Mr. Segun Lawson reports

THOR EXPLORATIONS ANNOUNCES DRILLING RESULTS AND UPDATE ON THE DOUTA GOLD PROJECT, SENEGAL

Thor Explorations Ltd. has drilled two discovery holes in its Douta-West licence. The Douta-West Licence lies contiguous to the west of the original Douta licence, which, together, constitute the Douta Gold Project, Senegal. The Douta Gold Project encompasses the Makosa gold deposit, which currently comprises a total resource of approximately 1.78 million ounces (oz) of gold (Au), consisting of an indicated resource of 20.2 million tonnes (t) grading 1.3 grams per tonne (g/t) Au for 874,900 ounces of gold, together with an inferred resource of 24.1 million t grading 1.2 g/t Au for 909,400 oz Au.

The company is pleased to release the first set of drilling results from its 2025 regional exploration drilling program at the Baraka 3 prospect on the Douta-West licence. The Baraka 3 prospect is a one-kilometre-long (km) drill target delineated by the company in 2024 through geological mapping, together with geochemical surveys and rock chip sampling. The two discovery drill holes were drilled 100 metres apart in two adjacent drill sections. The remaining strike length will be drilled as part of a continuing drilling program. Geochemical anomalies along this geological trend extend for approximately three km.

The assay results from the two discovery drill holes include:

• Drill hole DTWRC129 -- 19 metres (m) at 2.46 g/t Au from 29 m;
• Drill hole DTWRC134 -- 26 m at 1.31 g/t Au from 21 m.

In addition, the results have been received from a series of diamond drill holes that have been completed along the strike length from Makosa North to Makosa Tail deposits to test for depth extensions and to upgrade the classification towards the lower parts of the resource.

The assay results from this drilling program include the following highlights:

• Drill hole DTDD0039 -- nine m at 1.35 g/t Au from 110 m and nine m at 2.06 g/t Au from 127 m;
• Drill hole DTDD1040 -- three m at 5.3 g/t Au from 131 m;
• Drill hole DTDD1038 -- eight m at 1.31 g/t Au from 197 m;
• Drill hole DTRC0036 -- four m at 2.44 g/t Au from 203 m and six m at 1.71 g/t Au from 220 m.

Segun Lawson, president and chief executive officer, stated:

"We are thrilled to drill our first discovery holes on the Douta-West licence, which we acquired in Q1 last year. These holes intersected wide high-grade gold mineralization, which could complement the existing resource of the Douta project. The results demonstrate the exploration upside potential that continues to exist on the Douta project and we will continue to advance exploration on the Douta-West licence with an updated drilling program.

"We are also pleased to announce positive drilling results from an initial program of deeper diamond holes at the Makosa North, Makosa and Makosa Tail prospects. The drilling was focused on deeper parts of the resource that are currently classified mostly as inferred. These results are expected to allow for an increase in indicated resources to be included in the Douta preliminary feasibility study (Douta PFS).

"We are preparing the Douta PFS for a technically robust and optimal economic outcome, which will be significantly derisked and positioned to be fast-tracked to a definitive feasibility study and, subsequently, an investment decision. Positive drilling results from the Baraka 3 prospect and Makosa could potentially positively enhance the Douta project. As such, the immediate focus is on completing the ongoing drilling programs on Baraka 3 and infill RC drilling on the shallow inferred resources at Makosa North and Makosa East, to upgrade to indicated classification so that it can be incorporated into the Douta mine plan. We will provide an updated timeline on the Douta PFS when all the drilling results have been received."

Introduction to drilling results

The Douta gold project comprises two exploration permits located within the Kenieba inlier, eastern Senegal. The Douta mining lease application (Demande) No. 11618 (formerly EL02038) is held by Thor, through its wholly owned subsidiary, African Star Resources Inc., which acquired a 70-per-cent economic interest in the licence through a joint venture agreement with the permit holder International Mining Company SARL (IMC). IMC has a 30-per-cent free carry until the announcement by Thor of a probable reserve. The Douta-West exploration licence is also held by Thor through African Star, which acquired a 70-per-cent economic interest in the licence through a joint venture agreement with the permit holder Birima Gold Resources Consulting. Birima Gold has a 30-per-cent free carry until the completion of a preliminary feasibility study (PFS), at which point Birima must contribute to exploration and development financing of licence or have its economic interest diluted to a minimum 5-per-cent free carry.

