This Announcement contains inside information as defined in Article 7 of the Market Abuse Regulation No. 596/2014 ("MAR"). Upon the publication of this Announcement, this inside information is now considered to be in the public domain.

Vancouver, British Columbia--(Newsfile Corp. - April 9, 2026) - Thor Explorations (TSXV: THX) (AIM: THX) ("Thor" or the "Company") is pleased to provide an operational and financial review for its Segilola Gold mine, located in Nigeria ("Segilola"), and for the Company's mineral exploration properties located in Nigeria, Senegal and Côte d'Ivoire for the three months ending December 31, 2025 ("Q4 2025") and the audited financial results for the year ending December 31, 2025 (the "Year" or "FY 2025"). 

The Company's Consolidated Audited Financial Statements together with the notes related thereto, as well as the Management's Discussion and Analysis for the year ending December 31, 2025, are available on Thor Explorations' website at https://thorexpl.com/investors/financials/.

All figures are in US dollars ("US$") unless otherwise stated.

FY 2025 Financial Highlights

• 94,130 ounces ("oz") of gold sold (FY 2024: 84,965 oz) with an average gold price of US$3,422 per oz (FY 2024: US$2,288).

• FY 2025 revenue of US$325.5 million (FY 2024: US$193.1 million).

• FY 2025 net profit of US$196.2 million (FY 2024: US$91.1 million).

• Cash operating cost of US$710 per oz sold (FY 2024: US$692) and all-in sustaining cost ("AISC") of US$927 per oz sold (FY 2024: US$882).

• FY 2025 EBITDA of US$243.7 million (FY 2024: US$123.3 million).

• FY 2025 cash and cash equivalents of US$137.8 million (FY 2024: US$12.0 million).

• The Group is debt free following the repayment of its senior debt facility with Africa Finance Corporation at the end of 2024.

• Following the announcement of the Company's dividend policy in 2025 of a minimum of C$0.0125 per share per quarter, the Company returned approximately $18 million to its shareholders through dividends paid during FY 2025. A special dividend of C$0.015 per share was paid subsequent to the Year, taking total shareholder returns to date to approximately US$32 million.

Dividend

• The group will maintain its dividend policy through 2026, with the next quarterly dividend payment scheduled for May 15, 2026.

• Dividend for the Quarter will be paid at an amount of C$0.0125 per share.

Proposed dividend timetable

FY 2025 Operational Highlights

Segilola Production

• FY 2025 gold poured of 91,910 oz, achieving the upper half of the Group's guidance.

• 92,832 oz recovered with an average recovery rate of 93.9%.

• 962,891 total tonnes ("t") of ore processed over FY 2025 at an average grade of 3.19 g/t Au grammes per tonne ("g/t") of gold ("Au").

• Total FY 2025 ore mined of 1,482,009 t at an average grade of 2.35 g/t Au.

• The stockpile balance increased by 35% to 1,988,488 tonnes of ore at an average grade of 0.79g/t for 50,213 ounces.

Segilola Near-Mine and Regional Exploration

• Over 21,000 metres ("m") of drilling carried out at Segilola in FY2025, focused on defining an economic underground reserve suitable to mine and extend the Segilola mine life.

• Exploration continued to prioritise Segilola Underground Resource drilling and working up near mine drill targets.

• Continued high-grade mineralisation was intersected with drilling program beneath the current open-pit design.

• Deeper drilling programs targeting deeper mineralisation will continue throughout 2026.

Senegal

• The Company advanced the Douta Project ("Douta") to Preliminary Feasibility Study ("PFS") stage, with the Douta PFS published at the beginning of FY 2026.

  • The Douta PFS has defined a long life, financially robust project with a US$ Pre-tax project NPV5% of US$908 million and IRR of 73% (100% equity basis) at a long-term gold price assumption of US$3,500/oz.

• Thor increased its economic ownership of Douta to 100% following the buyout of its minority partners.

• The Company also increased the potential Douta Project footprint and announced the acquisition of an initial 70% interest in the contiguous Bousankhoba Exploration Permit EL02254 ("Bousankhoba").

  • The terms of the earn-in include a minimum exploration program over 24 months and an earn in payment of US$160,000 payable within the first 6 months of signing.

Côte d'Ivoire

• Added the Loudiba exploration licence, an early stage exploration permit, to its portfolio.

• 4,412m of RC drilling was completed at Guitry which was successful in delineating high grade mineralized lodes which remain open.

• At Marahui, further geological mapping and geochemical sampling continued and generated a number of prospective drill targets which commenced late in FY 2025.

• A large scale sampling programme took place at Boundiali, with results pending.

Environment, Social and Governance

• The Company published its second Sustainability and ESG Report, in alignment with GRI standards, and continued consistent data collection and performance monitoring throughout the year for the forthcoming FY 2025 report.

