REG - Thor Explorations Ld - POSITIVE PRE-FEASIBILITY STUDY FOR DOUTA PROJECT
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RNS Number : 3234Q Thor Explorations Ltd 26 January 2026
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TSXV / AIM: THX
January 26, 2026
Vancouver, British Columbia
THOR EXPLORATIONS ANNOUNCES POSITIVE PRE-FEASIBILITY STUDY FOR THE DOUTA GOLD
PROJECT, SENEGAL
Thor Explorations Ltd. (TSXV / AIM: THX) ("Thor" or the "Company") is pleased
to announce the results of its Pre‑Feasibility Study ("PFS"), an updated
Mineral Resource Estimate (the "Douta Resource" or "MRE") and a maiden Mineral
Reserve prepared in accordance with National Instrument 43-101 Standards of
Disclosure for Mineral Projects ("NI 43-101") for the 100% owned Douta Gold
Project in Senegal ("Douta Project" or the "Project").
The PFS confirms a robust, long‑life gold project with strong economics, a
substantial Mineral Reserve base, and a clear, accelerated pathway to
development - underpinned by significant potential for further resource
expansion.
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.
· Signed a binding sale and purchase agreement with its Douta-West
Permit joint venture partner, Birima Resources SARL ("Birima"), to acquire
Birima's entire remaining outstanding 30% in the Douta West Permit for a cash
payment of US$1.5 million at signing, a further US$3.5 million at decision to
mine and a 1.25% Net Smelter Royalty capped at US$7 million.
· 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
for 1.7Moz 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.
Segun Lawson, President & CEO, stated:
"We are delighted with the results of the Douta PFS which represents a major
milestone in our strategy to become a multi-asset gold miner. The results
confirm Douta as a high‑quality gold project with strong economics, a short
payback period and long-term leverage to the gold price through its
significant Indicated Resource base.
"The Oxide Ore Phase will produce approximately 413koz in the first four
years, during which, the project will have an average annual gold production
of over 111koz at an AISC of US$1,469/oz in the first three years.
"At a gold price assumption closer to today's prices (US$4,250/oz) the pre-tax
NPV5% and IRR of the Douta Project is approximately US$1.43 billion and 102%
respectively (on a 100% basis), paying back the construction capital cost of
US$254 million in nine months.
"As per the PFS, Douta will produce approximately 82koz per annum for over
12.6 years at an average AISC of US$1,890/oz.
"In addition to the strong economics, the Project is positioned for further
near-term growth in its resource and reserve inventory. Several drilling
targets have been delineated through soil, rock chip and auger sampling, and
aggressive drilling programs are ongoing, targeting additional oxide resources
in the recently acquired contiguous Douta West and Bousankhoba Permits. The
continued growth of the Makosa trend and inclusion of the first ounces from
the Baraka 3 discovery underscore the district‑scale potential of the Douta
Project.
"We are currently undertaking our 2026 budgeted 40,000 metre drilling program
and aim to update the resource in Q3 this year. We look forward to providing
periodic updates of our drilling results.
"Having finished 2025 with a strong cash balance of approximately US$137
million and our continued growing balance sheet in this high gold price
environment, we are positioned to fund the construction of Douta without any
shareholder dilution and have commenced high level financing discussions with
interested parties.
"With simple, low‑cost oxide processing in the Oxide Ore Phase, an approved
ESIA, and active exploration across multiple prospects, we are strongly
positioned to advance Douta towards development while continuing to unlock
value across the broader license package.
"We are also pleased to have agreed terms this month and signed a binding
agreement with Birima, our Douta-West permit joint venture partner. This
acquisition positions us to own the entire Douta Project consisting of the
Douta and Douta-West licences on a 100% equity basis and allows for an
efficient development process and full exposure to the project economics prior
to the Government of Senegal's 10% free carried interest.
"In completing this PFS, we have undertaken a significant amount of work
alongside our EPC Contractor, giving us comfort in the EPC pricing and
positioning us to fast track to an updated feasibility study. We now look
forward to the next steps in developing the Project which include finalisation
of our Mining Convention with the Government of Senegal and ordering of the
Project's long lead items."
DOUTA PROJECT OVERVIEW
The Douta Project is located within the Birimian rocks of the Kéniéba
inlier, in eastern Senegal and comprises the northeast trending mining lease
application, De11618 that covers an area of 58 square kilometres ("km(2)")
together with the Douta-West (EL03709) and Bousankhoba (EL02254) exploration
permits.
Thor, through its wholly owned subsidiary African Star Resources Incorporated
("African Star"), has a 100% economic interest in both DE11618 and EL03709
which, together, encompass all the known resources that have been defined to
date. The recently acquired Bousankhoba permit, in which Thor has 65%
interest, covers additional prospective geology along strike from the recently
discovered Baraka 3 deposits (Figure 1).
Thor acquired its initial interest in the Douta Project in 2011 and drilled
the discovery hole in the deposit in 2012.
Figure 1: Douta Project Location Map
PROJECT OVERVIEW
Table 1 includes operational and financial highlights at a flat long-term
base-case gold assumption of US$3,500/oz.
Table 1: Economic Summary at US$3,500/oz
Conventional open‑pit mining is scheduled to commence at the end of 2027,
with plant commissioning and ramp‑up during the first quarter of 2028. The
Project envisages a 12.6 year LOM, comprising two phases:
· Oxide Ore Phase currently spans four years of mining and
processing oxide and transitional ores through a conventional Carbon In Leach
("CIL") circuit, delivering average annual production of 103koz.
· Primary Ore Phase continues operations for a further 7.8 years,
during which fresh ore will be mined and processed through the same CIL
circuit enhanced by a suspension roaster, producing an average of 61koz per
annum. An additional 2.3 million tonnes of oxide and transitional material,
mined during the excavation of the Primary Ore Phase fresh ore pits, is
processed for seven months at the end of the mine life, yielding 47koz.
Thor has a strong track record of resource growth at Douta. Ongoing
exploration will initially focus on identifying additional oxide material with
the aim of extending and enhancing the LOM. If successful, this additional
material would likely supplement the Oxide Ore Phase feed and be processed
ahead of the Primary Ore Phase.
Figure 2: Production Profile and AISC (US$/oz)
In the first four years of oxide and transitional ore feed, production is
413koz at an AISC of US$1,493/oz. At the base case gold assumption of
US$3,500/oz and with a first 18-month production of 180koz, payback would be
achieved in one year.
Figure 3: Free Cash Flow Profile (US$m)
The pre-tax NPV sensitivity comparing varying discount rate percentages and
gold price is presented in Table 2. The base case result for the Project is
highlighted in bold.
Table 2: Sensitivity of pre-tax NPV5% (US$M) to Discount Rate and Gold Price
(US$/oz)
(Base case US$3,500/oz)
The post-tax NPV sensitivity comparing varying discount rate percentages and
gold price is presented in Table 3. The base case result for the Project is
highlighted in bold.