The Douta-West project, comprising exploration permit E03709, is contiguous with Thor's Demande No. 11618. Douta-West is operated by Thor under an agreement with Birima Gold Resources Consulting, and encompasses several historical gold-in-soil geochemical anomalies that extend south from the southern end of the Makosa Tail prospect, and that also run parallel and to the north of the known Makosa trend in a corridor that occupies the ground between Makosa and Endeavour Mining's Masawa gold mine.

The company also has an interest in the Sofita gold exploration licence 03634, located about 45 km southwest of the Douta project and is operated by Thor under an agreement with Sofita Services Et Logistiques.

Douta-West exploration drilling results

An initial reverse circulation (RC) drilling program comprising 30 holes with an average depth of 50 m was completed near the southern boundary of the Douta-West exploration permit in February, 2025. The drilling targeted a termite-mound geochemical anomaly located north from a series of shallow artisanal workings. Drill samples were analyzed by ALS Laboratories in Mali using the AA26 fire assay method (50-gram charge). Results have so far been received for seven holes that are located toward the southern end of the drill pattern. The complete table of results is shown in the attached appendix. The significant intersections from this program are listed in table No. 1.

The geology at Baraka 3 comprises a steep west-dipping succession of greywackes and shale. Gold mineralization is developed over a true width of between 12 and 17 m, and is associated with a greywacke-hosted quartz-carbonate stockwork that features strong limonitic and sericitic alteration. The main structure, which is oriented in a northerly direction, has been intersected on two adjacent drill sections. Drill results are pending on the two northern sections.

To date, drilling has been confined to the southern part of one of six discrete geochemical anomalies that have been defined by termite mound sampling over an area that extends for over three km from Baraka 3.

Target area 1 extends for over one km in a northerly direction, and, toward the south, follows a trend of artisanal workings and quartz vein exposures. The mineralization has been confirmed over a 250 m strike length. This represents a small fraction of the overall anomalous trend, along which discrete geochemical anomalies extend for a distance of approximately three km toward the north. These anomalies, which include point values of 2.056 g/t Au and 7.97 g/t Au, suggest that the mineralized structure continues beneath cover in this direction. In the coming months, these anomalies will be tested with RC drilling. The company considers these initial results to be highly encouraging as they open a new exploration opportunity with the potential to form a satellite deposit to the main Makosa resource area.

Diamond drilling results

During January, 2025, Thor completed a diamond drilling program totalling 1,159 m for five holes with an average depth of 232 m. The objective of the program was to test the depth extensions of the resource in order to upgrade the classification.

The significant intersections from this program are listed in table No. 1. All results are reported in the appendix. Drill samples were analyzed by ALS Laboratories in Mali using the AA26 fire assay method (50-gram charge).

Apart from DTDD0037, which confirmed a pinchout at depth, all the drill holes intersected mineralization either near or below the base of the optimized pit shell. At Makosa North, which is mostly classified as inferred, drill hole DTDD0036 intersected mineralization 155 m below the nearest RC hole and 80 m vertically below the base of the pit shell. Further drilling of Makosa East, which is located 150 m to the east of Makosa North, is planned to upgrade this part of the resource.

The company believes that the results of these diamond drill holes will have a positive impact on both the classification and global tonnage of the resource.

As most of the Makosa North and Makosa East resource is currently classified as inferred and therefore not included in the Douta PFS mine plan, additional RC infill drilling will be undertaken with the aim of upgrading the existing inferred resource to indicated, which will potentially enable inclusion of these resources in the Douta PFS mine plan, which, if included, would have a positive impact on the economics of the Douta PFS.

Confirmation of director appointment

Further to the announcement of Jan. 30, 2025, the company is pleased to confirm the appointment of Franklyn Obinna Edochie, 38, to the board of the company.

Mr. Edochie's conditional appointment (being subject to satisfactory completion of due diligence by the company's nominated adviser and relevant approvals from the TSX Venture Exchange) was announced following selection by the Africa Finance Corp. as its representative on Thor's board of directors, replacing Osam Iahen.

There are no disclosures regarding Mr. Edochie to be made for the purposes of Schedule 2(g) of the AIM (Alternative Investment Market) rules for companies.

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 AIM rules, and has reviewed and approves the content of this news release. He has also reviewed QA/QC (quality assurance/quality control), sampling, analytical and test data underlying the information.

About Thor Explorations Ltd.

Thor Explorations 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.

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