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

Executive Summary

• Thor Explorations filed an NI 43‑101 technical report confirming the results of its January 2026 Pre‑Feasibility Study for the Douta Gold Project in Senegal.
• The PFS shows a pre‑tax NPV₅% of US$908 million and IRR of 73 %, with strong early cash flow (411 koz gold in first four years at AISC US$1,493/oz) and an anticipated payback period of 11 months.
• Updated Mineral Resource Estimate (MRE) defines a Probable Reserve of 36.6 Mt @ 1.03 g/t Au for 1.2 Moz Au, supporting the long‑life production profile of ~1 Moz gold over 12.6 years.

Key Details

• Pre‑tax Project NPV₅%: US$908 million (100 % equity) at a gold price assumption of US$3,500/oz.
• Pre‑tax IRR: 73 % (100 % equity).
• Post‑tax Project NPV₅%: US$633 million; Post‑tax IRR: 61 %.
• Early Cash Flow: 411 koz gold produced in the first four years (Oxide Ore Phase) at AISC US$1,493/oz, generating pre‑tax cash flow of US$814 million and net post‑repayment cash flow of US$561 million.
• Payback Period: ~11 months from start of processing; improves to 9 months at spot gold price ≈US$4,250/oz.
• Long‑life Production Profile: 1.0 Moz gold from 37 Mt mill feed (average grade 1.03 g/t Au) over 12.6 years; total contained metal 1.2 Moz.
• Initial Capital Cost: US$254 million; Life‑of‑Mine AISC ≈US$1,890/oz.
• Funding: Project to be fully funded from Thor’s cash reserves and existing project financing.
• Environmental Approval: Senegal Ministry of Environment approved the ESIA in January 2026.
• Next Steps: Finalize Mining Convention with Senegal government; detailed design, long‑lead item orders, and EPC contract award targeted for H1 2026. First production expected early 2028.

MRE Highlights * Indicated Mineral Resource: 50.6 Mt @ 1.04 g/t Au = 1.7 Moz Au (gold price US$4,000/oz).
Inferred Mineral Resource: 9.3 Mt @ 0.92 g/t Au = 273,000 oz Au (gold price US$4,000/oz).
Probable Reserve: 36.6 Mt @ 1.03 g/t Au = 1.2 Moz Au (gold price US$3,000/oz).
* Resource includes Makosa, Makosa Tail, and initial Baraka 3 prospect results; remains open along strike and down‑dip.

Exploration Update * Ongoing 40,000 m drilling program throughout 2026 to delineate additional oxide ore across the Douta permit area and adjacent permits (Douta West, Bousankhoba).

Notable Quotes

(No direct quotes were provided in the release.)