Thor Explorations files independent report for Douta gold project

(Alliance News) - Thor Explorations Ltd on Friday said it has filed an independent technical report on the Douta gold project in Senegal.

The Vancouver, Canada-based mining company said the NI 43-101 report supports the results of a previously reported pre-feasbility study for the development of the project.

It noted that there are no material differences in the report from those results.

The report puts the Douta project's net present value before tax at USD908 million, with a 73% internal rate of return.

After tax, it sees an NPV of USD633 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 USD3,500 per ounce.

It said the project has "significant leverage" to higher gold prices. At recent spot gold prices of around USD4,250, it said the pre-tax NPV rises to USD1.43 billion with an IRR of 102%.

Thor Explorations said the next steps for the project are the finalisation of the mining convention with the Sengalese government.

It also expects to start detailed design, the ordering of long-lead items and to award the engineering, procurement, and construction contract in the first half of 2026.

Shares in Thor Explorations were down 1.9% at 78.95 pence on Friday morning in London.

By Michael Hennessey, Alliance News reporter

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