Thor Explorations Ltd ., the Canadian-listed miner behind Nigerias first commercial-scale gold project, has emerged as one of West Africas breakout stories. Its shares have jumped nearly 270 in the past 12 months, powered by bumper profits from its flagship Segilola mine and an aggressive push into new territories.
The biggest winner savoring Thors sweet victory is none other than Segun Lawson, the Nigerian-born founder and chief executive officer of Thor Explorations Ltd., who has seen his fortune climb sharply as shares of the gold miner surged more than 270 over the past year. Lawson owns 31.6 million shares, equal to a 4.76 stake in the company, now valued at about 17 million. Lawsons success story casts the spotlight on Nigerias mining story, where oil has long overshadowed other resources and most efforts at industrial-scale mining projects stall before reaching production. Thors Segilola gold mine in Osun State in Nigerias Southwest region is the exception. Since starting commercial production in 2021, the 100 million project has become Nigerias first modern gold operation, producing consistently and lifting the companys profile across West Africa.
In the second quarter of 2025, Thor sold about 25,900 ounces of gold at an average realized price of 3,187 per ounce, lifting revenue to 82.7 million from 53.8 million a year earlier. Net income more than doubled to 51.6 million, bringing first-half profit to 86.1 million already surpassing the entire first-half performance of 2024.