Thor Explorations

THX.V

Gold · Basic Materials

Also trades as: THXPF

Price

C$1.09

-0.04 (-3.33%)

Market Cap

C$726.6M

Exchange

Toronto Stock Exchange Ventures

Winston Score

Winston is happy

A high-quality business with solid fundamentals.

Data as of Jul 25, 2026 · filings through Mar 31, 2026

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)

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.

Winston Score History

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

+14.1% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+32.9% YoY

YoY Growth Rate

Strong earnings growth

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

$160M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Growth + cash flow

Thor Explorations is a rare growth stock that's already generating positive cash flow while growing at 14%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

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

Gross Margin

71.2%

Premium pricing power — 71.2% gross margin

Operating Margin

62.0%

Excellent — 62.0% operating margin

ROCE

10.9%

Below par — 10.9% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales YoY

+50.2%

Fast-growing sales (50.2% YoY)

EPS YoY

+81.9%

Earnings growing fast (81.9% YoY)

Earnings growing 25%+ a year. The compounder zone.

EPS Consistency

8/8 quarters

Every recent quarter grew earnings vs last year

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Cash Flow

Cash Conversion

99%

Turns 99% of profit into real cash

FCF Margin

59.6%

Converts sales into free cash efficiently (59.6%)

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

Debt / Equity

0.00

Conservative — low debt load (0.00)

Interest Cover

459.91x

Comfortably covers interest (459.9x)

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

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Valuation

P/E Ratio (TTM)

3.5x

Attractive valuation — P/E 3.5

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

P/E vs Forward

-1.2

SLOWING

Earnings expected to fall — forward P/E higher than today

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Dividends

Dividend Yield

6.01%

Healthy income — 6.01% yield

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

Dividend Growth

N/A

Data not available

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