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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$578.61M which is a rise of roughly 37% over the last two weeks. As of 08/19/2025 they have no debt and ~C$52.98M 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
Change
Item Value Value Updated Value
MCap (FD): $422.91M $578.61M 08/19/2025 $155.70M
MCap (OS): $422.91M $578.61M 08/19/2025 $155.70M
Total Assets: $316.85M $317.90M 08/19/2025 $1.05M
Total Liabilities: $35.45M $35.56M 08/19/2025 $0.12M
Current Assets: $67.28M $67.50M 08/19/2025 $0.22M
Current Liabilities: $28.94M $29.03M 08/19/2025 $0.10M
Total Debt: $0.00M $0.00M 08/19/2025 $0.00M
Cash: $52.81M $52.98M 08/19/2025 $0.18M
Debt (Net): $-52.81M $-52.98M $-0.18M
Enterprise Value: $370.10M $525.63M 08/28/1986 $155.53M
Cash Flow: $153.85M $173.63M never $19.78M
Cash Flow Multiple: 2.75 3.33 never 0.58
Net Debt to
Cash Flow Ratio:		 n/a n/a never 0.00
Finance within 1 year: Yes Yes 08/19/2025 n/a
Misc 08/19/2025
Last
Analysis
Data
Current Data
Change
Item Value Value Updated Value
Shares Outstanding: 664,334,710 664,334,710 08/19/2025 0
Shares (FD): 664,334,710 664,334,710 08/19/2025 0
Insider Ownership: n/a n/a never n/a
Dividend (Annual): n/a n/a never n/a
Company Type: Mostly Gold Mostly Gold never n/a
Group: Producer Producer never n/a
Production ETA: n/a 01/01/2021 08/19/2025 n/a
Production (Gold Eq Oz.): (guess) 
90,000		 (guess) 
90,000		 08/19/2025 0
Production (Silver Eq Oz.): (guess) 
7,981,037		 (guess) 
7,792,750		 08/19/2025 -188,287
Development Phase: none Producer (Single Mine) 08/19/2025 n/a
Optionality Play: none No
F
U
T
U
R
E		 % of Spot: 15
Producer: Average
 15
Producer: Average
 08/21/2023 0
Cash Flow Multiple: 12 12 08/19/2025 0.00

Resource Data

GOLD 08/19/2025
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 08/19/2025 0.00M
Measured & Indicated: 1.00M 1.00M 08/19/2025 0.00M
Inferred: 2.00M 2.00M 08/19/2025 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 08/19/2025 0.00M
Measured & Indicated: 0.79M 0.79M 08/19/2025 0.00M
Inferred: 0.90M 0.90M 08/19/2025 0.00M
Reserves & Resources: 1.69M 1.69M never 0.00M
C
U
R
R
E
N
T		 Annual Production: (guess) 
90,000oz.		 (guess) 
90,000oz.		 08/19/2025 0oz.
Cash Cost: $1,000 $1,000 08/19/2025 $0.00
Extra Operating Cost: $600 $600 08/19/2025 $0.00
Total: $1,600 $1,600 08/19/2025 $0.00
Margin (Free Cash Flow): $1,709 (52%) $1,929 (55%) $219.78
MCap / Production (AuEq): $4,699.00 $6,429.05 $1,730.05
EV / Production (AuEq): $4,112.24 $5,840.34 $1,728.09
G
R
A
D
E		 Underground (Avg): 5.00 g/t 5.00 g/t 08/19/2025 n/a
Open Pit (Avg): n/a 2.00 g/t 03/24/2025 2.00 g/t
Recovery Rate: (CG)  90.00% (CG)  90.00% 08/19/2025 0.00%
F
U
T
U
R
E		 Proven & Probable: 2.50M 2.50M 08/19/2025 0.00M
Annual Production: 150,000oz. 150,000oz. 08/19/2025 0oz.
Cash Cost: $1,100 $1,100 08/19/2025 $0
Extra Operating Cost: $700 $700 08/19/2025 $0
SILVER 08/19/2025
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 08/19/2025 0.00M
Measured & Indicated: n/a n/a 08/19/2025 0.00M
Inferred: n/a n/a 08/19/2025 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 08/19/2025 0.00M
Measured & Indicated: n/a n/a 08/19/2025 0.00M
Inferred: n/a n/a 08/19/2025 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 08/19/2025 $0.00
Extra Operating Cost: n/a n/a 08/19/2025 $0.00
Total: n/a n/a 08/19/2025 $0.00
Margin (Free Cash Flow): n/a $0.00
MCap / Production (AgEq): $52.99 $74.25 $21.26
EV / Production (AgEq): $46.37 $67.45 $21.08
G
R
A
D
E		 Underground (Avg): n/a n/a 08/19/2025 n/a
Open Pit (Avg): n/a n/a 08/21/2023 n/a
Recovery Rate: n/a n/a 08/19/2025 0.00%
F
U
T
U
R
E		 Proven & Probable: n/a n/a 08/19/2025 0.00M
Annual Production: n/a n/a 08/19/2025 n/a
Cash Cost: n/a n/a 08/19/2025 n/a
Extra Operating Cost: n/a n/a 08/19/2025 n/a

