Thor Explorations Ltd. (AIM: THX) (TSX-V: THX) is pleased to provide an operational and financial review for its Segilola Gold mine, located in Nigeria, and for the Company’s mineral exploration properties located in Nigeria and Senegal, for the three months and six months to June 30, 2026.

The Company’s Unaudited Condensed Interim Consolidated Financial Statements together with the notes related thereto, as well as the Management’s Discussion and Analysis for the three and six months ended June 30, 2026, are available on Thor Explorations’ website at: www.thorexpl.com/investors/reports-presentations.

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

Financial Highlights for Q2 2026 and H1 2026

• 17,050 ounces of gold sold in Q2 2026 with an average gold price of US$4,554 per oz.
• Cash operating cost of US$760 per oz sold and all-in sustaining cost of US$1,262 per oz sold in Q2 2026.

• Q2 2026 revenue of US$77.6 million (Q2 2025: US$82.7 million).

• Q2 2026 EBITDA of US$55.4 million (Q2 2025: US$60.3 million).

• Q2 2026 net profit of US$48.7 million (Q2 2025: US$51.6 million).

• In H1 2026, the Company achieved half yearly records in revenue, EBITDA and net profit:
  • H1 2026 revenue of US$151.9 million (H1 2025: US$146.8 million).
  • H1 2026 EBITDA of US$108.4 million (H1 2025: US$103.9 million).
  • H1 2026 net profit of US$95.5 million (H1 2025: US$86.1 million).

• Adjusted net cash of US$218.6 million as at June 30, 2026¹.

1 The cash balance, adjusted net cash position and gold bullion inventory reported in the Company’s Q2 2026 operational update of US$225.6 million have been revised to cash of US$193.1 million and adjusted net cash of US$218.6 million including gold bullion inventory of 6,367oz valued at US$25.5 million. The revisions reflect the completion of reconciliation procedures during the Group’s transition to a new financial consolidation system and do not affect the Company’s reported operating performance.

Operational Highlights for Q2 2026 and H1 2026

Segilola Production

• Gold poured totalled 19,153 oz for Q2 2026, and 39,409 oz for H1 2026 (Q2 2025: 22,784 oz; H1 2025: 45,574 oz).
  • Mill feed grade for Q2 2026 was 2.57 grammes per tonne (“g/t”) Au with recovery at 93.3%.
  • A total of 240,769 tonnes of ore were processed with no significant downtime periods.
  • The process plant maintained good recovery performance in Q2 2026 reducing the gold in circuit (“GIC”) by 583 oz of gold.
  • The stockpile balance increased by 8.09% to 58,431 Au oz of ore at an average grade of 0.74 g/tAu. The significant stockpile available (approximately two years of process plant supply) offers flexibility and low risk for future process plant production.

Segilola Exploration

• The focus remained on the Segilola life-of-mine extension drilling program and regional target generation as the Company continues to assess opportunities to extend the current Segilola mine life.

• Diamond drilling continued during Q2 2026 to test potential depth extensions of the Segilola deposit, with 10,614 metres (“m”) completed across 37 holes using four owner-operated diamond drill rigs.
  • The drill holes were completed at a combination of 40m and 80m inter-hole spacings to test the continuity of the steeply south-plunging, high-grade shoots beneath the current open-pit mine design.
  • Results reflected narrow zones of mineralisation intersected below the limits of the current final open-pit design.
  • Drilling continued following the end of the Period and is expected to continue through to the end of the calendar year to further delineate zones with the potential to support underground mining.

• The Company engaged a mining consultancy to undertake a high-level review of the underground mining potential based on the currently compiled potential resources and to support the continuation of the drilling program.

• Regional exploration activities progressed across the Company’s Segilola licences during Q2 2026:
  • Geochemical sampling continued across the Ondo, Kajola, Central and Western prospects, comprising auger, rock-chip, termite-mound and stream-sediment sampling. The principal areas investigated were west of Ondo, northwest of Igila and west of the Segilola Mine.
  • Within the Western Prospect, infill auger sampling northwest of Igila returned significant gold assay results of up to 0.401g/tAu, following up on anomalies identified through the initial wide-spaced auger sampling programme. Further auger sampling was also completed west of the Mine area.
  • At the Ondo Prospect, geochemical sampling targeted interpreted geophysical structures, primarily west of the north-south-trending quartzite-quartz schist ridge.
  • Regional stream-sediment sampling outside the Ondo Prospect returned significant gold values of up to 2.12 g/tAu, providing additional targets for follow-up exploration.

