Assessing Thor Explorations (TSXV:THX) Valuation After Special Dividend And 2026 Production Guidance

Dividend event and fresh guidance catch investor attention

Thor Explorations (TSXV:THX) has put itself on income investors’ radar by pairing a special bonus dividend with its regular fourth quarter payout, while simultaneously updating fourth quarter production results and 2026 guidance.

The company plans a total fourth quarter dividend of CA$0.0275 per share, combining a CA$0.0125 regular dividend with a CA$0.015 bonus payment. Key dates cluster around January and February 2026.

See our latest analysis for Thor Explorations.

Thor Explorations’ recent dividend announcements and updated 2026 production guidance arrive after a strong run in the shares, with a 30 day share price return of 24.82% and a 1 year total shareholder return that is very large, suggesting momentum has been building as investors reassess both income potential and operational risk.

If Thor’s move has you thinking about other resource names, this could be a good moment to broaden your search and check out fast growing stocks with high insider ownership.

With the shares up sharply over the past year, trading only about 3% below the latest analyst target yet screening as roughly 16% below one estimate of intrinsic value, you need to ask yourself whether Thor is still mispriced or whether the market is already baking in future growth.

Most Popular Narrative: 94.7% Undervalued

RockeTeller’s widely followed narrative puts Thor Explorations’ fair value at CA$32.00 per share versus a last close of CA$1.71, which naturally raises questions about how such a gap is justified.

📊 Re Valued FCF Scenarios (proxy model), Segilola + Douta from 2028 + CAD conversion
This is the same simple proxy you like: FCF ≈ (Gold price − AISC) × annual ounces. It ignores taxes, royalties, sustaining/growth capex, working capital, corporate G&A.

Read the complete narrative.

The fair value hinges on how much gold Thor could produce, what it might cost to mine each ounce, and what margin is left after that. Those moving parts, across two mines and different gold price scenarios, are what drive the big headline number. If you want to see how those pieces are wired together, the narrative lays it out step by step.

Result: Fair Value of CA$32.00 (UNDERVALUED)

Have a read of the narrative in full and understand what’s behind the forecasts.

However, this depends on Douta progressing as outlined and on Segilola keeping AISC within guidance. Setbacks on either front could sharply weaken that valuation story.

Find out about the key risks to this Thor Explorations narrative.

Build Your Own Thor Explorations Narrative

If you think the assumptions here feel off, or you would rather rely on your own research, you can build a custom thesis in minutes with Do it your way.

A great starting point for your Thor Explorations research is our analysis highlighting 3 key rewards and 2 important warning signs that could impact your investment decision.

Looking for more investment ideas?

If Thor has sharpened your focus, do not stop here; use this momentum to broaden your watchlist and spot opportunities you would otherwise overlook.

This article by Simply Wall St is general in nature. We provide commentary based on historical data
and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your
financial situation. We aim to bring you long-term focused analysis driven by fundamental data.
Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material.
Simply Wall St has no position in any stocks mentioned.

Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com