Thor Explorations reports 'robust' study at Doula Gold Project
By Josh White
Date: Monday 26 Jan 2026
(Sharecast News) - Thor Explorations said in an update on Monday that a pre-feasibility study had outlined "a robust, long-life gold project with strong economics" at its 100%-owned Douta Gold Project in Senegal, with the base case showing a pre-tax net present value at a 5% discount of $908m and an internal rate of return of 73% at a long-term gold price assumption of $3,500 per ounce.
On a post-tax basis, the AIM-traded company reported an NPV5% of $633m and an IRR of 61%, calculated using statutory Senegalese tax rates and excluding any fiscal incentives expected under a mining convention that was still being negotiated.
Under the study, Douta was expected to deliver 1.0Moz of gold over a 12.6-year mine life from 37Mt of mill feed grading 1.03 grams of gold per tonne, containing 1.2Moz.
The project has a two-phase production profile, starting with an oxide and transitional ore phase and moving to a primary ore phase using the same carbon-in-leach circuit enhanced by a suspension roaster.
Thor said the first four years would produce about 411,000 ounces at an all-in sustaining cost of $1,493 per ounce, generating pre-tax cashflow of $814m and an 11-month payback from the start of processing, with post-repayment net cashflow of $561m.
The firm also presented a higher-gold-price sensitivity, saying that at a spot gold price of around $4,250 per ounce the pre-tax NPV5% would increase to $1.43bn with an IRR of 102% and anticipated payback of nine months.
Initial project capital was put at about $254m, with life-of-mine AISC of roughly $1,890 per ounce.
The company said the project was expected to be funded from its cash reserves and project financing, adding that the Ministry of Environment approved the environmental and social impact assessment in January.
"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," said president and chief executive Segun Lawson.
"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.
"Having finished 2025 with a strong cash balance of approximately $137m 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."
Alongside the study, Thor published an updated mineral resource estimate, constrained within optimised pit shells, showing an indicated resource of 50.6Mt at 1.04 grams per tonne for 1.7Moz, and an inferred resource of 9.3Mt at 0.92 grams per tonne for 273,000oz, both using a long-term gold price of $4,000.
The estimate covers the Makosa, Makosa Tail and Baraka 3 prospects, and Thor said the deposits remained open along strike and down dip.
It also reported a maiden mineral reserve, stating the resource "constitutes a probable reserve of 36.6 Mt grading at an average grade of 1.03 grams of gold per tonne for 1.2 Moz gold" using a long-term gold price of $3,000/oz.
Thor said it had signed a binding sale and purchase agreement with Birima Resources to acquire Birima's remaining 30% interest in the Douta West permit for $1.5m at signing, a further $3.5m at a decision to mine, and a 1.25% net smelter royalty capped at $7m.
"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," Lawson said.
On timing, the company said conventional open-pit mining is scheduled to begin at the end of 2027, with commissioning and ramp-up in the first quarter of 2028, and that first production was targeted for early 2028.
Thor said next steps included finalising the mining convention with the Government of Senegal, starting detailed design, ordering long-lead items and awarding an EPC contract in the first half of 2026, while continuing exploration across the permit package with a budgeted 40,000-metre drilling programme through 2026 and a resource update targeted for the third quarter.
At 1251 GMT, shares in Thor Explorations were up 6.92% at 97.3p.
Reporting by Josh White for Sharecast.com.
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