Thor Explorations

THX.V

Gold · Basic Materials

Also trades as: THXPF

Price

C$1.39

+0.06 (+4.51%)

Market Cap

C$926.5M

Exchange

Toronto Stock Exchange Ventures

Winston Score

Winston is happy

A high-quality business with solid fundamentals.

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

How the score breaks down

Quality

Exceptional

Growth

Exceptional

Cash Flow

Exceptional

Stability

Good

Valuation

Strong

Dividends

Good

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Share count rising — dilution

+6.3% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 625.4M (2021) → 664.9M (2025)

Winston Score History

The full picture

Thor Explorations is a gold mining company that digs gold out of the ground and sells it to refiners and bullion dealers. Its main asset is the Segilola Gold Mine in Osun State, Nigeria, which began production in 2021 and is one of the few operating gold mines in Nigeria. The company also holds exploration projects in Senegal and Burkina Faso, giving it a pipeline of potential future mines in West Africa.

Thor makes money by selling gold at market prices, so its revenue rises and falls with the gold price. The company is listed on the TSX Venture Exchange in Canada and is relatively small, with a market cap around $700 million. Its strong operating margin of roughly 63% reflects low production costs at Segilola, which is a key competitive advantage. The main risks are gold price volatility, operating in politically complex regions of West Africa, and the challenge of extending mine life or replacing reserves through exploration.

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

-6.4% YoY

YoY Growth Rate

Revenue declining

EPS Growth

-9.7% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$0/ year

0.0% of revenue

Below sector average (3%)

Research and development spending

Insider Activity

28.3%ownership

Insiders own a meaningful stake in the company

Cash Position

Cash flow positive

$193M 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.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale

Gross Margin

69.3%

Premium pricing power — 69.3% gross margin

Profit after running costs

Operating Margin

62.2%

Excellent — 62.2% operating margin

Return on the money invested

ROCE

45.2%

Exceptional — 45.2% 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

+30.9%

Fast-growing sales (+30.9% YoY)

Profit growth

EPS YoY

+46.6%

Earnings growing fast (+46.6% 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

104%

Turns 104% of profit into real cash

Spare cash per sale

FCF Margin

59.7%

Converts sales into free cash efficiently (59.7%)

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

N/A

Data not available

Covers its interest

Interest Cover

977.96x

Comfortably covers interest (978.0x)

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

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Valuation

Price vs profit

P/E Ratio (TTM)

3.3x

Attractive valuation — P/E 3.3

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

Cheaper or dearer next year

P/E vs Forward

+0.0

GROWING

Earnings roughly flat

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Dividends

Dividend

Dividend Yield

6.01%

Healthy income — 6.01% yield

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

Dividend record

Dividend Growth

N/A

Data not available

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