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Thor Explorations – Q4 2025 Operations - Exploration At Segilola, Douta, Guitry, & Marahui Projects

The KE Report Jan 20, 2026

Cory Fleck's takeaways

  • Top takeaway Frames the interview around two growth pillars: Douta as the #2 project (Senegal) and Côte d'Ivoire exploration (Guitry, Marahui) as the area generating the most incoming listener interest, separate from the steady-state Segilola production story.

Segun Lawson's takeaways

  • Top takeaway Frames 2026 as a reinvestment year: cash from Segilola funds Segilola-area exploration, the Douta build (cash + project/corporate finance, no equity dilution), continued dividend payments, and optionality to accelerate Côte d'Ivoire exploration if Guitry and Marahui keep delivering.
  • Sets a Q1 2028 first-pour target at Douta, with the PFS releasing Jan 26, 2026, mine-permit finalisation expected in the following 5–6 months, and a willingness to order long-lead items before the formal investment decision.
  • Calls a margin floor of roughly $3,300/oz at $4,500 gold even as AISC rises with the underground transition, positioning the company to keep generating strong free cash flow and remain one of the lowest-cost gold producers.
  • On production: argues 2026 output guidance is lower not from grade/mill issues but because the Segilola open pit is narrowing and underground mining rates are lower — mill already running optimally at ~1Mtpa with >94% recoveries.