Mr. Segun Lawson reports

THOR EXPLORATIONS ANNOUNCES HIGH GRADE MINERALISATION INTERSECTED AT SEGILOLA

Thor Explorations Ltd. is currently producing gold from its wholly owned Segilola gold mine in Nigeria and is advancing its exploration properties in Senegal and Ivory Coast, including the Douta gold project in Senegal which is being advanced toward development.

Thor is pleased to announce further positive results from an advanced diamond drilling program at the Segilola gold mine, which is targeting potential mineralization beneath the current open pit with the objective of extending the Segilola mine life.

Highlights include:

• Drill hole SNMDD060 -- 4.2 metres (m) at 12.4 grams per tonne (g/t) of gold (Au) from 295 m;
• Drill hole SNMDD061 -- two m at 17.86 g/t Au from 195.5 m;
• Drill hole SNMDD061 -- 4.5 m at 3.71 g/t Au from 222 m;
• Drill hole SNMDD059 -- 5.9 m at 6.0 g/t Au from 291 m.

Segun Lawson, president and chief executive officer, stated:

"We are delighted to report continued positive progress from our deep diamond drilling program at Segilola, which has generated several significant gold intersections below the current open pit design. This program, which continues to evolve, has been designed to further explore the along-strike down-plunge trend of the deposit.

"One of our key corporate priorities as a company is to extend the Segilola mine life, and the ongoing drilling program has been designed to do this by both upgrading parts of the remaining inferred resource and increasing the size of the overall underground resource to support a longer life of mine at Segilola.

"We are encouraged by these results, which demonstrate continued high-grade mineable mineralization beneath the pit and look forward to testing these targets, which remain open. We will also review the options of recovering these additional ounces by deepening the Segilola open pit. We have increased our exploration budget to $11.5-million for the year and also look forward to commissioning the company's drilling rigs, which will enable a faster, more flexible drilling program."

Introduction

The Segilola gold project is located 190 kilometres (km) northeast of Lagos and covers a large area of the Pan African Ilesha schist belt. The deposit is located near the northeast-trending Ifewara shear zone that extends for several hundred kilometres through Nigeria.

Gold mineralization is developed within an overturned sequence of metamorphosed, strongly foliated meta-sediments at the boundary between the basement biotite gneiss and calc-silicate and mylonitic biotite-garnet schists. A unit of massive to foliated granodiorite conformably intrudes the sequence between the quartzites and basement gneisses. Gold mineralization is developed with steep west-dipping parallel lodes that comprise late-stage silica-altered zones that are commonly referred to as veins and which are restricted to the meta-sedimentary unit.

Drilling results

The Segilola orebody is characterized by a pronounced southerly plunging geometry. A diamond drilling program that commenced in 2024 is continuing to test the continuity of mineralization following the down-plunge trend to the south. To date, a total of 60 holes have been completed for 16,520 m. Drill sampling is being carried out using NQ diamond core. Half core samples are analyzed by fire assay at the company's laboratory which was established by MSA Laboratories at the Segilola mine site. The final assay results are an average of the primary assay result (Au) and two additional fire assays of the same pulp (AuR1 and AuR2). Further QA/QC (quality assurance/quality control) work is being carried out by MSA Laboratories. Significant intersections are calculated by reporting above a lower cut off grade of 0.5 g/t Au over a minimum interval length of 0.5 m with a maximum internal dilution of one m allowed. Significant results that exceed three gram-metres (average grade by true width) are shown in Table 1. All results are tabled in Appendix 1.

Drilling has focused on two main areas: the Northern zone, where the targeted mineralization is confined to a discrete, west-dipping, 100-metre long shoot with a pronounced steep southerly plunge, and the Southern zone where mineralization appears to have a shallow-plunging flat geometry in longitudinal section view.

The Southern zone is characterized by four stacked parallel lodes that dip at about 600 toward the west. In this area the western-most, or hangingwall, lode, which is referred to as the 400 lode, is typically 0.5 to three m thick and notable for elevated grades. For example, 400 lode intersections include two m grading 17.86 g/t Au in SNMDD061.

The main mineralized structure in the Southern zone is referred to as the 300 lode and is typically more continuous with true widths of three to five m. Significant intersections of the 300 lode from the current drilling include 5.9 m grading 6.0 g/t Au in drill hole SNMDD059 and 4.2 m grading 12.48 g/t Au in drill hole SNMDD060.

Next steps

The preliminary economic assessment (PEA) completed in 2018 included an underground indicated resource of 28,000 ounces grading 9.4 g/t Au, together with an inferred resource of 90,000 ounces grading 7.9 g/t Au.

Given the fundamental change in the project economics brought about by the current record gold price, the company will review the option of further extending the open pit as opposed to transitioning, in the short term, to an underground operation.

The current program is targeting both upgrading the inferred resource below the pit and increasing the overall size of the resource with the objective of increasing the life of mine at Segilola.

Continuing work streams will also incorporate geotechnical and metallurgical studies.

Qualified person

The above information has been prepared under the supervision of Alfred Gillman (fellow AusIMM, chartered professional), who is designated as a qualified person under National Instrument 43-101 and the AIM (Alternative Investment Market) rules and has reviewed and approves the content of this news release. He has also reviewed QA/QC, sampling, analytical and test data underlying the information.

We seek Safe Harbor.