Mr. Segun Lawson reports

THOR EXPLORATIONS ANNOUNCES RELEASE OF FACT-FINDING COMMITTEE REPORT ON OSUN STATE DISPUTE

Thor Explorations Ltd.'s wholly owned operating subsidiary in Nigeria, Segilola Resources Operating Ltd. (SROL), has received a copy of the report of the Inter-Ministerial Fact-Finding committee on the dispute between SROL and the Osun state government.

Following a meeting held on March 25, 2025, in Abuja with all relevant parties, the report has been formally released to SROL. Importantly, the report affirms SROL's compliance with its legal and regulatory obligations, and that the allegations of wrongdoing were unfounded.

Additionally, the report confirmed that the 3.25 billion naira ($2,086,000 (U.S.)) tax invoice was not valid and unsubstantiated. The committee recommended that the revised tax invoice of 98,347,105.18 naira ($64,100 (U.S.)), issued on Sept. 23, 2024, should be subject to a final reconciliation process to be affected by both parties and to facilitate an amicable resolution.

Regarding the environmental allegations, the report also confirmed the lack of evidence of any environmental pollution on the part of SROL and thus no basis for the claim for additional environmental levies.

While the report addresses the key concerns, SROL remains open to continued engagement with the Osun state government to resolve any outstanding matters amicably and in good faith.

For full details on the findings and recommendations of the Inter-Ministerial Fact-Finding committee, please refer to the report, available on the company's website.

Thor would like to take the opportunity to thank the Honourable Minister for Solid Minerals Development and the Inter-Ministerial Fact-Finding committee for their efforts in resolving these matters.

Osun state government shareholding in Thor

The company also wishes to clarify the position regarding Osun state government's shareholding in Thor.

In August, 2016, when Thor completed the acquisition of the Segilola gold project, Thor issued 5,192,869 ordinary shares to the Osun state government and local community as part of its social responsibility to enable the state and proximal communities to benefit from any success of the project. These shares have since been part of the company's issued share capital and have no preferential rights. The share certificate, which had remained in the custody of Tropical Mines Ltd. (the previous owners of the Segilola gold project), with the state's knowledge, was formally handed over at the meeting on March 25, 2025.

Separately, Thor also issued 20,771,478 in 2016 to the Nigerian Mining Corp. (currently a 3-per-cent shareholder of Thor). The shares of both these entities constitute part of Thor's existing total issued share capital of 664,244,710 ordinary shares outstanding.

Further detail on the report

The recommendations can be found on pages 15 to 19. Segilola reaffirms its commitment to its host communities and strengthening its social licence to operate by implementing relevant corporate social responsibility (CSR) initiatives in Osun state, in addition to its various impactful community development agreement (CDA) and livelihood restoration program (LRP) initiatives. A few of Segilola's community initiatives include:

1. Education and youth empowerment programs:
   1. Construction and renovation of schools, including provision of scholarships to secondary and tertiary institutions;
   2. Sponsorship of skill acquisition workshops for youth and women.
2. Health care initiatives:
   1. Provision of equipment and medical consumables, training of staff at the primary health centres, renovation of community health care centres, implementation of health programs, and disease prevention campaigns;
   2. In 2024, SROL conducted its second medical outreach, providing consultations, advanced diagnostics, medications and surgical procedures.
3. Infrastructure development:
   1. Continuing road rehabilitation projects;
   2. Provision of mains power transformer to Imogbara and installation of 150 solar streetlights in Iperindo communities.
4. Sustainable livelihood restoration programs:
   1. Provision of materials and equipment for the development and operation of vegetable farm, fish farm and cocoa rehabilitation program for project affected persons. These are provided in addition to compensation payments.

By embedding sustainability and community development into its operations, SROL continues to foster long-term positive relationships with local communities while promoting economic and social well-being. The company remains committed to working collaboratively with all stakeholders to ensure a sustainable future for the company, Osun state and Nigeria's mining sector.

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, 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.