Mr. Segun Lawson reports

EXERCISE OF SHARE OPTIONS AND DIRECTOR DEALINGS

Thor Explorations Ltd. has seen the exercise of share options for a total of 7.9 million common shares without par value at a price of 14.5 cents per common share in the share capital of the company. The options have been exercised by directors and persons discharging managerial responsibilities (PDMR) per the attached table for an aggregate consideration of $1,145,500.

In addition to the 7.9 million common shares issued for cash, 1,218,539 common shares were issued to directors of the company following the exercise of 2,711,000 share options at 14.5 cents each on a net settlement basis as permitted under the rules of the company's omnibus equity incentive plan 2022.

Application has been made for 9,118,539 shares to be admitted to trading on Alternative Investment Market on June 20, 2023. The new shares will also trade on the TSX Venture Exchange and rank pari passu to existing shares.

Following the admission, Thor Explorations' issued share capital will consist of 654,351,952 common shares, and the directors and PDMRs will hold a 12.40-per-cent interest 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 option exercise, Segun Lawson, chief executive officer, acquired an additional 6,600,690 common shares through an off-market transaction.

Following these transactions, directors will hold in excess of a 3-per-cent interest in common shares 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 the 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 AIM and the TSX Venture Exchange under the symbol THX.