Thor Explorations Announces Positive Pre- Feasibility Study for the Douta Gold Project, Senegal
Thor Explorations Announces Positive Pre-
Feasibility Study for the Douta Gold Project,
Senegal
This announcement contains inside information as defined in the UK version of the Market Abuse
Regulation (EU) No.596/2014, which is part of UK domestic law by virtue of the European Union
(Withdrawal) Act 2018. Upon the publication of this announcement via a Regulatory Information
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Vancouver, British Columbia--(Newsfile Corp. - January 26, 2026) - Thor Explorations Ltd. (TSXV: THX)
(AIM: THX) ("Thor" or the "Company") is pleased to announce the results of its Pre-Feasibility Study
("PFS"), an updated Mineral Resource Estimate (the "Douta Resource" or "MRE") and a maiden
Mineral Reserve prepared in accordance with National Instrument 43-101 Standards of Disclosure for
Mineral Projects ("NI 43-101") for the 100% owned Douta Gold Project in Senegal ("Douta Project" or
the "Project").
The PFS confirms a robust, long-life gold project with strong economics, a substantial Mineral Reserve
base, and a clear, accelerated pathway to development - underpinned by significant potential for further
resource expansion.
PFS HIGHLIGHTS
Pre-tax project NPV5% of US$908 million and IRR of 73% (100% equity basis) at a long-term gold
price assumption of US$3,500/oz.
Post-tax project NPV5% of US$633 million and IRR of 61% (100% equity basis) at a long-term
gold price assumption of US$3,500/oz calculated using statutory Senegalese tax rates and
excluding any fiscal incentives expected to be granted under the Mining Convention.
Strong early cashflow, with gold production of 411koz in the first four years of oxide and transitional
ore feed ("Oxide Ore Phase") at an all-in sustaining cost ("AISC") of US$1,493/oz, generating a
pre-tax cashflow of US$814 million resulting in US$561 million of net cashflow post repayment of
Project capital with an anticipated payback period of 11 months following the start of processing.
Significant leverage to higher gold prices - at recent spot gold prices of circa US$4,250/oz the pre-
tax NPV5% increases to US$1.43 billion (100% equity basis) with an IRR of 102% and an
anticipated payback of nine months from the start of processing.
Long-life production profile delivering 1.0 million ounces ("Moz") of gold from 37 million tonnes
("Mt") of mill feed grading an average of 1.03 grammes per tonne gold ("g/t Au") (containing
1.2Moz) over 12.6 years of operations.
Two phase production profile comprised of the Oxide Ore Phase and the Primary Ore Phase.
Low initial project capital of US$254 million and Life of Mine ("LOM") AISC of ~US$1,890/oz,
supporting strong margins throughout the LOM.
Project is to be entirely funded from the Company's cash reserves and project financing.
The Ministry of Environment approved the Environmental and Social Impact Assessment ("ESIA")
in January 2026.
Signed a binding sale and purchase agreement with its Douta-West Permit joint venture partner,
Birima Resources SARL ("Birima"), to acquire Birima's entire remaining outstanding 30% in the
Douta West Permit for a cash payment of US$1.5 million at signing, a further US$3.5 million at
decision to mine and a 1.25% Net Smelter Royalty capped at US$7 million.
Next steps include finalisation of the Mining Convention with the Government of Senegal,
commencement of detailed design, ordering of long-lead items and EPC contract award in H1
2026.
The PFS positions Thor to advance its next development project, paving the way to become a
multi-asset producer operating across two countries, with first production from Douta targeted for
early 2028.
MRE HIGHLIGHTS
Updated Douta MRE constrained within optimised pit shells and comprised of:
Indicated Mineral Resource of 50.6 Mt grading at an average of 1.04 g/t Au for 1.7Moz Au
using a long-term gold price of US$4,000; and
Inferred Mineral Resource of 9.3 Mt grading an average of 0.92g/t Au for 273,000oz Au using
a long-term gold price of US$4,000.
MRE constitutes a Probable Reserve of 36.6 Mt grading at an average grade of 1.03 g/t Au
for 1.2 Moz Au using a long-term gold price of US$3,000 per troy ounce for all mining areas.
The MRE encompasses the Makosa, Makosa Tail and currently, the initial results from the
recently discovered Baraka 3 prospects, all of which remain open along strike and down dip.
Ongoing exploration across other prospects, with 40,000 metre drilling program continuing
throughout 2026 to delineate additional oxide ore. Mineralisation remains open along strike
between the known prospects with further growth potential along the under-explored prospective
strike length covered by the Douta permit together with the Douta West and Bousankhoba Permits.
Segun Lawson, President & CEO, stated:
"We are delighted with the results of the Douta PFS which represents a major milestone in our
strategy to become a multi-asset gold miner. The results confirm Douta as a high-quality gold project
with strong economics, a short payback period and long-term leverage to the gold price through its
significant Indicated Resource base.
