Mr. Segun Lawson reports

THOR EXPLORATIONS ANNOUNCES FURTHER POSITIVE DRILL RESULTS AT THE GUITRY PROJECT IN CÔTE D'IVOIRE

Thor Explorations Ltd. has released further positive drilling results from its maiden drilling campaign at its 100-per-cent-owned Guitry gold project in Ivory Coast.

During May and June, 2025, Thor completed an initial 3,000-metre (m) reverse circulation (RC) drilling program at Guitry, with the objective of gaining a better understanding of both the geometry and geological controls on gold mineralization based on a new interpretation of the historic drilling results.

Further to the maiden drill results, announced on July 22, 2025, additional assay results received include the following highlights:

• Drill hole GURC25-232 -- eight metres at 14.54 grams per tonne (g/t) of gold (Au) from 114 m;
• Drill hole GURC25-234 -- four m at 10.68 g/t Au from 81 m;
• Drill hole GURC25-212 -- seven m at 5.31 g/t Au from 155 m.

Segun Lawson, president and chief executive officer, stated:

"We are extremely pleased to report further positive drilling results from our maiden drilling campaign in Cote d'Ivoire. Our drilling has continued to successfully intersect high grade mineralization at depth at Guitry, which prior to our ownership, was characterized by numerous gold-in-soil geochemical anomalies that had only been partially drill tested with shallow drilling.

"We are encouraged by the progress at Guitry where the maiden drilling program shows mineralization remains open at depth and there remains a significant amount of soil anomalism in the licence that remains untested.

"We look forward to returning later this quarter following the rainy season to continue the next phase of drilling and working towards our target of a maiden resource in Cote d'Ivoire before the end of the year.

"As a country, Cote d'Ivoire is a West African gold mining and exploration success story that hosts over 30 per cent of West Africa's greenstone belts and is proving to be an emerging region for world class gold discoveries. Part of our exploration program in the country this year includes a maiden drilling program at our Marahui project which has been designed based on highly encouraging initial exploration results."

Introduction

The Guitry project was acquired by Thor from Endeavour Mining Corp. during 2025 for a total consideration of $100,000 (U.S.) in cash and a 2-per-cent net smelter royalty. The project is located 220 kilometres (km) due west from Abidjan and covers 295 square kilometres of prospective Tehini (Birimian) greenstone belt comprising a northeasterly trending sequence of greywacke sediments and volcano-sedimentary schists and andesite with later granitic intrusive located to the north. The Tehini greenstone belt extends northward into Burkina Faso where it hosts large gold deposits such as Hounde (5.2 million ounces (Moz)) and Mana (2.3 Moz). Early stage exploration at Guitry completed by Endeavour Mining includes 7,672 soil samples and over 11,000 m of drilling.

Two main prospects were defined by soil geochemistry: Krakouadiokro and Gbaloukro. A broad gold in soil anomaly extends over a 8.5 km northeasterly trending zone with a continuous five km long anomaly at Krakouadiokro. Follow-up drilling at Krakouadiokro produced several significant drill intersections from a relatively small area of drilling. However, insufficient information was obtained regarding the geometry and extents of the primary gold mineralization. Mineralization appears to be open along strike to the southwest and northeast and down dip at the two main prospects.

Drilling results

Historically, most of the drilling intersected gold mineralization in a near-surface flat-lying supergene horizon. Only limited drilling of the primary mineralization at Krakouadiokro was carried out. The current program was designed, based on a new interpretation of the orientation of what is understood to be several parallel mineralized lodes.

Since May, 2025, Thor completed an initial reverse circulation (RC) drilling program of approximately 3,000 m. All holes were oriented at an azimuth of 225 degrees at a dip of 55 degrees.

Industry standard QA/QC (quality assurance/quality control) protocols were followed, and drill samples were collected, stored and transported under secure conditions. Drill samples were analyzed by SGS Laboratories in Yamoussoukro using the FAA505 fire assay method (50-gram charge). The significant intersections from this program are listed in Table 1.

The current drilling area is located on the crest of a laterite-capped hill which overlies a northeast striking sequence of pelitic sedimentary (greywacke) rocks. These rocks are strongly weathered to a depth of about 30 m from surface before transitioning into fresh bedrock. Primary gold mineralization is developed within moderately to steep north-dipping zones in the southwest part of the drilling area. Toward the northeast the mineralized zones appear to be subvertical.

Numerous high gold grades have been intersected in the primary zone over a 400 m by 300 m area. In the Southern zone intersections that were reported previously such as seven m at 7.71 g/t Au in GURC25-227 and five m at 12.65 g/t Au in GURC25-228 indicate that grades appear to increase at depth with most of the grades exceeding 5 g/t Au being located in the fresh bedrock. In the current batch of results eight m grading 14.84 g/t Au from 118 m was intersected in drill hole GURC25-232 in the previously untested Central zone. Drill hole GURC25-233 intersected seven m grading 5.31 g/t Au about 30 m to the northeast of GURC25-232.

In addition to the significant grades that were intersected in the deeper primary zone, the near-surface lateritic mineralization returned 17 m grading 2.16 g/t Au in drill hole GURC25-229 which is located in the Central zone.

Additional drilling is required to fully define the mineralization in the Central zone where assays are still pending. Assays are pending for several other holes including GURC25-232 and GURC25-233 which targeted this zone farther to the east.

The Northern zone is characterized by several narrow mineralized structures including two m grading 16.9 g/t Au which was intersected in drill hole GURC25-224. Further drilling is planned to obtain a better understanding of the stockwork-like nature geometry of mineralization.

Next steps

• At the Krakouadiokro prospect, further systematic resource drilling is warranted. This drilling would comprise both infill and stepout drilling to both upgrade and extend the resource respectively.
• Drilling of the numerous geochemical anomalies at both the Krakouadiokro and Gbaloukro prospects that have, to date, been either untested or partially tested.
• Generative geochemical surveys along the northeast and to the southwest strike extents of the Krakouadiokro and Gbaloukro prospects. These areas, which total approximately 10 kilometres of prospective strike, have either been partially sampled on 800 m spaced lines or not sampled at all.

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 (Alternative Investment Market) 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.

Further details can be found on the company's website.

About Thor Explorations Ltd.

Thor Explorations is a mineral exploration company engaged in the acquisition, exploration, development and production of mineral properties located in Nigeria, Senegal and Ivory Coast. 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. Thor Explorations trades on AIM and the TSX Venture Exchange under the symbol THX.