Thor Explorations Announces Positive Pre-Feasibility Study for the Douta Gold Project, Senegal

Core Viewpoint - Thor Explorations Ltd. has announced the results of its Pre-Feasibility Study (PFS) for the Douta Gold Project in Senegal, confirming it as a robust, long-life gold project with strong economics and significant potential for resource expansion [2][3]. PFS Highlights - The pre-tax NPV5% of the project is estimated at US$908 million with an IRR of 73% based on a long-term gold price of US$3,500/oz [6]. - The post-tax NPV5% is US$633 million with an IRR of 61% under the same gold price assumption [6]. - The project anticipates gold production of 411,000 ounces in the first four years at an all-in sustaining cost (AISC) of US$1,493/oz, generating a pre-tax cash flow of US$814 million [6]. - At a higher gold price of US$4,250/oz, the pre-tax NPV5% increases to US$1.43 billion with an IRR of 102% [6][8]. - The project has a low initial capital cost of US$254 million and a life of mine AISC of approximately US$1,890/oz [6]. Mineral Resource Estimate (MRE) Highlights - The updated MRE includes an Indicated Mineral Resource of 50.6 million tonnes at an average grade of 1.04 g/t Au, containing 1.7 million ounces of gold [15][32]. - An Inferred Mineral Resource of 9.3 million tonnes at an average grade of 0.92 g/t Au, containing 273,000 ounces of gold, has also been reported [15][32]. - The MRE supports a Probable Reserve of 36.6 million tonnes at an average grade of 1.03 g/t Au, containing 1.2 million ounces of gold [15][31]. Project Development and Next Steps - The project is fully funded from the company's cash reserves and project financing, with no expected shareholder dilution [12]. - The Ministry of Environment approved the Environmental and Social Impact Assessment (ESIA) in January 2026 [6][77]. - Next steps include finalizing the Mining Convention with the Government of Senegal and commencing detailed design and procurement in H1 2026 [6][79]. Production Profile - The project will have a two-phase production profile, with the Oxide Ore Phase producing approximately 413,000 ounces in the first four years and the Primary Ore Phase continuing for an additional 7.8 years [23][25]. - The average annual production during the Oxide Ore Phase is projected to be over 111,000 ounces at an AISC of US$1,469/oz [8][25]. Financial Overview - The total capital cost for the life of the mine is estimated at US$376.8 million, including initial and sustaining capital costs [80]. - The project is expected to achieve payback of the initial capital within 11 months from the start of processing [6].