"The Oxide Ore Phase will produce approximately 413koz in the first four years, during which, the
project will have an average annual gold production of over 111koz at an AISC of US$1,469/oz in the
first three years.
"At a gold price assumption closer to today's prices (US$4,250/oz) the pre-tax NPV5% and IRR of the
Douta Project is approximately US$1.43 billion and 102% respectively (on a 100% basis), paying
back the construction capital cost of US$254 million in nine months.
"As per the PFS, Douta will produce approximately 82koz per annum for over 12.6 years at an
average AISC of US$1,890/oz.
"In addition to the strong economics, the Project is positioned for further near-term growth in its
resource and reserve inventory. Several drilling targets have been delineated through soil, rock chip
and auger sampling, and aggressive drilling programs are ongoing, targeting additional oxide
resources in the recently acquired contiguous Douta West and Bousankhoba Permits. The continued
growth of the Makosa trend and inclusion of the first ounces from the Baraka 3 discovery underscore
the district-scale potential of the Douta Project.
"We are currently undertaking our 2026 budgeted 40,000 metre drilling program and aim to update
the resource in Q3 this year. We look forward to providing periodic updates of our drilling results.
"Having finished 2025 with a strong cash balance of approximately US$137 million and our continued
growing balance sheet in this high gold price environment, we are positioned to fund the construction
of Douta without any shareholder dilution and have commenced high level financing discussions with
interested parties.
"With simple, low-cost oxide processing in the Oxide Ore Phase, an approved ESIA, and active
exploration across multiple prospects, we are strongly positioned to advance Douta towards
development while continuing to unlock value across the broader license package.
"We are also pleased to have agreed terms this month and signed a binding agreement with Birima,
our Douta-West permit joint venture partner. This acquisition positions us to own the entire Douta
Project consisting of the Douta and Douta-West licences on a 100% equity basis and allows for an
efficient development process and full exposure to the project economics prior to the Government of
Senegal's 10% free carried interest.
"In completing this PFS, we have undertaken a significant amount of work alongside our EPC
Contractor, giving us comfort in the EPC pricing and positioning us to fast track to an updated
feasibility study.
We now look forward to the next steps in developing the Project which include
finalisation of our Mining Convention with the Government of Senegal and ordering of the Project's
long lead items."
DOUTA PROJECT OVERVIEW
The Douta Project is located within the Birimian rocks of the Kéniéba inlier, in eastern Senegal and
comprises the northeast trending mining lease application, De11618 that covers an area of 58 square
kilometres ("km
2
") together with the Douta-West (EL03709) and Bousankhoba (EL02254) exploration
permits.
Thor, through its wholly owned subsidiary African Star Resources Incorporated ("African Star"), has a
100% economic interest in both DE11618 and EL03709 which, together, encompass all the known
resources that have been defined to date. The recently acquired Bousankhoba permit, in which Thor has
65% interest, covers additional prospective geology along strike from the recently discovered Baraka 3
deposits (Figure 1).
Thor acquired its initial interest in the Douta Project in 2011 and drilled the discovery hole in the deposit
in 2012.
Figure 1: Douta Project Location Map
To view an enhanced version of this graphic, please visit:
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PROJECT OVERVIEW
Table 1 includes operational and financial highlights at a flat long-term base-case gold assumption of
US$3,500/oz.
Table 1: Economic Summary at US$3,500/oz
To view an enhanced version of this graphic, please visit:
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Conventional open-pit mining is scheduled to commence at the end of 2027, with plant commissioning
and ramp-up during the first quarter of 2028. The Project envisages a 12.6 year LOM, comprising two
phases:
Oxide Ore Phase currently spans four years of mining and processing oxide and transitional ores
through a conventional Carbon In Leach ("CIL") circuit, delivering average annual production of
103koz.
Primary Ore Phase continues operations for a further 7.8 years, during which fresh ore will be
mined and processed through the same CIL circuit enhanced by a suspension roaster, producing
an average of 61koz per annum. An additional 2.3 million tonnes of oxide and transitional material,
mined during the excavation of the Primary Ore Phase fresh ore pits, is processed for seven
months at the end of the mine life, yielding 47koz.
Thor has a strong track record of resource growth at Douta. Ongoing exploration will initially focus on
identifying additional oxide material with the aim of extending and enhancing the LOM. If successful, this
additional material would likely supplement the Oxide Ore Phase feed and be processed ahead of the
Primary Ore Phase.
Figure 2: Production Profile and AISC (US$/oz)
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In the first four years of oxide and transitional ore feed, production is 413koz at an AISC of US$1,493/oz.
At the base case gold assumption of US$3,500/oz and with a first 18-month production of 180koz,
payback would be achieved in one year.
Figure 3: Free Cash Flow Profile (US$m)
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The pre-tax NPV sensitivity comparing varying discount rate percentages and gold price is presented in
Table 2. The base case result for the Project is highlighted in bold.