• Total greenhouse gas emissions in FY 2025 were 44,073 tonnes of CO₂e, representing a 6% reduction compared with FY 2024.

• During Q4 2025, the Company recorded reductions in waste rock, non-mineral waste and overall waste intensity measured in tonnes per oz of gold produced, compared with Q4 2024.

• Scope 1 carbon emissions declined by 10% during Q4 2025.

• In Q4 2025, the use of reclaimed water from the Tailings Management Facility increased by 36% per oz of gold produced.

• 30 community projects and programs were delivered or initiated during FY 2025.

• The Company introduced "Seguncare", which provides medication support for residents with long-term health conditions, and also conducted a medical outreach program for the residents of the three host communities at Segilola.

• Total employment associated with the Segilola Mine project reached 2,026 personnel in FY 2025, of whom 99% were Nigerian nationals.

• 86% of the total procurement budget for the Segilola Mine project was spent within Nigeria during 2025, supporting local businesses and supply chains.

Post FY 2025 Highlights

• Publication of the Douta PFS in January 2026, showing an economically robust, long mine life project with significant exploration upside potential.

• Additional bonus dividend announced for Q4 2025 of C$0.015 per share, taking the total dividend payable for Q4 2025 to C$0.0275 per share.

Outlook

• Production guidance of 75,000-85,000 oz for 2026 with an AISC guidance of US$1,000 - $1,200 per oz.

• Exploration expenditure guidance of US$9 million - $11 million in Nigeria, US$10 million - $12 million in Senegal, and US$8 million - $10 million in Côte d'Ivoire for 2026.

• Targeting an extension of the Segilola mine life through the definition of additional underground resources and delineation of near mine resources

• Finalise permitting approvals for Douta to reach Final Investment Decision and commence construction of the Douta Project in the second half of 2026.

• Continue exploration in Côte d'Ivoire to advance the Guitry and Marahui projects.

• Advance exploration programs across the portfolio, including the near mine and underground drilling programs at Segilola and assessing regional potential targets in Nigeria and Côte d'Ivoire.

Segun Lawson, President & CEO, stated:

"I am extremely proud of the team for delivering another year of strong operational performance. Having entered the year with a debt free balance sheet, we have fully capitalised on the high gold price environment whilst maintaining our cost discipline throughout the year. As a result, our gold production of approximately 92,000 ounces has resulted in a record financial performance generating US$325.5 million in revenue and a net profit of US$196.2 million ending the year with US$137.75 million in cash.

"Our robust cash flow and strong balance sheet enabled us to transition to a dividend-paying company during the year. In 2025, the Company returned approximately US$18 million to shareholders through dividends paid during the year. In addition, the Company declared and paid a special dividend together with a quarterly dividend in Q1 2026, bringing total shareholder returns to date to approximately US$32 million. We are committed to maintaining this policy through 2026 which is in line with our strategy of returning part of our strong cash flow generation to our shareholders and will continue to retain the option to increase the dividend based on our cash position.

"We achieved our goals in 2025 which were to grow the Company's balance sheet and grow the Company's mineral resources through exploration. This has continued in Nigeria where we continue to explore the extent of mineralisation beneath the Segilola Open Pit mine, and also in Senegal and in Côte D'Ivoire.

"In 2026, we are looking to take another step closer to developing the Douta Gold Project in Senegal and growing from a single mine producer whilst also aiming to extend the Segilola Mine life. In 2025, we increased our economic ownership of the Douta Project to 100% and its Preliminary Feasibility Study has defined a financially robust project with a US$ Pre-tax project NPV5% of US$908 million and IRR of 73% (100% equity basis) at a long-term gold price assumption of US$3,500/oz. Significantly, our acquisition of the Bousankhoba licence has enabled us to expand the project footprint and we believe the project continues to have promising growth potential.

"We are looking forward to starting the development of Douta in the second half of 2026 whilst also delivering an optimised feasibility study. We are well positioned and confident in our ability to deliver this project without any shareholder dilution.

"In Côte D'Ivoire we continued to increase our exploration portfolio, adding additional greenfield early stage licences to continue to build our exploration pipeline.

"Our ongoing strong cash flow has left us well positioned to continue our activities in all three jurisdictions in which we operate with the objective of increasing shareholder value through exploration.

"We continue to prioritise our ESG standards, with our ESG performance monitored throughout 2025 in alignment with GRI reporting standards. We have published our second annual Sustainability and ESG Report and I invite our stakeholders to review this report.

"Looking ahead, our priorities for 2026 include continuing our best practice in our ESG standards across the Group, finalising the permitting approvals for the Douta Project to reach Final Investment Decision. Importantly, we intend to progress the value-enhancing opportunity of extending the Segilola mine life.

