Thor Explorations Ltd. (TSX-V: THX) (AIM: 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, 2025.

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, 2025, are available on Thor Explorations’ website at https://thorexpl.com/investors/financials/.

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

Financial Highlights for Q2 2025 and H1 2025

• 25,900 ounces of gold sold in Q2 2025 with an average gold price of US$3,187 per oz.
• Cash operating cost of US$715 per oz sold and all-in sustaining cost of US$915 per oz sold.
• In Q2 2025 the Company achieved quarterly records in revenue, EBITDA and net profit:

• Q2 2025 revenue of US$82.7 million (Q2 2024: US$53.8 million) and H1 2025 of US$146.8 million (H1 2024: US$87.1 million).
• Q2 2025 EBITDA of US$60.3 million (Q2 2024: US$37.6 million) and H1 2025 of US$103.9 million (H1 2024: US$60.9 million).
• Q2 2025 net profit of US$51.6 million (Q2 2024: US$33.7 million) and H1 2025 of US$86.1 million (H1 2024: US$39.9 million).

• Net cash of US$52.8 million as at June 30, 2025.

Operational Highlights for Q2 2025 and H1 2025

Segilola Production

• Gold Poured totalled 22,784 oz for Q2 2025, and 45,574 oz for H1 2025 (Q2 2024: 21,742 oz; H1 2024: 40,285 oz).

• Mill feed grade for Q2 2025 was 3.12 g/tAu with recovery at 93.1%.

• A total of 238,425 tonnes of ore were processed with no significant downtime periods.
• The process plant maintained good recovery performance in Q2 2025 reducing the gold in circuit (“GIC”) by 555 oz of gold.
• The stockpile balance decreased by 0.74% to 41,092 tonnes of ore at an average grade of 0.84g/tAu. The significant stockpile available offers flexibility and low risk for future process plant production.

Segilola Exploration

• The focus was on Segilola Underground Resource drilling and developing near mine drill targets as the Company works to extend the current Segilola mine life.
• A diamond drilling program continued during Q2 2025, with 4,418 metres (“m”) completed in 12 holes to test the depth extensions of the Segilola deposits.

• The drilling continued subsequently to the end of the Period and will continue through to the end of the calendar year.
• Following the arrival of three drilling rigs at Segilola post period end, purchased earlier this year, the Company now intends to increase its rate of exploration drilling once they have been commissioned.

• The Company is now aiming to define an updated resource for Segilola by the end of 2025.

• Regional exploration activities progressed in Q2 2025:

• The Company continued with geochemical target generation, mainly south of Segilola, with a total of 5,051 geochemical samples collected in the Period.
• Exploration activity included a drone aeromagnetic survey over the Company’s existing and new tenure located to the south of the Segilola Mine. A total of 26 square kilometres (“km²“) was covered during the Period and the data submitted to Southern Geoscience for processing and interpretations.
• A follow-up drilling program designed to test surrounding geochemical signatures and potential extensions along strike commenced towards the end of the Period.

Douta Gold Project – Senegal

• During Q2 2025, the Company commenced and subsequently completed a 12,000m drilling program at the Baraka 3 Prospect in its Douta-West Licence, which lies contiguous to the west of the original Douta licence.

• It is anticipated that the assay results from the drilling program will be fully received in Q3 2025, following which a Baraka 3 resource will be incorporated into the existing Douta Resource.

• The Company’s strategy is to combine both the Douta and Douta-West licences and scale up the size of a combined Douta Project for the Douta Preliminary Feasibility Study (“PFS”).
• As part of the Company’s strategy of delineating an initial 500,000 oz oxide resource at the start of the Douta mine life, metallurgical test work was carried out in Q2 2025 with encouraging initial results.

• Subject to finalising metallurgical tests on the Baraka ore, the Company anticipates that incorporating the Baraka resource into the Douta project will enable the Company to satisfy or exceed the oxide target.

Côte d’Ivoire

• At the Guitry Project, the Company completed a 3,000m drilling program at the Krakouadiokro target, with the initial set of results (announced following the end of the Period) confirming gold mineralisation at depth.

• Highlights of the assay results received to date include 14m at 2.59g/tAu from surface, 4m at 6.87 g/tAu from 38m, 5m at 7.48 g/tAu from 5m and 10m at 10.36g/t Au from 57m.
• Further exploration at the Krakouadiokro Prospect will include both infill and step-out drilling.
• Drilling will also commence on numerous geochemical anomalies at both the Krakouadiokro and Gbaloukro Prospects, many of which remain untested or only partially tested.