Table 3: Sensitivity of post-tax NPV5% (US$M) to Discount Rate and Gold Price
(US$/oz)
(Base case US$3,500/oz)
The Post‑tax results exclude fiscal incentives expected under the Mining
Convention. Tax has been modelled using a standard loss‑pool approach with
the statutory 30% corporate tax rate. The 10% State free‑carried interest
required under Senegalese law is not yet applied and will be incorporated
after the Mining Convention is agreed.
MINERAL RESOURCES AND RESERVES ESTIMATES
MINERAL RESOURCE ESTIMATE
The MRE encompasses the Makosa, Makosa Tail and Baraka 3 Prospects, which are
collectively referred to as the Douta Project.
The MRE is based on data obtained from a total of 69,598 metres ("m") of
drilling comprising 2,936m of diamond drilling and 66,662m of Reverse
Circulation ("RC") drilling.
The MRE is reported at a cut-off grade of 0.3g/t Au within optimised shells
using a gold price of US$4,000.
Classification Tonnes (Mt) Grade (g/tAu) Contained Gold (Moz)
Indicated 50.6 1.04 1.7
Inferred 9.3 0.92 0.27
Table 4: Douta Gold Project Total Classified Mineral Resource Estimate
Summary, January 2026 (reported at cut-off grade of 0.3g/t Au)
Classification Weathering Zone Code Tonnage (MT) Grade (g/tAu) Contained Gold (Moz)
Indicated Strongly Oxidised SOX 1.3 1.09 0.05
Indicated Moderately Oxidised MOX 9.4 1.02 0.31
Indicated Weakly Oxidised WOX 7.3 1.01 0.24
Indicated Fresh FRS 32.6 1.06 1.11
Indicated Total 50.6 1.04 1.70
Classification Weathering Zone Code Tonnage (MT) Grade (g/tAu) Contained Gold (Moz)
Inferred Strongly Oxidised SOX 0.1 0.64 0.00
Inferred Moderately Oxidised MOX 1.2 0.67 0.03
Inferred Weakly Oxidised WOX 0.6 0.72 0.01
Inferred Fresh FRS 7.4 0.98 0.23
Inferred Total 9.3 0.92 0.27
Table 5: Douta Gold Project Total Classified Mineral Resource Estimate Summary
by Weathering Zone, January 2026 (reported at cut-off grade of 0.3g/t Au)
Classification Deposit Tonnage (MT) Grade (g/t Au) Contained Gold (Moz) Thor Interest %
Indicated Makosa North 9.9 1.08 0.34 100
Indicated Makosa 20.6 1.06 0.70 100
Indicated Makosa East 8.3 0.92 0.25 100
Indicated Makosa Tail 10.6 1.03 0.35 100
Indicated Baraka 3 1.1 1.43 0.05 100
Indicated Total 50.6 1.04 1.70
Classification Deposit Tonnage (MT) Grade (g/t Au) Contained Gold (Moz) Thor Interest %
Inferred Makosa North 4.8 1.02 0.16 100
Inferred Makosa 1.5 0.95 0.05 100
Inferred Makosa East 1.3 0.87 0.04 100
Inferred Makosa Tail 1.4 0.57 0.03 100
Inferred Baraka 3 0.2 0.99 0.01 100
Inferred Total 9.3 0.92 0.27
Table 6: Douta Gold Project Mineral Resource Estimate by Area, January 2026
(reported at cut-off grade of 0.3g/t Au
Classification Deposit Code Tonnage (MT) Grade (g/tAu) Contained Gold (x1000oz)
Indicated Makosa North SOX 0.1 1.08 4
Indicated Makosa North MOX 2.0 1.10 70
Indicated Makosa North WOX 2.0 1.11 72
Indicated Makosa North FRESH 5.8 1.06 197
Indicated Makosa North Total 9.9 1.08 342
Indicated Makosa SOX 1.0 1.11 36
Indicated Makosa MOX 2.9 1.08 100
Indicated Makosa WOX 2.1 1.06 72
Indicated Makosa FRESH 14.6 1.06 496
Indicated Makosa Total 20.6 1.06 704
Indicated Makosa East SOX 0.1 0.93 4
Indicated Makosa East MOX 2.1 0.85 56
Indicated Makosa East WOX 1.7 0.84 45
Indicated Makosa East FRESH 4.5 0.98 141
Indicated Makosa East Total 8.3 0.92 246
Indicated Makosa Tail SOX 0.1 0.79 1
Indicated Makosa Tail MOX 1.8 0.88 49
Indicated Makosa Tail WOX 1.4 0.93 43
Indicated Makosa Tail FRESH 7.5 1.09 261
Indicated Makosa Tail Total 10.7 1.03 355
Indicated Baraka3 SOX 0.0 1.60 2
Indicated Baraka3 MOX 0.7 1.42 34
Indicated Baraka3 WOX 0.2 1.35 9
Indicated Baraka3 FRESH 0.2 1.53 8
Indicated Baraka3 Total 1.1 1.43 53
Total 50.6 1.04 170
Classification Deposit Code Tonnage (MT) Grade (g/tAu) Contained Gold (x1000oz)
Inferred Makosa North SOX 0.0 0.61 0.1
Inferred Makosa North MOX 0.1 0.68 1.9
Inferred Makosa North WOX 0.1 0.68 1.5
Inferred Makosa North FRESH 4.7 1.03 154.9
Inferred Makosa North Total 4.8 1.02 158.3
Inferred Makosa SOX 0.0 0.62 0.6
Inferred Makosa MOX 0.3 0.73 5.9
Inferred Makosa WOX 0.1 0.77 3.6
Inferred Makosa FRESH 1.1 1.03 35.5
Inferred Makosa Total 1.5 0.95 45.6
Inferred Makosa East SOX 0.0 0.53 0.4
Inferred Makosa East MOX 0.4 0.65 7.5
Inferred Makosa East WOX 0.2 0.81 4.6
Inferred Makosa East FRESH 0.8 0.99 25.1
Inferred Makosa East Total 1.3 0.87 37.5
Inferred Makosa Tail SOX 0.0 0.52 0.5
Inferred Makosa Tail MOX 0.3 0.50 5.3
Inferred Makosa Tail WOX 0.3 0.62 5.0
Inferred Makosa Tail FRESH 0.8 0.58 15.1
Inferred Makosa Tail Total 1.4 0.57 25.8
Inferred Baraka3 SOX 0.0 1.09 0.5
Inferred Baraka3 MOX 0.2 0.98 5.1
Inferred Baraka3 WOX 0.0 0.88 0.3
Inferred Baraka3 FRESH 0.0 1.27 0.1
Inferred Baraka3 Total 0.2 0.98 6.0
Total 9.3 0.92 273.2
Table 7: Douta Gold Project Mineral Resource Estimate by Area and Weathering
Zone, January 2026 (reported at cut-off grade of 0.3g/t Au)
· Open Pit Mineral Resources are reported in situ at a cut-off
grade of 0.30 g/t Au. An optimised Whittle shell (US$4,000) was used to
constrain the resources.
