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Thor Explorations Ltd on Monday said it has inked an agreement giving it full-ownership of the Douta gold project in Senegal, with Thor also acquiring an initial interest in an early-stage gold exploration permit. Shares in Thor rose 4.8% to 70.20 pence on Monday morning in London. The Vancouver, Canada-based mining company, focused on West Africa, said it has signed a binding sale and purchase agreement with joint venture partner International Mining Company SARL for the acquisition of its 30% stake in the Douta Gold Project. The deal ups Thor’s interest in the asset to full ownership from 70%. Thor said the acquisition consideration is $3.0 million in cash, with a 1.5% Net Smelter Royalty. It added that 50% of the cash is payable upon signing, with the remaining due at completion. Thor said the royalty is capped at a maximum of $60 million. Also on Monday, Thor said it has purchased an initial 65% stake in the early-stage Bousankhoba Exploration Permit EL02254. This permit is located east of Thor’s Douta West permit, with the company stating that first stage exploration of the site has identified ‘numerous geochemical targets associated with a major shear zone over an 18 kilometre strike length.’ Thor said the terms of the Bousankhoba earn-in include a minimum exploration program over two years, coupled with an earn-in payment of $160,000, payable inside the first six months post signing. Chief Executive Segun Lawson said: ‘We are delighted to have agreed terms and signed binding agreements with IMC, our Douta Project joint venture partner, to complete this important and strategic acquisition...With the Douta Project Preliminary Feasibility Study at an advanced stage, there is compelling strategic rationale for the acquisition. This is a project we are very much looking forward to building. ‘Owning it on a 100% basis allows for an efficient development process and full exposure to the project economics prior to the government’s 10% free carried interest. ‘We are also delighted to have completed the acquisition of a 65% joint venture initial interest in the Bousankhoba Permit. This permit increases the footprint of the Douta Project for regional exploration.’ Copyright 2025 Alliance News Ltd. All Rights Reserved.
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