Mr. Segun Lawson reports

THOR EXPLORATIONS ANNOUNCES ENCOURAGING MAIDEN EXPLORATION DRILLING RESULTS FROM THE MARAHUI PROJECT, COTE D'IVOIRE

Thor Explorations Ltd. has released encouraging maiden exploration drilling results from its Marahui gold project in northeastern Ivory Coast. The project forms part of a portfolio of early-stage exploration licences in Ivory Coast, which also includes the 100-per-cent-owned Guitry gold exploration project and an option to earn up to an 80-per-cent interest in the Boundiali exploration permit, located in northwestern Ivory Coast.

Highlights

The assay results include:

• Drill hole MRRC26-008 -- six metres at 5.60 grams per tonne gold from 129 m;
• Drill hole MRRC26-012 -- nine m at 5.40 g/t Au from 40 m;
• Drill hole MRRC26-115 -- six m at 6.20 g/t Au from 74 m;
• Drill hole MRRC26-053 -- eight m at 3.60 g/t Au from 35 m;
• Drill hole MRRC26-143 -- eight m at 3.40 g/t Au from 50 m;
• Drill hole MRRC26-052 -- five m at 3.60 g/t Au from 75 m.

Segun Lawson, president and chief executive officer, stated: "We are extremely encouraged by this maiden set of drilling results, which have followed the initial early exploration success at this licence.

"These encouraging results show high-grade mineralization at a significant strike length, demonstrating the potential scale of Marahui, and are an important step forward for Thor's exploration portfolio in Cote d'Ivoire. Wide, high-grade intersections, which are characterized over a four-kilometre strike length, including six m at 6.20 g/t Au, nine m at 5.40 g/t Au and six m at 5.60 g/t Au, reinforce our already-high confidence in the licence.

"The scale of the opportunity is particularly encouraging. The drilling to date has identified multiple parallel gold-bearing veins within a shear corridor extending over more than four km, yet drilling has tested only approximately 30 per cent of the overall geological trend. With further additional geochemical anomalies already defined within the licence, we have a clear pipeline of targets to test with our ongoing drilling program.

"Marahui remains at an early stage, and we are delighted to start with these encouraging results, which open up a material and exciting new exploration opportunity for Thor. We look forward to testing the additional targets over the coming months and reporting the remaining pending results as we build a clear understanding of the project's scale and potential."

Introduction

The Marahui project comprises exploration permit PR902, covers 250 square kilometres and is located in the Bondoukou region of northeastern Ivory Coast.

The Marahui permit is underlain by an arcuate, northwesterly trending sequence, Birimian schistose volcano sedimentary rocks, which are surrounded by intrusive granites. In the contact zone, volcano sediments show strong foliation and silicification. Observed gold mineralization is controlled by a northwest-southeast shear zone in volcano-sediment schists and by extensional west-northwest-east-southeast quartz veins in granite.

Previous soil geochemical sampling and geological mapping around artisanal workings identified two parallel anomalous structures. The larger anomaly extends for approximately four kilometres and is approximately 200 m wide. Follow-up rock-chip sampling of material from artisanal workings along this structure confirmed bedrock gold mineralization, returning values of up to 23.1 g/t Au.

Marahui exploration drilling results

Thor has carried out 18,439 m of its budgeted 25,000-metre reverse circulation (RC) drilling program as part of its continuing exploration program, which is focused on a northwesterly trending line of shallow artisanal workings.

Drill samples are analyzed by SGS Laboratories in Yamoussoukro using the FAA505 fire assay method with a 50-gram charge. Significant intersections are presented in Table 1, and the complete drill hole summary is provided in Appendix 1.

Gold mineralization occurs in a subvertical, en echelon vein array within a northwesterly trending shear zone approximately 200 m wide and extending for more than four km along strike. Drill line spacing ranges from 100 m to 400 m. Results to date suggest that individual veins have apparent strike continuity of up to 700 m and estimated true widths of up to approximately seven m.

Drilling to date has tested approximately 30 per cent of the overall geological trend. Additional discrete geochemical anomalies have been identified along the trend and are scheduled for drill testing in the coming months. The company considers the initial results highly encouraging, highlighting a new exploration opportunity with the potential to support a future stand-alone operation, subject to further exploration and technical and economic evaluation.

Conclusions

Initial RC drilling at Marahui has confirmed gold-bearing vein mineralization within a northwesterly trending shear corridor approximately 200 m wide and extending for more than four km. Mineralization occurs in a subvertical, en echelon vein array, with results to date suggesting apparent strike continuity of up to 700 m for individual veins and estimated true widths of up to approximately seven m.

Thor has completed 171 RC drill holes testing the interpreted shear zone. The program is continuing and assays remain pending, to be released as received. Significant intersections include six m at 6.20 g/t Au from 74 m in MRRC26-115, six m at 5.60 g/t Au from 129 m in MRRC26-008 and eight m at 3.40 g/t Au from 50 m in MRRC26-143. These intervals are downhole lengths.

With approximately 30 per cent of the overall geological trend tested by drilling, considerable scope remains for further exploration. Additional discrete geochemical anomalies have already been identified and are scheduled for drill testing in the coming months, providing a clear pipeline of follow-up targets. These encouraging results reinforce Marahui's potential within Thor's exploration portfolio in Ivory Coast and provide a strong foundation for the next phase of work. The potential for a future stand-alone operation remains subject to further exploration and technical and economic evaluation.

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 the 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 Ivory Coast. 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 AIM and the TSX Venture Exchange under the symbol THX.

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