• Thor to acquire remaining 30% stake in Douta, raising ownership to 100%
• Deal worth $3 million plus 1.5% royalty, pending government approval
• Prefeasibility study expected in Q4 2025 to outline mine costs and output

Thor Explorations announced today it has signed an agreement to acquire the 30% interest held by International Mining Company SARL (IMC) in the Douta gold project in Senegal. The deal, which still requires final approval from the Ministry of Mines, would give the Canadian junior full ownership of the deposit, estimated at 1.7 million ounces of mineral resources, or about 53 tons of gold.

Thor currently owns 70% of Douta under a 2011 acquisition agreement. To secure the remaining stake, it plans to pay IMC $3 million in cash. IMC will also receive a 1.5% royalty on revenues from any future gold mine at Douta.

Such transactions are common in the mining industry, allowing a single operator to take full control of an advanced asset and plan its development. Thor’s announcement comes as it prepares a prefeasibility study for Douta, expected in the fourth quarter of 2025, which will outline initial mine economics, including development costs and production forecasts.

“With the prefeasibility study at an advanced stage, the acquisition is strategically compelling. Full ownership ensures an efficient development process and complete exposure to the project’s economics before the state’s 10% free carry,” said Thor CEO Segun Lawson.

Douta is one of several projects advancing in Senegal’s gold sector. Fortuna Mining is developing the Diamba Sud deposit, with plans to build a gold mine at a cost of CFA150 billion (about $268 million). These projects add to the country’s growing industry, which recently welcomed a third industrial mine alongside Mako and Sabodala-Massawa.