000oz. 150,000oz. 08/19/2025
Cash Cost: $1,100 $1,100 08/19/2025
Extra Operating Cost: $700 $700 08/19/2025
SILVER 08/19/2025
Last Analysis Data
Current Data
Item Value Value Updated
O
U
N
C
E
S		 T
O
T
A
L
 Proven & Probable: n/a n/a 08/19/2025
Measured & Indicated: n/a n/a 08/19/2025
Inferred: n/a n/a 08/19/2025
Reserves & Resources: n/a n/a never
P
L
A
U
S
I
B
L
E		 Proven & Probable: n/a n/a 08/19/2025
Measured & Indicated: n/a n/a 08/19/2025
Inferred: n/a n/a 08/19/2025
Reserves & Resources: n/a n/a never
C
U
R
R
E
N
T		 Annual Production: n/a n/a
Cash Cost: n/a n/a 08/19/2025
Extra Operating Cost: n/a n/a 08/19/2025
Total: n/a n/a 08/19/2025
Margin (Free Cash Flow): n/a
MCap / Production (AgEq): $52.99 $98.87
EV / Production (AgEq): $46.37 $85.83
G
R
A
D
E		 Underground (Avg): n/a n/a 08/19/2025
Open Pit (Avg): n/a n/a 08/21/2023
Recovery Rate: n/a n/a 08/19/2025
F
U
T
U
R
E		 Proven & Probable: n/a n/a 08/19/2025
Annual Production: n/a n/a 08/19/2025
Cash Cost: n/a n/a 08/19/2025
Extra Operating Cost: n/a n/a 08/19/2025

Property

Last Analysis Data  (08/19/2025)
Stage Name Owned
%		 NPV
$M		 IRR
%		 CapEx
$M		 Au Ag Cu Notes
Exp Boundiali
80 show
Early exploration
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
Dev Segilola
100 show
500,000 oz resource.
Exp 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 Boundiali
80 show
Early exploration
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
Dev Segilola
100 show
500,000 oz resource.
Exp Douta
70 show
2M oz deposit.

Option to own 100%

Profitability (by resource)

Proven &
Probable		 08/19/2025
Last Analysis Data
Current Data
Item Value Value Updated
Percentage Gold: 100.00% 100.00% n/a
Percentage Silver: n/a n/a n/a
Total (Gold Eq. Oz.): 0.40M 0.40M n/a
Total (Silver Eq. Oz.): n/a n/a n/a
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 0.36M 0.36M n/a
Silver Eq. Oz.: n/a n/a n/a
Maximum Profit (Gold): $615.41M $968.26M n/a
Maximum Profit (Silver): n/a n/a n/a
Total Maximum Profit: $615.41M $968.26M n/a
Max Profit / Current MCap: 1.455 1.555 n/a
Max Profit Per Share (Gold): $0.93 $1.46 n/a
Max Profit Per Share (Silver): n/a n/a n/a
Total Max Profit Per Share: $0.93 $1.46 n/a
Total Free Profit Per Share: $0.05 $0.17 n/a
FD MCap / Gold Eq.: $1,174.75 $1,729.13 n/a
FD MCap / Silver Eq.: $13.25 $24.72 n/a
FD MCap / Per Metal
as % Spot Price:		 35.50% 40.31% n/a
EV / Gold Eq.: $1,028.06 $1,501.13 n/a
EV / Silver Eq.: $11.59 $21.46 n/a
EV / Per Metal
as % Spot Price:		 31.06% 34.99% n/a
Measured &
Indicated		 08/19/2025
Last Analysis Data
Current Data
Item Value Value Updated
Percentage Gold: 100.00% 100.00% n/a
Percentage Silver: n/a n/a n/a
Total (Gold Eq. Oz.): 1.00M 1.00M n/a
Total (Silver Eq. Oz.): n/a n/a n/a
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 0.79M 0.79M n/a
Silver Eq. Oz.: n/a n/a n/a
Maximum Profit (Gold): $1,353.90M $2,130.16M n/a
Maximum Profit (Silver): n/a n/a n/a
Total Maximum Profit: $1,353.90M $2,130.16M n/a
Max Profit / Current MCap: 3.201 3.422 n/a
Max Profit Per Share (Gold): $2.04 $3.21 n/a
Max Profit Per Share (Silver): n/a n/a n/a
Total Max Profit Per Share: $2.04 $3.21 n/a
Total Free Profit Per Share: $1.16 $1.92 n/a
FD MCap / Gold Eq.: $533.98 $785.97 n/a
FD MCap / Silver Eq.: $6.02 $11.24 n/a
FD MCap / Per Metal
as % Spot Price:		 16.13% 18.32% n/a
EV / Gold Eq.: $467.30 $682.33 n/a
EV / Silver Eq.: $5.27 $9.75 n/a
EV / Per Metal
as % Spot Price:		 14.12% 15.91% n/a

Reserves &
Resources		 08/19/2025
Last Analysis Data
Current Data
Item Value Value Updated
Percentage Gold: 100.00% 100.00% n/a
Percentage Silver: n/a n/a n/a
Total (Gold Eq. Oz.): 3.00M 3.00M n/a
Total (Silver Eq. Oz.): n/a n/a n/a
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 1.69M 1.69M n/a
Silver Eq. Oz.: n/a n/a n/a
Maximum Profit (Gold): $2,892.42M $4,550.80M n/a
Maximum Profit (Silver): n/a n/a n/a
Total Maximum Profit: $2,892.42M $4,550.80M n/a
Max Profit / Current MCap: 6.839 7.311 n/a
Max Profit Per Share (Gold): $4.35 $6.85 n/a
Max Profit Per Share (Silver): n/a n/a n/a
Total Max Profit Per Share: $4.35 $6.85 n/a
Total Free Profit Per Share: $3.47 $5.56 n/a
FD MCap / Gold Eq.: $249.95 $367.90 n/a
FD MCap / Silver Eq.: $2.82 $5.26 n/a
FD MCap / Per Metal
as % Spot Price:		 7.55% 8.58% n/a
EV / Gold Eq.: $218.74 $319.39 n/a
EV / Silver Eq.: $2.47 $4.57 n/a
EV / Per Metal
as % Spot Price:		 6.61% 7.45% n/a

Future Valuation (Cash Flow & Totals)

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