Good afternoon, and welcome to the Thor Explorations Limited Investor Presentation. Throughout today's recorded presentation, attendees will be in listen-only mode. Questions are encouraged and can be submitted via the Q&A tab situated on the right-hand side of your screen. Before we begin, I'd just like to submit the following poll, which I kindly ask you to submit your responses to. I'd now like to hand over to CEO Segun Lawson. Segun, good afternoon.
Good afternoon, Jack. Thank you. I'm pleased to be here to talk through our Q1 2026 financial and operating results. Welcome, everyone. We have a disclaimer here. There are some forward-looking statements here, and this can be read in detail on our website. I will start with my usual overview of the company for any new joiners that might be here. Thor Explorations is a West Africa-focused gold producing company. We're advancing projects in three countries. We have our flagship project in Nigeria, the Segilola Gold Mine, which we're now in our fifth calendar year of production after producing around about 92,000 oz last year. We've just completed our first quarter, and we poured just over 20,000 oz of gold. In Senegal, we have our advanced Douta project, which we have continued to grow in terms of land position and equity stake in.
We now have 100% stake in the Douta project after buying out our minority equity partners in this project. We're very excited by this project. We completed and filed the preliminary feasibility study in the current period, Q1, which we're reporting, which demonstrated some very strong economics with a project NPV of $908 million, 5% NPV asset using a $3,500 gold price pre-tax. The project has grown to a mineral reserve of 1.2 million oz at a grade of just over one gram per ton, and a total global resource of 1.7 million oz. We're still very encouraged by the growth prospects of this project, which I will speak about in more detail in this presentation. We certainly expect to continue to grow the size of this project in terms of ounces over the course of this year and throughout the construction period.
Finally, we have an early-stage portfolio in Côte d'Ivoire, where we have acquired a number of exploration license. We're continuing to carry out drilling programs on two of them and advancing geochem geophysical exploration and also auger sampling across all our portfolio. We're very excited and encouraged by the prospects we have here in Côte d'Ivoire as well. As a company, we're listed on both the AIM Market of the London Stock Exchange and the TSX-V market of the Toronto Stock Exchange. We have a market cap hovering just below CAD 1 billion at the moment. We are well institutionalized on our share register with a number of shareholders on both sides of the Atlantic. We still believe there is significant upside to come in our share price.
We have a number of catalysts in terms of milestones to achieve through the course of this year, and after our performance last year, we expect that to continue through the course of this year, and you can see by some of the target prices listed here. Getting into the nitty-gritty, our Q1 financial highlights. Our working capital and our balance sheet. Starting with the balance sheet, we've been completely delevered since the end of 2024, where we fully repaid all our senior debt. We are now in a material surplus working capital position and net cash position. I think it's clear to see that we have been really benefiting from the rising gold price. If you look at in the top left-hand graph on a quarter-by-quarter basis.
I think the other key takeaways here is if you look in the bottom right-hand position and the bottom left-hand position, you look at our liquidity and our cash flow generation, that has continued to grow and is continuing to grow. We have a working capital surplus now of just under $200 million and an adjusted net cash position of $177.8 million. I think importantly, if you look at our costs, all-in sustaining costs and cash costs per ounce through the course of the last five quarters, they have been very well maintained. Q1 finishing below $1,000 per oz. In Q1, we paid the usual $0.0125 per share, which is a quarterly dividend payment as per our policy.
This was coming off the back of closing out 2025 in a surplus cash position, paying out not only our regular dividend, and we paid out a bonus dividend of $0.015 per share. Following that to date, we have now returned to shareholders in the form of dividends just over $38 million, and our policy is continuing through the course of this year. In Q1 itself, our revenues were supported by the high gold price, the highest achieved gold price for a quarter, $74 million, and we finished the period with just under $160 million in the bank. We, however, did have 4,000 oz of gold bullion, which we hadn't sold yet, and have since sold subsequent to the end of the period. That resulted in an adjusted net cash position of $177.8 million. From a financial perspective, the company is in a very healthy position.
No debt, clean balance sheet, growing trends in all the right directions in terms of financial performance. This has all been done while maintaining our cost discipline. In terms of our operating highlights, we poured 20,000 oz for the quarter. As I mentioned just slightly earlier, we sold 15,400 oz at a very high, in terms of quarterly gold price, achieved gold price of just over $4,800 per oz. We also, in addition to our bullion, we had gold doré of an additional 2,000 oz. In terms of operating performance, we've been running in a steady state. We had a head grade of just over two and a half grams per ton being fed into the mill. Our recoveries were about 93.1% for the quarter. Mine production is slightly down as we move down to the southern end of the open pit.