· The Mineral Resource is considered to have reasonable prospects
for economic extraction by open pit mining methods above a 0.30 g/t Au and
within an optimised pit shell.
· Cut-off grade varied from 0.27 g/t to 0.30 g/t in a pit shell
based on mining costs, metallurgical recovery, milling costs and G&A
costs.
· Metallurgical and mining recovery factors have been applied.
· Mineral Resources are not Mineral Reserves and do not have
demonstrated economic viability.
· Totals may not add exactly due to rounding.
· Resources reported as totals, minor equity portion is not
deducted.
· The statement used the terminology, definitions and guidelines
given in the CIM Standards on Mineral resources and Mineral Reserves (May
2014) as required by NI 43-101.
· Bulk density is assigned according to weathering profile with a
weighted average of 2.78.
· The resource estimate was prepared by Mr Alfred Gillmam, who is a
qualified person ("QP") under NI 43-101and is not independent of the Company.
Classification Weathering Zone Code Tonnage (MT) Grade (g/tAu) Contained Gold (Moz)
Inferred Strongly Oxidised SOX 0.1 0.64 0.00
Inferred Moderately Oxidised MOX 1.2 0.67 0.03
Inferred Weakly Oxidised WOX 0.6 0.72 0.01
Inferred Fresh FRS 7.4 0.98 0.23
Inferred Total 9.3 0.92 0.27
Table 5: Douta Gold Project Total Classified Mineral Resource Estimate Summary
by Weathering Zone, January 2026 (reported at cut-off grade of 0.3g/t Au)
Classification Deposit Tonnage (MT) Grade (g/t Au) Contained Gold (Moz) Thor Interest %
Indicated Makosa North 9.9 1.08 0.34 100
Indicated Makosa 20.6 1.06 0.70 100
Indicated Makosa East 8.3 0.92 0.25 100
Indicated Makosa Tail 10.6 1.03 0.35 100
Indicated Baraka 3 1.1 1.43 0.05 100
Indicated Total 50.6 1.04 1.70
Classification Deposit Tonnage (MT) Grade (g/t Au) Contained Gold (Moz) Thor Interest %
Inferred Makosa North 4.8 1.02 0.16 100
Inferred Makosa 1.5 0.95 0.05 100
Inferred Makosa East 1.3 0.87 0.04 100
Inferred Makosa Tail 1.4 0.57 0.03 100
Inferred Baraka 3 0.2 0.99 0.01 100
Inferred Total 9.3 0.92 0.27
Table 6: Douta Gold Project Mineral Resource Estimate by Area, January 2026
(reported at cut-off grade of 0.3g/t Au
Classification Deposit Code Tonnage (MT) Grade (g/tAu) Contained Gold (x1000oz)
Indicated Makosa North SOX 0.1 1.08 4
Indicated Makosa North MOX 2.0 1.10 70
Indicated Makosa North WOX 2.0 1.11 72
Indicated Makosa North FRESH 5.8 1.06 197
Indicated Makosa North Total 9.9 1.08 342
Indicated Makosa SOX 1.0 1.11 36
Indicated Makosa MOX 2.9 1.08 100
Indicated Makosa WOX 2.1 1.06 72
Indicated Makosa FRESH 14.6 1.06 496
Indicated Makosa Total 20.6 1.06 704
Indicated Makosa East SOX 0.1 0.93 4
Indicated Makosa East MOX 2.1 0.85 56
Indicated Makosa East WOX 1.7 0.84 45
Indicated Makosa East FRESH 4.5 0.98 141
Indicated Makosa East Total 8.3 0.92 246
Indicated Makosa Tail SOX 0.1 0.79 1
Indicated Makosa Tail MOX 1.8 0.88 49
Indicated Makosa Tail WOX 1.4 0.93 43
Indicated Makosa Tail FRESH 7.5 1.09 261
Indicated Makosa Tail Total 10.7 1.03 355
Indicated Baraka3 SOX 0.0 1.60 2
Indicated Baraka3 MOX 0.7 1.42 34
Indicated Baraka3 WOX 0.2 1.35 9
Indicated Baraka3 FRESH 0.2 1.53 8
Indicated Baraka3 Total 1.1 1.43 53
Total 50.6 1.04 170
Classification Deposit Code Tonnage (MT) Grade (g/tAu) Contained Gold (x1000oz)
Inferred Makosa North SOX 0.0 0.61 0.1
Inferred Makosa North MOX 0.1 0.68 1.9
Inferred Makosa North WOX 0.1 0.68 1.5
Inferred Makosa North FRESH 4.7 1.03 154.9
Inferred Makosa North Total 4.8 1.02 158.3
Inferred Makosa SOX 0.0 0.62 0.6
Inferred Makosa MOX 0.3 0.73 5.9
Inferred Makosa WOX 0.1 0.77 3.6
Inferred Makosa FRESH 1.1 1.03 35.5
Inferred Makosa Total 1.5 0.95 45.6
Inferred Makosa East SOX 0.0 0.53 0.4
Inferred Makosa East MOX 0.4 0.65 7.5
Inferred Makosa East WOX 0.2 0.81 4.6
Inferred Makosa East FRESH 0.8 0.99 25.1
Inferred Makosa East Total 1.3 0.87 37.5
Inferred Makosa Tail SOX 0.0 0.52 0.5
Inferred Makosa Tail MOX 0.3 0.50 5.3
Inferred Makosa Tail WOX 0.3 0.62 5.0
Inferred Makosa Tail FRESH 0.8 0.58 15.1
Inferred Makosa Tail Total 1.4 0.57 25.8
Inferred Baraka3 SOX 0.0 1.09 0.5
Inferred Baraka3 MOX 0.2 0.98 5.1
Inferred Baraka3 WOX 0.0 0.88 0.3
Inferred Baraka3 FRESH 0.0 1.27 0.1
Inferred Baraka3 Total 0.2 0.98 6.0
Total 9.3 0.92 273.2
Table 7: Douta Gold Project Mineral Resource Estimate by Area and Weathering
Zone, January 2026 (reported at cut-off grade of 0.3g/t Au)
· Open Pit Mineral Resources are reported in situ at a cut-off
grade of 0.30 g/t Au. An optimised Whittle shell (US$4,000) was used to
constrain the resources.
· The Mineral Resource is considered to have reasonable prospects
for economic extraction by open pit mining methods above a 0.30 g/t Au and
within an optimised pit shell.
· Cut-off grade varied from 0.27 g/t to 0.30 g/t in a pit shell
based on mining costs, metallurgical recovery, milling costs and G&A
costs.
· Metallurgical and mining recovery factors have been applied.
· Mineral Resources are not Mineral Reserves and do not have
demonstrated economic viability.
· Totals may not add exactly due to rounding.
· Resources reported as totals, minor equity portion is not
deducted.
· The statement used the terminology, definitions and guidelines
given in the CIM Standards on Mineral resources and Mineral Reserves (May
2014) as required by NI 43-101.
· Bulk density is assigned according to weathering profile with a
weighted average of 2.78.
· The resource estimate was prepared by Mr Alfred Gillmam, who is a
qualified person ("QP") under NI 43-101and is not independent of the Company.
