Thor Explorations

THX.L

Gold · Basic Materials

Exchange

London Stock Exchange

Winston Score

Winston is happy

An exceptional business — strong profitability, growth, and balance sheet.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Exceptional

Growth

Exceptional

Cash Flow

Exceptional

Stability

Exceptional

Valuation

Good

Dividends

Good

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Winston Score History

The full picture

Thor Explorations is a gold mining company focused on West Africa. Its main asset is the Segilola Gold Mine in Osun State, Nigeria, which began producing gold in 2021 and is one of the few operating gold mines in Nigeria. The company digs gold out of the ground, processes it into doré bars, and sells it to refiners and bullion dealers.

Thor makes money by selling gold at market prices, so its revenue rises and falls with the gold price. It operates primarily in Nigeria, with additional exploration projects in Senegal and Burkina Faso, giving it a small but growing footprint across West Africa. The company's high operating margin reflects relatively low production costs at Segilola, which is a competitive advantage in the mining industry. The key risk is that gold mining in West Africa carries real operational and political challenges, including infrastructure limitations and country-specific regulatory uncertainty, which could affect future production and expansion plans.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

-8.0% YoY

YoY Growth Rate

Revenue declining

EPS Growth

-8.2% YoY

YoY Growth Rate

Earnings declining

Insider Activity

28.3%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

£194M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Revenue declining

Thor Explorations's revenue is actually shrinking. In a growth stock, that removes the core investment thesis. The low Winston Score here may be warranted — unless there's a turnaround story.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

64.2%

Premium pricing power — 64.2% gross margin

Profit after running costs

Operating Margin

62.2%

Excellent — 62.2% operating margin

Return on the money invested

ROCE

44.7%

Exceptional — 44.7% return on capital

ROIC above 25%. Every dollar invested in the business earns more than 25 cents back per year.

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Growth

Sales growth

Sales YoY

+30.3%

Fast-growing sales (+30.3% YoY)

Profit growth

EPS YoY

+46.7%

Earnings growing fast (+46.7% YoY)

Earnings growing 25%+ a year. The compounder zone.

How steady the profit is

EPS Consistency

7/8 quarters

Every recent quarter grew earnings vs last year

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Cash Flow

Profit that turns into cash

Cash Conversion

98%

Turns 98% of profit into real cash

Spare cash per sale

FCF Margin

58.3%

Converts sales into free cash efficiently (58.3%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

What it owes vs what it owns

Debt / Equity

0.00

Conservative — low debt load (0.00)

Covers its interest

Interest Cover

1115.87x

Comfortably covers interest (1115.9x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

2.4x

no trend

Attractive valuation — P/E 2.4

P/E under 10. The price tag is small relative to last year's profit.

Cheaper or dearer next year

P/E vs Forward

-0.9

SLOWING

Earnings expected to fall — forward P/E higher than today

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Dividends

Dividend

Dividend Yield

6.12%

no trend

Healthy income — 6.12% yield

Yield above 6% — often a flag the market is pricing in a cut.

Dividend record

Dividend Growth

N/A

no trend

Data not available

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