# Thor Explorations Ltd. Announces Filing of NI 43-101 Technical Report on the Douta Gold Project, Senegal Canonical Atlas analysis: https://atlas-extractions.minestarters.com/news/thor-explorations-ltd-announces-filing-of-ni-43-101-technical-report-on-the-dout--38bf0dd6-5f6f-4355-a183-6d10504e1a0a Original source: https://money.tmx.com/en/quote/THX/news/6363225871949938/thor-explorations-ltd-announces-filing-of-ni-43-101-technical-report-on-the-dout Publisher: tmx Original announcement: 2026-03-13T07:00:00.000Z Analysis by Minestarters Atlas Atlas analysis published: Unknown date Atlas analysis updated: Unknown date - Company: Thor Explorations Ltd. - Ticker: THX - Exchange: TSX - Region: Senegal - Primary commodity: Gold - Secondary commodities: None reported - Document categories: Resource update, Other - Extracted: 2026-09-15 02:59:38 UTC Narrative sentiment: 0.80 · Bullish ## Minestarters Atlas summary Thor Explorations has filed a NI 43-101 technical report supporting a Pre-Feasibility Study \(PFS\) for the Douta Gold Project in Senegal. The PFS highlights a post-tax NPV5% of US$633 million and an IRR of 61%, supported by a mineral resource of 1.2Moz gold and a Probable Reserve of 1.2Moz gold. Reasoning: The filing of a NI 43-101 technical report supporting a PFS for a large gold project with strong economics is highly material, though the core data is a restatement of previously released results. - Positive factor: Strong PFS economics with US$633M post-tax NPV5% and 61% IRR - Positive factor: Significant gold resource scale \(1.2Moz total\) - Positive factor: Fast payback period of 11 months - Positive factor: Environmental approval \(ESIA\) obtained in January 2026 - Negative factor: Results are a restatement of PFS results previously reported in January 2026 Facts used in scoring: 3 ## Classification and evidence **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: The technical report was prepared in accordance with NI 43-101 standards. Evidence · text > prepared in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects \("NI 43-101"\) **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: The document provides an updated Mineral Resource Estimate \(MRE\) as part of a PFS filing. Evidence · text > Updated Douta MRE constrained within optimised pit shells ## Extracted facts Stored fact records: 3. Some facts used in scoring do not have a stored record. ## Resource Estimates (3) ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/thor-explorations-ltd-announces-filing-of-ni-43-101-technical-report-on-the-dout--38bf0dd6-5f6f-4355-a183-6d10504e1a0a#fact-resource-facts-0) Douta Gold Project · gold #### Identity - Project: Douta Gold Project - Commodity: gold - Region: senegal - Reported Region: Senegal - Ticker: THX #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - Resource group id: resource:a78cfacf5942eaba9bb5 - Deposit or zone: Douta #### Resource Data - Category: indicated - Tonnes: 50600000 - Grade: 1.04 - Grade Unit: g/t - Contained Metal: 1.7 - Contained Unit: moz #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-13T00:00:00.000Z Reasoning: Indicated resource provides a solid base for reserve conversion. - Positive factor: Large indicated resource component Evidence · text > Indicated Mineral Resource of 50.6 Mt grading at an average of 1.04 g/t Au for 1.7Moz Au #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No QP/CP Disclosure** Polarity: negative Definition: No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience. Why it applies: no Qualified or Competent Person is named anywhere in the release **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/thor-explorations-ltd-announces-filing-of-ni-43-101-technical-report-on-the-dout--38bf0dd6-5f6f-4355-a183-6d10504e1a0a#fact-resource-facts-1) Douta Gold Project · gold #### Identity - Project: Douta Gold Project - Commodity: gold - Region: senegal - Reported Region: Senegal - Ticker: THX #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - Resource group id: resource:de60fbd39aff73900002 - Deposit or zone: Douta #### Resource Data - Category: inferred - Tonnes: 9300000 - Grade: 0.92 - Grade Unit: g/t - Contained Metal: 273000 - Contained Unit: oz #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-13T00:00:00.000Z Reasoning: Inferred resource adds scale but carries higher geological risk. - Negative factor: Speculative category Evidence · text > Inferred Mineral Resource of 9.3 Mt grading an average of 0.92g/t Au for 273,000oz Au #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No QP/CP Disclosure** Polarity: negative Definition: No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience. Why it applies: no Qualified or Competent Person is named anywhere in the release **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### probable [Link to this fact](https://atlas-extractions.minestarters.com/news/thor-explorations-ltd-announces-filing-of-ni-43-101-technical-report-on-the-dout--38bf0dd6-5f6f-4355-a183-6d10504e1a0a#fact-resource-facts-2) Douta Gold Project · gold #### Identity - Project: Douta Gold Project - Commodity: gold - Region: senegal - Reported Region: Senegal - Ticker: THX #### Resource scope - Estimate type: reserve - Reporting standards: ni\_43\_101 - Resource group id: resource:e7cce802e17dafddb1db - Deposit or zone: Douta #### Resource Data - Category: probable - Tonnes: 36600000 - Grade: 1.03 - Grade Unit: g/t - Contained Metal: 1.2 - Contained Unit: moz #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-13T00:00:00.000Z Reasoning: Probable reserve provides the basis for the PFS economic model. - Positive factor: Demonstrated economic viability via PFS Evidence · text > MRE constitutes a Probable Reserve of 36.6 Mt grading at an average grade of 1.03 g/t Au for 1.2 Moz Au #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No QP/CP Disclosure** Polarity: negative Definition: No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience. Why it applies: no Qualified or Competent Person is named anywhere in the release **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ## How Atlas produces this analysis Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.