Mr. Folorunso Adeoye reports

THOR EXPLORATIONS ANNOUNCES EXERCISE OF SHARE OPTIONS AND DIRECTOR DEALINGS

Thor Explorations Ltd. has accepted the exercise of share options for a total of 1.5 million common shares without par value at 14.5 Canadian cents per common share in the share capital of the company. The options have been exercised by company director Folorunso Adeoye for total consideration of $217,500. The new shares will rank pari passu with the existing shares and application has been made for the 1.5 million new shares to be admitted to trading on the Alternative Investment Market on June 9, 2023. The new shares will also trade on the TSX Venture Exchange.

Following the admission, Thor Explorations' issued share capital will consist of 645,233,413 common shares and Mr. Adeoye (and persons closely associated with him) will have a beneficial holding of 21,349,721 common shares, equating to 3.3 per cent of the total issued share capital in the company. The company does not hold any shares in treasury. Shareholders may use this figure as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the company.

In addition to the exercise of options, the company also announces that Adrian Coates, non-executive chairman, carried out a bed and ISA transaction, having transferred 116,500 common shares from his share dealing account to his ISA on June 2, 2023.

The beneficial holding of Mr. Coates (and persons closely associated with him) is unchanged following this transaction and Mr. Coates remains beneficially interested in 1.35 million common shares, representing approximately 0.21 per cent of the total issued share capital in the company.

About Thor Explorations Ltd.

Thor Explorations is a mineral exploration company engaged in the acquisition, exploration and development of mineral properties located in Nigeria, Senegal and Burkina Faso. Thor Explorations holds a 100-per-cent interest in the Segilola gold project, located in Osun state of Nigeria, and has a 70-per-cent economic interest in the Douta gold project, located in southeastern Senegal. Thor Explorations trades on the AIM and the TSX Venture Exchange under the symbol THX.