REG - Thor Explorations Ld - FILING OF NI 43-101 TECHNICAL REPORT

Thor ExplorationsAnnouncement

13/03/2026 07:00

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RNS Number : 5671W  Thor Explorations Ltd  13 March 2026

NEWS RELEASE

NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR

DISTRIBUTION TO U.S. WIRE SERVICES

 

 

 March 13, 2026               TSXV/AIM: THX

 Vancouver, British Columbia

 

 

THOR EXPLORATIONS LTD. ANNOUNCES FILING OF NI 43-101 TECHNICAL REPORT

 ON THE DOUTA GOLD PROJECT, SENEGAL

 

 

Thor Explorations (TSXV / AIM: THX) ("Thor" or the "Company") is pleased to
announce that the Company has filed on SEDAR+ (here
(https://www.sedarplus.ca/csa-party/records/document.html?id=4896bcfe34ef35b53ba65ac908a1c994c58f682d009d235d0d462450b3da6ef0)
) an independent technical report (the "Report") prepared in accordance with
National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI
43-101") supporting the results of a Pre-Feasibility Study ("PFS") for the
development of Douta Gold project located in Senegal (the "Project" or
"Douta"). The results of the PFS were previously reported in the Company's
news release dated January 26, 2026. There are no material differences in the
Report from those results, the highlights of which can be seen below:

PFS HIGHLIGHTS

 

·     Pre-tax project NPV5% of US$908 million and IRR of 73% (100%
equity basis) at a long-term gold price assumption of US$3,500/oz.

·     Post-tax project NPV5% of US$633 million and IRR of 61% (100%
equity basis) at a long-term gold price assumption of US$3,500/oz calculated
using statutory Senegalese tax rates and excluding any fiscal incentives
expected to be granted under the Mining Convention.

·    Strong early cashflow, with gold production of 411koz in the first
four years of oxide and transitional ore feed ("Oxide Ore Phase") at an all-in
sustaining cost ("AISC") of US$1,493/oz, generating a pre-tax cashflow of
US$814 million resulting in US$561 million of net cashflow post repayment of
Project capital with an anticipated payback period of 11 months following the
start of processing.

·    Significant leverage to higher gold prices - at recent spot gold
prices of circa US$4,250/oz the pre-tax NPV5% increases to US$1.43 billion
(100% equity basis) with an IRR of 102% and an anticipated payback of nine
months from the start of processing.

·      Long-life production profile delivering 1.0 million ounces
("Moz") of gold from 37 million tonnes ("Mt") of mill feed grading an average
of 1.03 grammes per tonne gold ("g/t Au") (containing 1.2Moz) over 12.6 years
of operations.

·      Two phase production profile comprised of the Oxide Ore Phase and
the Primary Ore Phase.

·     Low initial project capital of US$254 million and Life of Mine
("LOM") AISC of ~US$1,890/oz, supporting strong margins throughout the LOM.

·      Project is to be entirely funded from the Company's cash reserves
and project financing.

·    The Ministry of Environment approved the Environmental and Social
Impact Assessment ("ESIA") in January 2026.

·     Next steps include finalisation of the Mining Convention with the
Government of Senegal, commencement of detailed design, ordering of long-lead
items and EPC contract award in H1 2026. The PFS positions Thor to advance its
next development project, paving the way to become a multi‑asset producer
operating across two countries, with first production from Douta targeted for
early 2028.

MRE HIGHLIGHTS

·       Updated Douta MRE constrained within optimised pit shells and
comprised of:

o  Indicated Mineral Resource of 50.6 Mt grading at an average of 1.04 g/t Au
for1.7Moz Au using a long-term gold price of US$4,000; and

o  Inferred Mineral Resource of 9.3 Mt grading an average of 0.92g/t Au for
273,000oz Au using a long-term gold price of US$4,000.

o  MRE constitutes a Probable Reserve of 36.6 Mt grading at an average grade
of 1.03 g/t Au for 1.2 Moz Au using a long-term gold price of US$3,000 per
troy ounce for all mining areas.

o  The MRE encompasses the Makosa, Makosa Tail and currently, the initial
results from the recently discovered Baraka 3 prospects, all of which remain
open along strike and down dip.

·     Ongoing exploration across other prospects, with 40,000 metre
drilling program continuing throughout 2026 to delineate additional oxide ore.
Mineralisation remains open along strike between the known prospects with
further growth potential along the under-explored prospective strike length
covered by the Douta permit together with the Douta West and Bousankhoba
Permits.

 

About Thor Explorations

 

Thor Explorations Ltd. is a mineral exploration company engaged in the
acquisition, exploration, development and production of mineral properties
located in Nigeria, Senegal and Côte d'Ivoire. Thor Explorations holds:

 

-     a 100% interest in the Segilola Gold Project located in Osun State,
Nigeria

-     a 100% economic interest in the Douta Gold Project located in
south-eastern Senegal

-     a 100% interest in the Guitry Gold Project Cote D'Ivoire

-     additional exploration tenure in Nigeria, Senegal and Cote d'Ivoire
comprising of wholly and majority owned interests

 

Thor Explorations trades on AIM and the TSX Venture Exchange under the symbol
"THX".

 

For further information, please contact:

 

Thor Explorations Ltd

Email: info@thorexpl.com (mailto:info@thorexpl.com)

 

Canaccord Genuity (Nominated Adviser & Broker)

Henry Fitzgerald-O'Connor / James Asensio / Harry Rees

Tel: +44 (0) 20 7523 8000

 

Hannam & Partners (Broker)

Andrew Chubb / Matt Hasson / Nilesh Patel / Franck Nganou

Tel: +44 (0) 20 7907 8500

 

Yellow Jersey PR (Financial
PR)

Charles Goodwin / Shivantha Thambirajah

thorexplorations@yellowjerseypr.com

Tel: +44 (0) 20 3004 9512

 

BlytheRay (Financial PR)

Tim Blythe / Megan Ray / Said Izagaren

Tel: +44 207 138 3203

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