Mr. Segun Lawson reports

THOR EXPLORATIONS ANNOUNCES STRONG Q4 2025 GOLD PRODUCTION OF 23,604 OUNCES, 2026 OPERATING GUIDANCE AND BONUS Q4 DIVIDEND

Thor Explorations Ltd. has provided its fourth quarter and full-year 2025 operational update for the Segilola gold mine, located in Nigeria, and for the company's mineral exploration properties located in Nigeria and Senegal, for the three months to Dec. 31, 2025, as well as full-year operational highlights.

Highlights:

• Q4 gold poured of 23,719 ounces;
• Full-year 2025 gold poured totalled 91,910 ounces;
• Gold sales in Q4 2025 of 25,830 ounces at an average realized price of $4,189 (U.S.), resulting in record quarterly revenue of $108-million (U.S.) (unaudited);
• Q4 cash balance of $137-million (U.S.) (unaudited);
• Q4 bullion inventory of 3,188 ounces (unaudited).

Segilola Q4 2025 operational highlights:

• 23,719 ounces of gold poured;
• Gold produced from 242,182 tonnes milled at an average grade of 3.31 grams per tonne gold and process plant recovery of 94.8 per cent;
• Mine production of 580,615 tonnes at an average grade of 1.71 grams per tonne gold for 31,932 ounces;
• Ore stockpile increased by 6,144 ounces to 50,213 ounces of gold at an average grade of 0.79 gram per tonne gold, which includes a medium-grade stockpile of 1,829 tonnes at an average grade of 1.84 grams per tonne gold;
• Addition of a further 971 ounces of gold in circuit (GIC), increasing total GIC to 5,126 ounces gold.

Q4 dividend:

• In addition to the standard Q4 dividend of 1.25 cents per share, the company will pay an additional bonus dividend payment of 1.5 cents per share. The total dividend payable for Q4 will be 2.75 cents per share.

2026 dividend:

• Dividends in 2026 will continue to be paid on a quarterly basis at an amount of 1.25 cents per share each quarter for a total of five cents for the calendar year, with the ability to increase the dividend amount based on the group's cash reserves at the end of each quarter.

Full-year 2026 outlook and catalysts:

• Full-year 2026 production guidance range set at 75,000 to 85,000 ounces gold;
• Full-year 2026 all-in sustaining cost (AISC) guidance range set at $1,000 (U.S.) to $1,200 (U.S.) per ounce;
• Douta preliminary feasibility study expected on Jan. 26, 2026;
• Drilling programs across all the company's exploration portfolio:
  • Segilola underground drilling program;
  • Nigeria -- continuation of scout drilling programs on identified targets;
  • Senegal -- Douta licence, additional RC (reverse circulation) drilling targeting additional oxide resources;
  • Ivory Coast -- Guitry and Boundiali licences, continuation of geochemical work programs and initial drill program on identified targets.

Segun Lawson, president and chief executive officer, stated: "We are extremely pleased to report a strong final production quarter, which has resulted in the company achieving our narrowed production guidance of 91,910 ounces, which was also in the top half of the original production guidance for the full-year 2025.

"We poured 23,719 ounces in the quarter and sold 25,830 ounces at our highest achieved gold price of $4,189 (U.S.) per ounce, resulting in record quarterly revenue of $108-million (U.S.).

"Our record cash generation in the quarter enabled us to fully repay all remaining outstanding payables and end the quarter with a higher-than-projected cash balance of approximately $137-million (U.S.). We are pleased to return some of this surplus cash to our shareholders in the form of a bonus dividend, in line with our commitment to return funds to shareholder whilst retaining sufficient cash on our balance sheet to fund all our activities across the group and continue to grow our cash reserves.

"Near-mine exploration in Nigeria continued in Q4, targeting mineralization underneath the Segilola open pit. Drilling has continued at a faster rate, and we have been encouraged by the exploration results, which have justified continuation of the deeper drilling program. We look forward to announcing our drill results later in Q1 2026.

"In Senegal, at Douta, detailed work on the PFS [prefeasibility study] is being finalized after working alongside our contractors and equipment manufacturers. The PFS will be released shortly, on Jan. 26, 2026, and we aim to progress to a development decision shortly after.

"In Cote d'Ivoire, drilling restarted in Guitry and a maiden drilling program started on our Marahui licence. We are very much looking forward to releasing our first set of results later in Q1 2026.

"Finally, we are excited by the year ahead. Gold production from Segilola continues to strengthen the company's balance sheet. We continue to work towards a Segilola underground development decision and the company has several catalysts across all of its projects, particularly at the Douta project and in Cote d'Ivoire. We look forward to updating the market with our progress through the year."

Exploration Q4 2025 highlights:

• Nigeria:
  • Continuing encouraging drilling program at Segilola underground toward a decision to continue the program;
• Senegal:
  • Finalization of Douta PFS with completion scheduled for Jan. 26, 2026;
  • Continuation of reverse circulation drilling campaign;
• Ivory Coast:
  • Drilling restarted in Guitry and a maiden drilling program started on the company's Marahui licence.

About Thor Explorations Ltd.

Thor is a mineral exploration company engaged in the acquisition, exploration, development and production of mineral properties located in Nigeria, Senegal, Ivory Coast 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 and a 100-per-cent interest in the Guitry gold project in Ivory Coast. Thor Explorations trades on the AIM (Alternative Investment Market) and the TSX Venture Exchange under the symbol THX.

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 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.