Mr. Segun Lawson reports

THOR EXPLORATIONS ANNOUNCES AUDITED FINANCIAL AND OPERATING RESULTS FOR THE FULL YEAR AND THREE MONTHS ENDING DECEMBER 31, 2022

Thor Explorations Ltd. has provided an operational and financial review for its Segilola gold mine, located in Nigeria, and for the company's mineral exploration properties located in Nigeria, Senegal and Burkina Faso for the three months ending Dec. 31, 2022, and the audited financial results for the year ending Dec. 31, 2022.

The Company's Consolidated Audited Financial Statements together with the notes related thereto, as well as the Management's Discussion and Analysis for the year ending December 31, 2022, are available on Thor Explorations' website at https://thorexpl.com/investors/financials/.

All figures are in US dollars ("US$") unless otherwise stated.

Operational Highlights

Segilola ProductionGold production for the Year totaled 98,006 ounces ("oz") 2022 was the Company's first full calendar year of production with commercial production declared at Segilola on January 1, 2022Gold production was at the top end of the FY 2022 guidance range of 90,000 to 100,000oz of goldAll of the main operating units of the process plant performed as expected, and the plant consistently operated above nameplate capacity

Segilola Near-Mine Exploration Acquisition of additional exploration tenures, expanding the Company's Nigeria portfolioExploration activities ramped up across the Company's portfolio, delineating drill targets for 2023

Douta A successful 26,000 metre reverse circulation ("RC") drilling program was completed to upgrade certain areas of the existing resource and to target higher grade parts of the depositNew discovery of the Sambara Prospect

Financial Highlights 92,489 oz of gold sold with an average gold price of US$1,767 per oz Cash operating cost of US$821 per oz sold and all-in sustaining cost ("AISC") of US$1,091 per oz sold The higher than budget AISC was a result of materially increased prices of ammonium nitrate and diesel during 2022FY 2022 revenue of US$165.2m (FY 2021: US$6m)FY 2022 EBITDA of US$71.7m (FY 2021: loss of US$1.8m)FY 2022 net profit of US$25.4m (FY 2021: loss of US$2.1m)Cash and cash equivalents of US$6.7m (FY 2021: US$1.3m) Senior debt facility significantly reduced from US$54m to US$28.4m as at December 31, 2022Net debt of US$31m (FY 2021: US$ 65.6m)

Environment, Social and Governance Transition from diesel to compressed natural gas ("CNG") generators is progressing. Once fully operational they will reduce greenhouse gas emissions at the Segiola Mine Project by 53%. Total emissions (Scope 1) for 2022 at 31,781 tonsLivelihood restoration projects initiated, including fish and vegetable farmsCommunity Development Agreements ("CDA") have funded local Youth and Women Initiative programs focusing on practical skill-based courses. CDA's have also funded annual school scholarships to enable children from vulnerable backgrounds to remain in schoolIn Senegal, quarterly water quality (surface and ground) monitoring commenced in Q4 2022 and the Company has been assisting with the economic development of local communities as well as providing funding to a women's initiative program

Post FY 2022 HighlightsSegilola gold production of 20,629 oz during Q1 2023 Identification of new high grade quartz vein system within 15km of Segilola, with multiple high grade drillhole intercepts including 1m at 310 g/t gold which equates to 10 oz of gold per tonneSenior debt facility with Africa Finance Corporation amended and restated to facilitate the Company's growth opportunitiesSenior debt facility reduced to US$27.9 million as at 31 March 2023Mineral Resource Estimate at Douta updated to approximately 1.78 million oz of gold, an increase of 144% Updated Douta Resource encompasses the Makosa, Makosa Tail and the recently discovered Sambara prospects, all of which remain open along strike and down dipDrilling is ongoing at Douta with a further 40,000 metre drilling programme to be completed in 2023, consisting of diamond drilling and reverse circulation drilling

Outlook Production guidance set at 85,000 to 95,000 oz for 2023 with an AISC guidance of US$1,150 to US$1,350 per ozAdvance exploration programs across the portfolio, including near mine and underground projects at Segilola, extension and infill programs at Douta and the assessment of potential targets in NigeriaCompletion of the Douta preliminary feasibility study ("PFS") in Q4 2023

Segun Lawson, President & CEO, stated:

"2022 proved to be a significant year for Thor Explorations, being our first full calendar year of commercial production at our flagship asset, the Segilola Gold mine, producing 98,006 oz of gold and selling 92,489 oz of gold at an average price of US$1,767 per oz. Despite the global supply chain issues that Thor faced, which contributed to a higher than budgeted AISC, the Company still managed to achieve an annual operating profit of US$40 million and a net profit of US$25.4 million. This highlights the quality and operating efficiency of Segilola and the value that it has to offer. Importantly, it provides us with a solid platform from which to grow.

