Name of the Project
Douta gold project.

Location
Eastern Senegal, within the Birimian rocks of the Kéniéba Inlier.

Project Owner/s
Canadian-listed gold exploration and development company Thor Explorations.

Project Description
Thor Explorations is progressing the Douta gold project following the completion of a prefeasibility study (PFS), an updated mineral resource estimate and a maiden mineral reserve. 

The updated mineral resource, constrained within optimised pit shells, comprises an indicated mineral resource of 50.6-million tonnes grading 1.04 g/t gold and an inferred mineral resource of 9.3-million tonnes grading 0.92 g/t gold. 

The mineral resource comprises a probable reserve of 36.6-million tonnes grading 1.03 g/t gold. 

The PFS is based on conventional openpit mining and a two-phase processing strategy over a 12.6-year life-of-mine (LoM). 

During the four-year oxide ore phase, oxide and transitional ore are planned to be processed through a conventional carbon-in-leach (CIL) circuit, delivering average production of about 103 000 oz/y of gold.Total production from oxide and transitional feed is forecast at about 413 000 oz in the first four years.

During the primary ore phase, fresh ore is planned to be mined and processed through the same CIL circuit enhanced by a suspension roaster, with average production of about 61 000 oz/y over a further 7.8 years. 

In addition, about 2.3-million tonnes of oxide and transitional material mined during excavation of the primary ore pits are planned to be processed for about seven months at the end of the mine life, yielding about 47 000 oz. 

Overall, the PFS outlines a long-life production profile delivering about one-million ounces of gold from 37-million tonnes of mill feed grading an average of 1.03 g/t gold over the LoM.

Potential Job Creation
Not stated.

Net Present Value/Internal Rate of Return
The base case shows a pretax net present value, at a 5% discount rate, of $908-million and an internal rate of return of 73%, with a payback of 11 months.

Capital Expenditure
Low initial project capital is estimated at $254-million.

Planned Start/End Date
Conventional openpit mining is scheduled to start at the end of 2027, with plant commissioning and ramp-up during the first quarter of 2028.

Latest Developments
The Ministry of Environment approved the project’s environmental- and social-impact assessment in January 2026. 

Thor has also signed a binding sale and purchase agreement to acquire its Douta-West permit joint venture partner’s remaining 30% interest in the Douta-West permit, positioning the company for 100% ownership of the Douta and Douta-West licences on a 100% equity basis. 

The next steps include finalisation of the mining convention with the government of Senegal, the start of detailed design, the ordering of long-lead items and the award of the engineering, procurement and construction contract in the first half of 2026.

Key Contracts, Suppliers and Consultants
Not stated.

Contact Details for Project Information
Thor Explorations, tel +1 778 658 6391 or email info@thorexpl.com.