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Thor Explorations Ltd. (TSXV: THX,OTC:THXPF) (AIM: THX) (“Thor Explorations”, “Thor”, the “Firm” or the “Group”) is happy to offer an operational and monetary assessment for its Segilola Gold mine, positioned in Nigeria (“Segilola”), and for the Firm’s mineral exploration properties positioned in Nigeria, Senegal and Cote D’Ivoire for the three months to September 30, 2025 (the “Quarter”, the “Interval” or “Q3”).
The Firm’s Unaudited Condensed Consolidated Monetary Statements along with the notes associated thereto, in addition to the Administration’s Dialogue and Evaluation for the three months ended September 30, 2025 can be found on Thor Explorations’ web site at: https://thorexpl.com/buyers/financials/.
All figures are in US {dollars} (“US$”) except in any other case said.
Q3 2025 Monetary Highlights
- 19,650 ounces (“oz”) of gold (“Au”) offered at a mean gold value of US$3,535 per oz.
- Money working value of US$783 per ouncessold and all-in sustaining value (“AISC”) of US$1,129 per ouncessold.
- Income of US$69.9 million (Q3 2024: US$40.2 million).
- Internet revenue of US$43.1 million (Q3 2024: US$17.5 million).
- EBITDA of US$51.8 million (Q3 2024: US$27.4 million).
- Adjusted web money of US$81.0 million (Q3 2024: US$3.2 million).
Operational Highlights
Segilola Manufacturing
- Gold poured totalled 22,617 ouncesduring Q3 2025 (Q3 2024: 20,110 oz).
- 250,459 tonnes (“t”) of ore processed throughout Q3 2025 (Q3 2024: 201,958 t), at an elevated equal throughput price of two,722 tonnes per day.
- Mill feed grade was 3.11 grammes per tonne (“g/t”) Au.
- Course of plant restoration efficiency has improved in comparison with latest quarters and through Q3 it operated at a mean of 94.3%.
- No important unplanned downtime intervals.
- 386,558 t of ore mined throughout the Interval (Q3 2024: 355,515 t), at a mean grade of two.26 g/t Au.
- The ore stockpile elevated by 2,977 ouncesto 44,069 ouncesof Au at a mean grade of 0.83g/t Au.
- The numerous stockpile accessible (multiple yr of course of plant provide) provides flexibility and low threat for future course of plant manufacturing.
- The mine will proceed to feed larger grade materials as opposed to low grade materials and the decrease grade materials will likely be processed later within the mine life and in periods of lowered or minimal mining exercise.
Segilola Exploration
- The Segilola lifetime of mine extension drilling program continued throughout Q3, with diamond drilling happening to check the depth extensions of the Segilola deposits.
- The drillholes had been accomplished on a mixture of 80 metres (“m”) and 40 m inter-hole spacings to check the continuity of three high-grade shoots which can be projected to proceed down-plunge to the south.
- Drilling continued subsequent to the tip of the Interval and can proceed all through the open pit mine life.
- A mining consultancy was engaged for a high-level assessment of the underground potential to assist the continuation of the drilling program.
- The Group is aiming to outline an up to date useful resource as of finish of 2025.
Regional Exploration
- Throughout Q3, the Group continued with exploration actions throughout a number of of its licences.
- Thor continued with geochemical goal technology, primarily south of the Segilola Gold mine.
- Exploration drilling commenced late within the interval on targets beforehand delineated to the south of Segilola and can proceed by to the tip of 2025.
Douta
- Throughout the Quarter, a reverse circulation (“RC”) drilling program was accomplished on the Baraka 3 Prospect, geared toward extending the not too long ago found drilled mineralisation in direction of the north and south. Metallurgical take a look at work was additionally carried out with encouraging preliminary outcomes.
- The Group’s technique on the Douta Gold Venture (“Douta”) stays to delineate an preliminary 500,000 ouncesoxide useful resource at first of the mine life.
- Topic to finalising metallurgical assessments on the Baraka ore, the Group anticipates that incorporating the Baraka useful resource into Douta will allow Thor to fulfill or exceed the oxide goal.