Mineral Resources for the Douta Project are estimated for five gold deposits
and prospects located on the Douta and the Douta West exploration permit
(Figure 1). Separate blocks models cover the Makosa, Makosa Tail, and Baraka 3
deposits. The Makosa block model encompasses the Makosa, Makosa North, and
Makosa East deposits. Mineral Resources are reported inclusive of Mineral
Reserves at an effective date of 24 January 2026 (Table 4).
The methods, parameters, assumptions, and support data used for the Douta
block models, which date back to 2023, were reviewed to ensure they remain
current. Models have been updated as required to either include new
information or revised cost assumptions such as gold price and operation
costs.
The same overall approach was used for each model whereby block grade and
density estimates are constrained by domains representing the mineralisation,
lithology, and weathering surfaces. Mineral Resources are reported within pit
shells generated by AMC Consultants. Only classified blocks greater than or
equal to the open pit cut-off grades and within the open pit shells are
reported.
MINERAL RESERVE
Table 8 shows a summary of the Douta Project Mineral Reserves, which have been
reported in accordance with CIM standards.
Table 8: Summary of Mineral Reserve Estimate for the Douta Project
· CIM Definition Standards for Mineral Resources and Mineral
Reserves (CIM, 2014) were used for reporting of Mineral Reserves.
· Mineral Reserves are estimated using a long-term gold price of
US$3,000 per troy ounce for all mining areas.
· Mineral Reserves are stated in terms of delivered tonnes and
grade before process recovery.
· Mineral Reserves are defined by pit optimisation and engineered
pit design.
· Mineral Reserves are based on variable break-even cut-offs as
generated by metallurgical recoveries and costs. Baraka 3 also incurs an ore
haulage cost due to its distance from the proposed processing plant.
· Cut-off grades range from 0.28 g/t to 0.51 g/t for Makosa and
0.35 g/t to 0.43 g/t for Baraka 3.
· Metal recoveries are variable dependent on material type and
mining area.
· Open-pit dilution and geological ore loss is applied through the
regularisation of the Mineral Resource model to pre-determined Selective
Mining Unit (SMU) blocks.
· The Mineral Reserve estimate was undertaken using the Deswik mine
planning software (Version 2025.2) and demonstrated that mining of the Makosa,
Makosa Tail and Baraka 3 deposits at the Douta project is practical and
economically viable.
· The effective date of Mineral Reserves is January 2026.
· Tonnage and grade measurements are in metric units. Contained
Au is reported as troy ounces.
· The Mineral Reserve estimate was prepared by Mr Dominic Claridge
of AMC Consultants, who is a qualified person ("QP") under NI 43-101and is
independent of the Company.
TECHNICAL AND MODIFYING FACTORS
Sample Analysis and Database
Drilling has been almost exclusively sampled on 1m intervals with the main
laboratory for analysis being ALS Global's laboratory in Bamako, Mali. Split
samples ranging in weight from 0.5 kilogram ("kg") to 3.5kg, with an average
of 2.3kg were collected for analysis. After the sample preparation a fire
assay with an atomic absorption finish on a 50 grammes subsample of the pulp
(AA26), was completed. Standard QA/QC protocols were followed with inserts of
certified standards, blanks and duplicates representing approximately 10% of
all analyses. The Company's DataShed5 database is maintained by MaxGeo
(Western Australia).
Estimation Parameters
An Inverse Distance grade estimation was carried out within hard geological
boundaries defined by a numerical model. Ordinary Kriging has been used to
validate the Inverse Distance estimation results.
Separate numerical models were generated for Makosa Tail, Makosa North and
East and Baraka 3.
A weathering model was developed to assign bulk densities based on weathering
state.
Managing High Grade Samples
A capping level (top cut) of 10g/t Au is applied to all Makosa domains. An
8g/t Au top cut was applied to the Baraka 3 grade estimates.
Figure 4: Makosa Resource Area Location Map
Figure 5: Baraka 3 Resource Area Location Map
Estimation Methodology
Block grades were estimated using the inverse distance squared (ID(2)) method.
All estimates used a single-pass approach with sufficiently large search
ellipses to ensure all blocks within the domains were filled. Only diamond
core and reverse circulation drilling data was used to estimate block grades.
The Ordinary Kriging (OK) interpolation was used to compare with the ID(2)
method. Variogram models were generated for use in domains estimated by
Ordinary Kriging.
Classification
Mineral Resource classifications have been reported in accordance with the CIM
Definition Standards for Mineral Resources and Mineral Reserves (CIM, 2014).
Resource classification is primarily based on drillhole spacing and grade
continuity and is manually assigned using resource classification wireframes.
Portions of the resources that are drilled at intervals between 25m and 50m
are classified as Indicated. Areas where drillhole spacing exceeds 50m are
classified as Inferred.
Mineral Resource and Reserve Constraints
To test the reasonable prospects for eventual economic extraction, the Douta
Mineral Resource is constrained by an optimised pit shell (revenue factor of
1) defined by the parameters shown in Table 9.
The Mineral Reserve was constrained by pit designs developed from optimised
pit shells using the same inputs, with the exception of the gold price.
It should be noted that Mining Recovery and Mining Dilution were not applied
in the optimisation as they were applied to the geological model prior to the
optimisation process.
Parameter Value
Mining Costs (all deposits)
Fixed Mining Cost - Oxide ($/t mined) $2.75
Fixed Mining Cost - Transitional ($/t mined) $2.75
Fixed Mining Cost - Fresh ($/t mined) $2.90
Total Ore Mining Cost - Oxide ($/t ore) $2.00
Total Ore Mining Cost - Transitional ($/t ore) $2.00
Total Ore Mining Cost - Fresh ($/t ore) $2.00
Mining Recovery - Makosa 100%
Mining Dilution - Makosa 0%
Mining Recovery - Baraka 3 100%
Mining Dilution - Baraka 3 0%
Ore Haulage
Variable Ore Haulage Cost ($/tkm) $0.15
Ore Haulage Distance -Baraka (km) 35
Fixed Ore Haulage Cost ($/t ore) $0.50
Processing Costs - Makosa
Oxide ($/t processed) $17.50
Transitional ($/t processed) $17.50
Makosa Main Fresh ($/t processed) $35.76
Makosa Tail Fresh ($/t processed) $35.76
Processing Costs - Baraka 3
Oxide ($/t processed) $17.50
Transitional ($/t processed) $17.50
Fresh ($/t processed) $18.50
General & Administration Costs
G&A Cost - All ($/t processed) $3.25
Processing Recovery - Makosa
Oxide 92.50%
Transitional (excluding Makosa East) 82.65%
Transitional Makosa East 72.80%
Makosa Main Fresh 81.00%
Makosa Tail Fresh 88.00%
Processing Recovery - Baraka 3
Oxide 92.50%
Transitional 90.00%
Fresh 76.00%
Geotechnical Parameters (overall pit wall angles) - Makosa
SOX and MOX 34 degrees
WOX 36 degrees
Fresh Rock - hanging wall 51 degrees
Fresh Rock - Makosa Main footwall 44 degrees
Fresh Rock - Makosa Tail footwall 39 degrees
Geotechnical Parameters (overall pit wall angles) - Baraka 3
SOX and MOX 34 degrees
WOX 36 degrees
Fresh - Hanging wall 51 degrees
Fresh - Footwall 39 degrees
Revenue Parameters
Reserve Gold Price $3,000
Reserve Material Considered Indicated
Resource Gold Price $4,000
Resource Material Considered Indicated & Inferred
Government Royalty 5%
TCRC Costs - fixed $15/oz
TCRC Costs - Variable 0.4% gold value
Table 9: Open Pit Optimisation Parameters
STUDY OVERVIEW
The PFS is based on five open-pit gold deposits feeding a central gold
processing facility (Figure 6)
Figure 6 Douta Gold Project Site Layout
Mining
The deposits at the Douta project will be mined by conventional truck / shovel
open pit operations. Pit optimisations were conducted using the Mineral
Resource geological models and other factors. This exercise produced the
optimal economic pit shells under the given parameters. Engineered pit designs
were constructed based on the RF=1.0 shell for each deposit. These designs
incorporated geotechnical and practical aspects such as ramp access.
