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Thor Explorations Ltd on Monday hailed the ‘robust’ economics of its Douta gold project in Senegal, as it updated the site’s mineral resource estimate. The Vancouver, Canada-based mining company targeting West Africa recently completed a pre-feasibilty study at Douta, over which it has sole ownership rights. Chief Executive Segun Lawson described the PFS as ‘a major milestone in our strategy to become a multi-asset gold miner’. ‘The results confirm Douta as a highquality gold project with strong economics, a short payback period and long-term leverage to the gold price through its significant indicated resource base,’ Lawson added. Thor Explorations stock rose 5.8% to 96.30 pence per share on Monday morning in London. The company puts the Douta project’s net present value before tax at $908 million, with a 73% internal rate of return. After tax, it sees an NPV of $633 million and 61% IRR, excluding potential tax relief which the Canadian company expects through a mining convention with the Senegalese state. Both estimates assume a gold price of $3,500 per ounce. Finalising the mining convention is the next step, Thor noted. Senegal’s Ministry of Environment approved an environmental and social impact assessment for Douta earlier this month. The company also plans to start a detailed project design, order long-lead items and award an engineering, construction and procurement contract in the first half of 2026. It is targeting first production at Douta in early 2028. A little over 12 and a half years from then, Thor expects Douta to have produced a total of 1.0 million ounces of gold from 37 million tonnes of feedstock, grading an average of 1.03 gold grammes per tonne. According to Thor, Douta’s indicated mineral resource is 50.6 million tonnes, at a an average grade of 1.04g/t, for about 1.7 million ounces of gold. The inferred mineral resource is 9.3 million tonnes, at an average grade of 0.92 g/t, for 273,000 ounces of gold. The new MRE suggests a probable reserve of 36.6 million tonnes, grading at an average 1.03g/t for 1.2 million ounces of gold. This includes the Makosa prospect, Makosa Tail and early results from the Baraka 3 prospects, Thor added. It sees Douta as ‘a robust, longlife gold project with strong economics...underpinned by significant potential for further resource expansion.’ Thor also hailed low initial capital costs, estimated at $254 million, and an all-in-sustaining cost of $1,890 per ounce over the Douta mine’s lifetime. It intends to fund operations through existing cash and project financing. In the first four years of the oxide ore phase, Thor will target average annual gold production of 111,000 ounces at an AISC of $1,469 per ounce for the first three years. Thor intends to continue drilling in 2026 as it sees ‘potential along the under-explored prospective strike length covered by the Douta permit together with the Douta West and Bousankhoba permits.’ The company already has inked a binding deal with Birima Resources SARL, its partner on the Douta-West permit, to buy Birima’s remaining 30% share of the joint venture for an initial $1.5 million. Birima is owed a further $3.5 million at decision to mine, plus a 1.25% net smelter royalty capped at $7 million. Copyright 2026 Alliance News Ltd. All Rights Reserved.
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