An anonymous director reports

THOR EXPLORATIONS ANNOUNCES EXERCISE OF SHARE OPTIONS AND DIRECTOR DEALINGS

Thor Explorations Ltd. has confirmed the exercise of share options for a total of 5.4 million common shares without par value at a price of 20 cents per common share in the share capital of the company. The options have been exercised by directors, persons discharging managerial responsibilities (PDMRs) and other contractors (see an attached table) for an aggregate cash consideration of $1.08-million.

In addition to the 5.4 million common shares issued for cash, 2,742,758 common shares were issued to directors and PDMRs of the company at 20 cents each on a net-settlement basis, as permitted under the rules of the company's 2022 omnibus equity incentive plan.

Application has been made for 8,142,758 shares to be admitted to trading on the Alternative Investment Market on Jan. 24, 2025. 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 664,244,710 common shares and the directors and PDMRs will hold a 12.06-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.

Following these transactions, the directors listed in an attached table 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 Osun state, Nigeria, and has a 70-per-cent economic interest in the Douta gold project, located in southeastern Senegal.