That has also had a net positive effect on our costs, in terms of using less diesel and lower production rates. One thing we are pleased to highlight is we've added another 3,844 oz of gold to our stockpile. This has all been part of our strategy of delivering sub one-gram material to the stockpile. That's now sitting at just over 54,000 oz, grading at 0.76 g per tonne. Given the fact that we have sunk the majority of these costs, in terms of mining and stockpiling, there's a significant amount of value here still remaining on the stockpile at today's gold price, around about $250 million. In terms of exploration, there has been a lot of feedback and questions as to extension of the mine life and transition to underground. There is a lot of focus on this internally at the moment.
We are trying to get to a minimum milestone to transition to update our reserve officially. We have six rigs currently working at this. It is a learning process. It is an understanding process of the structural controls underneath the pit. We are, on the positive side, continuing to intersect mineable widths of gold that remain open at depth, and that will continue. We had, in our MDA, some of our highlight results, which we're continuing to follow up on. We do have a near-term plan to begin to carry out these scoping studies of the underground. When I say near-term, that means sometime over the course of the next six months, whilst we continue to carry out the exploration. We're aiming to have another set of drill results out, in terms of this underground.
There is a bit of catch up to make since this last update. We're aiming to have that sometime through the course of June. We've also continued to progress work in satellite areas within the 50 km radius of the plant. We have a project area, should I say, which we are continuing to work up gradually, down to the south, where we've consolidated a number of licenses. We also have a number of previously drilled smaller satellite deposits, which we're also evaluating the economic potential of. Which we're aiming to incorporate into any resource update we do from underneath the pit. The ideal situation would be to combine the best ounces in terms of the mine processing sequence. Whether it's from satellites, whether it's shallow underground, whether it's a stockpile or a blend of all three.
These are all part of the scoping studies we're looking to carry out now. Moving across to Senegal, where we delivered our preliminary feasibility study on the Douta Project. We were very pleased with the outcome of the Douta Project. The project economics there were economically robust. This is a project which we've grown from grassroots, having made the first drill hole discovery as far back as 2012. We've drilled over 130,000 m here. We've had a very successful, should I say, delivery cost in terms of ounces, indicated ounces of $8.50 per ounce. It's in the Birimian, in the Kéniéba Inlier, in the southeast area of Senegal. We've now expanded our footprint over 540 sq km here. This project is now growing into a district scale project. There's over 40 km of mineralization to be further tested and converted into resource, economic resources and reserves.
We're currently sitting with just over 1.2 million oz grading at just over $1 per oz. In terms of a resource, we're sitting at 1.7 million oz. Looking at the Douta Project itself and the economics, we've increased our ownership here to 100%. This is prior to any government free carry, we have now been spending, since completing the PFS, spending a lot of time progressing additional work streams on the engineering and the other critical work stream being in country with the government to advance this to collect our mining license to transition to get the fully permitted for our mining operations.
We're still targeting and expect this to be done over the next couple of months. We're aiming to complete all our work streams and make this final investment decision in Q3 with a targeted first gold pour date in the first half of 2028. I've spoken and I've given an independent presentation on the PFS. I won't spend a huge amount of time here. I would just highlight a few things here. First of all, the project is a II-phase project with an oxide phase and a fresh ore phase. The oxide phase has an all-in sustaining cost of just below $1,500 per oz and an extremely fast payback period. A $3,500 gold price has a payback period of 11 months and a $4,250 gold price has a payback period of nine months.
It's extremely cash generative and extremely profitable, with a very fast payback period. This has driven our rationale to continue to extend the length of this oxide period. We believe we're well on track to be doing that now. We've had a recent press release with our initial first set of drill results, which has shown exploration success from all over. If we start off with looking outside the resources and looking at the earlier stage targets we have, we are in the process, should I say, of doing a 40,000 m drill program where we've defined, should I say, grassroots mineralization targets for an extent of 14 km. What we're seeing on my screen now is soil and rock chip results on a structure that runs parallel to Makossa, and the existing Baraka 3 south deposit.
We're very excited about this, and we've released our first set of drill results here. The first set of drill results here, we had success in all three of our targets. The first part of the drilling program has been designed to increase the project's economics. When I say that's by converting previously existing inferred resources that lay within the pit shell, for example, to indicated so they could be included in our economic evaluation. We've done that at the Baraka 3 deposit. We've done that at Makossa Tail where we were very successful hitting high-grade mineralization within the oxide. We're fleshing that out now and also in the Boussakou prospect where in the previous slide I showed the rock chip and soil samples.