- The Group continued to progress the ultimate workstreams for the Douta Pre-Feasibility Examine (“PFS”), which it goals to launch in This autumn 2025.
- Thor introduced the signing of a binding sale and buy settlement with Worldwide Mining Firm SARL (“IMC”) to amass the remaining 30% curiosity in Douta (Demande 11618).
- The acquisition is topic to the completion of sure circumstances precedent together with closing approval of the Minister of Mines.
- The overall consideration for the acquisition is a fee of US$3.0 million in money with 50% payable on signing and 50% payable at completion and a 1.25% common Internet Smelter Royalty capped at US$60.0 million.
- The Group additionally introduced that it acquired an preliminary 65% curiosity within the Bousankhoba Exploration Allow EL02254 (“Bousankhoba”), an early-stage gold exploration allow positioned contiguous to the east of the Firm’s Douta West allow.
- Bousankhoba comprises a number of steady soil geochemical anomalies, a few of which have had historic early-stage drilling with encouraging outcomes, together with 10 m at 3.6 g/t Au and a couple of m at 52 g/t Au.
Cote D’Ivoire
- Throughout the Quarter, Thor accomplished an preliminary RC drilling program on the Guitry Venture (“Guitry”). This system commenced in Could 2025 and comprised of 4,604 m in 41 holes. The drilling marketing campaign efficiently intersected a number of excessive grade mineralised lodes which stays open.
- On the Marahui Venture (“Marahui”), mapping and rock sampling progressed throughout the Quarter, with greater than 250 samples collected. Additional exploration work was carried out, consisting of soil geochemistry and rock chip sampling delineating a parallel three kilometre lengthy soil and rock chip anomaly with encouraging excessive grade preliminary outcomes.
- Additional exploration drilling actions are deliberate at Guitry and Marahui and scheduled to proceed for the subsequent eight months.
Setting, Social and Governance
- Q3 initiatives beneath the Neighborhood Improvement Agreements (“CDA”) included development commencing on the redevelopment of a neighborhood college, and a brand new bottled water manufacturing unit, which will likely be run by the local people.
- Two annual CDA initiatives, the varsity scholarship program and the Segilola’s Girls’s Initiative program, had been accomplished in September 2025. This marked the fifth version of each applications.
- The annual neighborhood medical outreach program was undertaken within the three host communities across the Segilola mine, with over 3,000 neighborhood residents taking part.
- As a part of the medical outreach program, the Firm launched SegunCare in August 2025, which offers ongoing assist for people with persistent well being circumstances, together with psychological sicknesses. This has supported 297 recipients up to now.
- Information gathering for the Group’s 2025 ESG and sustainability reporting is ongoing and stays aligned with the International Reporting Initiative (GRI) requirements. Highlights for Q3 2025 embody:
- Water withdrawal continued to scale back, supported by a 62% enhance in reclaimed water use from the Tailings Administration Facility (in comparison with Q3 2024).
- Vitality depth and emissions depth confirmed enchancment in comparison with Q3 2024, demonstrating the continued environmental advantages in 2025 from the method plant effectivity enhancements made in 2024.
- One Misplaced Time Harm (LTI) occurred throughout truck upkeep. Well being and Security inspections in places of excessive incidences (together with within the upkeep workshops) have been occurring for the reason that begin of 2025 and is exhibiting a discount in general incidents and key metrics in Q3 2025.
- In Senegal, the Douta Section 1 Environmental Impression Evaluation (“EIA”), initially submitted to the Ministry of Setting and Sustainable Improvement in March 2025, was resubmitted in August 2025, incorporating feedback made by representatives of a joint intergovernmental technical committee and neighborhood assembly held within the regional capital of Kédougou in Could 2025 (according to nationwide EIA course of). Ultimate approval is predicted in This autumn 2025.
- Environmental baseline knowledge (biodiversity, air, water and noise) has been gathered for the not too long ago acquired Baraka exploration license (“EL”) and adjoining Douta EL. This will likely be included within the Douta PFS to tell the total challenge being designed over each ELs.
Outlook
- Manufacturing steering narrowed for 2025 to 90,000 oz – 95,000 oz (beforehand 85,000 oz – 95,000 oz), and AISC steering is narrowed to US$900 – US$1,000 per oz (beforehand US$800 – US$1,000 per oz).
