Douta Project-[DRAFT]

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Douta Project

DOUTA PROJECT OVERVIEW

The Douta Project is located within the Birimian rocks of the Kéniéba inlier, in eastern Senegal and comprises the northeast trending mining lease application, De11618 that covers an area of 58 square kilometres (“km²”) together with the Douta-West (EL03709) and Bousankhoba (EL02254) exploration permits.

Thor, through its wholly owned subsidiary African Star Resources Incorporated (“African Star”), has a 100% economic interest in both DE11618 and EL03709 which, together, encompass all the known resources that have been defined to date. The recently acquired Bousankhoba permit, in which Thor has 65% interest, covers additional prospective geology along strike from the recently discovered Baraka 3 deposits (Figure 1).

Thor acquired its initial interest in the Douta Project in 2011 and drilled the discovery hole in the deposit in 2012.

Figure 1: Douta Project Location Map

PROJECT OVERVIEW

Table 1 includes operational and financial highlights at a flat long-term base-case gold assumption of US$3,500/oz.

Metric	Units	Oxide Ore Phase Only	Oxide & Primary Ore Phases
Production
Total ore mined	Mt	15.9	36.6
Total material mined	Mt	62.6	209.3
Strip ratio	x:x	2.9	4.7
Total ore processed	Mt	15.7	36.0
Head grade	g/t	0.9	1.0
Recovery	%	87.9%	84.7%
Gold recovered	koz	411	1,026
Production Costs
Mining cost	$/t mined	3.3	3.2
Cash operating cost	$/t ore processed	33.0	47.4
Cash operating cost	$/oz	1,262	1,664
AISC	$/oz	1,493	1,890
Capital Costs
Phase 1 capital	$m	253.5	253.5
Phase 2 capital	$m	–	60.1
Sustaining capital	$m	23.0	53.0
Closure costs	$m	10.0	10.2
Financial
Gross Revenue	$m	1,437	3,590
Pre-tax NPV5	$m	449	908
IRR	%	72%	73%

Conventional open‑pit mining is scheduled to commence at the end of 2027, with plant commissioning and ramp‑up during the first quarter of 2028. The Project envisages a 12.6 year LOM, comprising two phases:

Oxide Ore Phase currently spans four years of mining and processing oxide and transitional ores through a conventional Carbon In Leach (“CIL”) circuit, delivering average annual production of 103koz.
Primary Ore Phase continues operations for a further 7.8 years, during which fresh ore will be mined and processed through the same CIL circuit enhanced by a suspension roaster, producing an average of 61koz per annum. An additional 2.3 million tonnes of oxide and transitional material, mined during the excavation of the Primary Ore Phase fresh ore pits, is processed for seven months at the end of the mine life, yielding 47koz.

Thor has a strong track record of resource growth at Douta. Ongoing exploration will initially focus on identifying additional oxide material with the aim of extending and enhancing the LOM. If successful, this additional material would likely supplement the Oxide Ore Phase feed and be processed ahead of the Primary Ore Phase.

Figure 2: Production Profile and AISC (US$/oz)

In the first four years of oxide and transitional ore feed, production is 413koz at an AISC of US$1,493/oz. At the base case gold assumption of US$3,500/oz and with a first 18-month production of 180koz, payback would be achieved in one year.

Figure 3: Free Cash Flow Profile (US$m)

The pre-tax NPV sensitivity comparing varying discount rate percentages and gold price is presented in Table 2. The base case result for the Project is highlighted in bold.

Table 2: Sensitivity of pre-tax NPV5% (US$M) to Discount Rate and Gold Price (US$/oz) (Base case US$3,500/oz)

	NPV US$m
	0.00%	5.00%	10.00%
Gold Price (US$/oz)
3,000	840	561	379
3,500	1,327	908	634
4,000	1,815	1,255	888
4,500	2,302	1,603	1,143

The post-tax NPV sensitivity comparing varying discount rate percentages and gold price is presented in Table 3. The base case result for the Project is highlighted in bold.

Table 3: Sensitivity of post-tax NPV5% (US$M) to Discount Rate and Gold Price (US$/oz) (Base case US$3,500/oz)

	NPV US$m
	0.00%	5.00%	10.00%
Gold Price (US$/oz)
3,000	584	387	257
3,500	928	633	438
4,000	1,271	878	618
4,500	1,615	1,123	798

The Post‑tax results exclude fiscal incentives expected under the Mining Convention. Tax has been modelled using a standard loss‑pool approach with the statutory 30% corporate tax rate. The 10% State free‑carried interest required under Senegalese law is not yet applied and will be incorporated after the Mining Convention is agreed.