Mining costs were estimated based on existing contracts and feedback from
potential contractors which align with values for similar West African
operations. Costs varied for different oxidation states with additional
costs applied to ore mining.
A mining and processing schedule was developed to demonstrate that the Mineral
Reserve material could be successfully mined both practically and
economically. Figure 7 shows the ore processed on an annual basis over the
course of the mining schedule.
Figure 7: Ore processed during the life of the project
METALLURGICAL
The recoveries were developed from test work completed at IMO, Perth and North
East University (NEU), China. IMO tested samples supplied by Thor from single
RC drillholes and diamond drillholes. Samples were selected by ore types
classified as oxide, transition, and fresh and by orebody location. Sub
samples of two master composites of fresh ore type were delivered to NEU,
China for testing of the suspension roasting process after determination by
IMO of the low recovery performance of the fresh ores to cyanide leaching.
IMO characterised the ores by four acid digestion with ICP-OES finish and fire
assay for gold, mineralogical analysis, diagnostic leaching and determination
of preg-robbing indices. Oxide ores were characterised by low sulphur content.
Fresh ores had sulphur contents up to approximately 3%. Transition ores had
intermediate sulphur contents. The organic carbon content (graphitic) was
variable across all ore types but most strongly associated with fresh ores and
exhibited preg-robbing properties aligned with the organic carbon content.
Diagnostic leaching demonstrated that gold in the oxide ores was amenable to
cyanide leaching, The gold in fresh ores was distributed in the general ore
matrix, in sulphides and locked in silicates. Gold in sulphides and silicates
was not recoverable by cyanide leaching. Transition ores exhibited
intermediate behaviour due to intermediate sulphide content and variable
silicate mineral content.
IMO test work optimised gravity and CIL process parameters and recoveries for
oxide and transition ore types. Oxide ores showed total recoveries
consistently more than 90% with low variation by ore body. All results were
averaged to determine the final recovery. Transition ore types exhibited CIL
recovery variation between Makosa and Makosa East locations. Recoveries from
multiple tests were averaged for each of the two locations. Both oxide and
transition ore types exhibited preg robbing behaviour that was mitigated by
the addition of carbon to the cyanide leach.
IMO testing of fresh ore types gave low and variable results by CIL. These
were deemed not amenable to conventional CIL processing and excluded from
further direct CIL test work.
Fresh ores from Makosa and Makosa Tail were tested by suspension roasting and
cyanide leach extraction of the calcined product by NEU. Results were
consistently higher than methods tested by IMO and have been utilised as
recoveries for fresh ores processed by suspension roasting - CIL extraction in
pit optimisations. Recoveries of 81% and 88% were achieved for fresh Makosa
and Makosa Tail ores respectively.
PROCESSING
The process plant design for the Project is based on a robust metallurgical
flowsheet designed for optimum recovery with minimum operating costs. A
two-stage process has been designed. Stage 1 focuses on the recovery of
cyanide-soluble gold and Stage 2 focuses on the recovery of gold hosted in
sulphides and silicates (refractory gold).
The proposed Oxide Ore Phase process plant design is based on a proven and
established gravity/carbon-in-leach ("CIL") technology, which consists of
crushing, milling, and gravity recovery of free gold, followed by
leaching/adsorption of gravity tailings, elution and gold smelting, and
tailings disposal. A roasting circuit treating the comminution product stream
will be added to the flowsheet for the Primary Ore Phase. The suspension
roasting process will expose refractory gold particles prior to cyanide
leaching. The circuit will consist of a pre-roasting dewatering stage,
pre-roasting product storage silo, suspension roasting, calcine repulping and
regrinding.
Services to the process plant will include reagent mixing, storage and
distribution, water, and air services. The plant will treat 4 million tonnes
per annum ("Mtpa") of oxide ore for four years to produce an average of 103
koz per annum. In Stage 2, the plant will treat 2.4 Mtpa of fresh, sulphide
ore for approximately 7.8 years, producing an average of 61 koz per annum. The
final seven months will treat 2.3 Mt of mixed oxide and transitional ore mined
and stockpiled during mining of the sulphide ore to produce 47 koz of gold.
POWER
Power requirements for the Project will be met through a dedicated Heavy Fuel
Oil (HFO) power plant to be constructed, owned, and operated by an independent
power provider under a long‑term power supply agreement. The contracted
facility will deliver reliable baseload power to support all processing and
infrastructure needs.
TAILINGS
The TSF will comprise of a single cell confined by a cross-valley embankment
which will be staged in three downstream raises.
The TSF basin will be lined with HDPE within the normal operating pond areas
to minimise seepage. In addition, a system of basal drainage, embankment
drainage, embankment drainage and sub-liner drainage will be constructed to
mitigate seepage, infiltration and aid consolidation of the tailings.
Water will be extracted from the decant pond using floating intake lines to
position the pumps above the pond elevation.
The TSF will be closed and rehabilitated at the end of the LOM. Closure
spillways will be formed to prevent water accumulating on the facilities and
the tailings will be re-profiled prior to lining, topsoiling and revegetation.
ENVIRONMENTAL
The Douta exploration licence consists of a modified environment as a result
of human activities including harvesting forest flora and burning vegetation
as part of sporadic and unregulated historic artisanal mining activity.
No impediments with respect to reserves, parks or other areas of significance
have been identified on the project area.
Development of the Project will not require any physical resettlement.
The Environment and Social Impact Assessment ("ESIA") was approved in January
2026.
PERMITTING
Development of the Project will be subject to negotiation of a Mining
Convention.
Based on current expectations, Thor believes the Mining Convention will be
finalised in H1 2026.
CAPITAL COSTS
The initial Project capital cost is estimated at US$253.5m and incurred over
an 18-month period. Primary Ore Phase capital cost is estimated at US$60.1m
and expected to occur in 2031. Sustaining capital cost is estimated at
US$63.2m, giving a LOM total capital cost of US$376.8m. The LOM capital cost
is summarised in Table 10.
