Mr. Collin Ellison reports

THOR EXPLORATIONS ANNOUNCES EXERCISE OF SHARE OPTIONS AND DIRECTOR DEALINGS

Thor Explorations Ltd. share options have been exercised for a total of 750,000 common shares without par value at 14 cents per common share in the share capital of the company. The options have been exercised by company director Collin Ellison for total consideration of $105,000. The new shares will rank pari passu with the existing shares and application has been made for the 750,000 new shares to be admitted to trading on the Alternative Investment Market (AIM) on Oct. 4, 2023. The new shares will also trade on the TSX Venture Exchange.

Following the admission, Thor Explorations' issued share capital will consist of 655,101,952 common shares and Mr. Ellison (and persons closely associated with him) will have a beneficial holding of 750,000 common shares, equal to 0.11 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.

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.