• Thor targets $8–10 million exploration budget for 2026;

• Focus on advancing Guitry and Marahui prospects;

• Company holds $137 million cash position at end-2025.

Canadian junior miner Thor Explorations plans to invest between $8 million and $10 million in gold exploration activities in Côte d’Ivoire in 2026. The company aims to advance its asset portfolio, with a particular focus on the Guitry and Marahui prospects, where initial exploration programs have recently taken place.

Thor operates the Segilola gold mine in Nigeria and develops the advanced-stage Douta gold project in Senegal. Since 2024, the company has strengthened its presence in Côte d’Ivoire’s gold sector. The planned 2026 budget marks a clear increase from 2025, when Thor allocated up to $7.5 million for exploration activities across Senegal and Côte d’Ivoire. In addition to Guitry and Marahui, the company’s Ivorian portfolio includes the Boundiali and Loudiba projects.

“In Côte d’Ivoire, drilling has resumed at Guitry and a first drilling program has been launched on our Marahui permit. We look forward to publishing our first results during the first quarter of 2026,” Chief Executive Officer Segun Lawson said regarding ongoing operations in the country.

Thor aims to unlock new growth opportunities through potential discoveries across its permits. While the company still needs to confirm economically viable deposits, it aligns its strategy with favorable conditions in Côte d’Ivoire. S&P Global Market Intelligence identified the country as Africa’s top destination for mining exploration investment last year. At the same time, gold prices have risen by more than 60% over the year, reinforcing investor interest.

Thor’s upcoming exploration updates will play a key role in assessing the potential of its Ivorian assets. The company has not disclosed the financing structure for the 2026 program, but it reported a cash position of $137 million at the end of 2025.

Meanwhile, other junior miners continue to advance gold exploration in Côte d’Ivoire, including Many Peaks Minerals on the Ferké project and Kobo Resources on the Kossou project.

This article was initially published in French by Aurel Sèdjro Houenou

Adapted in English by Ange J.A de Berry Quenum