Company Deep Dive
Read the full research report: business segments breakdown, earnings transcripts review, management credibility analysis, competitive landscape, and scenarios.
THX.L
Strong BuyUnloved QualityAPPROVEThor Explorations Ltd. · Basic Materials · Canada · $668M · Avg Vol: $715K/d
Thor Explorations represents an asymmetric play on gold during a period of extreme geopolitical tension. With record H1 profits and significant production growth, the company is demonstrating high operational efficiency. The macro tailwind of global 'safe haven' demand in the context of the Strait of Hormuz conflict provides a powerful backdrop, while the +86% forward-EPS consensus revision confirms the market is catching up to the operational success.
COMPANY DESCRIPTION
Thor Explorations Ltd. is a Canadian mineral exploration and development company that operates the Segilola Gold Mine, Nigeria's first commercial-scale gold mine. The company has established a first-mover advantage in the under-explored Nigerian gold sector, supported by a highly favorable fiscal regime and strong government backing. Its competitive moat is built on its operational expertise in West Africa and a pipeline of high-potential exploration licenses in Senegal and Nigeria.
FINANCIAL SUMMARY (GBP)
| Year | 2022 | 2023 | 2024 | 2025 | CAGR | TTM | 2026E | 2027E | Fwd CAGR |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | 122.1M | 104.4M | 142.8M | 240.6M | 25.4% | 244.4M | 274.9M | 188.9M | -11.4% |
| EPS (GBp) | 4.43 | 1.48 | 10.35 | 22.17 | 71.0% | 23.01 | 25.29 | 13.57 | -21.8% |
| Shares | 644.7M | 656.1M | 657.1M | 665.3M | +3.2% | 666.6M | — | — | — |
| Debt | 32.2M | 26.1M | 5.3M | 1.9M | -60.9% | — | — | — | — |
| Equity | 73.5M | 82.9M | 148.8M | 280.9M | 56.4% | — | — | — | — |
| Op CF | 62.4M | 47.2M | 45.7M | 137.2M | 30.1% | 158.1M | — | — | — |
| Inv CF | -22.6M | -28.0M | -9.5M | -20.4M | — | — | — | — | — |
| Fin CF | -35.8M | -18.5M | -33.0M | -23.8M | — | — | — | — | — |
SCORE BREAKDOWN
FUNDAMENTALS
SECTOR PEERS
Closest peers in Basic Materials, ranked by industry match, size, and score similarity. Cross-listings of THX.L are excluded.
| Ticker | Company | Mkt Cap | StockRank | Signal |
|---|---|---|---|---|
| THX.L | Thor Explorations Ltd.(you) | $668M | 100 | Strong Buy |
| MAKO | Mako Mining Corp. | $893M | 98 | Strong Buy |
| ORE.TO | Orezone Gold Corporation | $1.3B | 100 | Strong Buy |
| PALI.V | Palisades Goldcorp Ltd. | $268M | 100 | Strong Buy |
| MMY.V | Monument Mining Limited | $252M | 99 | Strong Buy |
| GAU.TO | Galiano Gold Inc. | $586M | 80 | Strong Buy |
| CERT.V | Cerrado Gold Inc. | $248M | 91 | Strong Buy |
| FVI.TO | Fortuna Mining Corp. | $3.6B | 100 | Strong Buy |
| WDO.TO | Wesdome Gold Mines Ltd. | $3.3B | 98 | Strong Buy |
| HSTR.V | Heliostar Metals Ltd. | $455M | 70 | Buy |
Peer medians: ROE -13.9% · P/E 17.4x · Gross margin 36.2%