Mr. Segun Lawson reports

THOR EXPLORATIONS ANNOUNCES Q1 2025 OPERATING UPDATE

Thor Explorations Ltd. has provided its first quarter 2025 interim operational update for the Segilola gold mine, located in Nigeria, and for the company's mineral exploration properties located in Nigeria, Senegal and Ivory Coast for the three months to March 31, 2025.

Segilola Q1 highlights:

• Q1 gold poured of 22,790 ounces;
• Gold sales in Q1 2025 of 22,750 oz at an average realized price of $2,720 (U.S.) resulting in revenue of $61.9-million;
• All gold forward sales have been delivered, with no outstanding forward contracts remaining;
• Gold produced from 231,825 tonnes milled at an average grade of 3.24 grams per tonne of gold;
• Process plant recovery increased to 93.7 per cent in comparison with 89.2 per cent in fourth quarter 2024;
• Mine production of 272,375 tonnes at an average grade of 2.42 g/t of gold for 21,152 oz;
• Ore stockpile decreased by 2,901 oz to 41,399 oz of gold at an average grade of 0.85 g/t of gold;
• Gold in circuit decreased by 196 oz to 3,959 oz of gold.

Fiscal 2025 outlook and catalysts:

• FY 2025 production guidance range maintained at 85,000 to 95,000 oz of gold;
• FY 2025 all-in sustaining cost guidance range maintained at $800 to $1,000 per ounce;
• Drilling programs across all the company's exploration portfolio:
  • Segilola: continuation of underground drilling program;
  • Nigeria: continuation of scout drilling programs on identified near-mine and regional targets;
  • Senegal (Douta project):
    • Infill drilling at Makosa North and Makosa East targeted at converting inferred resources to indicated resources;
    • 8,000-metre drilling program at Baraka 3 prospect to delineate scale of opportunity and potentially include additional resources into the prefeasibility study mine plan;
    • Further reverse circulation drilling targeting additional oxide resources;
  • Ivory Coast: Guitry, Marahui and Boundiali licences, continuation of geochemical work programs, magnetic surveys, and initial drill programs on identified targets;
• Following completion of Douta project drilling programs, preparation of updated mineral resource estimate and prefeasibility study at the Douta project.

Segun Lawson, president and chief executive officer, stated: "After completing a strong operational and financial performance in 2024, I am pleased to report a solid operational first quarter and start to 2025. In the period, we unwound the entirety of our hedged gold positions and poured 22,790 ounces of gold. This continues to strengthen our balance sheet and provides an excellent platform from which to implement our strategy and ambitions for the year.

"In the quarter, Segilola gold production costs have performed well against budget, and we have continued to increase the intensity of our exploration activities. Our exploration teams in Nigeria, Senegal and Cote d'Ivoire have identified several new targets, which we look forward to testing over the next six months. I am excited to be advancing exploration on multiple fronts across our entire portfolio, where we have several value-accretive milestones to unlock. I look forward to working towards these milestones and updating the market with our progress during the course of Q2."

Exploration Q1 2025 highlights

Nigeria (Segilola):

• Continuation of diamond drilling program to test the depth extensions of the Segilola deposit;
• A total of 2,645 m has been completed across 12 holes;
• The drill holes were designed to test the continuity of two main types:
  • Steep plunging high-grade hangingwall shoots;
  • Shallow plunging mineralization that is projected to continue down plunge to the south;
• Gold mineralization had been confirmed by the initial drilling program;
• The data indicate that there are potential minable extensions to the resource beyond the limits of the current open-pit design;
• Near-mine and regional drill target generation:
  • This geochemical sampling was mainly concentrated to the south of the Segilola gold mine, where the company has identified several new targets, which have returned highly anomalous results over significant strike lengths;
• Auger drilling and shallow core sampling programs remain in progress, with the aim of testing selected geochemical anomalies.

Senegal:

• During the quarter, along with a number of PFS work streams, the company undertook drilling programs at Makosa North and Tail and the Baraka 3 prospect; this resulted in the drilling of two discovery holes at Baraka 3; the results can be found in the company's announcement from March 24, 2025;
• Planning commenced for further resource development and exploration drilling programs; these programs include:
  • Reverse circulation drilling to upgrade inferred resources to indicated resources at Makosa North, Makosa Bridge and Makosa East;
  • 8,000-metre RC drilling program at Baraka 3;
  • Initial drill testing of anomalies at Makosa West;
• Douta project PFS work streams continued, and an updated timeline will be provided following completion of the current drilling programs currently anticipated to be in second quarter 2025;
• The environmental impact assessment for the Douta mining licence was completed and submitted to the Ministere des Mines et de la Geologie.

Ivory Coast:

• Guitry project: Work during the quarter comprised a review of the historic database and preparation of geochemical work and initial RC drilling program designed to test extensions of the identified mineralization.
• Marahui exploration licence: Exploration activities continued with further geological mapping and soil geochemical sampling to define drill targets. The soil geochemistry sampling defined two parallel anomalous structures, with the larger one being a four-kilometre-long-by-200-metre-wide anomaly.
• Boundiali project: Completion of a soil geochemical program in which samples were collected over the central portion of the exploration permit. This program confirmed several low-level gold-in-soil responses, the most prominent of which was a one-kilometre-wide-and-five-kilometre-long northwesterly trending anomaly that is located in the eastern sector of the exploration permit.

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 Ivory Coast. 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 of 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.