"I look ahead to 2026 with excitement and encouragement. We have the cash flow and team to underpin our activities across the group and are better positioned than ever to deliver on our objectives. Thank you to our new and existing shareholders for your trust and support and I look forward to providing updates in the coming year.

Retirement of Collin Ellisson as Non-Executive Director

In addition, the Company announces the retirement of Collin Ellison as Non-Executive Director and Chairman of the Remuneration and Nomination Committees with effect from 9 April 2026. The Company will announce the appointment of Mr Ellison's replacement in due course.

Adrian Coates, Chairman of the Board, commented:

"We are also sad to announce the retirement of our Non-Executive Director, Collin Ellison. Collin has been a non-executive director at Thor for 7 years over a very successful period in the Company's history. On behalf of the board I would like to thank Collin for his contribution to the Company."

Segun Lawson, President & CEO commented:

"I would like to finish off by thanking our retiring Non-Executive Director Mr Collin Ellison after seven transformational years with the Company, during which the Company grew from a junior exploration company to where we are today. I am deeply appreciative of his support, vision, technical advice and dedication to the Company, in particular, during the development of Segilola and its commissioning which was invaluable. His support throughout has left a lasting impact on our company and I wish him all the best in his future endeavours."

About Thor Explorations

Thor Explorations Ltd. is a mineral exploration company engaged in the acquisition, exploration, development and production of mineral properties located in Nigeria, Senegal and Côte d'Ivoire. Thor Explorations holds:

• a 100% interest in the Segilola Gold Project located in Osun State, Nigeria

• a 100% economic interest in the Douta Gold Project located in south-eastern Senegal

• a 100% interest in the Guitry Gold Project Cote D'Ivoire

• additional exploration tenure in Nigeria, Senegal and Cote d'Ivoire comprising of wholly and majority owned interests

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

Management Discussion & Analysis for Q4 2025 and Full Year 2025

CHAIRMAN'S STATEMENT

Dear fellow shareholders, I am pleased to present the 2025 Annual Report for Thor Explorations Ltd. 2025 was a transitional year for us as a company, having fully repaid our senior debt facility with Africa Finance Corporation ("AFC") at the end 2024. As a result, we started the year with a clean balance sheet and well positioned to fully capitalise on the strong gold price performance witnessed during the year.

The Segilola Gold Mine, our wholly owned flagship project, maintained its solid performance in 2025, achieving the upper half of its guidance, producing 91,910 ounces of gold, and generating a record annual revenue of $325.5 million. We also generated a record Group net profit of $196.2 million.

The performance of the Segilola Gold Mine and continued strengthening of the Group's balance sheet enabled the Company's Board to adopt its maiden dividend policy to be applied for at least two years. The dividend policy reflects the Company's aim to strike a balance between the Group's growth ambitions and returning money to its shareholders. The Company returned approximately $18 million to its shareholders in 2025 with a special dividend of CAD $0.015 per share paid subsequent to the Period alongside its regular Quarterly dividend.

Our pioneering activities continue in Nigeria, where we were pleased in March 2025 to receive a copy of the report of the Inter-Ministerial Fact-Finding Committee on the dispute between Segilola Resources Operating Limited and the Osun State Government. This report affirmed our compliance with all our legal and regulatory obligations. We pride ourselves on maintaining international best practice standards across all our operations.

We maintain strong relationships with both State and Federal Governments and continue to invest in our host communities and regions where our livelihood restoration programs are thriving.

In 2026, we look forward to further growth as a company. We are carrying out increased exploration activities in Nigeria, where we are focussing on extending the Segilola mine life through the definition of additional underground resources as well as exploring nearby satellite targets.

In Senegal, at the Douta Gold Project, we expanded our footprint in the country, acquiring additional licences, and significantly, we increased our ownership in the two Douta Licences to a 100% economic interest in Q1 2026. The publishing of the Douta Pre-Feasibility Study after the end of the Period has shown an economically robust, long mine life project with significant exploration upside potential. We aim to start the construction of this project in the second half of 2026 and believe this project has potential to deliver further significant value to our shareholders.

In Côte d'Ivoire we completed a successful maiden drilling campaign on our 100% owned Guitry Licence. We are also encouraged by the early exploration results from our Marahui Project. We look forward to advancing these licences through exploration in 2026.

I would like to thank all our employees, Leadership Team and Board for their hard work and dedication in the year, and our investors for their continued support.

We are also sad to announce the retirement of our Non-Executive Director, Collin Ellison. Collin has been a non-executive director at Thor for 7 years over a very successful period in the Company's history. On behalf of the board I would like to thank Collin for his contribution to the Company.

We look forward to 2026 and thank you for your support for Thor Explorations. The Board and Leadership Team remain resolutely focused on delivering our strategy and creating value for our shareholders and all of our stakeholders.

