Mr. Segun Lawson reports

THOR EXPLORATIONS ANNOUNCES FINANCIAL AND OPERATING RESULTS FOR THE THREE AND NINE MONTHS ENDING SEPTEMBER 30, 2023

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 and Senegal for three and nine months to Sept, 30, 2023.

Operational highlights for Q3 2023

Gold production targets on track for fiscal year 2023 guidance:

• Gold production for the period totalled 19,021 ounces (oz);
• Nine months to September, 2023, production of 63,328 oz -- in line with expectations;
• All main operating units of the process plant continue to perform well, with the main west wall pushback completed;
• Continuing improvements at process plant being undertaken and to be commissioned in Q4 2023.

Focused exploration at Segilola:

• Focus of gold exploration activities within a 25-kilometre radius from the Segilola operations;
• Continuation of reverse circulation (RC) drilling, stream sediment sampling and grid auger sampling at the Kola prospect, 23 km south of Segilola;
• Continuation of diamond drilling on identified high-grade quartz-vein-style mineralization at Aye-Ile prospect which is located 15 km west of Segilola with several narrow high-grade intersections drilled.

Continuing preliminary feasibility study workstreams of Douta project:

• Further progress made with prefeasibility study (PFS) workstreams with an expected completion for Q1 2024;
• Environmental and social impact assessment is continuing;
• Metallurgical test work is continuing at IMO Laboratory in Perth, Western Australia;
• Compilation and reporting of geotechnical data;
• Resource drilling, which targeted the higher-grade parts of the existing inferred resource, has been completed.

Thor lithium exploration at Oyo project:

• At Oyo project location a total of 77 RC drill holes totalling 4,585 metres were drilled;
• Significant intersections previously reported include 11 m grading 1.53 per cent lithium oxide (Li2O), nine m grading 2.42 per cent Li2O and 11 m grading 2.61 per cent Li2O;
• Regional soil geochemical surveys commenced;
• Additional tenure obtained at both the Oyo and Ekiti project areas;
• Reconnaissance mapping and sampling at the Ekiti project returned positive results, including a rock chip sample grading 2.92 per cent Li2O with drilling now commencing at this project.

Environmental, social, governance:

• Two weather stations installed at Segilola to assist with accurate climate database and mine planning;
• Continuous progression of livelihood restoration programs to individuals affected locally within the Segilola mine footprint;
• Community projects undertaken by Africa Star Resources team in Senegal, including improvements of local school toilet facilities, clearing wasteland at local cemetery and providing a generator for the local police station.

Outlook:

• FY 2023 production guidance of 85,000 oz of gold maintained;
• All-in sustaining cost guidance for the year maintained at $1,150 (U.S.) to $1,350 (U.S.) per ounce;
• H2 2023 drilling programs:
  • Continuation of drilling at Segilola gold regional targets and underground project;
  • Continuation of drilling at Oyo lithium prospect and commencement of drilling at the Ekiti lithium prospects in Nigeria.
• Completion of the Douta resource update in Q4 2023;
• Continued assessment of prospective exploration properties in Nigeria;
• Continued exploration programs across the company's exploration portfolio in Nigeria.

Segun Lawson, chief executive officer, commented:

"Our Q3 2023 gold production of 19,104 oz is in line with our August guidance update of 85,000 oz for the full-year 2023. We are pleased to have achieved this and to have completed the pushback of the west wall which means that the pit conditions have significantly improved. We are now well positioned to mine more flexibly and efficiently going forwards.

"Our process plant continues to perform above design capacity. Upgrades to the process plant leaching and electrowinning circuits are being phased in over Q4 2023 and Q1 2024, which are expected to result in a release of gold-in-circuit and increased plant recoveries from December, 2023, continuing throughout 2024.

"In terms of financial performance, whilst the lower grades have led to lower revenue and profits in the quarter, we have maintained good levels of positive cash flow. We anticipate a stronger financial performance in the final quarter as the mine grade increases.

"The resource drilling at our Douta gold project in Senegal, which was targeting the higher-grade zones of the inferred resource, has been completed and final assays are pending. The environmental and social impact assessment is ongoing and metallurgical test work is continuing at IMO Laboratory in Perth, Western Australia. To maximize the full potential of the 1.78 million oz of gold resource at Douta, we are extending the metallurgical test work program with IMO and will also be conducting further test work with our engineering design partner JinPeng Engineering in China to confirm equipment selection. It is important that we confirm a robust process design that maximizes the overall economics of the project and that provides us with the confidence to progress directly to project implementation. We are therefore postponing the preparation of an updated resource for Douta until confirmation of the process design and thereafter release of the PFS, targeting Q1 2024.

"We have made good early progress at our West Oyo lithium project in Nigeria, with an encouraging initial set of drilling results. We have been able to confirm and delineate lithium-bearing mineralization, with spodumene confirmed as the primary lithium-bearing mineral. Our plan is to expand our drilling program to the other pegmatites across our permits and expect to receive further results in Q4 2023."

The group's consolidated condensed interim financial statements, together with the notes related thereto, as well as the management's discussion and analysis for the three and nine months ended Sept. 30, 2023, are available on the Thor Explorations website.

About Thor Explorations Ltd.

Thor Explorations 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-per-cent interest in the Segilola gold project located in Osun state, Nigeria, and has a 70-per-cent economic interest in the Douta gold project located in southeastern Senegal. Thor Explorations trades on the Alternative Investment Market and the TSX Venture Exchange under the symbol THX.

Qualified person

The technical information included in this report has been prepared under the supervision of Alfred Gillman (fellow, AusIMM, CP, geology), who is designated as a qualified person under National Instrument 43-101 and AIM and has reviewed and approves the content of this news release. He has also reviewed quality assurance/quality control, sampling, analytical and test data underlying the information.

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