- Advance exploration applications throughout the portfolio, together with close to mine, underground and regional programmes at Segilola, drilling and infill applications at Douta, assessing regional potential targets in Nigeria and Côte d’Ivoire, and buying new concessions and joint partnership choices on potential targets.
- Finalise and launch the Douta PFS in This autumn 2025.
- Outline an up to date useful resource for Segilola as of finish of 2025 for launch in Q1 2026.
Segun Lawson, President & CEO, said:
“I’m happy to report that the Firm has had a profitable third quarter, which has seen sturdy manufacturing efficiency at Segilola, and the development of exploration programmes throughout the Firm’s portfolio. In Q3 2025, our web revenue totalled $43.1 million, supported partially by the continued beneficial gold value surroundings, in addition to our value self-discipline and operational efficiencies. As an illustration, gold restoration at our course of plant has seen regular enchancment over the previous 12 months, now at 94.3%, up from 88.5% in Q3 2024.
“Throughout the Quarter, we poured 22,617 ouncesof gold, and offered 19,650 ouncesat a mean gold value of US$3,535 per oz, producing income of just under US$70 million, and EBITDA of $51.8 million. I’m delighted to announce that our adjusted web money place is now at $81.0 million.
“Exploration drilling at Segilola has centered on lifetime of mine extension drilling. Drilling continued in Q3, testing the depth extensions of the Segilola deposit. We additionally engaged a mining consultancy to conduct a high-level assessment of the underground potential. I’m happy to report that we at the moment are aiming to outline an up to date useful resource as of finish of 2025 for launch in Q1 2026.
“In Senegal, we elevated our possession of the Douta Venture (Demande 11618) to 100%, following the settlement signed with IMC. Proudly owning this thrilling challenge in full is a logical subsequent step as we finalise the Douta PFS, which we intend to launch throughout This autumn 2025. Throughout Q3, we performed a RC drilling program on the Baraka 3 Prospect, and carried out metallurgical take a look at work which demonstrated encouraging outcomes. Lastly, we acquired an preliminary 65% curiosity within the Bousankhoba Exploration Allow, an early-stage gold exploration allow positioned contiguous to the east of the Firm’s Douta West allow which we hope will present long term exploration upside potential to the Douta Venture.
“In Côte d’Ivoire, we accomplished the RC drilling program at Guitry which initially commenced in Could. This was a profitable program which helped to extend our understanding of each the geometry and geological controls on gold mineralisation. We sit up for take a look at a number of different potential areas of the licence. At Marahui, exploration work continued with the precedence of delineating further drilling targets. The exploration work carried out offered additional encouraging excessive grade preliminary rock and soil geochemistry outcomes which have been attribute of the licence space up to now. With the wet season behind us, we sit up for the subsequent seven months of drilling we now have deliberate on our initiatives in Côte d’Ivoire.
“With the tip of 2025 approaching, we now have determined to slim our manufacturing steering to 90,000 – 95,000 ounces of gold. Our AISC steering has additionally been narrowed, to US$$900 – US$1,000 per oz, signifying the success that the Firm has achieved this yr. We’re persevering with to advance our exploration programmes, and sit up for sharing additional developments to our shareholders sooner or later.”
Certified Particular person
The above data has been ready beneath the supervision of Alfred Gillman (Fellow AusIMM, CP), who’s designated as a “certified individual” beneath 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 knowledge underlying the knowledge.
About Thor Explorations
Thor Explorations Ltd. is a mineral exploration firm engaged within the acquisition, exploration, growth, and manufacturing of mineral properties positioned in Nigeria, Senegal, and Cote d’Ivoire. Thor Explorations holds a 100% curiosity within the Segilola Gold Venture positioned in Osun State, Nigeria and has a 100% financial curiosity within the Douta Gold Venture (Demande 11618) positioned in south-eastern Senegal. Thor Explorations trades on AIM and the TSX Enterprise Alternate beneath the image “THX”.
Thor Explorations Ltd.
Segun Lawson
President & CEO
NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR
DISTRIBUTION TO U.S. WIRE SERVICES
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