Thor Explorations Ltd. has agreed to acquire the remaining 30% economic interest in the Douta gold project, in Senegal, from JV partner.
The transaction increases Thor’s ownership in the project from 70% to 100%.
The deal includes a cash payment of US$3 million and a 1.5% net smelter royalty, capped at US$60 million.
Thor has also secured a 65% initial interest in the Bousankhoba exploration permit, which lies adjacent to its Douta West licence.
“We are delighted to have agreed terms and signed binding agreements with IMC, our Douta Project joint venture partner, to complete this important and strategic acquisition,” said chief executive Segun Lawson.
“We appreciate the significant role of IMC in assisting our journey in Senegal since the acquisition of our initial interest in Douta as a grass roots exploration project.”
He added: “With the Douta Project Preliminary Feasibility Study at an advanced stage, there is compelling strategic rationale for the acquisition.
“This is a project we are very much looking forward to building. Owning it on a 100% basis allows for an efficient development process and full exposure to the project economics prior to the Government’s 10% free carried interest.”
Thor expects to deliver the key study in the fourth quarter of 2025.
