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Right here’s a reputation most Canadian retirees haven’t heard of, however in all probability ought to: Thor Explorations (TSXV:THX).

This West Africa-focused gold producer is reasonable, worthwhile, and gives a dividend yield of just about 4%. It carries no debt and has $137 million sitting within the financial institution. Furthermore, it’s constructing a second mine that might almost double its manufacturing with out issuing a single new share to fund it.

For retirees attempting to find revenue and capital preservation, Thor checks a whole lot of bins that greater, dearer names merely don’t.

Why Thor’s Segilola Mine is a money machine

Thor’s flagship asset is the Segilola Gold Mine in Nigeria’s Osun State. The mine has now accomplished 4 full years of economic manufacturing, and 2025 was its greatest monetary yr but.

• The corporate produced 91,910 ounces of gold final yr, whereas income surged to $108 million in This fall.
• It did all of this whereas holding prices effectively below management: ending the yr with all-in sustaining prices (AISC) under US$1,000 per ounce.
• For context: with gold buying and selling above US$4,500 per ounce as we speak, that’s an infinite revenue margin on each ounce pulled from the bottom.

These robust margins funded roughly $18 million in dividends to shareholders in 2025, together with a bonus dividend paid within the fourth quarter. Administration has guided for round $25 million in dividends in 2026, a significant step up. Comparatively, free money move is forecast at $332 million in 2026, indicating a payout ratio of round 7.5%.

Priced at 3 times ahead FCF, the Canadian mining inventory may be very low-cost and trades at a 62% low cost to consensus value targets.

A give attention to enlargement

For 2026, Thor is guiding manufacturing of 75,000 to 85,000 ounces at an AISC of $1,000 to $1,200 per ounce. That’s a slight step again from final yr’s manufacturing, however the economics stay extremely enticing given present gold costs.

Close to-mine exploration drilling at Segilola is already confirming mineralization under the prevailing pit design, which signifies that the mine life might prolong additional.

Right here’s the place the actual upside lives for long-term traders.

Thor is advancing its Douta Gold Mission in Senegal towards manufacturing. In January 2026, CEO Segun Lawson offered the outcomes of a preliminary feasibility examine (PFS) at an investor convention, and the numbers are hanging.

The venture holds a possible reserve of 1.2 million ounces of gold, grading simply over one gram per tonne (1g/t). The mine would run for at the least 12.5 years, with the primary 4 years producing greater than 100,000 ounces yearly at an AISC of round $1,493 per ounce.

At a gold value of $3,500 per ounce, the venture carries a pre-tax web current worth (NPV) of $908 million. The post-tax NPV is $633 million, and administration expects the ultimate determine to fall between these two numbers as soon as tax incentive negotiations with the Senegalese authorities conclude.

The preliminary capital requirement is $254 million, and Thor plans to contribute as much as $100 million from its personal money steadiness, with the rest funded by way of venture financing. In line with Lawson on the investor convention, there may be already “very robust early indicative curiosity” from lenders, and monetary shut is focused earlier than the tip of June 2026.

The perfect half for present shareholders? There are zero plans to situation new fairness, and shareholders merely personal extra manufacturing capability because the venture advances.

Is the Canadian mining inventory purchase?

No funding is with out threat. Thor operates in West Africa (Nigeria and Senegal), jurisdictions that entail geopolitical and regulatory uncertainty.

Tax negotiations with the Senegalese authorities are nonetheless ongoing, and any venture delays might push again the 2028 manufacturing goal.

That mentioned, Thor already operates efficiently in Nigeria, has secured its environmental approvals in Senegal, and has been working with its engineering, procurement, and building companion for over 18 months on detailed venture costings.

Thor Explorations shouldn’t be a family title. Nevertheless it’s a genuinely worthwhile gold miner, paying actual dividends, with a fortress steadiness sheet and a reputable development plan absolutely funded with out shareholder dilution.

For retirees in search of a gold inventory that pays them to attend whereas a significant new mine will get constructed, Thor deserves a spot on the watchlist.