Mr. Segun Lawson reports

THOR EXPLORATIONS INCREASES STAKE TO 100% INTEREST IN THE DOUTA PROJECT AND COMPLETES THE ACQUISITION OF BOUSANKHOBA PERMIT IN SOUTHEAST SENEGAL

Thor Explorations Ltd. has signed a binding sale and purchase agreement (SPA) with its Douta project joint venture (JV) partner, International Mining Company SARL (IMC), to acquire IMC's entire outstanding 30-per-cent economic interest in the Douta gold project in Senegal. The completion of the acquisition moves Thor's interest in Douta from 70 per cent to 100 per cent.

The acquisition will be subject to the completion of certain conditions precedent, including final approval from the Minister of Mines. The total consideration for the acquisition is a cash payment of $3-million (U.S.) and a 1.5-per-cent net smelter royalty (NSR). Fifty per cent of the cash payment is payable on signing and 50 per cent is payable at completion. The NSR is capped up to a maximum of $60-million (U.S.).

In addition to the acquisition, the company has also acquired an initial 65-per-cent interest in the Bousankhoba exploration permit EL02254. Bousankhoba is an early-stage gold exploration permit located contiguous to the east of the company's Douta West permit. Extensive first-stage exploration completed over Bousankhoba has identified numerous geochemical targets associated with a major shear zone over an 18-kilometre strike length. Two prospects, Massa Massa and Sekhoto, are located along this zone. An additional prospect known as Sakhofara is located seven kilometres east of Massa Massa in the northern part of the permit and is defined by a 3.5-kilometre northeast-trending geochemical anomaly. Historical early-stage drilling carried out by the prior owners of the licence has only tested the Sekhoto prospect, producing encouraging results including 10 metres at 3.6 grams per tonne of gold and two m at 52 g/t Au.

The terms of the Bousankhoba earn-in include a minimum exploration program over 24 months and an earn-in payment of $160,000 (U.S.), payable within the first six months of signing.

Segun Lawson, president and chief executive officer, stated: "We are delighted to have agreed terms and signed binding agreements with IMC, our Douta project joint venture partner, to complete this important and strategic acquisition. This is an acquisition of the remaining 30-per-cent economic interest in the Douta project that we did not previously own. We appreciate the significant role of IMC in assisting our journey in Senegal since the acquisition of our initial interest in Douta as a grassroots exploration project. We are also thankful for IMC's dedication to making this transaction efficient and look forward to continuing our productive relationship with IMC, who continue to provide invaluable in-country assistance and guidance.

"With the Douta project preliminary feasibility study at an advanced stage, there is compelling strategic rationale for the acquisition. This is a project we are very much looking forward to building. Owning it on a 100-per-cent basis allows for an efficient development process and full exposure to the project economics prior to the government's 10-per-cent free carried interest.

"We are also delighted to have completed the acquisition of a 65-per-cent joint venture initial interest in the Bousankhoba permit. This permit increases the footprint of the Douta project for regional exploration. Historical drilling at Bousankhoba shows encouraging mineralization that potentially could be extensions to mineralization being presently tested at Baraka 3.

"We are positioned to deliver the Douta preliminary feasibility study in Q4 2025 on a 100-per-cent ownership basis, with significant exploration upside potential and providing us with an expanded project and exploration footprint in Senegal."

Bousankhoba overview

Geology

The Douta gold project, including the Bousankhoba permit, is located within the Birimian Kenieba inlier of eastern Senegal. The Bousankhoba permit is underlain by rocks belonging to the Diale-Dalema supergroup that comprise sedimentary and volcano-sedimentary units that have undergone greenschist facies metamorphosed. Localized occurrences of amphibolite facies occur in the vicinity of later-stage intrusive bodies. The rocks within the Bousankoba permit comprise alternating detrital facies, including sometimes schistose clays, greywackes and graphitic schists. In addition, there are volcano-sedimentary elements represented by coarse to fine lapilli tuffs.

The Major Transcurrent zone (MTZ) is the main structural feature of the area and is located to the west of the permit. The MTZ coincides with the contact between the Mako supergroup and the Diale-Dalema supergroup.

Exploration

In the years 1998 to 2000, Hansa Geomin (a German company) undertook gold exploration work, primarily soil geochemistry using an average grid of 200 metres by 100 metres. A total of 20,243 samples were collected and assayed for gold. The results of this program revealed significant northeast-trending geochemical anomalism over an 18-kilometre strike length in the western portion of the permit.

In 2007, the permit was granted to Libah Investment, which, in a joint venture with Bassari Resources (an Australian company), also undertook additional exploration work between 2009 and 2016, including termite mound and rock geochemistry (541 samples), regolith mapping, trenching, and rotary air blast (RAB) drilling at the Sekhoto prospect. A total of 241 angled RAB holes were drilled for 10,959 m at an average depth of 45 m. Significant results from the trenching and drilling are shown in Tables 1 and 2 respectively.

At the Sekhoto prospect, mineralization has been identified over a strike length of approximately 1.5 kilometres and coincides with a prominent northeasterly trending shear zone. Several partially tested parallel structures are developed to the west and east of this main shear zone.

Exploration opportunities

Extensive first-stage exploration, completed over the Bousankhoba permit, has identified numerous geochemical targets associated with a major shear zone over an 18-kilometre strike length. Two prospects, Massa Massa and Sekhoto, are located along this zone. An additional prospect known as the Sakhofara is located seven kilometres east of Massa Massa in the northern part of the permit and is defined by a 3.5-kilometre northeast-trending geochemical anomaly.

To date, follow-up RAB drilling has only been confined to the Sekhoto prospect. The significant intersections obtained in the RAB drilling are yet to be followed with systematic reverse circulation (RC) drilling.

The prospectivity of the permit is further enhanced by its location between Baraka 3 to the south and Basari Resource's one-million-ounce Makabingui deposit to the north. It is possible that the mineralized shear zone extends through all three gold occurrences.

Thor considers the Bousankhoba permit to be highly prospective with the potential to provide satellite resources that will complement the Douta gold project.

Douta project overview

The Douta gold project comprises three exploration permits located within the Kenieba inlier in 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., and it now owns a 100-per-cent economic interest in the licence.

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, at which point Birima must contribute to exploration and development financing of the 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 and encompasses several historic 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.

Qualified person

The above information has been prepared under the supervision of Alfred Gillman, a fellow of AusIMM, CP, who is designated as a qualified person under National Instrument 43-101 and AIM (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.

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 Burkina Faso. Thor Explorations holds:

• A 100-per-cent interest in the Segilola gold project, located in Osun state, Nigeria;
• A 100-per-cent economic interest in the Douta gold project, located in southeastern Senegal;
• A 100-per-cent interest in the Guitry gold project in Ivory Coast;
• Additional exploration tenure in Nigeria, Senegal and Ivory Coast comprising wholly and majority-owned interests.

Thor Explorations trades on the AIM and the TSX Venture Exchange under the symbol THX.