Thor Explorations Ltd. Announces Filing of NI 43-101 Technical Report on the Douta Gold Project, Senegal

Core Viewpoint - Thor Explorations has filed an independent technical report supporting the results of a Pre-Feasibility Study (PFS) for the Douta Gold project in Senegal, with no material differences from previously reported results [1]. PFS Highlights - The pre-tax project NPV5% is estimated at US$908 million with an IRR of 73% based on a long-term gold price of US$3,500 per ounce [5]. - The post-tax project NPV5% is US$633 million with an IRR of 61% under the same gold price assumption, calculated using Senegalese tax rates [5]. - The project is expected to generate strong early cash flow, with gold production of 411,000 ounces in the first four years at an all-in sustaining cost (AISC) of US$1,493 per ounce, leading to a pre-tax cash flow of US$814 million and a net cash flow of US$561 million post capital repayment [5]. - At a higher gold price of US$4,250 per ounce, the pre-tax NPV5% increases to US$1.43 billion with an IRR of 102% and a payback period of nine months [5]. - The project has a long-life production profile, delivering 1.0 million ounces of gold from 37 million tonnes of mill feed over 12.6 years [5]. - Initial project capital is low at US$254 million, with a Life of Mine AISC of approximately US$1,890 per ounce [5]. - The project will be funded entirely from the company's cash reserves and project financing [5]. Next Steps - The Ministry of Environment approved the Environmental and Social Impact Assessment (ESIA) in January 2026 [5]. - Upcoming actions include finalizing the Mining Convention with the Government of Senegal, detailed design commencement, ordering long-lead items, and awarding the EPC contract in the first half of 2026 [5]. - The company aims for first production from Douta in early 2028 [5]. Mineral Resource Estimate (MRE) Highlights - The updated Douta MRE includes an Indicated Mineral Resource of 50.6 million tonnes grading an average of 1.04 g/t Au for 1.7 million ounces, and an Inferred Mineral Resource of 9.3 million tonnes grading 0.92 g/t Au for 273,000 ounces, based on a long-term gold price of US$4,000 [5]. - The MRE constitutes a Probable Reserve of 36.6 million tonnes grading 1.03 g/t Au for 1.2 million ounces, using a long-term gold price of US$3,000 per ounce [5]. - Ongoing exploration includes a 40,000-meter drilling program throughout 2026 to delineate additional oxide ore, with mineralization remaining open along strike [5].