Adrian Coates
Chairman

CEO'S STATEMENT

This has been a significant year for Thor, and I am extremely proud of the team for delivering another year of strong operational performance. Having entered the year with a debt free balance sheet, we have fully capitalised on the high gold price environment whilst maintaining our cost discipline throughout the year. As a result, our gold production of approximately 92,000 ounces has resulted in a record financial performance generating US$325.5 million in revenue and a net profit of US$196.2 million ending the year with US$137.75m in cash.

Our robust cash flow and strong balance sheet enabled us to transition to a dividend-paying company during the year. In 2025, the Company returned approximately US$18 million to shareholders through dividends paid during the year. In addition, the Company declared and paid a special dividend together with a quarterly dividend in Q1 2026, bringing total shareholder returns to date to approximately US$32 million.

We achieved our goals in 2025 which were to grow the Company's balance sheet and grow the Company's mineral resources through exploration. This has continued in Nigeria where we continue to explore the extent of mineralisation beneath the Segilola Open Pit mine, and also in Senegal and in Côte d'Ivoire.

In 2026, we are looking to take another step closer to developing the Douta Gold Project in Senegal and growing from a single mine producer whilst also aiming to extend the Segilola Mine life. In 2025, we increased our economic ownership of the Douta Project to 100% and its Preliminary Feasibility Study has defined a financially robust project with a US$ Pre-tax project NPV5% of US$908 million and IRR of 73% (100% equity basis) at a long-term gold price assumption of US$3,500/oz.

Significantly, our acquisition of the Bousankhoba licence has enabled us to expand the project footprint and we believe the project continues to have promising growth potential. We are looking forward to starting the development of this project in the second half of 2026 whilst also delivering an optimised feasibility study. We are well positioned and confident in our ability to deliver this project without any shareholder dilution.

In Côte d'Ivoire we continued to increase our exploration portfolio, adding an additional greenfield early stage licence to continue to build our exploration pipeline.

Our ongoing strong cash flow has left us well positioned to continue our activities in all three jurisdictions in which we operate with the objective of increasing shareholder value through exploration.

We continue to prioritise our Environmental, Social and Governance ("ESG") standards. ESG performance continued to be monitored throughout 2025 in alignment with Global Reporting Initiative ("GRI") reporting metrics. During Q4 2025, compared with Q4 2024, the Company recorded reductions in waste rock, non-mineral waste and overall waste intensity measured in tonnes per gold ounce produced. 30 community projects and programmes were delivered or initiated during 2025. We have also published our second annual Sustainability and ESG Report and invite our stakeholders to review this report.

Following on from the announcement of our dividend policy in 2025, we are committed to maintaining this policy through 2026 in line with our strategy of returning part of our strong cash flow generation to our shareholders whilst retaining the option to increase the dividend based on our cash position. Looking ahead, our priorities for 2026 include continuing best practice in our ESG standards across the Group, finalising the permitting approvals for the Douta Project to reach Final Investment Decision (FID). Importantly, we intend to progress the value-enhancing opportunity of extending the Segilola mine life.

I remain incredibly proud of our team and what we accomplished in 2025. This is down to the continued commitment and hard work of all our employees, leadership team, board and stakeholders. I would like to take this opportunity to thank them for their continued support.

I would like to finish off by thanking our retiring Non-Executive Director Mr Collin Ellison after seven transformational years with the Company, during which the Company grew from a junior exploration company to where we are today. I am deeply appreciative of his support, vision, technical advice and dedication to the Company, in particular, during the development of Segilola and its commissioning which was invaluable. His support throughout has left a lasting impact on our company and I wish him all the best in his future endeavours.

I look ahead to 2026 with excitement and encouragement. We have the cash flow and team to underpin our activities across the group and are better positioned than ever to deliver on our objectives. Thank you to our new and existing shareholders for your trust and support and I look forward to providing updates in the coming year.

Segun Lawson
Chief Executive Officer

OVERVIEW

Thor Explorations Ltd. (the "Company"), together with its subsidiaries (collectively, "Thor" or the "Group") is a West African focused gold producer and explorer and is dual-listed on the TSX Venture Exchange TSX-V (TSXV: THX) and the Alternative Investment Market of the London Stock Exchange (AIM: THX). The Group's main assets include its flagship producing Segilola Gold mine in Nigeria, the Preliminary Feasibility Study stage Douta Project, in Senegal and a portfolio of prospective early-stage exploration licences in Côte d'Ivoire.

The Group has a growing portfolio of exploration licences on the unexplored Ilesha schist belt in near proximity to the Segilola gold mine and further exploration licences in Nigeria.