MINERAL RESOURCE ESTIMATE

The MRE encompasses the Makosa, Makosa Tail and Baraka 3 Prospects, which are collectively referred to as the Douta Project.

The MRE is based on data obtained from a total of 69,598 metres (“m”) of drilling comprising 2,936m of diamond drilling and 66,662m of Reverse Circulation (“RC”) drilling.

The MRE is reported at a cut-off grade of 0.3g/t Au within optimised shells using a gold price of US$4,000.

Table 4: Douta Gold Project Total Classified Mineral Resource Estimate Summary, January 2026 (reported at cut-off grade of 0.3g/t Au)

Classification	Tonnes (Mt)	Grade (g/t Au)	Contained Gold (Moz)
Indicated	50.6	1.04	1.7
Inferred	9.3	0.92	0.27

Table 5: Douta Gold Project Total Classified Mineral Resource Estimate Summary by Weathering Zone, January 2026 (reported at cut-off grade of 0.3g/t Au)

Classification	Weathering Zone	Code	Tonnage (MT)	Grade (g/t Au)	Contained Gold (Moz)
Indicated	Strongly Oxidised	SOX	1.3	1.09	0.05
Indicated	Moderately Oxidised	MOX	9.4	1.02	0.31
Indicated	Weakly Oxidised	WOX	7.3	1.01	0.24
Indicated	Fresh	FRS	32.6	1.06	1.11
Indicated	Total		50.6	1.04	1.70

Classification	Weathering Zone	Code	Tonnage (MT)	Grade (g/t Au)	Contained Gold (Moz)
Inferred	Strongly Oxidised	SOX	0.1	0.64	0.00
Inferred	Moderately Oxidised	MOX	1.2	0.67	0.03
Inferred	Weakly Oxidised	WOX	0.6	0.72	0.01
Inferred	Fresh	FRS	7.4	0.98	0.23
Inferred	Total		9.3	0.92	0.27

Table 6: Douta Gold Project Mineral Resource Estimate by Area, January 2026 (reported at cut-off grade of 0.3g/t Au

Classification	Deposit	Tonnage (MT)	Grade (g/t Au)	Contained Gold (Moz)	Thor Interest %
Indicated	Makosa North	9.9	1.08	0.34	100
Indicated	Makosa	20.6	1.06	0.70	100
Indicated	Makosa East	8.3	0.92	0.25	100
Indicated	Makosa Tail	10.6	1.03	0.35	100
Indicated	Baraka 3	1.1	1.43	0.05	100
Indicated	Total	50.6	1.04	1.70

Classification	Deposit	Tonnage (MT)	Grade (g/t Au)	Contained Gold (Moz)	Thor Interest %
Inferred	Makosa North	4.8	1.02	0.16	100
Inferred	Makosa	1.5	0.95	0.05	100
Inferred	Makosa East	1.3	0.87	0.04	100
Inferred	Makosa Tail	1.4	0.57	0.03	100
Inferred	Baraka 3	0.2	0.99	0.01	100
Inferred	Total	9.3	0.92	0.27

Table 7: Douta Gold Project Mineral Resource Estimate by Area and Weathering Zone, January 2026 (reported at cut-off grade of 0.3g/t Au)

Classification	Deposit	Code	Tonnage (MT)	Grade (g/t Au)	Contained Gold (x1000oz)
Indicated	Makosa North	SOX	0.1	1.08	4
Indicated	Makosa North	MOX	2.0	1.10	70
Indicated	Makosa North	WOX	2.0	1.11	72
Indicated	Makosa North	FRESH	5.8	1.06	197
Indicated	Makosa North Total		9.9	1.08	342
Indicated	Makosa	SOX	1.0	1.11	36
Indicated	Makosa	MOX	2.9	1.08	100
Indicated	Makosa	WOX	2.1	1.06	72
Indicated	Makosa	FRESH	14.6	1.06	496
Indicated	Makosa Total		20.6	1.06	704
Indicated	Makosa East	SOX	0.1	0.93	4
Indicated	Makosa East	MOX	2.1	0.85	56
Indicated	Makosa East	WOX	1.7	0.84	45
Indicated	Makosa East	FRESH	4.5	0.98	141
Indicated	Makosa East Total		8.3	0.92	246
Indicated	Makosa Tail	SOX	0.1	0.79	1
Indicated	Makosa Tail	MOX	1.8	0.88	49
Indicated	Makosa Tail	WOX	1.4	0.93	43
Indicated	Makosa Tail	FRESH	7.5	1.09	261
Indicated	Makosa Tail Total		10.7	1.03	355
Indicated	Baraka 3	SOX	0.0	1.60	2
Indicated	Baraka 3	MOX	0.7	1.42	34
Indicated	Baraka 3	WOX	0.2	1.35	9
Indicated	Baraka 3	FRESH	0.2	1.53	8
Indicated	Baraka 3 Total		1.1	1.43	53
Total			50.6	1.04	1,700

