- Thor Explorations Ltd (DI)
- 08 September 2025 11:05:40
Source: Sharecast
The AIM-traded company signed a binding agreement with International Mining Company to acquire its outstanding interest in Douta, increasing its stake from 70% to 100%.
It said the deal, which remained subject to approval from Senegal’s Minister of Mines, involved a cash payment of $3m and a 1.5% net smelter royalty capped at $60m.
Half of the cash consideration was payable on signing, with the balance due at completion.
Alongside the acquisition, Thor said it had taken an initial 65% stake in the Bousankhoba exploration permit, located immediately east of Douta West.
Early-stage exploration at the site had identified multiple geochemical targets over an 18 kilometre strike length, including the Massa Massa and Sekhoto prospects, where historical trenching and drilling returned encouraging results such as 10 metres at 3.6 grams per tonne of gold and two metres at 52 grams per tonne.
The earn-in terms included a minimum exploration programme over 24 months and a $160,000 payment within the first six months.
“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 president and chief executive Segun Lawson.
“This is an acquisition of the remaining 30% economic interest in the Douta Project that we did not previously own.”
He added that securing full ownership would allow for “an efficient development process and full exposure to the project economics prior to the Government's 10% free carried interest”.
On the new permit, Lawson said: “We are also delighted to have completed the acquisition of a 65% joint venture initial interest in the Bousankhoba Permit.
“This permit increases the footprint of the Douta Project for regional exploration.
“Historical drilling at Bousankhoba shows encouraging mineralisation that potentially could be extensions to mineralisation being presently tested at Baraka 3.”
Thor said it was still on track to deliver a preliminary feasibility study for Douta in the fourth quarter of 2025, now on a 100% ownership basis.
At 1041 BST, shares in Thor Explorations were up 4.78% at 70.2p.
Reporting by Josh White for Sharecast.com.
