Mr. Segun Lawson reports

THOR EXPLORATIONS ANNOUNCES Q4 2023 OPERATING UPDATE AND 2024 OPERATING GUIDANCE

Thor Explorations Ltd. has provided an operational update for the Segilola gold mine, located in Nigeria, and for the company's mineral exploration properties located in Nigeria and Senegal, for the three months to Dec. 31, 2023, as well as full-year operational highlights.

Segilola 2023 operational highlights:

• Fiscal year 2023 gold production of 84,609 ounces:
  • 21,798 oz during the quarter at an average grade of 2.77 grams per tonne of gold.
• Successfully completed pushback of Segilola western wall;
• Successfully upgraded process plant elution and electrowinning system;
• Acquisition of additional gold and lithium exploration tenure in Nigeria;
• Continuation of drilling programs on near-mine and regional targets;
• Segilola underground exploration drilling program to commence in H1 2024.

Segilola 2023 exploration update highlights:

• Focus of gold exploration activities for FY 2023 has been on prospects within a 40-kilometre radius from the Segilola project.
• Majority of the exploration activities carried out on all the company's licences consisted of reverse circulation (RC) drilling, diamond drilling, geochemical stream sediment sampling, auger drilling and soil sampling.
• The company successfully drilled a number of high-grade intercepts at two key prospects within a 25 km radius of the Segilola plant.
• The greenfield discovery at Kola located 23 km to the south returned several high-grade encouraging drill results and has opened up a new front of exploration potential to the south, an area which is now of priority.
• The Ijarigbe prospect is located 23 km north of Segilola. This prospect has been defined by a number of stream sediment anomalies and soil anomalies which returned values of up to 9.40 g/t Au.
• Southern prospects located 25 km south of Segilola were drilled during Q4 2023 and returned encouraging high-grade intercepts, including at the Kola prospect:
  • SGRC188: four metres at 30.2 g/t Au from 14 metres;
  • SGRC 189: eight metres at three g/t Au from 56 metres;
  • SGRC 190: seven metres at 26 g/t Au from 49 metres;
  • SGRC 194: seven metres at 34.2 g/t Au from 49 metres;
  • Previously unreported drilled in Q4 2023;
  • SGRC 236: two metres at 12.61 g/t Au from 49 metres;
  • SGD 295: five metres at 11.25 g/t Au from 15 metres;
  • SGD 296: three metres at 2.49 g/t Au from 55.5 metres.

Douta exploration highlights:

• Final set of drill results received in Q4 2023 after completing a 14,000-metre RC drilling program. Results highlights include:
  • DTRC 871: 16 metres at 2.26 g/t from 93 metres;
  • DTRC874: four metres at 3.55 g/t from 91 metres;
  • DTRC 895: eight metres at 2.61 g/t from 8 metres;
  • DTRD 845: nine metres at 4.33 g/t from 93 metres.
• Wide zones of near-surface, high-grade oxide mineralization identified.

Lithium exploration:

• Initial set of encouraging drill results received in Q3 2023 as previously announced;
• Land portfolio increased to include additional project areas;
• Focus on scout drilling across a number of targets through H1 2024;
• Continued acquisition of prospective lithium exploration ground in Nigeria.

FY 2024 outlook and catalysts:

• FY 2024 production guidance range set at 95,000 to 100,000 oz of gold;
• FY 2024 all-in sustaining cost (AISC) guidance range set at $1,100 to $1,200;
• Strong exploration focus on Segilola near-mine drill targets and underground drilling program in H1 2024 with an initial 5,000-metre drilling program delineated;
• Updated mineral resource estimate at the Douta project to be completed in Q1 2024;
• Preliminary feasibility study (PFS) test work is continuing at the Douta project in Senegal, focusing on the metallurgy and process flowsheet, targeting publication in Q1 2024 following the updated mineral resource estimate;
• Continued lithium target generation including a further scout drilling program across a number of targets.

Segun Lawson, president and chief executive officer, stated:

"I am pleased that the company was able to successfully complete what was projected to be the most operationally challenging year in the Segilola mine plan. We were able to complete the year producing 84,600 ounces; however, most importantly, we have positioned the mine very strongly for the coming years.

"We expect that the successful completion of the west wall pushback and the improvements made to the processing plant will allow the mine to operate more efficiently whilst also making accelerated drawdown of the current high levels of the gold in circuit through the course of the year.