Classification	Deposit	Code	Tonnage (MT)	Grade (g/t Au)	Contained Gold (x1000oz)
Inferred	Makosa North	SOX	0.0	0.61	0.1
Inferred	Makosa North	MOX	0.1	0.68	1.9
Inferred	Makosa North	WOX	0.1	0.68	1.5
Inferred	Makosa North	FRESH	4.7	1.03	154.9
Inferred	Makosa North Total		4.8	1.02	158.3
Inferred	Makosa	SOX	0.0	0.62	0.6
Inferred	Makosa	MOX	0.3	0.73	5.9
Inferred	Makosa	WOX	0.1	0.77	3.6
Inferred	Makosa	FRESH	1.1	1.03	35.5
Inferred	Makosa Total		1.5	0.95	45.6
Inferred	Makosa East	SOX	0.0	0.53	0.4
Inferred	Makosa East	MOX	0.4	0.65	7.5
Inferred	Makosa East	WOX	0.2	0.81	4.6
Inferred	Makosa East	FRESH	0.8	0.99	25.1
Inferred	Makosa East Total		1.3	0.87	37.5
Inferred	Makosa Tail	SOX	0.0	0.52	0.5
Inferred	Makosa Tail	MOX	0.3	0.50	5.3
Inferred	Makosa Tail	WOX	0.3	0.62	5.0
Inferred	Makosa Tail	FRESH	0.8	0.58	15.1
Inferred	Makosa Tail Total		1.4	0.57	25.8
Inferred	Baraka 3	SOX	0.0	1.09	0.5
Inferred	Baraka 3	MOX	0.2	0.98	5.1
Inferred	Baraka 3	WOX	0.0	0.88	0.3
Inferred	Baraka 3	FRESH	0.0	1.27	0.1
Inferred	Baraka 3 Total		0.2	0.98	6.0
Total			9.3	0.92	273.2

Open Pit Mineral Resources are reported in situ at a cut-off grade of 0.30 g/t Au. An optimised Whittle shell (US$4,000) was used to constrain the resources.
The Mineral Resource is considered to have reasonable prospects for economic extraction by open pit mining methods above a 0.30 g/t Au and within an optimised pit shell.
Cut-off grade varied from 0.27 g/t to 0.30 g/t in a pit shell based on mining costs, metallurgical recovery, milling costs and G&A costs.
Metallurgical and mining recovery factors have been applied.
Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability.
Totals may not add exactly due to rounding.
Resources reported as totals, minor equity portion is not deducted.
The statement used the terminology, definitions and guidelines given in the CIM Standards on Mineral resources and Mineral Reserves (May 2014) as required by NI 43-101.
Bulk density is assigned according to weathering profile with a weighted average of 2.78.
The resource estimate was prepared by Mr Alfred Gillmam, who is a qualified person (“QP”) under NI 43-101and is not independent of the Company.

Mineral Resources for the Douta Project are estimated for five gold deposits and prospects located on the Douta and the Douta West exploration permit (Figure 1). Separate blocks models cover the Makosa, Makosa Tail, and Baraka 3 deposits. The Makosa block model encompasses the Makosa, Makosa North, and Makosa East deposits. Mineral Resources are reported inclusive of Mineral Reserves at an effective date of 24 January 2026 (Table 4).

The methods, parameters, assumptions, and support data used for the Douta block models, which date back to 2023, were reviewed to ensure they remain current. Models have been updated as required to either include new information or revised cost assumptions such as gold price and operation costs.

The same overall approach was used for each model whereby block grade and density estimates are constrained by domains representing the mineralisation, lithology, and weathering surfaces. Mineral Resources are reported within pit shells generated by AMC Consultants. Only classified blocks greater than or equal to the open pit cut-off grades and within the open pit shells are reported.

MINERAL RESOURCE ESTIMATE (Continued)

Table 8 shows a summary of the Douta Project Mineral Reserves, which have been reported in accordance with CIM standards.