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
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 -0.84M
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 -0.75M
Maximum Profit (Gold): $615.41M $694.53M n/a $79.12M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $615.41M $694.53M n/a $79.12M
Max Profit / Current MCap: 1.455 1.200 n/a -0.255
Max Profit Per Share (Gold): $0.93 $1.05 n/a $0.12
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $0.93 $1.05 n/a $0.12
Total Free Profit Per Share: $0.05 $0.00 n/a $-0.05
FD MCap / Gold Eq.: $1,174.75 $1,607.26 n/a $432.51
FD MCap / Silver Eq.: $13.25 $18.56 n/a $5.32
FD MCap / Per Metal
as % Spot Price:		 35.50% 45.54% n/a 10.04%
EV / Gold Eq.: $1,028.06 $1,460.08 n/a $432.02
EV / Silver Eq.: $11.59 $16.86 n/a $5.27
EV / Per Metal
as % Spot Price:		 31.06% 41.37% n/a 10.31%
Measured &
Indicated		 08/19/2025
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 -2.09M
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 -1.66M
Maximum Profit (Gold): $1,353.90M $1,527.97M n/a $174.07M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $1,353.90M $1,527.97M n/a $174.07M
Max Profit / Current MCap: 3.201 2.641 n/a -0.561
Max Profit Per Share (Gold): $2.04 $2.30 n/a $0.26
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $2.04 $2.30 n/a $0.26
Total Free Profit Per Share: $1.16 $1.10 n/a $-0.06
FD MCap / Gold Eq.: $533.98 $730.57 n/a $196.60
FD MCap / Silver Eq.: $6.02 $8.44 n/a $2.42
FD MCap / Per Metal
as % Spot Price:		 16.13% 20.70% n/a 4.57%
EV / Gold Eq.: $467.30 $663.67 n/a $196.37
EV / Silver Eq.: $5.27 $7.66 n/a $2.40
EV / Per Metal
as % Spot Price:		 14.12% 18.80% n/a 4.68%

Reserves &
Resources		 08/19/2025
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 -6.28M
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 -3.54M
Maximum Profit (Gold): $2,892.42M $3,264.29M n/a $371.87M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $2,892.42M $3,264.29M n/a $371.87M
Max Profit / Current MCap: 6.839 5.642 n/a -1.198
Max Profit Per Share (Gold): $4.35 $4.91 n/a $0.56
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $4.35 $4.91 n/a $0.56
Total Free Profit Per Share: $3.47 $3.71 n/a $0.24
FD MCap / Gold Eq.: $249.95 $341.97 n/a $92.02
FD MCap / Silver Eq.: $2.82 $3.95 n/a $1.13
FD MCap / Per Metal
as % Spot Price:		 7.55% 9.69% n/a 2.14%
EV / Gold Eq.: $218.74 $310.66 n/a $91.92
EV / Silver Eq.: $2.47 $3.59 n/a $1.12
EV / Per Metal
as % Spot Price:		 6.61% 8.80% n/a 2.19%

Future Valuation (Cash Flow & Totals)

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