Thor Explorations Ltd. said it has completed a pre-feasibility study and updated resource and reserve work for the 100% owned Douta Gold Project in Senegal.

The company said the study includes an updated mineral resource estimate and a maiden mineral reserve prepared under NI 43-101.

Thor said the PFS base case uses a US$3,500 per ounce gold price assumption and shows a pre-tax NPV5% of US$908 million and a pre-tax IRR of 73% on a 100% equity basis. It said low initial project capital is estimated at US$254 million, with first production targeted for early 2028.

President and CEO Segun Lawson said: “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.”

He added: “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. 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.”

Thor said it ended 2025 with a cash balance of about US$137 million and intends to progress Douta toward construction while continuing exploration in Senegal.

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