Table 8: Summary of Mineral Reserve Estimate for the Douta Project

Area	Classif- ication	Oxide			Transitional			Fresh			Total
Area	Classif- ication	Tonnes (MT)	Grade (g/t)	Au oz (x1000)	Tonnes (MT)	Grade (g/t)	Au oz (x1000)	Tonnes (MT)	Grade (g/t)	Au oz (x1000)	Tonnes (MT)	Grade (g/t)	Au oz (x1000)
Makosa Main	Probable	8.7	0.88	246	5.6	0.91	164	14.1	1.13	512	28.4	1.01	922
Makosa Tail	Probable	1.7	0.82	45	1.2	0.89	34	4.4	1.25	177	7.3	1.09	256
Total Makosa	Probable	10.4	0.87	291	6.8	0.91	199	18.5	1.16	690	35.6	1.03	1,179
Baraka 3	Probable	0.8	1.13	29	0.2	0.98	6	0.001	1.46	0.47	1	1.11	36
Douta Total	Probable	11.1	0.89	318	7	0.91	205	18.5	1.16	690	36.6	1.03	1,212

CIM Definition Standards for Mineral Resources and Mineral Reserves (CIM, 2014) were used for reporting of Mineral Reserves.
Mineral Reserves are estimated using a long-term gold price of US$3,000 per troy ounce for all mining areas.
Mineral Reserves are stated in terms of delivered tonnes and grade before process recovery.
Mineral Reserves are defined by pit optimisation and engineered pit design.
Mineral Reserves are based on variable break-even cut-offs as generated by metallurgical recoveries and costs. Baraka 3 also incurs an ore haulage cost due to its distance from the proposed processing plant.
Cut-off grades range from 0.28 g/t to 0.51 g/t for Makosa and 0.35 g/t to 0.43 g/t for Baraka 3.
Metal recoveries are variable dependent on material type and mining area.
Open-pit dilution and geological ore loss is applied through the regularisation of the Mineral Resource model to pre-determined Selective Mining Unit (SMU) blocks.
The Mineral Reserve estimate was undertaken using the Deswik mine planning software (Version 2025.2) and demonstrated that mining of the Makosa, Makosa Tail and Baraka 3 deposits at the Douta project is practical and economically viable.
The effective date of Mineral Reserves is January 2026.
Tonnage and grade measurements are in metric units. Contained Au is reported as troy ounces.

The Mineral Reserve estimate was prepared by Mr Dominic Claridge of AMC Consultants, who is a qualified person (“QP”) under NI 43-101and is independent of the Company.

TECHNICAL AND MODIFYING FACTORS

Sample Analysis and Database

Drilling has been almost exclusively sampled on 1m intervals with the main laboratory for analysis being ALS Global’s laboratory in Bamako, Mali. Split samples ranging in weight from 0.5 kilogram (“kg”) to 3.5kg, with an average of 2.3kg were collected for analysis. After the sample preparation a fire assay with an atomic absorption finish on a 50 grammes subsample of the pulp (AA26), was completed. Standard QA/QC protocols were followed with inserts of certified standards, blanks and duplicates representing approximately 10% of all analyses. The Company’s DataShed5 database is maintained by MaxGeo (Western Australia).

Estimation Parameters

An Inverse Distance grade estimation was carried out within hard geological boundaries defined by a numerical model. Ordinary Kriging has been used to validate the Inverse Distance estimation results.

Separate numerical models were generated for Makosa Tail, Makosa North and East and Baraka 3.

A weathering model was developed to assign bulk densities based on weathering state.

Managing High Grade Samples

A capping level (top cut) of 10g/t Au is applied to all Makosa domains. An 8g/t Au top cut was applied to the Baraka 3 grade estimates.

Figure 4: Makosa Resource Area Location Map

Figure 5: Baraka 3 Resource Area Location Map

Estimation Methodology

Block grades were estimated using the inverse distance squared (ID²) method. All estimates used a single-pass approach with sufficiently large search ellipses to ensure all blocks within the domains were filled. Only diamond core and reverse circulation drilling data was used to estimate block grades. The Ordinary Kriging (OK) interpolation was used to compare with the ID² method. Variogram models were generated for use in domains estimated by Ordinary Kriging.

Classification

Mineral Resource classifications have been reported in accordance with the CIM Definition Standards for Mineral Resources and Mineral Reserves (CIM, 2014). Resource classification is primarily based on drillhole spacing and grade continuity and is manually assigned using resource classification wireframes. Portions of the resources that are drilled at intervals between 25m and 50m are classified as Indicated. Areas where drillhole spacing exceeds 50m are classified as Inferred.

