Thor Explorations Pronounces Q3 2025 Working Replace

Thor Explorations Ltd. (TSXV: THX,OTC:THXPF) (AIM: THX) (“Thor Explorations” or the “Firm”) is happy to offer its third quarter 2025 interim operational replace for the Segilola Gold mine, positioned in Nigeria (“Segilola”), and for the Firm’s mineral exploration properties positioned in Nigeria, Senegal, and Côte d’Ivoire, for the three months to September 30, 2025 (the “Quarter” or “Q3”).

Segilola Q3 Highlights

• Q3 gold poured of twenty-two,617 ounces (“oz”)

• Gold gross sales in Q3 of 19,650 oz at a mean realized value of US$3,535 leading to income of US$69.5 million

• Gold produced from 250,459 tonnes milled at a mean grade of three.11 grammes per tonne (“g/t”) of gold and course of plant restoration at 94.3%

• Mine manufacturing of 386,558 tonnes at a mean grade of two.26 g/t of gold for 28,029 oz

• Ore stockpile elevated by 2,977 oz to 44,069 oz of gold at a mean grade of 0.83 g/t

• Gold in circuit (“GIC”), elevated by 995 oz to 4,398 oz of gold

• Gold bullion stock of 122 oz and gold doré stock of 5,668 oz at September 30, 2025

FY 2025 Outlook and Catalysts

• FY 2025 manufacturing steering vary maintained at 85,000 to 95,000 oz of gold

• FY 2025 All-in Sustaining Value (“AISC”) steering vary maintained at $800 to $1,000 per ounce

• Drilling applications throughout all of the Firm’s exploration portfolio:

• Up to date Mineral Useful resource Estimate and Pre-Feasibility Research (“PFS”) on the Douta Venture by the tip of 2025

Dividend

• The Group will keep the dividend coverage introduced on April 8, 2025, with the third quarterly dividend fee scheduled for November 14, 2025

• Dividends for the Quarter might be paid at an quantity of C$0.0125 per share

Proposed dividend timetable

The beneath outlines the fee therapy for shareholders

• Depository Curiosity (“DI”) holders registered in London might be paid in British Kilos, with an choice to elect for United States Greenback fee

• Canadian Registered holders might be paid in Canadian {Dollars}, with an choice to elect for United States Greenback fee

Segun Lawson, President & CEO, said:

“I’m happy to report continued robust operational efficiency for the third quarter of the 12 months, which means we’re on observe to satisfy our manufacturing and value steering for 2025. By selecting to stay unhedged, we’ve got been capable of take full benefit of the excessive prevailing gold costs, leading to a mean realised value of US$3,535 per ounce, maximising the profit for our shareholders. On the finish of the Quarter, our stock contained just below 6,000 ounces of gold in bullion and doré that remained unsold and was uncovered to larger prevailing gold costs.

“In the course of the Quarter, we additionally accomplished the foremost strategic milestone of consolidating our possession place within the Douta Venture, reinforcing our dedication to its long-term growth and simplifying the pathway for venture execution. According to this strategic focus in Senegal, we’ve got additional strengthened the expansion potential of Douta by advancing exploration actions at Baraka 3 and securing the Bousankhoba licence, which lies contiguous to the present Douta venture permits. These initiatives are focused to considerably broaden our long-term useful resource stock and additional help our bold development technique.

“Drilling at Segilola has continued, offering additional help to our geological mannequin. We efficiently drilled a number of excessive grade, mineable intersections beneath the present open pit design. The drilling will proceed by way of the 12 months and is deliberate to focus on the potential extension of mineralisation, each within the north and the south, at better depth the place mineralised shoots proceed to be outlined and stay open at depth.

“Exploration campaigns throughout the Firm’s portfolio slowed throughout the moist season, and I’m eagerly awaiting the deliberate re-start of applications at Baraka 3 in Senegal, Guitry in Cote d’Ivoire, and graduation of our maiden program at Marahui in Côte d’Ivoire.”

Exploration Q3 2025 Highlights

Nigeria (Segilola)

• A diamond drilling program that commenced in 2024 continues to check the continuity of mineralisation following the down-plunge development to the south. Up to now, a complete of 74 holes have been accomplished for 20,496 metres (“m”). Drilling has centered on two essential areas:

  • Northern Zone: Focused mineralisation is confined to a discrete, west-dipping, 100m lengthy shoot with an obvious pronounced steep southerly plunge.

  • Southern Zone: Mineralisation seems to have a shallow-plunging flat geometry.

• The Firm is happy to announce continued additional constructive drilling outcomes from this ongoing diamond drilling program. Important drill leads to the Quarter embrace:

Desk 1: Important Drillhole Intersections
(>3gram-metres, 0.5g/tAu lower off, Min. size 0.5m, Max. inner dilution 1m)

• Important drill outcomes exceeding 3 gram-metres (calculated as common grade multiplied by true width) are highlighted within the Longitudinal part (Determine 1) and detailed in Desk 3, underscoring the robust mineralisation recognized throughout this marketing campaign. A complete checklist of all latest outcomes could be present in Desk 4.