Our strategy is to operate, develop and explore mineral properties where our expertise can substantially increase shareholder value. The Group operates with transparency and in accordance with international best practices and is committed to delivering value to its shareholders through responsible development, providing economic and social benefit to our host communities and operating in a manner where health and safety and the environment are integral to our operations and development approach.

We utilise our strong cash flow generation from Segilola to advance our exploration and development activities across our entire portfolio. Our strategy also includes the acquisition, wholly or via option, of further geologically prospective tenures in West Africa where we continue to build a footprint and assess potential targets.

Figure 1.1: Thor's Properties in West Africa

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7003/291728_d6e07d99a4e32a41_002full.jpg

HIGHLIGHTS AND ACTIVITIES - FOURTH QUARTER 2025 AND YEAR ENDED DECEMBER 31, 2025

The quarter was characterised by another solid financial and operational performance, with record revenue of $108.7 million, net profit of $67.0 million, and EBITDA of $87.9 million.

Operating results for the fourth quarter 2025 were highlighted by the selling of 25,830 ounces ("oz") of gold achieving an average gold price of US$4,190 per oz at a cash operating cost¹ of $647 per oz sold, with an all-in sustaining cost ("AISC")¹ of $740 per oz sold.

Table 2.1 Key Operating and Financial Statistics

Segilola Gold Mine, Nigeria

Mining

During the three months ended December 31, 2025, 2,185,527 tonnes of material were mined, equivalent to a mining rate of 23,755 tonnes of material per day. In this period, 580,615 tonnes of ore were mined, equivalent to a mining rate of 6,311 tonnes of ore per day, at an average grade of 1.71g/t. Overall mining rates were lower as the pit is getting narrower as mining progresses to the southern end. There was a 51% increase in ore tonnes at an improved strip ratio of 2.8 : 1. The purchased new trucks have effectively eliminated the trucking constraint of the aging contractor fleet.

The stockpile balance increased by 35% to 1,988,488 tonnes of ore at an average grade of 0.79g/t. The ore stockpile comprised of 1,829 tonnes (1.84g/t) at medium grade, 1,985,640 tonnes (0.78g/t) at low grade and 1,019 tonnes (3.15g/t) at high grade on the crushed coarse ore stockpile between the crusher and mill.

The significant stockpile available (approximately 2 years of process plant supply) offers flexibility and low risk for future process plant production. The mine will continue to feed higher grade material in preference to low grade material and the lower grade material will be processed later in the mine life and during periods of reduced or minimal mining activity. The stockpile is reflected on the balance sheet under inventory and is reflected at the weighted average mining costs (per tonne).

Processing

During the three months ending December 31, 2025, 247,182 tonnes of ore were processed maintaining an equivalent throughput rate of 2,686 tonnes per day, at an increased mill feed grade of 3.31g/t with no significant downtime periods. The process plant gold in circuit ("GIC") increased to 5,126oz of Au due to higher grades fed at the end of month. Total gold poured was 23,719 oz, meeting guidance with a total of 91,910oz poured for 2025.

Table 2.2: Production Metrics

NON-IFRS MEASURES

This MD&A refers to certain financial measures which are not recognized under IFRS Accounting Standards and do not have a standardized meaning prescribed by IFRS Accounting Standards. These measures may differ from those made by other companies and accordingly may not be comparable to such measures as reported by other companies. These measures have been derived from the Group's consolidated financial statements because the Group believes that, with the achievement of gold production, they are of assistance in the understanding of the results of operations and its financial position.

Average realized gold price per ounce sold

The Group believes that, in addition to conventional measures prepared in accordance with IFRS Accounting Standards, the average realized gold price, which takes into account the impact of gain/losses on forward sale of commodity contracts, is a metric used to better understand the gold price realized during a period. Management believes that reflecting the impact of these contracts on the Group's realized gold price is a relevant measure and increases the consistency of this calculation with our peer companies.

In addition to the above, in calculating the realized gold price, management has adjusted the revenues as disclosed in the consolidated financial statement to exclude by-product revenue, relating to silver revenue, and has reflected the by-product revenue as a credit to cash operating costs. The revenues as disclosed in the consolidated financial statements have been reconciled to the gold revenue for all periods presented.

Table 3.1: Average annual realized price per ounce sold

Cash operating cost per ounce

Cash operating cost per oz sold, combined with revenues, can be used to evaluate the Group's performance and ability to generate operating income and cash flow from operating activities. The Group believes that, in addition to conventional measures prepared in accordance with IFRS Accounting Standards, certain investors may find this information useful to evaluate the costs of production per ounce.

By product revenues are included as a credit to cash operating costs.

Table 3.2: Average annual cash operating cost per ounce of gold

All-in sustaining cost per ounce

AISC provides information on the total cost associated with producing gold. The Group calculates AISC as the sum of total cash operating costs (as described above), other administration expenses and sustaining capital, all divided by the gold ounces sold to arrive at a per oz amount.