Mineral Resource and Reserve Constraints

To test the reasonable prospects for eventual economic extraction, the Douta Mineral Resource is constrained by an optimised pit shell (revenue factor of 1) defined by the parameters shown in Table 9.

The Mineral Reserve was constrained by pit designs developed from optimised pit shells using the same inputs, with the exception of the gold price.

It should be noted that Mining Recovery and Mining Dilution were not applied in the optimisation as they were applied to the geological model prior to the optimisation process.

Table 9: Open Pit Optimisation Parameters

Parameter	Value
Mining Costs (all deposits)
Fixed Mining Cost – Oxide ($/t mined)	$2.75
Fixed Mining Cost – Transitional ($/t mined)	$2.75
Fixed Mining Cost – Fresh ($/t mined)	$2.90
Total Ore Mining Cost – Oxide ($/t ore)	$2.00
Total Ore Mining Cost – Transitional ($/t ore)	$2.00
Total Ore Mining Cost – Fresh ($/t ore)	$2.00
Mining Recovery – Makosa	100%
Mining Dilution – Makosa	0%
Mining Recovery – Baraka 3	100%
Mining Dilution – Baraka 3	0%
Ore Haulage
Variable Ore Haulage Cost ($/tkm)	$0.15
Ore Haulage Distance – Baraka (km)	35
Fixed Ore Haulage Cost ($/t ore)	$0.50
Processing Costs – Makosa
Oxide ($/t processed)	$17.50
Transitional ($/t processed)	$17.50
Makosa Main Fresh ($/t processed)	$35.76
Makosa Tail Fresh ($/t processed)	$35.76
Processing Costs – Baraka 3
Oxide ($/t processed)	$17.50
Transitional ($/t processed)	$17.50
Fresh ($/t processed)	$18.50
General & Administration Costs
G&A Cost – All ($/t processed)	$3.25
Processing Recovery – Makosa
Oxide	92.50%
Transitional (excluding Makosa East)	82.65%
Transitional Makosa East	72.80%
Makosa Main Fresh	81.00%
Makosa Tail Fresh	88.00%
Processing Recovery – Baraka 3
Oxide	92.50%
Transitional	90.00%
Fresh	76.00%
Geotechnical Parameters (overall pit wall angles) – Makosa
SOX and MOX	34 degrees
WOX	36 degrees
Fresh Rock – hanging wall	51 degrees
Fresh Rock – Makosa Main footwall	44 degrees
Fresh Rock – Makosa Tail footwall	39 degrees
Revenue Parameters
Reserve Gold Price	$3,000
Reserve Material Considered	Indicated
Resource Gold Price	$4,000
Resource Material Considered	Indicated & Inferred
Government Royalty	5%
TCRC Costs – fixed	$15/oz
TCRC Costs – Variable	0.4% gold value

STUDY OVERVIEW

The PFS is based on five open-pit gold deposits feeding a central gold processing facility (Figure 6)

Figure 6 Douta Gold Project Site Layout

Mining

The deposits at the Douta project will be mined by conventional truck / shovel open pit operations. Pit optimisations were conducted using the Mineral Resource geological models and other factors. This exercise produced the optimal economic pit shells under the given parameters. Engineered pit designs were constructed based on the RF=1.0 shell for each deposit. These designs incorporated geotechnical and practical aspects such as ramp access.

Mining costs were estimated based on existing contracts and feedback from potential contractors which align with values for similar West African operations. Costs varied for different oxidation states with additional costs applied to ore mining.

A mining and processing schedule was developed to demonstrate that the Mineral Reserve material could be successfully mined both practically and economically. Figure 7 shows the ore processed on an annual basis over the course of the mining schedule.

Figure 7: Ore processed during the life of the project

Metallurgical

The recoveries were developed from test work completed at IMO, Perth and North East University (NEU), China. IMO tested samples supplied by Thor from single RC drillholes and diamond drillholes. Samples were selected by ore types classified as oxide, transition, and fresh and by orebody location. Sub samples of two master composites of fresh ore type were delivered to NEU, China for testing of the suspension roasting process after determination by IMO of the low recovery performance of the fresh ores to cyanide leaching.