We've now done a first pass air core, and we're continuing to flesh that out and finding additional wide, high-grade oxide mineralization, which we're looking to follow up. Where does this leave us as a project? We have set ourselves up with an internal target of adding an additional 500,000 oz of oxide reserves prior to the end of the year, and also prior to our first gold pour here. That's a step change in terms of valuation, in terms of the Douta project oxide phase, changing the low-cost phase from a four-year period at this rate to an eight or nine-year production period, producing north of 100,000 oz per year. Drilling is ongoing here. We will continue to have periodic updates, with the next update coming again in the course of this quarter, Q2.
To summarize our next steps, this 40,000 m program is targeting and extending this oxide phase. Once we receive all these results, we're going to put these into a, should I say, an updated or optimized feasibility study. We're still on track to close out on ordering our long-lead items. We're finalizing our detailed engineering designs at the moment. We're in advanced discussions with financing parties, with looking at closing all this out in line with closing out with the Senegalese government over the next five, six weeks. We're targeting our first gold pour in the first half of 2028.
We see ourselves very well-positioned in this high gold price environment to build this project without any additional shareholder dilution, where we believe our growing balance sheet combined with project financing opportunities that are out there should make this possible. Moving over to Côte d'Ivoire, where we have a much earlier stage portfolio. We've added a new license here, the Laou Diba license. In addition to our two priority licenses, the Guitry and Marahui. We also have the Boundiali license. Needless to say, the exploration potential in Côte d'Ivoire has been extremely encouraging over the last 10 years. We're seeing mines being built there. We're seeing a very friendly mining code there, and we're very pleased to be advancing projects there.
Starting off with a summary of the Guitry project, we carried out a first-pass drilling in only a small area of the soil anomalism, which was 4,600 m of drilling. We've now taken our exploration activities to an additional two targets within the license and working them up into much higher resolution drill targets to be drilled there as well. We've already put in a number of scout holes in these additional areas, and we're encouraged by these results, and we look forward to drilling these out and updating the market with our drill results. Looking at some of the results, these are combined results from last year and earlier this year. In the first area where we drilled, we've previously released these results. These lodes and this target remains open in several directions and has demonstrated a number of high-grade, shallow plunging, also oxide mineralization.
We think we have a number of good targets here which remain open. We look forward to drilling these out. We've allocated a significant budget for our projects in Côte d'Ivoire, both in Guitry and our final project in Marahui. This is a project which I have spoken a lot about. We're very encouraged by the early-stage exploration, which has shown very high-grade gold mineralization in rock chips and surface over significant strike lengths. I can't say too much here because we haven't released any drilling results, but we're also looking to have our maiden drill results from Marahui out in this quarter. I look forward to updating the market here. Looking at a snapshot of some of the rock chips we've already got here. It's demonstrating very typical quartz vein mineralization, a Birimian style, very high grade, and we're very encouraged by this.
We set out a wide-space drilling program. If you can see these lines here, 400 m wide-space drilling program that has been designed to test both of these parallel structures. We are looking forward to getting these results out. I will summarize now with our production and cost guidance remaining on track. We're allocating around about $30 million towards our exploration across all three jurisdictions. We continue to target as a priority the extension of the mine life with scoping studies being carried out into an initial underground phase. We're finalizing our permits and engineering designs of the Douta project. We are still on track to reach investment decision in Q3 and start construction this year. We continue our exploration in Côte d'Ivoire to advance both the Guitry and Marahui projects.
We are maintaining our dividend policy through the course of the year at a minimum of $0.0125 per share per quarter. Thank you very much.
Perfect. Thank you, Segun, for your presentation this afternoon. Ladies and gentlemen, please do continue to submit your questions via the Q&A tab on the right-hand side of your screen. For your reference, a recording of today's presentation will be available on the Investor Meet Company platform shortly after the meeting's ended. For now, Segun, as you can see, there are a number of questions which have been submitted. Can I please ask you to read out the questions and give your responses where appropriate to do so, and I'll pick up from you at the end?
Sure. Thank you. Which exploration license in Nigeria are you most excited about and why? Not life of mine question. It's difficult to say. There's an evaluation that has to be done internally, but I would say it's slightly earlier stage. If you look at our south projects where we've consolidated a number of licenses there that are demonstrating initial at least gold in soil and gold in stream anomalism and results. There is a lot of work to do to try and understand, but that's probably where I think I'm most excited about in terms of scale in Nigeria. What are your thoughts on exploring listing on additional major exchanges with high liquidity there? Would you consider share repurchases? Okay. I do get this question a lot. At the moment, we haven't considered another major exchange. We're extremely busy.