Other administration expenses include administration expenses directly attributable to the Segilola Gold Mine plus a percentage of corporate administration costs allocated to supporting the operations of the Segilola Gold Mine, which was deemed to be 33% for all periods reported below.

Other companies may calculate this measure differently as a result of differences in underlying principles and policies applied.

Table 3.3: Average annual all-in sustaining cost per ounce of gold

The Group's all-in sustaining costs include sustaining capital expenditures which management has defined as those capital expenditures related to producing and selling gold from its on-going mine operations. Non-sustaining capital is capital expenditure related to major projects or expansions at existing operations where management believes that these projects will materially benefit the operations. The distinction between sustaining and non-sustaining capital is based on the Group's policies and refers to the definitions set out by the World Gold Council.

This non-IFRS Accounting Standards measure provides investors with transparency regarding the capital costs required to support the on-going operations at its operating mine, relative to its total capital expenditures. Readers should be aware that these measures do not have a standardized meaning. It is intended to provide additional information and should not be considered in isolation, or as a substitute for measures of performance prepared in accordance with IFRS Accounting Standards.

In the period, the Group fed higher grade material to the plant in preference to low grade material. Costs associated with mining the lower grade material will be deferred to when this lower grade material is processed. The Group plans to process this material later in the mine life and during periods of reduced or minimal mining activity.

Table 3.3a: Sustaining and Non-Sustaining Capital

Adjusted Net Cash

Net Cash is calculated as total debt adjusted for unamortized, deferred, financing charges less cash and cash equivalents and short-term investments at the end of the reporting period. This metric is used by management to measure the Group's debt leverage. The Group considers that in addition to conventional measures prepared in accordance with IFRS Accounting Standards, net debt is useful to evaluate the Group's performance.

Table 3.4: Net Cash/(Debt)

Earnings Before Interest, Taxes, Depreciation and Amortisation (EBITDA)

EBITDA is calculated as the total earnings before interest, taxes, depreciation and amortisation. This measure helps management assess the operating performance of each operating unit.

Table 3.5: Earnings Before Interest, Tax, Depreciation and Amortization (EBITDA)

OUTLOOK AND UPCOMING MILESTONES

We are focussed on advancing the Group's strategic objectives and near-term milestones which include:

• 2026 Operational Guidance and Outlook

• The critical factors that influence whether Segilola can achieve these targets include:

  • Segilola's ability to continue operations without obstruction

  • Segilola's ability to maintain an adequate supply of consumables (in particular ammonium nitrate, flux and cyanide) and equipment

  • Fluctuations in the price and availability of key consumables, in particular ammonium nitrate, and diesel

  • Segilola's workforce remaining healthy

  • Continuing to receive full and on-time payment for gold sales

  • Continuing to be able to make local and international payments in the ordinary course of business

• Obtaining the mining permit for the Douta project.

• Continuing to advance exploration programmes across the portfolio:

  • Segilola near mine exploration

  • Segilola underground project

  • Segilola regional exploration programme

  • Assess regional potential targets in Nigeria

  • Assess regional potential targets in Côte d'Ivoire

  • Acquiring new concessions and joint partnerships options on potential targets

SUMMARY OF QUARTERLY RESULTS

The table below sets forth selected results of operations for the Group's eight most recently completed quarters.

Table 6.1: Summary of quarterly results

The Group reported a net profit of $67.0 million (10.07 cents per share) for the Three month period ended December 31, 2025, as compared to a net profit of 33.7 million (5.14 cents per share) for the Three month period ended December 31, 2024. The increase in profit for the period was largely due to:

• Sales during the period of $108.7 million (Q4 2024: $65.7 million); and

• Production costs of $16.0 million (Q4 2024: $16.4 million)

These were offset partially by:

• Depreciation, depletion and amortization of $17.3 million (Q4 2024: $9.5 million); and

• Interest expense and loss on financial liabilities designated as at FVTPL of $0.1 million (Q4 2024: $1.8 million)

No corporate tax was paid during the three month periods ended December 31, 2025, and 2024, this is due primarily to the corporate tax holiday the Group was granted for its Segilola mine earnings as detailed in note 5f of the consolidated financial statements.

SELECTED ANNUAL FINANCIAL INFORMATION

The review of the results of operations should be read in conjunction with the Group's Consolidated Financial Statements and notes thereto.