IMO characterised the ores by four acid digestion with ICP-OES finish and fire assay for gold, mineralogical analysis, diagnostic leaching and determination of preg-robbing indices. Oxide ores were characterised by low sulphur content. Fresh ores had sulphur contents up to approximately 3%. Transition ores had intermediate sulphur contents. The organic carbon content (graphitic) was variable across all ore types but most strongly associated with fresh ores and exhibited preg-robbing properties aligned with the organic carbon content.

Diagnostic leaching demonstrated that gold in the oxide ores was amenable to cyanide leaching, The gold in fresh ores was distributed in the general ore matrix, in sulphides and locked in silicates. Gold in sulphides and silicates was not recoverable by cyanide leaching. Transition ores exhibited intermediate behaviour due to intermediate sulphide content and variable silicate mineral content.

IMO test work optimised gravity and CIL process parameters and recoveries for oxide and transition ore types. Oxide ores showed total recoveries consistently more than 90% with low variation by ore body. All results were averaged to determine the final recovery. Transition ore types exhibited CIL recovery variation between Makosa and Makosa East locations. Recoveries from multiple tests were averaged for each of the two locations. Both oxide and transition ore types exhibited preg robbing behaviour that was mitigated by the addition of carbon to the cyanide leach.

IMO testing of fresh ore types gave low and variable results by CIL. These were deemed not amenable to conventional CIL processing and excluded from further direct CIL test work.

Fresh ores from Makosa and Makosa Tail were tested by suspension roasting and cyanide leach extraction of the calcined product by NEU. Results were consistently higher than methods tested by IMO and have been utilised as recoveries for fresh ores processed by suspension roasting – CIL extraction in pit optimisations. Recoveries of 81% and 88% were achieved for fresh Makosa and Makosa Tail ores respectively.

Processing

The process plant design for the Project is based on a robust metallurgical flowsheet designed for optimum recovery with minimum operating costs. A two-stage process has been designed. Stage 1 focuses on the recovery of cyanide-soluble gold and Stage 2 focuses on the recovery of gold hosted in sulphides and silicates (refractory gold).

The proposed Oxide Ore Phase process plant design is based on a proven and established gravity/carbon-in-leach (“CIL”) technology, which consists of crushing, milling, and gravity recovery of free gold, followed by leaching/adsorption of gravity tailings, elution and gold smelting, and tailings disposal. A roasting circuit treating the comminution product stream will be added to the flowsheet for the Primary Ore Phase. The suspension roasting process will expose refractory gold particles prior to cyanide leaching. The circuit will consist of a pre-roasting dewatering stage, pre-roasting product storage silo, suspension roasting, calcine repulping and regrinding.

Services to the process plant will include reagent mixing, storage and distribution, water, and air services. The plant will treat 4 million tonnes per annum (“Mtpa”) of oxide ore for four years to produce an average of 103 koz per annum. In Stage 2, the plant will treat 2.4 Mtpa of fresh, sulphide ore for approximately 7.8 years, producing an average of 61 koz per annum. The final seven months will treat 2.3 Mt of mixed oxide and transitional ore mined and stockpiled during mining of the sulphide ore to produce 47 koz of gold.

Power

Power requirements for the Project will be met through a dedicated Heavy Fuel Oil (HFO) power plant to be constructed, owned, and operated by an independent power provider under a long‑term power supply agreement. The contracted facility will deliver reliable baseload power to support all processing and infrastructure needs.

Tailings

The TSF will comprise of a single cell confined by a cross-valley embankment which will be staged in three downstream raises.

The TSF basin will be lined with HDPE within the normal operating pond areas to minimise seepage. In addition, a system of basal drainage, embankment drainage, embankment drainage and sub-liner drainage will be constructed to mitigate seepage, infiltration and aid consolidation of the tailings.

Water will be extracted from the decant pond using floating intake lines to position the pumps above the pond elevation.

The TSF will be closed and rehabilitated at the end of the LOM. Closure spillways will be formed to prevent water accumulating on the facilities and the tailings will be re-profiled prior to lining, topsoiling and revegetation.

Environmental

The Douta exploration licence consists of a modified environment as a result of human activities including harvesting forest flora and burning vegetation as part of sporadic and unregulated historic artisanal mining activity.

No impediments with respect to reserves, parks or other areas of significance have been identified on the project area.

Development of the Project will not require any physical resettlement.

The Environment and Social Impact Assessment (“ESIA”) was approved in January 2026.

Permitting

Development of the Project will be subject to negotiation of a Mining Convention.

Based on current expectations, Thor believes the Mining Convention will be finalised in H1 2026.

