Lower costs and a firmer gold price drove record EBITDA and margins for Thor in 2025, slightly beating our estimates. The strong performance enabled full repayment of senior debt on schedule and a material reduction in payables. The now stronger balance sheet coupled with a bright near-term outlook for Segilola has given rise to the welcome launch of a dividend policy that sees Thor’s shares yield at least c.10% at current market. Moreover, the exploration budget has been significantly increased ....