"We also continue to develop the Douta Gold Project and, during the year, carried out a 26,000m drilling programme that led to the announcement of a 144% resource increase subsequent to the year end. We will continue to advance the Douta project towards a PFS in 2023 as we believe that it has the potential to provide significant value to shareholders.

"Regrettably, during the year, a tragic accident at Segilola resulted in the death of Mr Muyideen Adegboyega, our thoughts and condolences go out to his family and friends. Since the incident, we have put in place additional measures to ensure that this does not happen again and that the safety of everyone working at, or otherwise affected by, the Segilola project is prioritised, as determined by our ESG policy.

"ESG remains an integral part of our business strategy and we have made considerable progress with our community development projects. We have commenced livelihood restoration programs, in the form of fish farms and market gardens. We have provided funding, equipment, training and assisted with the construction of these projects which presented cash-positive projects to the communities so that they can produce goods to be sold at local markets. We have also commissioned and supervised many youth programs and training workshops to develop and enhance necessary and transferable skills. We will continue to progress our projects to help the development of local communities.

"Looking to the future, our production guidance for 2023 is set at 85,000 - 95,000 ounces and I look forward to seeing what we will be able to accomplish in 2023."

About Thor Explorations

Thor Explorations Ltd. is a mineral exploration company engaged in the acquisition, exploration, development and production of mineral properties located in Nigeria, Senegal and Burkina Faso. Thor Explorations holds a 100% interest in the Segilola Gold Project located in Osun State, Nigeria and has a 70% economic interest in the Douta Gold Project located in south-eastern Senegal. Thor Explorations trades on AIM and the TSX Venture Exchange under the symbol "THX".

THOR EXPLORATIONS LTD. Segun Lawson President & CEO

For further information please contact:

Thor Explorations Ltd Email: info@thorexpl.com

Canaccord Genuity (Nominated Adviser & Broker)Henry Fitzgerald-O'Connor / James Asensio / Thomas DiehlTel: +44 (0) 20 7523 8000

Hannam & Partners (Broker)Andrew Chubb / Matt Hasson / Jay Ashfield / Franck Nganou

Tel: +44 (0) 20 7907 8500

Fig House Communications (Investor Relations) Tel: +1 416 822 6483 Email: investor.relations@thorexpl.com

Ibu Lawson (Investor Relations)Tel: +447909825446Email: ibu.lawson@thorexpl.com

BlytheRay (Financial PR) Tim Blythe / Megan Ray / Said Izagaren Tel: +44 207 138 3203

Management Discussion & Analysis for Q4 2022 and Full Year 2022

CHAIRMAN'S STATEMENT

We are extremely pleased to have completed our first full calendar year as a commercial gold producer, with the 98,006 ounces produced during the year being at the top end of the Company's Full Year 2022 guidance. This progress has seen the Company transition from an explorer, to a developer and ultimately a gold producer, building and successfully operating Nigeria's first large scale commercial gold mine within a five year period. This required significant effort from a large number of people from our various stakeholders and the Board wishes to express its thanks to everyone involved.

This year saw a highly regrettable loss of life. We were sorry to suffer a fatal injury incident leading to the tragic death of Mr Muyideen Adegboyega. Our condolences go out to his family and friends. Following this tragic incident, the Company has put into place additional measures that ensure the safety of anyone working or otherwise affected by the Segilola Project, including the ongoing work towards achieving ISO45001. Environmental, Social and Governance ("ESG") was at the heart of our business in 2022. Engagement with local stakeholders happened at all levels, from national government through to local communities. This remains a priority for the Company.

Community development projects have made significant progress throughout the year. We have commenced livelihood restoration programmes in the form of fish farms and market gardens. By funding and assisting with the construction of these projects, providing necessary equipment, maintenance materials and training, the communities are now presented with cash-positive projects that can produce goods to sell at local markets and to the Segilola mine. We have also commissioned and supervised various community youth programmes and skills training workshops throughout the year that focussed on developing and enhancing transferable skills.