Table 10: LOM Capital Cost Estimate Summary
Capital Cost estimates presented in this section reflect total project costs
from July 2026 to end of mine life. Mining activities are to be undertaken by
a mining contractor with equipment costs contained within the mining operating
costs.
The capital cost estimate was developed in collaboration with Norinco
International, the Company's EPC turnkey partner at its Segilola project,
using a methodology consistent with the proven approach adopted for that
project. The estimate incorporates EPC turnkey components, providing strong
cost definition and execution certainty. On a dollar‑per‑tonne basis, the
projected capital intensity is highly competitive and broadly aligned with the
benchmarks achieved at Segilola.
A contingency of 10% has been applied and included in all capital items above
with the exception of the Processing Plant and TSF capex which have a 5%
contingency allowance included.
OPERATING COSTS
The LOM Operating cost estimates are summarised in Table 11.
Table 11: LOM Operating Cost Estimate Summary
Mining Costs
Mining operating costs were provided by a mining contractor and used across
the LOM schedule as summarised in Table 12. Surface haulage costs were based
on contractor rates for Baraka material based on a 35 km haul distance and
dewatering costs estimated pumping requirements for in-pit and ex-pit
dewatering using diesel rates of US$1.00/L and electricity rates of
US$0.21/kwh.
Table 12: Mining Operating Unit Cost Summary
Processing Costs
Processing operating costs were estimated for the different ore types to be
treated during the Oxide Ore Phase and the Primary Ore Phase of the operation.
These are summarised in Table 13. Tailings monitoring and management costs
were estimated at ~US$880k per year and included in the processing costs,
equating to an additional US$0.25/t ore processed.
Table 13: Processing Unit Costs by ore type and area
Other Costs
Total fixed mine level general and administration ("G&A") costs are
estimated at US$3.25/t ore
Refining and transport costs were based on current contracts at Segilola and
total US$3.07/oz.
Royalties of 5% were applied to the gross revenue of gold produced.
Financial Analysis
An economic evaluation of the Project has been completed using a detailed
cash‑flow model. The model is based on annual cash flows and incorporates
processed tonnages and grades for the CIL feed, metallurgical recoveries,
metal prices, operating costs, refining charges, royalties, and both initial
and sustaining capital expenditures. Gold revenues are calculated using a
payable factor of 99.90%. The analysis applies a base gold price of US$3,500
per ounce.
The Project has been assessed on a "100% equity" basis, with all debt and
equity financing considerations excluded. Inflation has not been factored into
the assessment. Discounting and IRR calculations commence at the start of
construction, using a 5% discount rate.
The Company notes that the Mining Convention for the Project is yet to be
negotiated with the Government of Senegal. As a result, it is not currently
possible to incorporate the expected fiscal incentives and tax exonerations
that are typically granted under such agreements into the calculation of the
post tax NPV. For the purposes of this PFS, we have therefore applied a
standard approach whereby exploration expenditure and project development
capital are accumulated into a tax loss pool, against which future taxable
income is fully offset, with the Senegalese statutory corporate tax rate of
30% applied thereafter. The Company anticipates an improved post-tax economic
outcome once the Mining Convention is finalised, as such agreements
customarily provide additional tax incentives that enhance project value.
The Company also notes that Senegalese mining legislation provides for a 10%
State free‑carried interest, which will be formally awarded to the State
upon finalisation of the Mining Convention. This interest has not been
incorporated into the current economic analysis, which is presented on a "100%
equity" basis and will be reflected in future evaluations once the Mining
Convention has been agreed.
Exploration Opportunities
The Douta Project hosts a large but underexplored regional-scale gold system
with strong potential to expand the Mineral Resources. Existing
mineralisation, prospects, and targets remain open along strike and at depth
within major structural corridors and the extensive area between them.
The Project comprises permits covering approximately 538 km² within the
highly prospective Birimian Dialé metasediments. Key deposits are located
along the Main Transcurrent Shear Zone ("MTZ") (hosting the Makosa Tail,
Makosa, Makosa North and Makosa East deposits). Approximately 30km of the
MTZ lie within the Project area.
Additional mineralisation potential exists within and adjacent to these
structures, where early-stage exploration has identified numerous prospects
along secondary and tertiary structural zones.
Extensive datasets support ongoing target generation, including drilling, soil
and termite mound sampling. Aeromagnetic and electromagnetic surveys are
planned to generate further exploration targets. Beyond the defined Mineral
Resources, there are numerous prospects that have yet to be drill tested. A
phased, property-wide exploration program is ongoing, with data review, target
evaluation, and drill prioritisation currently underway.
There is a succession of targets and potential deposits in the "pipeline" and
it will be important to continue to rank and upgrade these. There is
significant potential to add to the Mineral Resources with the current
exploration program.
The acquisition of both the Douta West and Bousankhoba permits has allowed for
a regional-scale exploration strategy that is largely underpinned by a
comprehensive geochemical database (Figures 8 and 9). It is evident that,
particularly in the southern regions, there are numerous geochemical targets
of which only a few have been drill tested (Figure 4).
Extensive first stage exploration, completed over the Bousankhoba permit, has
identified numerous geochemical targets associated with a major shear zone
over an 18km strike length. Two prospects, Massa Massa and Sekhoto, are
located along this zone. An additional prospect known as the Sakhofara is
located 7km east of Massa Massa in the northern part of the permit and is
defined by a 3.5km north-east trending geochemical anomaly.
To date follow-up Rotary Air Blast (RAB) drilling has been confined to the
Sekhoto Prospect. The significant intersections obtained in the RAB drilling
are yet to be followed up with systematic reverse circulation (RC) drilling.
The prospectivity of the permit is further enhanced by its location between
Baraka 3 to the south and Basari Resource's Makabingui deposit to the north.
It is possible that the mineralised shear zone extends through all three gold
occurrences.
For 2026, Thor has budgeted US$9,000,000 for exploration in Senegal
incorporating a minimum of 40,000 metres of drilling. The next results are
expected later in Q1 2026, with a resource updated scheduled for Q3 2026 which
will address further resources at Baraka 3.
Thor considers both the Bousankhoba and Douta West permits to be highly
prospective with the potential to provide satellite resources that will
complement the Douta Gold Project.
FINANCING
Thor intends to use its existing balance sheet to progress Douta into
construction which is expected in 2026. The Company continues to generate
strong cash flows from its Segilola mine and at the end of 2025 had a cash
balance of US$137 million.
In addition to using its internal cash flows, the Company is in discussions
with potential funding parties to support the construction of the Project.
A comprehensive financing strategy will be communicated alongside the Douta
Investment Decision expected in H1 2026.
NEXT STEPS
Thor will continue engaging with the Senegalese government and progressing
Douta towards start of construction in 2026 to achieve first gold in 2028.