Senegal

• During Q2 2026, the Company completed a total of 19,356m of reverse circulation drilling and 6,150m of rotary air blast and air core drilling across its Senegal projects.

• At the Douta Project, sterilisation drilling commenced during the Period to support the planning and location of future mine infrastructure.

• At Douta-West, RC drilling continued at the Baraka 3 Prospect, with the drilling extended the mineralisation to the north and confirmed that the mineralised system remains open in that direction.

• At the Boussankhoba Project, exploration focused on testing and extending gold mineralisation along the 10-kilometre northeast-trending corridor between the Sekhoto North and Massa Massa prospects.
  • Ongoing RC drilling continued to demonstrate continuity of mineralisation between Sekhoto North and Massa Massa, indicating that the two prospects form part of a single mineralised system with significant potential for further resource growth.

Côte d’Ivoire

• During Q2 2026, exploration activities in Côte d’Ivoire focused on continued target generation and drill testing at the Guitry and Marahui projects, together with early-stage target generation activities across the Laoudiba and Boundiali projects.

• At the Marahui Project, soil geochemical sampling and geological mapping defined two parallel anomalous structures:
  • The larger anomaly extends over approximately four kilometres in length and 200m in width.
  • A follow-up RC drilling programme comprising 50 holes for a total of 5,125m intersected multiple narrow zones of gold mineralisation over a strike length of approximately one kilometre.

Environment, Social and Governance

• Environmental compliance monitoring continued on a monthly basis during Q2 2026, with quarterly summary reports submitted to the Federal Ministry of Environment and copied to the Environment Division of the Ministry of Solid Minerals:
  • Ambient air quality and noise levels remained consistent with those recorded in Q2 2025 and within FMEnv-prescribed thresholds.
  • The onset of the rainy season in April resulted in a reduction in Total Suspended Particulates, while water turbidity temporarily increased in line with expected seasonal conditions.
  • Groundwater and surface water parameters, including pH levels, remained within natural ranges.

• The Company published its 2025 ESG and Sustainability Report on 18 June 2026, highlighting performance across its six material ESG topics: Corporate Governance, People, Health and Safety, Environment, Community and Social, and Cultural Governance.

• Continued operational efficiencies and reduced mine haulage distances resulted in environmental benefits during Q2 2026:
  • Raw water withdrawals decreased by 36% to 31.24 megalitres (“ml”), compared with 50.27ml in Q2 2025.
  • Total greenhouse gas emissions decreased by approximately 16% to 9,818 tonnes of carbon dioxide equivalent (“tCO₂e”), compared with 11,621tCO₂e in Q2 2025.
  • Emissions intensity remained stable at 0.51tCO₂e per ounce of gold produced, unchanged from Q2 2025.

• Notable milestones with respect to the Company’s community development and corporate social responsibility activities during Q2 2026 included:
  • Hosting the fifth annual inter-community football competition, with 10 men’s and four women’s teams comprising Segilola Mine employees and members of the host communities competing.
  • Progressing the construction and renovation of community buildings, businesses and infrastructure supported under the Company’s Community Development Agreements, including renovations to Odo-Ijesha High School, the Imogbara community palace, community road construction and the Iperindo Water Bottling Factory.
  • Ongoing support for elderly residents, administering examinations under the Annual School Scholarship Programme and monitoring beneficiaries of the Company’s women’s initiatives and youth empowerment programmes.

• In Senegal, following the approval of the Environmental and Social Impact Assessment for Phase 1 of the Douta Project in January 2026, the Company continued planning and progressing the actions set out in the approval.
  • The Company expanded its health, safety, social and environmental resources during Q2 2026, including the appointment in June of a new team leader who commenced the role in July 2026.

• In Côte d’Ivoire, the Ngnira Gold community team developed an Education, Health and Social Action Plan to guide initiatives across the communities surrounding the Company’s four exploration licence areas.
  • A stakeholder engagement plan is also being developed to support ongoing exploration activities.

Outlook

• FY2026 production guidance of 75,000 to 85,000 oz maintained, while AISC guidance remains at US$1,000 to US$1,200 per oz.