• Exploration work at the Marahui Project has included further geological mapping and geological sampling, with more than 250 samples collected and encouraging initial results returned. This exploration work has has generated several prospective drill targets.

• The Company is to carry out an airborne magnetic survey, and has designed a 6,000m drilling program to commence late in Q3 2025.

Environment, Social and Governance

• Continued operational efficiencies achieved through the process plant upgrades implemented in 2024 have resulted in environmental benefits:

• Use of fresh process water (ML/tonne ore processed) continued to decrease, supported by an 84% year-on-year increase in reclaimed water volumes from the Tailings Management Facility.
• Energy intensity (GJ/oz gold produced) improved to 1.84 GJ/oz, compared to 1.90 GJ/oz in Q2 2024.
• Emissions intensity (tCO₂e/oz gold produced) decreased to 0.51, down from 0.55 in the same period of 2024.

• Notable milestones with respect to the Company’s corporate ESG activities for Q2 2025 include:

• Completion and commissioning of the Oba’s palace, which also serves as a community meeting hall.
• Delivery of nine minibuses (three per host community) to community-managed transport cooperatives under the Youth Initiative Programme.
• Hosting of the inter-host community football competition in May, with eight men’s and four women’s teams participating for trophies and cash prizes.

• As at June, 30, 2025, total employment at the Segilola Mine stood at 2,125, 99% of which are Nigerian. Of this figure, 48% are from Osun State, and 27% of the workforce is from three host communities surrounding the mine.

• In Senegal, the ASR Douta team supported local initiatives through sponsorship of an academic award for the top-performing student at a local primary school and through food donations made during the Eid celebrations.

Outlook

• FY2025 production guidance of 85,000 to 95,000 oz maintained, while AISC guidance remains at US$800 to US$1,000 per oz.

• Advance exploration program across the portfolio:

• Segilola: continuation of ongoing underground drilling program.
• Nigeria: continuation of scout drilling programs on identified near-mine and regional targets.

• Senegal (Douta Project): Assay results from drilling program at Baraka 3 prospect to be incorporated into the Douta PFS mine plan.
• Côte d’Ivoire: Exploration being advanced on the Guitry, Marahui and Boundiali licenses, with further drilling to occur on Guitry and drilling to commence on Marahui where drill targets have been delineated.

• Continued advancement of the Douta project towards an updated resource and PFS.

Segun Lawson, President & CEO, stated:

“I am pleased with the Company’s operational performance for the second quarter and first half of 2025, with record quarterly figures across revenue, EBITDA and net profit. We were unhedged and exposed to the high gold price environment, resulting in a record-breaking quarter. Revenue in Q2 2025 increased by 54% year on year, with net profit rising by 50% year on year. We ended the Period more than doubling our net cash position from the previous quarter to US$52.8 million.

“These financial achievements are not only reflective of a favourable gold price, but our continued cost discipline and operational efficiencies. During the Quarter, we produced and sold over 22,700 ounces of gold at an average price of US$3,187 per ounce, with a recovery rate of 93.1%.

“Exploration work has progressed at Segilola, with a focus on Segilola Underground Resource drilling as the company works to extend the current Segilola mine life. A drilling program is ongoing, which has been evolving to test different interpretations of the down dip mineralisation at Segilola. We will continue to drill through to the end of the calendar year when we aim to define an updated resource for Segilola.

“We are also continuing with our regional exploration in Nigeria, with geochemical target generation resulting in a follow-up drilling program which commenced towards the end of the Period.

“At the Douta Project in Senegal, the Period saw the commencement and completion of a 12,000m drilling campaign at the Baraka 3 Prospect, in the Douta-West license. We expect to receive assay results in Q3 2025, which will be fed into the existing Douta Resource. This is part of our strategy to combine both the Douta and Douta-West licences and scale up the size of a combined Douta Project for the Douta Pre-Feasibility Study.

“In Côte d’Ivoire, we completed a drilling program at the Guitry Project, with initial results confirming gold mineralisation at depth. Further drilling at Guitry, as well as initial drilling at Marahui, where targets have been delineated, is due to commence following the rainy season in late Q3 2025.

“We have been encouraged by our exploration results to date across the entire portfolio and have increased our exploration budget for the remainder of the year. In doing so, we believe we are well positioned to deliver value to our shareholders.

“Looking ahead, our operational guidance for 2025 remains unchanged at 85,000 to 95,000 ounces of gold at an AlSC of $800-$1,000 per ounce. I look forward to updating shareholders in due course on our continued progress on exploration and further developments across our project portfolio.”

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 Burkina Faso. 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.