Table 2: Sensitivity of pre-tax NPV5% (US$M) to Discount Rate and Gold Price (US$/oz)
(Base case US$3,500/oz)
To view an enhanced version of this graphic, please visit:
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The post-tax NPV sensitivity comparing varying discount rate percentages and gold price is presented in
Table 3. The base case result for the Project is highlighted in bold.
Table 3: Sensitivity of post-tax NPV5% (US$M) to Discount Rate and Gold Price (US$/oz)
(Base case US$3,500/oz)
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7003/281549_6795740384cf4b6f_007full.jpg
The Post-tax results exclude fiscal incentives expected under the Mining Convention. Tax has been
modelled using a standard loss-pool approach with the statutory 30% corporate tax rate. The 10% State
free-carried interest required under Senegalese law is not yet applied and will be incorporated after the
Mining Convention is agreed.
MINERAL RESOURCES AND RESERVES ESTIMATES
MINERAL RESOURCE ESTIMATE
The MRE encompasses the Makosa, Makosa Tail and Baraka 3 Prospects, which are collectively
referred to as the Douta Project.
The MRE is based on data obtained from a total of 69,598 metres ("m") of drilling comprising 2,936m of
diamond drilling and 66,662m of Reverse Circulation ("RC") drilling.
The MRE is reported at a cut-off grade of 0.3g/t Au within optimised shells using a gold price of
US$4,000.
Classification
Tonnes
(Mt)
Grade
(g/tAu)
Contained Gold
(Moz)
Indicated
50.6
1.04
1.7
Inferred
9.3
0.92
0.27
Table 4: Douta Gold Project Total Classified Mineral Resource Estimate Summary, January
2026 (reported at cut-off grade of 0.3g/t Au)
Classification
Weathering Zone
Code
Tonnage
(MT)
Grade
(g/tAu)
Contained Gold (Moz)
Indicated
Strongly Oxidised
SOX
1.3
1.09
0.05
Indicated
Moderately Oxidised
MOX
9.4
1.02
0.31
Indicated
Weakly Oxidised
WOX
7.3
1.01
0.24
Indicated
Fresh
FRS
32.6
1.06
1.11
Indicated
Total
50.6
1.04
1.70
Classification
Weathering Zone
Code
Tonnage
(MT)
Grade
(g/tAu)
Contained Gold (Moz)
Inferred
Strongly Oxidised
SOX
0.1
0.64
0.00
Inferred
Moderately Oxidised
MOX
1.2
0.67
0.03
Inferred
Weakly Oxidised
WOX
0.6
0.72
0.01
Inferred
Fresh
FRS
7.4
0.98
0.23
Inferred
Total
9.3
0.92
0.27
Table 5: Douta Gold Project Total Classified Mineral Resource Estimate Summary by
Weathering Zone, January 2026 (reported at cut-off grade of 0.3g/t Au)
Classification
Deposit
Tonnage
(MT)
Grade
(g/t
Au)
Contained Gold
(Moz)
Thor Interest %
Indicated
Makosa North
9.9
1.08
0.34
100
Indicated
Makosa
20.6
1.06
0.70
100
Indicated
Makosa East
8.3
0.92
0.25
100
Indicated
Makosa Tail
10.6
1.03
0.35
100
Indicated
Baraka 3
1.1
1.43
0.05
100
Indicated
Total
50.6
1.04
1.70
Classification
Deposit
Tonnage (MT)
Grade (g/t
Au)
Contained Gold
(Moz)
Thor Interest %
Inferred
Makosa North
4.8
1.02
0.16
100
Inferred
Makosa
1.5
0.95
0.05
100
Inferred
Makosa East
1.3
0.87
0.04
100
Inferred
Makosa Tail
1.4
0.57
0.03
100
Inferred
Baraka 3
0.2
0.99
0.01
100
Inferred
Total
9.3
0.92
0.27
Table 6: Douta Gold Project Mineral Resource Estimate by Area, January 2026 (reported at cut-
off grade of 0.3g/t Au
Classification
Deposit
Code
Tonnage
(MT)
Grade
(g/tAu)
Contained Gold
(x1000oz)
Indicated
Makosa North
SOX
0.1
1.08
4
Indicated
Makosa North
MOX
2.0
1.10
70
Indicated
Makosa North
WOX
2.0
1.11
72
Indicated
Makosa North
FRESH
5.8
1.06
197
Indicated
Makosa North
Total
9.9
1.08
342
Indicated
Makosa
SOX
1.0
1.11
36
Indicated
Makosa
MOX
2.9
1.08
100
Indicated
Makosa
WOX
2.1
1.06
72
Indicated
Makosa
FRESH
14.6
1.06
496
Indicated
Makosa
Total
20.6
1.06
704
Indicated
Makosa East
SOX
0.1
0.93
4