Key next steps include:
· Commencement of detailed design
· Finalisation of Mining Convention
· Finalisation of financing package
· Ordering of long lead items
· Award of the EPC contract
· Continue evaluation and refinement of the metallurgical
recoveries of the oxide, transitional and refractory ores
Figure 8: Project Area Showing Geochemical Anomalies and Exploration
Opportunities
Figure 9: Southern Areas Showing Geochemical Anomalies and Exploration
Opportunities
QUALIFIED PERSONS
The technical content of this news release has been reviewed and approved by
the following Qualified Persons pursuant to NI 43-101 and the AIM Rules:
Mineral Resources: Alfred Gillman FAusIMM (CP), a full-time consultant to Thor and not
independent
Mineral Reserves: Dominic Claridge FAusIMM, AMC Consultants who is Independent of the Company
Metallurgy and Processing: Robert Chesher FAusIMM (CP), AMC Consultants who is Independent of the Company
Each QP has reviewed the relevant information in this release and consents to
its publication.
ADDITIONAL TECHNICAL INFORMATION
The full NI 43-101 Technical Report supporting the PFS will be filed on SEDAR+
within 45 days of this release.
GLOSSARY OF TECHNICAL TERMS
All-in Sustaining Cost (AISC) - A comprehensive measure of the total cost of
producing an ounce of gold (or another commodity) at a mine, which includes
direct production costs, sustaining capital expenditures, and other ongoing
operational costs required to maintain current production levels. AISC is used
to provide a more complete picture of the economic sustainability of a mining
operation.
Alternative Investment Market (AIM) - A sub-market of the London Stock
Exchange designed for smaller, high-growth companies seeking to raise capital.
AIM provides a platform for businesses that may not meet the full listing
requirements of the main market, offering greater flexibility and lower
regulatory burden. It is often used by mining, technology, and other emerging
industries to access public investment.
Au - chemical symbol for gold.
AusIMM - Australian Institute of Mining and Metallurgy.
Block Model - A three-dimensional grid-based model of a mineral deposit,
wherein each block represents estimated values such as grade, tonnage, and
density derived through geostatistical methods.
CDIs - Chess Depositary Interests.
Circa (c.) - A term used to indicate that a specific date, number, or event is
approximate or estimated.
CIL - Carbon in Leach processing.
CIM Definition Standards Guidelines - The CIM Definition Standards refer to a
set of guidelines developed by the Canadian Institute of Mining, Metallurgy
and Petroleum (CIM) for the classification and reporting of mineral resources
and reserves. These standards provide a consistent framework for how mineral
deposits should be defined, classified, and reported in Canada, ensuring that
the information is both reliable and transparent. The CIM Definition Standards
are aligned with the National Instrument 43-101 (NI 43-101) and are intended
to guide the preparation of technical reports on mineral projects.
CP - Chartered Professional (of the AusIMM) An AusIMM Chartered Professional
undergoes an accreditation process through the AusIMM Chartered Professional
Program. Chartered status represents excellence within a relevant discipline
and assurance of standards and professionalism for the mining industry.
Cut-off Grade - The lowest grade, or quality, of mineralised material that
qualifies as economically mineable and available in a given deposit. May be
defined on the basis of economic evaluation, or on physical or chemical
attributes that define an acceptable product specification.
Diamond Drilling (DDH) - A method of drilling that produces cylindrical core
samples using a diamond-impregnated bit; essential for detailed geological and
structural interpretation.
Felsic- Felsic refers to silicate minerals, magma, and rocks which are
enriched in the lighter elements such as silicon, oxygen, aluminium, sodium,
and potassium.
Fire Assay - Fire assay is a traditional and highly precise method used to
determine the gold content of a sample. In the Au-GRA21 method, the sample is
first subjected to a high-temperature fusion process, where it is mixed with
fluxes (such as lead oxide) and heated in a furnace to separate the gold.
After the fusion, the resulting lead bead, which contains the gold, is
separated and weighed. The gravimetric finish involves measuring the weight of
the bead and calculating the gold content based on this weight. This method is
considered one of the most accurate for determining gold content in ore
samples.
General and Administrative (G&A) - Refers to the overhead costs associated
with running a business or operation that are not directly tied to production
or manufacturing. These costs typically include salaries of senior management,
office supplies, legal fees, accounting services, and other corporate expenses
that support the day-to-day operations but do not contribute directly to the
production of goods or services.
Grade - Any physical or chemical measurement of the characteristics of the
material of interest in samples or product. Note that the term quality has
special meaning for diamonds and other gemstones. The units of measurement
should be stated when figures are reported.
g/t - Grams per tonne; a standard unit expressing the concentration of
precious metals in rock.
High Grade (HG) - Ore that contains a high concentration of gold compared to
the surrounding mineralisation.
"In-Pit Resources" - Resources which are constrained by optimisation pit
shells, with "current" economic inputs, which define minable mineralisation,
and demonstrates reasonable prospects for eventual economic extraction.
Inverse Distance Squared (ID²) - A spatial interpolation technique used in
geostatistics and geospatial analysis, where the value at a given point is
estimated as a weighted average of values from nearby known points. The
weighting decreases with increasing distance, with closer points contributing
more to the estimate than those farther away.
Indicated Resource - An 'Indicated Mineral Resource' is that part of a Mineral
Resource for which quantity, grade (or quality), densities, shape and physical
characteristics are estimated with sufficient confidence to allow the
application of Modifying Factors in sufficient detail to support mine planning
and evaluation of the economic viability of the deposit.
Inferred Resource - An 'Inferred Mineral Resource' is that part of a Mineral
Resource for which quantity and grade (or quality) are estimated on the basis
of limited geological evidence and sampling. Geological evidence is sufficient
to imply but not verify geological and grade (or quality) continuity. It is
based on exploration, sampling and testing information gathered through
appropriate techniques from locations such as outcrops, trenches, pits,
workings and drill holes.
Initial Rate of Return (IRR) - A financial metric used to evaluate the
profitability of an investment or project. The Initial Rate of Return (IRR)
represents the percentage return expected from the investment based on initial
capital expenditures and projected future cash flows. It is often used in
project evaluation to determine whether the expected returns justify the
investment.
km - Kilometres.
Kriging (Kr) - A geostatistical interpolation technique used to predict the
value of a spatially distributed variable at unsampled locations, based on
observed values at nearby locations.
Life of Mine (LOM) - The total period during which a mining operation is
expected to be economically viable, from the commencement of extraction to the
depletion of the mineral resource or ore body. It is determined based on the
size of the resource, extraction rate, and economic factors such as market
conditions and operational costs.
m - Metres.
Fellow of the Australasian Institute of Mining & Metallurgy (FAusIMM) -
FAusIMM is a professional designation conferred by the Australasian Institute
of Mining & Metallurgy (AusIMM) to individuals who have met the requisite
qualifications and experience in the mining and resources sector. This
membership grade signifies a commitment to professional development, adherence
to industry standards.
Mineralisation - Any single mineral or combination of minerals occurring in a
mass, or deposit, of economic interest. The term is intended to cover all
forms in which mineralisation might occur, whether by class of deposit, mode
of occurrence, genesis or composition.
