• Segilola gold mine produced 91,910 ounces in 2025, Thor says
• Output rose 8% from 2024, meeting annual production guidance
• Thor forecasts lower 2026 output despite record gold prices

Segilola, Nigeria’s only operating industrial gold mine, produced 91,910 ounces of gold in 2025, Thor Explorations said in a financial report published on Tuesday.  Production was in line with the company’s annual guidance of 90,000 to 95,000 ounces.

“We are extremely pleased to report a strong final production quarter, which has resulted in the Company achieving our narrowed production guidance of 91,910 ounces, which was also in the top half of the original production guidance for the full year 2025,” Chief Executive Segun Lawson said.

After producing 68,191 ounces in the first nine months of the year, Segilola added 23,719 ounces in the fourth quarter, lifting annual output by 8% from 2024.

The increase came as gold prices rose more than 70% over the past year and hit a series of record highs, helping Thor post record quarterly revenue of $108 million. Full-year results are expected to provide a clearer picture of profitability for the 2025 financial year.

Gold has started the 2026 financial year at a fresh record near $4,600 an ounce, but Thor expects Segilola’s output to fall to 75,000 to 85,000 ounces this year.

Aurel Sèdjro Houenou