Douta PFS Positions Thor as Emerging Million-Ounce Gold Producer

Thor Explorations has released a positive pre-feasibility study for its Douta gold project in southeastern Senegal, positioning the company as an emerging million-ounce gold producer in West Africa. The study outlines a technically sound and economically robust development pathway, highlighting Douta as a long-life asset capable of materially strengthening Thor’s production profile and regional footprint. This milestone reflects the company’s broader strategy of building a diversified, multi-asset gold portfolio across Africa.

According to the pre-feasibility study, Douta is expected to support a mine life of approximately 12.6 years, with average annual gold production estimated at around 82,000 ounces. Over the full life of the mine, total gold output is projected to exceed one million ounces, marking a significant scale-up for Thor. Notably, the first four years of operation are forecast to deliver more than 400,000 ounces of gold, underscoring a strong early production profile that enhances project economics and cash flow generation.

Cost and financial metrics from the study further reinforce the project’s strength. During the initial years of operation, all-in sustaining costs are estimated at approximately 1,493 US dollars per ounce, rising to a life-of-mine average of about 1,890 US dollars per ounce. Despite these costs, the project demonstrates compelling financial returns, including an after-tax net present value of 633 million US dollars at a 5 percent discount rate and a robust internal rate of return of 61 percent. The payback period is estimated at less than one year, indicating rapid capital recovery once production begins.

From a resource and mine planning perspective, the study declares first probable reserves of 1.2 million ounces of gold, supported by an updated indicated resource of 1.7 million ounces. The proposed two-phase mine plan prioritizes near-surface oxide ores in the early years, a strategy that typically allows for lower processing costs and quicker ramp-up. In parallel, Thor has planned an extensive 40,000 metre drilling campaign in 2026 aimed at extending oxide resources, upgrading confidence levels, and potentially expanding the overall mine life beyond current estimates.

The Douta project builds on Thor’s established operational experience in Africa, particularly through its ownership and operation of the Segilola gold mine in Nigeria. This existing production base provides technical, managerial, and regional expertise that could reduce execution risk at Douta. Continued exploration success and resource growth at Douta would further enhance Thor’s transformation into a significant West African gold producer with multiple producing and development-stage assets.

Looking ahead, the successful advancement of the Douta project could have broader implications for Senegal’s mining sector and the West African gold industry. The development supports increased foreign investment, job creation, and infrastructure development, while reinforcing the region’s reputation as a stable and attractive destination for gold mining. For Thor Explorations, Douta represents a potential step-change in scale, cash flow, and strategic relevance, strengthening its long-term contribution to Africa’s mining-driven economic growth.

Mini-Glossary

• Pre-Feasibility Study (PFS), an engineering and economic assessment that evaluates whether a mining project is likely to be viable.
• All-In Sustaining Cost (AISC), a comprehensive measure of the total cost to produce an ounce of gold, including operating and sustaining capital costs.
• Net Present Value (NPV), the current value of future cash flows generated by a project, discounted to reflect time and risk.
• Internal Rate of Return (IRR), the percentage rate that measures the profitability of an investment.
• Probable Reserves, the economically mineable portion of a mineral resource with a high level of geological confidence.
• Oxide Ores, near-surface mineralized material that is typically easier and cheaper to process than deeper sulphide ores.

Editor: Vural Burç ÇAKIR