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

The most recent news release (2026-01-26) announces the positive Pre-Feasibility Study (PFS) results for the 100% owned Douta Gold Project in Senegal. Key deliverables include an updated Mineral Resource Estimate (MRE), a maiden Mineral Reserve, and robust project economics. Concurrently, the company finalized the acquisition of the remaining 30% interest in the Douta West Permit. The PFS outlines a 12.6-year Life of Mine (LOM) producing 1.0 million ounces of gold at an All-In Sustaining Cost (AISC) of ~US$1,890/oz. Using a base case gold price of US$3,500/oz, the post-tax NPV5% is US$633 million with a 61% IRR. Initial project capital is estimated at US$254 million. The Environmental and Social Impact Assessment (ESIA) has been approved, and first production is targeted for early 2028. The company also reported a strong cash balance of US$137 million at the end of 2025.

This news is materially positive and represents a potential game-changer for the company. * Validation and Derisking: The PFS successfully transitions Douta from an exploration/development project to a derisked, financeable asset with a maiden reserve and approved ESIA. The economics are robust, especially the high IRR. * Scale Relative to Company: The post-tax NPV of US$633 million is transformative for a company with a market cap of ~CAD 1.14 billion. Douta represents a second, significant, long-life asset that can double the company's production profile. * Execution of Strategy: This milestone directly fulfills the company's stated strategy of becoming a multi-asset gold producer. The acquisition of the final 30% interest consolidates ownership and streamlines the path forward. * Financial Position: The project's initial capital (US$254M) is within reach given the company's cash balance (US$137M) and expected cash flow from Segilola, reducing near-term equity dilution risk. Funding is planned via internal cash and project debt. * In Line with Guidance: The PFS release was pre-announced on 2025-12-22 and delivered on the promised date (2026-01-26). The strong results meet or exceed the expectations set by prior drilling updates.

Thor Explorations is a West African-focused gold producer and developer. Its flagship asset is the Segilola Gold Mine in Nigeria, which began production in 2021. Segilola produced 91,910 ounces in 2025 and provides the company with strong operating cash flow. The company's development focus is now the Douta Gold Project in Senegal, which has just completed a positive PFS. Thor also holds an exploration portfolio in Côte d'Ivoire (Guitry, Marahui, Boundiali) and a lithium exploration portfolio in Nigeria.