Mineral Resource Estimate (MRE) - A quantitative estimate of the quantity,
quality, and grade of a mineral deposit, typically based on geological data,
sampling, and modelling techniques. MREs are classified according to
confidence levels, ranging from Inferred to Indicated and Measured resources,
with higher confidence estimates being supported by more extensive data and
detailed analysis.
Mining - All activities related to extraction of metals, minerals and
gemstones from the earth whether surface or underground, and by any method
(e.g. quarries, open cast, open cut, solution mining, dredging, etc).
Modifying Factors - are considerations used to convert Mineral Resources to
Ore Reserves. These include, but are not restricted to, mining, processing,
metallurgical, infrastructure, economic, marketing, legal, environmental,
social and governmental factors.
Moz - Million ounces.
MT - Million tonnes.
Net Present Value (NPV) - The post-tax, pre-debt real cash flow measure
derived by discounting future cash flows-accounting for operating costs,
capital expenditures, and forecast macro-economic parameters-to present value.
NI 43-101 - The National Instrument 43-101 (NI 43-101) is a Canadian
regulation that establishes standards for the disclosure of mineral
exploration, resource estimation, and mining technical information. It was
implemented by the Canadian Securities Administrators (CSA) to ensure that all
public companies in Canada adhere to consistent, rigorous scientific and
technical standards when reporting on mineral projects. NI 43-101 is widely
used in the mining industry for the preparation of technical reports,
particularly regarding mineral resources and reserves, to ensure the accuracy
and reliability of data presented to investors and stakeholders.
Open Pit - A surface mining method involving excavation of ore from an open
cut, applied in several Ariana projects such as Kiziltepe and Tavsan.
Ordinary Kriging (OK) - A commonly used geostatistical estimation method
assuming constant mean within a domain, producing optimal grade predictions
based on sample data. See Kriging.
Ore Reserve - An 'Ore Reserve' is the economically mineable part of a Measured
and/or Indicated Mineral Resource. It includes diluting materials and
allowances for losses, which may occur when the material is mined or extracted
and is defined by studies at Pre-Feasibility or Feasibility level as
appropriate that include application of Modifying Factors. Such studies
demonstrate that, at the time of reporting, extraction could reasonably be
justified.
Ore Loss - The portion of ore that is not recovered during the mining process,
typically due to inefficiencies in extraction, handling, or processing. Ore
loss can occur due to geological factors, equipment limitations, or
operational constraints and is a key consideration in determining the overall
efficiency and profitability of a mining operation.
oz - Troy ounce; a unit of weight used for precious metals, equivalent to
31.1035 grams.
Pre-Feasibility Study (PFS) - A Preliminary Feasibility Study (Pre-Feasibility
Study) is a comprehensive study of a range of options for the technical and
economic viability of a mineral project that has advanced to a stage where a
preferred mining method, in the case of underground mining, or the pit
configuration, in the case of an open pit, is established and an effective
method of mineral processing is determined. It includes a financial analysis
based on reasonable assumptions on the Modifying Factors and the evaluation of
any other relevant factors which are sufficient for a Competent Person, acting
reasonably, to determine if all or part of the Mineral Resources may be
converted to an Ore Reserve at the time of reporting. A Pre-Feasibility Study
is at a lower confidence level than a Feasibility Study.
Probable Ore Reserves - A Probable Ore Reserve is the economically mineable
part of an Indicated, and in some circumstances, a Measured Mineral Resource.
The confidence in the Modifying Factors applying to a Probable Ore Reserve is
lower than that applying to a Proved Ore Reserve.
Proved Ore Reserves - A Proved Ore Reserve is the economically mineable part
of a Measured Mineral Resource. A Proved Ore Reserve implies a high degree of
confidence in the Modifying Factors.
QA/QC - Quality Assurance and Quality Control; systematic procedures used to
ensure the integrity, precision, accuracy, and reproducibility of sampling and
analytical results.
Recovery - The percentage of material of interest that is extracted during
mining and/or processing. A measure of mining or processing efficiency.
Shear Zone - A structural feature comprising intensely deformed rock due to
differential movement, often serving as a conduit for mineralising fluids.
t - Metric Tonnes. An expression of the amount of material of interest
irrespective of the units of measurement.
Waste - The unintentional mixing of waste material with ore during the mining
process, leading to a decrease in the overall grade of the mined ore. Waste
dilution typically occurs during drilling, blasting, or handling, and can
affect the quality of the final product and the overall economics of a mining
operation.
ABOUT THOR
Thor Explorations Ltd. is a mineral exploration company engaged in the
acquisition, exploration, development and production of mineral properties
located in Nigeria, Senegal, Cote d'Ivoire and Burkina Faso. 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 and a 100% interest in the Guitry Gold Project in Cote
d'Ivoire. Thor Explorations trades on AIM and the TSX Venture Exchange under
the symbol "THX".
CONTACT
Thor Explorations Ltd
Email: info@thorexpl.com
Canaccord Genuity (Nominated Adviser & Broker)
James Asensio / Henry Fitzgerald-O'Connor / Harry Rees
Tel: +44 (0) 20 7523 8000
Hannam & Partners (Broker)
Andrew Chubb / Matt Hasson / Jay Ashfield / Franck Nganou
Tel: +44 (0) 20 7907 8500
BlytheRay (Financial PR)
Tim Blythe / Megan Ray / Said Izagaren
Tel: +44 207 138 3203
Yellow Jersey PR (Financial PR)
Charles Goodwin / Shivantha Thambirajah
Tel: +44 (0) 20 3004 9512
CAUTIONARY STATEMENT
This news release contains forward‑looking statements and forward‑looking
information. All statements herein, other than statements of historical fact,
relate to future events, results, outcomes or performance and are based on
expectations, estimates and projections as of the date of this release.
Forward‑looking statements include, without limitation, statements regarding
the results of the PFS, anticipated capital and operating costs, projected
economic outcomes, the ability to finance the Project, the timing and
advancement of development activities, the potential to bring the Project into
operation, future production expectations, and the intended use of proceeds.
Forward‑looking statements are often identified by words such as "may",
"could", "should", "would", "suspect", "outlook", "believe", "anticipate",
"estimate", "expect", "intend", "plan", "target", and similar expressions, or
by discussions of events or conditions that may occur in the future. Such
statements are subject to a variety of risks, uncertainties and
assumptions-many of which are beyond the Company's control-that could cause
actual results or events to differ materially from those expressed or implied.
These risks and uncertainties include, but are not limited to, changes in
economic conditions, variations in PFS assumptions, metallurgical performance,
permitting timelines, availability of financing, construction and operational
risks, commodity price fluctuations, and other factors that could affect the
Project's development.
Readers are cautioned that a PFS is preliminary in nature, includes
assumptions that may be refined through further technical work, and cannot
provide certainty that the Project will be realised as contemplated.
Forward‑looking statements speak only as of the date of this release. The
Company does not undertake any obligation to update or revise such statements
except as may be required by applicable law.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
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