"In Nigeria, we have made small but very important discoveries within trucking distance of the Segilola plant. The area within a 40 km radius of the Segilola mine has been a key exploration focus for potential high-grade satellite resources that can be transported economically to the central processing plant at Segilola. There were encouraging high-grade drill results from the Kola prospect in the Southern prospects, which opens up a new front of exploration potential to the south. In addition, further encouraging geochemical sampling results from the Central prospects are indicative of the potential for high-grade resource within close proximity to the plant. We are looking forward to our drilling program on our delineated targets in the first half of this year. Now we have completed the pushback of the west wall, our priority this year is on exploration aimed at increasing the Segilola mine life. With this in mind, we are also commencing our underground drilling program in H1 2024.

"We are also pleased with the progress made at Douta. We were encouraged by the final set of drill results received in Q4 2023 and have been working on the preliminary feasibility study. The current focus has been on the metallurgy and the process flowsheet, and we expect to update the market with an updated resource estimate and, subsequently, a preliminary feasibility study in Q1 2024."

Nigeria exploration

In Nigeria, Thor's exploration focus is its wholly owned exploration permits within a 40 km radius of the Segilola mining operation. Two main advanced exploration target areas, that is, the Central and Southern prospect areas, have been defined within a 40 km radius of the Segilola gold mine. These areas encompass a number of targets, some of which have received initial drill testing.

Central prospects

There are two main focus areas with this prospect:

• Ijarigbe;
• Ekiti.

Ijarigbe

The Ijarigbe prospect is located 22 km north of Segilola and is defined by numerous stream sediment anomalies ranging from 0.65 to 23.13 g/t Au. Initial follow-up geochemical soil sampling has returned values of up to 9.40 g/t Au.

Southern prospects

The Southern prospects are located 23 km south of the Segilola gold mine within a 100-per-cent-Thor-owned exploration permit. The prospect developed from a low-level stream sediment anomaly located in the northern portion of EL28801 which was confirmed by follow-up auger-assisted soil geochemistry that returned values of up to four g/t Au. Targeting of this anomalous zone was carried out with reverse circulation drilling.

Initial positive results included seven metres grading 25.98 g/t Au in the near-surface weathered horizon. Additional drilling located primary bedrock mineralization grading eight metres at 30.19 g/t Au. Initial data suggest that the geological controls relate to a steeply dipping northeasterly trending zone within a biotite gneiss sequence. Exploration testing of the general area is continuing.

Newstar lithium

Thor has secured over 600 square kilometres of granted tenure in Nigeria that form Oyo state, Kwara state and Ekiti state lithium project areas. Activities for the quarter comprised initial exploratory drilling in the Ekiti project area. Exploration activities were focused on the Oyo and Ekiti areas with surface geochemical programs and shallow drilling undertaken.

Oyo

Lithological mapping carried out in Q3 2023 identified exposure of several northerly trending pegmatites. A reconnaissance geochemical soil program was designed covering a total area of 40 square km, on a spacing of 400 metres by 50 metres in EL42245. The objective is to produce a robust project-wide data set that will provide comprehensive multielement data which will guide the continuing exploration of the region. During the reporting period 671 samples were collected and submitted for laboratory analysis. Results are pending.

Ekiti

Widespread pegmatite occurrences have been located in the Ekiti area. A limited drilling program has commenced to follow up on reconnaissance mapping and rock chip sampling carried out to the west and north of Ijero. Results from this drilling are pending.

Senegal

Introduction

The Douta gold project is a gold exploration permit (E02038), located within the Kenieba inlier, eastern Senegal. The northeast-trending licence has an area of 58 square km. Thor, through its wholly owned subsidiary African Star Resources Inc., has a 70-per-cent economic interest in partnership with the permit holder, International Mining Company SARL (IMC). IMC has a 30-per-cent free carried interest in its development until the announcement by Thor of a probable reserve.

The Douta licence is strategically positioned four km east of Massawa North and Massawa Central deposits, which form part of the world-class Sabadola-Massawa project owned by Endeavour Mining. The Makabingui deposit, belonging to Bassari Resources Ltd., is immediately located east of the northern portion of E02038.

Drilling results

No drilling activities took place during the quarter. However, assays from drilling completed in the previous quarter were received. Drill samples were analyzed by ALS Laboratories in Mali using the AA26 fire assay method (50-gram charge).

About Thor Explorations Ltd.

Thor is a Canadian mineral exploration company engaged in the acquisition, exploration and development of mineral properties located in Nigeria, Senegal and Burkina Faso. Thor holds a 100-per-cent interest in the Segilola gold project located in Osun state of Nigeria. Mining and production commenced at Segilola in 2021. Thor holds a 70-per-cent interest in the Douta gold project located in southeastern Senegal. Thor trades on the TSX Venture Exchange under the symbol THX.

Qualified person

The above information has been prepared under the supervision of Alfred Gillman (fellow AusIMM, CP), who is designated as a qualified person under National Instrument 43-101 and the Alternative Investment Market rules, 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.