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StocksMediumUpdated•Originally published 16 April 2026•Updated 16 April 2026•

1 min read

Shore Capital Initiates Thor Explorations with Buy Rating and 125p Target

Key Facts

1Shore Capital initiated coverage on Thor Explorations with a 'buy' rating and a 125p price target.

2The broker implies a 55% upside based on progress at the Douta gold project in Senegal and cash flow from the Segilola mine in Nigeria.

4 months ago

Version History

Version 14 months ago

What changed: Updated the story with Q1 operational results, including production figures, sales data, and the strong cash position.

Thor Explorations reported solid Q1 operational results, producing 20,256 ounces of gold from its Segilola mine in Nigeria. The company sold 15,417 ounces at an average realized price of $4,829 per ounce, ending the quarter with a strong cash position of $154 million. These figures reinforce Shore Capital's recent 'buy' rating and 125p price target, as the firm maintained its full-year production guidance. The broker's bullish stance is underpinned by the company's strategic transition to a multi-asset producer, supported by progress at the Douta project in Senegal. Analysts highlighted that robust cash flows provide a solid foundation for self-funding future expansion across West Africa. This operational consistency is expected to further bolster investor confidence in the company's dual-listed shares.