Determine 1: Longitudinal Part Exhibiting Gram-Metre Contours and Drill Intercepts

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Senegal (Douta)

• In the course of the Quarter, the Firm secured full possession of the Douta Venture by coming into right into a binding sale and buy settlement with Worldwide Mining Firm SARL (“IMC”) to accumulate the remaining 30% minority fairness curiosity. With this acquisition, topic to plain circumstances precedent, the Firm will maintain 100% of the allow.

• In accordance with the Senegal Mining Code, upon issuance of the Douta Mining Concession (Concession Minière), the State of Senegal might be granted a ten% free carried curiosity within the working firm.

• The prolonged drilling program at Baraka 3 was accomplished throughout the Quarter, and metallurgical testwork is nearing completion. It’s anticipated {that a} Baraka 3 useful resource might be included in an up to date Douta Useful resource and Douta PFS.

• Further exploration drilling applications at Baraka 3 are scheduled to renew in October, aligning with the start of the dry season. To speed up the analysis of the quite a few recognized geochemical targets, our contractor has imported a further RAB rig. This extra rig will complement the present fleet which incorporates two RC rigs and one multi-purpose diamond / RC rig already on website.

• Along with the IMC acquisition, the Firm has additionally acquired an preliminary 65% curiosity within the Bousankhoba Exploration Allow EL02254, an early-stage gold exploration allow contiguous to the east of the Firm’s Douta West allow (see Determine 2). Bousankhoba comprises a number of steady soil geochemical anomalies, with some areas having undergone historic early-stage drilling yielding encouraging outcomes.

• Administration considers Bousankhoba to be extremely potential and has the potential to ship satellite tv for pc sources that can improve the Douta Gold Venture, representing one other promising alternative as has been recognized at Baraka 3.

• A big-scale RAB drilling marketing campaign is being deliberate for Bousankhoba and is scheduled to begin early subsequent 12 months, following the completion of an analogous program at Baraka 3.

• Douta PFS work streams are persevering with, with the goal of finishing the PFS in This fall 2025.

Determine 2: Douta Venture Location Map

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https://pictures.newsfilecorp.com/recordsdata/7003/270401_9d39ad5154298aac_003full.jpg

Côte d’Ivoire

Guitry Venture

• In the course of the Quarter, the Firm accomplished a profitable maiden drilling program comprising 4,604 m in 41 holes. This drilling marketing campaign has intersected and confirmed beforehand untested deeper bedrock mineralisation, which stays open.

• Within the remaining quarter of the 12 months following conclusion of the wet season, the Firm intends to implement the next plan.

  • Further step-out drilling applications.

  • Oriented core diamond drilling to verify and additional perceive the structural geology of the underlying formations.

  • A complete permit-wide auger drilling marketing campaign to research the beforehand recognized soil anomalies, thereby enhancing our understanding of the venture’s broader mineral potential.

Marahui Venture

• Exploration actions progressed, that includes in depth geological mapping and constantly encouraging outcomes from each rock chip and soil geochemical sampling.

• A preliminary drilling program totalling 9,000 m has been deliberate. The preliminary drill pads are already ready, and drilling operations are set to begin following conclusion of the nationwide elections.

PRODUCTION SUMMARY

Desk 2: Manufacturing Abstract

SELECTED SEGILOLA EXPLORATION RESULTS

Desk 3: Important Drillhole Intersections
(>3gram-metres, 0.5g/tAu lower off, Min. size 0.5m, Max. inner dilution 1m)

Desk 4: Current Drillhole Intersections Obtained
(0.5g/tAu lower off, Min. size 0.5m, Max. inner dilution 1m)

Determine 3: Drillhole Location Map

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Thor Explorations Ltd.
Segun Lawson
President & CEO

About Thor Explorations

Thor Explorations Ltd. is a Canadian mineral exploration firm engaged within the acquisition, exploration and growth of mineral properties positioned in Nigeria, Senegal and Côte d’Ivoire. Thor holds a 100% curiosity within the Segilola Gold Venture positioned in Osun State of Nigeria. Mining and manufacturing commenced at Segilola in 2021. Thor holds a 100% curiosity within the Douta Gold Venture positioned in south-eastern Senegal. Thor trades on the TSX Enterprise Alternate underneath the image “THX”.

Certified Individual
The above data has been ready underneath the supervision of Alfred Gillman (Fellow AusIMM, CP), who’s designated as a “certified particular person” underneath Nationwide Instrument 43-101 and the AIM Guidelines and has reviewed and approves the content material of this information launch. He has additionally reviewed QA/QC, sampling, analytical and take a look at information underlying the data.

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