2022 has been a year where the company has consolidated itself as an operator. Production for the first full year of operations has been commendable, with an achievement of over 98,000 ounces. We also continued to advance exploration in Nigeria and Senegal, and look forward to accelerating exploration in both countries in 2023.

I would like to thank all our shareholders who have been supportive through our transition. We believe we have created a strong foundation to deliver further value in the coming years and look forward to 2023.

Adrian CoatesChairman

CEO'S STATEMENT

2022 proved to be a year of significant milestones for Thor. The Company officially declared commercial production from its Segilola Gold Mine on 1 January 2022 and after this, successfully produced 98,006 ounces by the end of the year. This was a successful year in terms of gold production; however, the year was not without its challenges. Global supply chain shortages following the COVID-19 pandemic persisted, resulting in materially increased prices of essential consumables and supplies such as ammonium nitrate, diesel and spare parts contributing to a higher than budget AISC for the Segilola Gold Mine of US$1,091 per ounce. Despite these challenges, we were able to demonstrate operational efficiency, resulting in positive cash flows and a maiden annual operating profit of US$40 million and net profit of US$25.4 million.

In the full year 2022, Segilola produced 98,006 ounces and sold 92,489 ounces of gold with an average gold price sold of US$1,767 per ounce. Significantly, our senior debt facility was reduced from US$54 million to US$28.4 million as at December 31, 2022.

I reiterate the comments of our Chairman and also extend my condolences to the friends and family of Mr Muyideen Adegboyega, who was tragically killed. A thorough incident investigation was undertaken (in line with company procedures) with senior managers involved as well as the Ministry of Mines and Steel Development as is standard practice. The lessons learnt from this fatality triggered immediate and long-lasting actions to prevent the reoccurrence of such an event, to improve protection of SROL and Project staff and to protect and respect local community resident's health, safety and security.

Our focus turns to achieving global best practice in health and safety with ESG continuing to be a priority for the Company. We continue to be extremely proud of our community engagement and throughout the period we invested heavily in a number of long-term initiatives, specifically in the areas of food and agriculture, health, education, water and sanitation and local economic development.

The Company also completed a successful year of exploration at the Douta Project in Senegal. This project continues to be of high priority for the Company and is well positioned to deliver significant value to our shareholders. During the year, the major activity carried out was a 26,000 metre exploration drilling program which was successful and culminated in the announcement of a 144% resource increase post the period end. We look forward to completing a preliminary feasibility study of the Douta Project in 2023.

I would like to finish by saying we are proud of our first calendar year as a producer, achieving the top end of our guidance. We are now very well positioned to grow the company and continue its evolution through exploration whilst continuing to deliver further on gold production and generation of strong cash flow. I would like to thank our entire team of incredible employees for their commitment and tireless work during the year without whom we would be unable to operate. We look forward to the years ahead and growing Thor into a sustainable, multi- asset, mining company.

Segun LawsonChief Executive Officer

OVERVIEW

Thor Explorations Ltd. ("Thor" or the "Company") is a gold production, development and exploration company focussed on West Africa and dual-listed on the TSX Venture Exchange TSX-V (TSXV: THX) and the AIM market of the London Stock Exchange (AIM: THX). The Company's main assets include its flagship producing Segilola Gold mine in Nigeria and the advanced exploration project, Douta, in Senegal. The Company also has a growing portfolio of prospective exploration licences on the unexplored Ilesha schist belt in near proximity to the Segilola Gold mine and further exploration licences in Nigeria and Burkina Faso.

Our strategy is to operate, develop and explore mineral properties where our expertise can substantially increase shareholder value. The Company operates with transparency and in accordance with international best practices and is committed to delivering value to its shareholders through responsible development, providing economic and social benefit to our host communities and operating in a manner where health and safety and the environment are integral to our operations and development approach.Figure 1.1: Thor's Properties in West AfricaTo view an enhanced version of this graphic, please visit:https://images.newsfilecorp.com/files/7003/164431_6e8ff3df646beb7f_002full.jpg

HIGHLIGHTS AND ACTIVITIES - FOURTH QUARTER 2022 AND YEAR ENDED DECEMBER 31, 2022

Operating results remained in line with expectations for the quarter and the year highlighted by the selling of 92,489 ounces of gold during the Year at a cash operating cost1 of US$821 per oz sold. AISC1 for the Year was above guidance at US$1,091 per oz sold.