We are exploring very aggressively, and we are developing a project which we're looking to go into a build on, and we're also looking to go into a development phase underground in Nigeria. We haven't looked at that. In terms of if we continue to hit our milestones, we get to that final investment decision in Senegal. We're going into a build. We've demonstrated at the moment a + 12-year mine life. It might be worth looking at, should I say, promoting ourselves to more senior exchanges on the existing exchanges we're on at the moment. This is all very hypothetical, but it might be just part of the evolution of the company. To give a definitive answer on that, no, we're not currently exploring any additional major exchanges. Why are all the trades on U.K. AIM off-book for Thor?
It's maybe giving higher spread and thus reduces volumes. My honest answer is I don't know, and I didn't realize they were all off-book, but it's something we can speak to our Nomad adviser about and figure it out. You've mentioned previously you intend to release upgraded resource when you have material reserves to release. What level do you consider material in this context? Look, we discussed this internally. I would personally like to have set targets of between, let's say, 250 and 300,000 oz, which is extremely material compared to the initial 500,000 oz we started off on there. That just enables us to continue to explore aggressively, continue to return cash to our shareholders, and also to carry out the development work we need to do in Senegal. Looking at the revenue growth chart, it looks like Q1 2026 volumes down versus Q1 2025. In revenue?
No, that's not the case. In Q1 2025, I'm going to freestyle this, but I could probably quickly check. Q1 2025, I believe our revenues were around about $64 million. Q1 2026, our revenues were just over $74 million. I think maybe ounces produced is what you're referring to. Yeah, the ounces are certainly down. We have a lower guidance this year than we did last year. Given the improved lithium price, what is your approach to lithium deposits in Nigeria? It's interesting that question's been asked because we continue to prioritize our gold. We do have an early-stage lithium portfolio, and we haven't absolutely stopped exploration there. We continue to advance low-cost exploration. In Nigeria, we own our own drilling rigs that are prioritized on the gold.
We are also trying to find a window to maybe remobilize these rigs if we get the right opportunities and the right drill targets on the lithium to actually drill some of our lithium targets. We're doing some low-cost work to see if we can actually generate some drill targets in the meantime. Our core business remains gold, Our core business is gold, and we're still looking to focus on that. The biggest bang for our buck we can get at the moment is additional ounces underneath the pit in Nigeria and satellite deposits that are within a trucking distance of the processing plant. That takes a priority of where we allocate our exploration dollars and also where we position our drilling rigs. Can you confirm that you're targeting to release Marahui results in Q2? Okay. That's a loaded question. Yes.
I think the key question here is targeting. Yeah, we will continue to target that. A lot of things out of our hands here in terms of labs. Yeah, we are targeting a release in the next six weeks for sure, before the end of Q2, five weeks. Okay, two questions. Please provide an update on safety at site and any time lost. Please speak about government relations in the respective geographies. Can you provide a sense of how often the company engages with respective government representatives? Thank you. We put all our health and safety numbers in our MDA every quarter. We take this very seriously as a priority. We are a pioneer in the country, in the mining sector, and we try and keep everything at best practice standards. All the data's there for anyone to refer to.
We also include our sustainability report on our website, our community activities are also there on our website. In all three jurisdictions, we're very active with the government, with all the regulatory bodies. There is monitoring on site in Nigeria. There is from the Ministry of Environment as well, in addition to the work that's carried out by the Ministry of Mines. In Senegal, we have a very strong relationship with our communities, local mines offices, and at federal level. I'm regularly in front of all three regulatory supervisory bodies, should I say. Yeah, I would say we have a good relationship. Okay. I think, yeah, that's it for now.
Brilliant. Thank you, Segun, for answering all of those questions. Before we ask investors to share their feedback, which I know is important to you, if I could just ask you for a few closing comments to wrap up with, that would be great.
Yeah. Look, I would close by saying it's been a strong start to the year. We are very privileged to be in this gold price environment. Our cash position and balance sheet continue to grow. We remain on top of our costs. I think very importantly, we have some big catalysts to come this year. There's a lot of work that's going on in between the two catalysts, so it may seem a bit quiet. In between the, should I say, three major catalysts that we're aiming for. I think in addition to all this, whilst we're underpinned by our strong cash, we still have a lot of very encouraging, exciting exploration potential to deliver as well through the course of this year. We look forward to that as well. Thank you.
Perfect. Thank you, Segun, once again. Ladies and gentlemen, can I ask that you don't close the session just yet, as you'll now be automatically redirected to a page to give your feedback, which helps the company better understand your views and expectations. On behalf of the management team, we'd like to thank you for attending today's presentation. I wish you all a good afternoon