Table 7.1: Selected annual information

RESULTS FOR THE YEAR ENDED DECEMBER 31, 2025, and 2024

The Group reported a net profit of $196.2 million (29.51 cents per share) for the year ended December 31, 2025, as compared to a net profit of $91.2 million (14.00 cents per share) for the year ended December 31, 2024. The increase in profit for the year was largely due to:

• Sales during the year of $325.5 million (2024: $193.1 million); and

• Production costs of $62.6 million (2024: $55.9 million)

These were offset partially by:

• Depreciation, depletion and amortization of $42.7 million (2024: $22.7 million); and

• Interest expense and loss on financial liabilities designated as at FVTPL of $1.0 million (2024: $9.5 million)

No corporate tax was paid during the year ended December 31, 2025, and 2024, this is due primarily to the corporate tax holiday the Group was granted for its Segilola mine earnings as detailed in note 5f of the consolidated financial statements.

LIQUIDITY AND CAPITAL RESOURCES

Working capital, combined with revenues and cash flows, is an important measure of the Group's liquidity and operational efficiency. The Group believes that, in addition to conventional measures prepared in accordance with IFRS Accounting Standards, certain investors may find this information useful in assessing the Group's ability to meet short-term obligations and fund ongoing operations.

As at December 31, 2025, the Group had cash of $137.7 million (December 31, 2024: $12.0 million) and a working capital surplus of $164.8 million (December 31, 2024: deficit of $3.3 million).

The increase in cash from December 31, 2025, is due mainly to cash generated in operations of $185.7 million offset by cash used in investing and financing activities of $27.6 million and $32.3 million respectively.

The cash generated from operations includes $13.0 million used to build the Group's inventory balance as of December 31, 2025. This amount primarily consists of mining costs allocated to gold ore stockpiles.

WORKING CAPITAL CALCULATION

The Working Capital Calculation excludes $9.4 million of Gold Stream liabilities as at December 31, 2024, which were contingent upon the achievement of the gold sales forecast of 85,000 to 95,000 ounces for the year ended December 31, 2025. No such contingent liability existed as at December 31, 2025.

Table 8.1: Working Capital

The Group's inventory is estimated to contain the following ounces of gold:

Table 8.1a: Gold inventory

Inventory

Gold inventory is recognised in the ore stockpiles and in production inventory, comprised principally of ore stockpile and doré at site or in transit to the refinery, with a component of gold-in-circuit.

Table 8.2: Inventory

Liquidity and Capital Resources

The Group has generated positive operating cash flow during Q4 2025, and the year ended December 31, 2025, and expects to continue to do so based on its production and AISC guidance. This strong operating cash flow will support regional exploration and underground expansion drilling at Segilola, planned capital expenditures and corporate overhead costs.

FINANCIAL INSTRUMENTS AND OTHER INSTRUMENTS

The Group's financial instruments consist of cash, amounts receivable, accounts payable, accrued liabilities, gold stream liability, loans and other borrowings, and lease liabilities. These financial instruments are used to manage liquidity, finance operations, and mitigate financial risks. Further information on the Group's financial instruments is provided in Note 19 of the consolidated financial statements.

Fair value of financial assets and liabilities

Fair values have been determined for measurement and/or disclosure purposes. When applicable, further information about the assumptions made in determining fair values is disclosed in the notes specific to that asset or liability.

The carrying amount for cash, amounts receivable, and accounts payable, accrued liabilities, loans and borrowings and lease liabilities on the statement of financial position approximate their fair value because of the limited term of these instruments.

Financial risk management objectives and policies

The Group has exposure to the following risks from its use of financial instruments

• Interest rate risk

• Credit risk

• Liquidity and funding risk

• Market risk

In common with all other businesses, the Group is exposed to risks that arise from its use of financial instruments. This note describes the Group's objectives, policies, and processes for managing those risks and the methods used to measure them. Further quantitative information in respect of these risks is presented throughout these consolidated financial statements.

There have been no substantive changes in the Group's exposure to financial instrument risks, its objectives, policies, and processes for managing those risks or the methods used to measure them from previous years unless otherwise stated in these notes.

The Board of Directors has overall responsibility for the establishment and oversight of the Group's risk management framework. The overall objective of the Board is to set policies that seek to reduce risk as far as possible without unduly affecting the Group's competitiveness and flexibility. Further details regarding these policies are set out below.

Financial instruments by category

The accounting policies for financial instruments have been applied to the line items below:

Table 9.3: Financial instruments by category

Liquidity risk

Liquidity risk is the risk that the Group will not be able to meet its financial obligations as they fall due. The Group ensures that there is sufficient capital in order to meet short-term business requirements, after taking into account the Group's holdings of cash. The Group's cash is held in business accounts and are available on demand.

In the normal course of business, the Group enters into contracts and performs business activities that give rise to commitments for future minimum payments.

The following tables summarize the Group's significant remaining contractual maturities for financial liabilities at December 31, 2025, and December 31, 2024. The tables show projected cashflows including interest payments.

Table 9.4: Contractual maturity analysis

Credit risk

Credit risk is the risk of an unexpected loss if a counterparty to a financial instrument fails to meet its contractual obligations.