Commercial production was declared at Segilola on January 1, 2022, and the Facility Taking Over Certificate from the EPC contractor was received on January 31, 2022. The EPC Contractor confirmed that it would cooperate with the Company by extending the payment period of the final EPC invoices by allowing the Company to make payment of the final EPC invoices from available cashflow. As at the date of publishing this document, all EPC invoices due had been settled in full.

The Company's performance in Q4 2022 builds on its performance during the previous quarters and provides good direction for 2023. The Company has set its production guidance to 85,000 to 95,000 oz, while AISC1 guidance for 2023 is set at US$1,150 per ounce to US$1,350 per ounce.

Segilola Gold Mine, Nigeria

During the year, there continued to be global supply chain issues resulting in shortages and increased prices for a number of essential consumables and supplies such as ammonium nitrate, diesel and spare parts contributing to a higher than target AISC of US$1,091. The Company was able to partially mitigate these risks through the bulk purchase of most supply chain items. Despite these challenges, we were able to demonstrate operational efficiency, resulting in positive cash flows and annual operating profit of US$40 million and net profit of US$25.4 million.

Gold Production

During the year ended December 31, 2022 the Segilola Mine produced 98,006 ounces of gold dore (2021: 9,888 ounces).

The Company exported gold regularly throughout the year selling 92,489 ounces of gold and 5,329 ounces of silver in the year and had a further gold dore inventory of 1,884 ounces and gold in circuit of 1,031 ounces on hand. These ounces have all been sold in the first quarter of 2023.

Mining

During the year ended December 31, 2022, 16,106,033 tonnes of material were mined, equivalent to mining rates of 43,956 tonnes of material per day. In this period, 1,057,996 tonnes of ore were mined, equivalent to mining rates of 2,890 tonnes of ore per day, at an average grade of 3.56g/t.

Processing

During the year ended December 31, 2022, a total of 929,760 tonnes of ore, equivalent to a throughput rate of 2,719 tonnes per day, were processed.

The mill feed grade was 3.45g/t gold and recovery was 95.12% for a total of 98,006 ounces of gold dore produced. We continue to review the process plant to optimize throughput and recoveries.

All of the main operating units of the process plant are performing as expected, and the plant is consistently operating above nameplate capacity. We continue to carry out further optimization activities for the gold recovery process.

OUTLOOK AND UPCOMING MILESTONES

This Section 5 of the MD&A contains forward looking information as defined by National Instrument 51-102. Refer to Section 16 of this MD&A for further information on forward looking statements.

We are focussed on advancing the Company's strategic objectives and near-term milestones which include:

SUMMARY OF QUARTERLY RESULTS

The table below sets forth selected results of operations for the Company's eight most recently completed quarters.

The Company reported a net profit of $14,908,460 (2.21 cents per share) for the three month period ended December 31, 2022, as compared to a net profit of $3,116,416 (0.47 cents per share) for the year ended December 31, 2021. The increase in profit for the period was largely due to: sales during the period of $43,251,204 (Q4 2021: $6,049,485)

These were offset partially by: Amortisation and depreciation of $12,250,612 (Q4 2021: $15,720); and Interest of $3,265,120 (Q4 2021: $16,713)No interest was earned during the three months period ended December 31, 2022, and 2021.

SELECTED ANNUAL FINANCIAL INFORMATION

The review of the results of operations should be read in conjunction with the Company's Consolidated Financial Statements and notes thereto.

RESULTS FOR THE YEAR ENDED DECEMBER 31, 2022 and 2021

The Company reported a net profit of $25,398,941 (3.86 cents per share) for the year ended December 31, 2022, as compared to a net loss of $2,069,195 (0.33 cents per share) for the year ended December 31, 2021. The move to profit for the year was largely due to:Sales during the year of $165,174,531 (2021: $6,049,485)

These were offset partially by: Amortisation and depreciation of $31,652,257 (2021: $106,191); and Interest of $14,616,810 (2021: $64,877)

No interest was earned during the year ended December 31, 2022, and 2021.

We seek Safe Harbor.