Capital costs

The initial Project capital cost is estimated at US$253.5m and incurred over an 18-month period. Primary Ore Phase capital cost is estimated at US$60.1m and expected to occur in 2031. Sustaining capital cost is estimated at US$63.2m, giving a LOM total capital cost of US$376.8m. The LOM capital cost is summarised in Table 10.

Table 10: LOM Capital Cost Estimate Summary

Category	Phase 1 CapEx (US$m)	Phase 2 CapEx (US$m)	Sustaining LOM CapEx (US$m)	Total LOM CapEx (US$m)
Mining	19.1			19.1
Process Plant	177.9	60.1		238.0
TSF and water storage	21.9		53.0	74.9
Other Project Costs	19.0			19.0
Owners Costs	15.6			15.6
Closure costs			10.2	10.2
Total	253.5	60.1	63.2	376.8

Capital Cost estimates presented in this section reflect total project costs from July 2026 to end of mine life. Mining activities are to be undertaken by a mining contractor with equipment costs contained within the mining operating costs.

The capital cost estimate was developed in collaboration with Norinco International, the Company’s EPC turnkey partner at its Segilola project, using a methodology consistent with the proven approach adopted for that project. The estimate incorporates EPC turnkey components, providing strong cost definition and execution certainty. On a dollar‑per‑tonne basis, the projected capital intensity is highly competitive and broadly aligned with the benchmarks achieved at Segilola.

A contingency of 10% has been applied and included in all capital items above with the exception of the Processing Plant and TSF capex which have a 5% contingency allowance included.

Operating costs

The LOM Operating cost estimates are summarised in Table 11.

Table 11: LOM Operating Cost Estimate Summary

Description	Phase 1 only			Phase 1 and 2
Description	Total (US$m)	Cost ($/oz)	Cost ($/t ore)	Total (US$m)	Cost ($/oz)	Cost ($/t ore)
Mining	205	498	13.0	667	650	18.5
Processing	259	632	16.5	913	891	25.4
G&A	51	124	3.3	117	114	3.3
Refining	3	7	0.2	9	8	0.2
Cash operating cost	518	1,262	33.0	1,706	1,664	47.4
Royalties	72	175	4.6	180	175	5.0
Total Cash Cost	590	1,437	37.6	1,886	1,839	52.4
Sustaining capital	23	56	1.5	53	52	1.5
AISC	613	1,493	39.1	1,939	1,890	53.9

Mining Costs

Mining operating costs were provided by a mining contractor and used across the LOM schedule as summarised in Table 12. Surface haulage costs were based on contractor rates for Baraka material based on a 35 km haul distance and dewatering costs estimated pumping requirements for in-pit and ex-pit dewatering using diesel rates of US$1.00/L and electricity rates of US$0.21/kwh.

Area	OpEx unit cost (US$/t)
Ore mining cost – oxide and transitional	4.75
Ore mining cost – fresh	4.90
Waste mining cost – oxide and transitional	2.75
Waste mining cost – fresh	2.90
Surface haulage cost (Baraka)	5.75
Dewatering costs	0.01
Rehandle costs	0.50

Processing Costs

Processing operating costs were estimated for the different ore types to be treated during the Oxide Ore Phase and the Primary Ore Phase of the operation. These are summarised in Table 13. Tailings monitoring and management costs were estimated at ~US$880k per year and included in the processing costs, equating to an additional US$0.25/t ore processed.

Table 13: Processing Unit Costs by ore type and area

Area	Processing unit cost (US$/t ore)
Area	Oxide	Transitional	Fresh
Makosa (Main, North, East and Tails)	16.14	16.14	33.35
Baraka (East and West)	16.14	16.14	17.14

Other Costs

Total fixed mine level general and administration (“G&A”) costs are estimated at US$3.25/t ore
Refining and transport costs were based on current contracts at Segilola and total US$3.07/oz.
Royalties of 5% were applied to the gross revenue of gold produced.

Financial Analysis

An economic evaluation of the Project has been completed using a detailed cash‑flow model. The model is based on annual cash flows and incorporates processed tonnages and grades for the CIL feed, metallurgical recoveries, metal prices, operating costs, refining charges, royalties, and both initial and sustaining capital expenditures. Gold revenues are calculated using a payable factor of 99.90%. The analysis applies a base gold price of US$3,500 per ounce.

The Project has been assessed on a “100% equity” basis, with all debt and equity financing considerations excluded. Inflation has not been factored into the assessment. Discounting and IRR calculations commence at the start of construction, using a 5% discount rate.