The Group manages the credit risk associated with cash by investing these funds with highly rated financial institutions, and by monitoring its concentration of cash held in any one institution. As such, the Group deems the credit risk on its cash to be low. At December 31, 2025, 0.1% of the Group's cash balances were invested in AAA rated financial institutions (2024: 1%), 84.98% in AA rated financial institutions (2024: 77%), 0.22% in AA- rated financial institutions (2024: 1%), 0.0% in A rated financial institutions (2024: 1%), 0.89% in A- rates financial institutions (2024: 3%), 13.82% in BBB rated financial institutions (2024: nil) and 0.05% in B- rated institutions (2024: 0%).

The Group sells its gold to large international organizations with strong credit ratings, and the historical level of customer defaults is minimal. As a result, the credit risk associated with gold trade receivables at December 31, 2025 is considered to be negligible.

Market risk

The Group is subject to normal market risks including fluctuations in foreign exchange rates and interest rates. While the Group manages its operations in order to minimize exposure to these risks, the Group has not entered into any derivatives or contracts to hedge or otherwise mitigate this exposure.

Foreign currency risk

The Group's primary operations are in Nigeria, Senegal and Cote D'Ivoire. Revenues generated and expenditures incurred are primarily denominated in United States Dollars.

Although the Group does not enter into currency derivative financial instruments to manage its exposure, the Group tries to manage this risk by maintaining most of its cash in United States dollars.

DISCLOSURE OF OUTSTANDING SHARE DATA

At December 31, 2025, there were 665,297,482 common shares issued and no outstanding stock options.

Authorized Common Shares

Table 14.1: Common shares issued

Stock Options

There were no stock options that were outstanding at December 31, 2025, and as at the date of this report.

No options were issued during the three months period ended December 31, 2025 and year ended December 31, 2025.

Audited Financial Results for the Year Ended 31 December 2025

Contractual commitments and contingent liabilities (Note 21)

These consolidated financial statements were approved for issue by the Board of Directors on April 8, 2026, and are signed on its behalf by:

The accompanying notes are an integral part of these consolidated financial statements.

The accompanying notes are an integral part of these consolidated financial statements.

The accompanying notes are an integral part of these consolidated financial statements.

The accompanying notes are an integral part of these consolidated financial statements.

1. CORPORATE INFORMATION
   

• Thor Explorations Ltd. (the "Company"), together with its subsidiaries (collectively, "Thor" or the "Group") is a West African focused gold producer and explorer, dual-listed on the TSX-Venture Exchange (TSXV: THX) and the Alternative Investment Market of the London Stock Exchange (AIM: THX).

• The Company was formed in 1968 and is organized under the Business Corporations Act (British Columbia) (BCBCA) with its registered office at 550 Burrard St, Suite 2900 Vancouver, BC, CA, V6C 0A3.

2. BASIS OF PREPARATION

• a) Statement of compliance

• These consolidated financial statements, including comparatives, have been prepared in accordance with IFRS Accounting Standards as issued by the International Accounting Standards Board (IASB).

• b) Basis of measurement

• The consolidated financial statements are presented in United States dollars ("US$").

• These consolidated financial statements have been prepared on a historical cost basis and are presented in United States dollars, except for the valuation of certain financial instruments that are measured at fair value at the end of each reporting period as explained in the accounting policies below.

• The preparation of financial statements in compliance with IFRS Accounting Standards requires management to make certain critical accounting estimates. It also requires management to exercise judgment in applying the Group's accounting policies. A precise determination of many assets and liabilities is dependent upon future events, the preparation of consolidated financial statements for a period involves the use of estimates, which have been made using careful judgment. Actual results may differ from these estimates. The areas involving a higher degree of judgment or complexity, or areas where assumptions and estimates are significant to the financial statements are discussed in Note 4.

3. MATERIAL ACCOUNTING POLICY INFORMATION

• The accounting policies described below have been applied consistently to all periods presented in these consolidated financial statements unless otherwise stated.

1. Consolidation principles

• The assets, liabilities, revenues and expenses of the subsidiaries are recognized in accordance with the Group's accounting policies. Intercompany transactions and balances are eliminated upon consolidation.

2. Details of the Group

• In addition to the Company, these consolidated financial statements include all subsidiaries of the Company. Subsidiaries are all corporations over which the Company has power, where the Company is exposed to variable returns from the Subsidiary, and it has the ability to use its power to affect those variable returns. Control is reassessed whenever facts and circumstances indicate that there may be a change in any of these elements of control. The consolidated financial statements present the results of the Company and its subsidiaries as if they formed a single entity, with subsidiaries being fully consolidated from the date on which control is acquired by the Company. They are de-consolidated from the date that control by the Company ceases.

• The subsidiaries of the Company are as follows: