Thor Explorations Ltd (TSX-V:THX, AIM:THX, OTC:THXPF, FRA:T2X) has filed the NI 43-101 technical report for its Douta gold project in Senegal, formalising a pre-feasibility study that points to a high-return development and keeps the company on track for first production in early 2028.
The numbers, which were previously set out in January, show that the project carries a pre-tax net present value of US$908 million, on a 73% internal rate of return (IRR), and post-tax NPV stands at US$633 million and a 61% IRR, based on a long-term gold price of US$3,500 an ounce.
In terms of the early-stage economics, Douta could produce 411,000 ounces over its first four years from oxide and transitional ore at an all-in sustaining cost of US$1,493 per ounce.
That would generate enough cash flow to repay project capital within 11 months of processing starting. Initial capital was estimated at US$254 million, with Thor saying the project is expected to be funded from cash reserves and project financing.
Over the full mine life, the study outlined 1 million ounces of gold production over 12.6 years.
Thor also updated the mineral resource estimate to 1.7 million ounces indicated and 273,000 ounces inferred, while flagging a 40,000 metre drilling campaign through 2026 to define additional oxide ore.
Next steps include finalising the mining convention with Senegal, moving into detailed design, ordering long-lead items and awarding the EPC contract in the first half of 2026.