The Company notes that the Mining Convention for the Project is yet to be negotiated with the Government of Senegal. As a result, it is not currently possible to incorporate the expected fiscal incentives and tax exonerations that are typically granted under such agreements into the calculation of the post tax NPV. For the purposes of this PFS, we have therefore applied a standard approach whereby exploration expenditure and project development capital are accumulated into a tax loss pool, against which future taxable income is fully offset, with the Senegalese statutory corporate tax rate of 30% applied thereafter. The Company anticipates an improved post-tax economic outcome once the Mining Convention is finalised, as such agreements customarily provide additional tax incentives that enhance project value.

The Company also notes that Senegalese mining legislation provides for a 10% State free‑carried interest, which will be formally awarded to the State upon finalisation of the Mining Convention. This interest has not been incorporated into the current economic analysis, which is presented on a “100% equity” basis and will be reflected in future evaluations once the Mining Convention has been agreed.

Exploration Opportunities

The Douta Project hosts a large but underexplored regional-scale gold system with strong potential to expand the Mineral Resources. Existing mineralisation, prospects, and targets remain open along strike and at depth within major structural corridors and the extensive area between them.

The Project comprises permits covering approximately 538 km² within the highly prospective Birimian Dialé metasediments. Key deposits are located along the Main Transcurrent Shear Zone (“MTZ”) (hosting the Makosa Tail, Makosa, Makosa North and Makosa East deposits). Approximately 30km of the MTZ lie within the Project area.

Additional mineralisation potential exists within and adjacent to these structures, where early-stage exploration has identified numerous prospects along secondary and tertiary structural zones.

Extensive datasets support ongoing target generation, including drilling, soil and termite mound sampling. Aeromagnetic and electromagnetic surveys are planned to generate further exploration targets. Beyond the defined Mineral Resources, there are numerous prospects that have yet to be drill tested. A phased, property-wide exploration program is ongoing, with data review, target evaluation, and drill prioritisation currently underway.

There is a succession of targets and potential deposits in the “pipeline” and it will be important to continue to rank and upgrade these. There is significant potential to add to the Mineral Resources with the current exploration program.

The acquisition of both the Douta West and Bousankhoba permits has allowed for a regional-scale exploration strategy that is largely underpinned by a comprehensive geochemical database (Figures 8 and 9). It is evident that, particularly in the southern regions, there are numerous geochemical targets of which only a few have been drill tested (Figure 4).

Extensive first stage exploration, completed over the Bousankhoba permit, has identified numerous geochemical targets associated with a major shear zone over an 18km strike length. Two prospects, Massa Massa and Sekhoto, are located along this zone. An additional prospect known as the Sakhofara is located 7km east of Massa Massa in the northern part of the permit and is defined by a 3.5km north-east trending geochemical anomaly.

To date follow-up Rotary Air Blast (RAB) drilling has been confined to the Sekhoto Prospect. The significant intersections obtained in the RAB drilling are yet to be followed up with systematic reverse circulation (RC) drilling.

The prospectivity of the permit is further enhanced by its location between Baraka 3 to the south and Basari Resource’s Makabingui deposit to the north. It is possible that the mineralised shear zone extends through all three gold occurrences.

For 2026, Thor has budgeted US$9,000,000 for exploration in Senegal incorporating a minimum of 40,000 metres of drilling. The next results are expected later in Q1 2026, with a resource updated scheduled for Q3 2026 which will address further resources at Baraka 3.

Thor considers both the Bousankhoba and Douta West permits to be highly prospective with the potential to provide satellite resources that will complement the Douta Gold Project.

Financing

Thor intends to use its existing balance sheet to progress Douta into construction which is expected in 2026. The Company continues to generate strong cash flows from its Segilola mine and at the end of 2025 had a cash balance of US$137 million.

In addition to using its internal cash flows, the Company is in discussions with potential funding parties to support the construction of the Project.

A comprehensive financing strategy will be communicated alongside the Douta Investment Decision expected in H1 2026.

Next steps

Thor will continue engaging with the Senegalese government and progressing Douta towards start of construction in 2026 to achieve first gold in 2028.

Key next steps include:

Commencement of detailed design
Finalisation of Mining Convention
Finalisation of financing package
Ordering of long lead items
Award of the EPC contract
Continue evaluation and refinement of the metallurgical recoveries of the oxide, transitional and refractory ores

Figure 8: Project Area Showing Geochemical Anomalies and Exploration Opportunities

Figure 9: Southern Areas Showing Geochemical Anomalies and Exploration Opportunities

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