• Advance exploration program across the portfolio:
  • Segilola: continuation of underground exploration drilling program targeting additional resource definition during 2026 and an updated MRE by the end of the year.
  • Nigeria: continuation of scout drilling programs on identified near-mine and regional targets.
  • Senegal (Douta Project):
    • Infill drilling at Makosa North, Makosa East and Baraka 3 targeted at converting inferred resources to indicated resources.
    • Drilling program in Bousankhoba licence to delineate scale of opportunity and potentially include additional resources in the Douta Preliminary Feasibility Study (“PFS”) mine plan.
    • Further reverse circulation (“RC”) drilling targeting additional oxide resources.
    • Target updated Douta Mineral Resource Estimate by the end of the year to be used for an optimised PFS.
  • Côte d’Ivoire: Guitry, Marahui and Boundiali licenses, continuation of geochemical work programs and initial drill programs on identified targets with results from the Guitry and Marahui licence to be released in Q3 2026.

• Advanced ongoing discussions with the Government of Senegal regarding the Mining Convention expected to be completed during Q3 2026 in parallel to the Company’s objective of reaching Final Investment Decision.

Segun Lawson, President & CEO, stated:

“I am pleased with the Company’s operational performance for the second quarter and first half of 2026. Despite lower production compared with the prior year, the strength of the gold price, together with continued cost discipline and operational efficiencies, resulted in half-year records across revenue, EBITDA and net profit. We ended the Period with a strong adjusted net cash position of US$218.6 million.

“During the Quarter, we poured 19,153 ounces of gold and sold 17,050 ounces at an average price of US$4,554 per ounce. The process plant has continued to perform well, achieving a recovery rate of 93.3% with no significant downtime, while cash operating costs were US$760 per ounce sold and AISC was US$1,262 per ounce sold.

“Exploration work progressed at Segilola, with the ongoing extensive drilling program. This drilling is producing encouraging results, intersecting multiple high grade intercepts hundreds of metres beneath the current open-pit mine design. Drilling will continue through to the end of the year as we further assess the underground potential. We are also continuing with our regional exploration in Nigeria, with geochemical sampling across the Ondo, Kajola, Central and Western prospects generating further targets for follow-up exploration and scout drilling.

“In Senegal, we are in advanced stages of discussions with the government regarding the finalisation of the Douta Mining Convention which forms a key component of the Douta Project Final Investment decision. In parallel, we continue to advance exploration across our licence tenure as part of our strategy to expand the Douta resource base ahead of an updated Mineral Resource Estimate and optimised Preliminary Feasibility Study.

“In Côte d’Ivoire, exploration work continued across the portfolio with most of the focus on the Guitry and Marahui licences. Follow-up drilling is being carried out based on initial encouraging exploration results and we look forward to releasing the drilling results in Q3 2026.

“We also continued to progress our ESG and community development programmes across the portfolio. During the Quarter, raw water withdrawals at Segilola decreased by 36% year on year and total greenhouse gas emissions declined by approximately 16%. We also published our 2025 ESG and Sustainability Report and continued investing in community infrastructure, education, enterprise and social initiatives across Nigeria, Senegal and Côte d’Ivoire.

“Looking ahead, our strong and growing balance sheet continues to enable us to carry out our exploration activities across the portfolio where we are aiming to deliver value adding milestones of mine life extension at Segilola, Final Investment Decision at Douta and a maiden resource from our portfolio in Côte d’Ivoire.”

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 and has a 70% economic interest in the Douta Gold Project located in south-eastern Senegal. Thor Explorations trades on AIM 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 QA/QC, sampling, analytical and test data underlying the information.

Condensed Interim Consolidated Financial Statements
For the Three and Six Months Ended June 30, 2026, and 2025
(in thousands of United States Dollars)

NOTICE TO READER

Under National Instrument 51-102, Part 4, subsection 4.3 (3) (a), if an auditor has not performed a review of the condensed interim consolidated financial statements, they must be accompanied by a notice indicating that the financial statements have not been reviewed by an auditor.

The accompanying unaudited condensed interim consolidated financial statements of the Company have been prepared by and are the responsibility of the Company’s management.

The Company’s independent auditor has not performed a review of these financial statements in accordance with standards established by the Canadian Institute of Chartered Accountants for a review of condensed interim consolidated financial statements by an entity’s auditor.

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

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

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