An anonymous director reports

THOR EXPLORATIONS LTD. ANNOUNCES FILING OF NI 43-101 TECHNICAL REPORT ON THE DOUTA GOLD PROJECT, SENEGAL

Thor Explorations Ltd. has filed on SEDAR+ an independent technical report prepared in accordance with National Instrument 43-101, Standards of Disclosure for Mineral Projects, supporting the results of a prefeasibility study for the development of the Douta gold project located in Senegal. The results of the PFS were previously reported in the company's news release dated Jan. 26, 2026. There are no material differences in the report from those results, the highlights of which can be seen below:

Prefeasibility study highlights:

• Pretax project net present value (discounted at 5 per cent) of $908-million (U.S.) and internal rate of return of 73 per cent (100-per-cent-equity basis) at a long-term gold price assumption of $3,500 (U.S.) per ounce;
• After-tax project NPV (discounted at 5 per cent) of $633-million (U.S.) and IRR of 61 per cent (100-per-cent-equity basis) at a long-term gold price assumption of $3,500 (U.S.) calculated using statutory Senegalese tax rates and excluding any fiscal incentives expected to be granted under the mining convention;
• Strong early cash flow, with gold production of 411,000 ounces in the first four years of oxide and transitional ore feed (oxide ore phase) at an all-in sustaining cost (AISC) of $1,493 (U.S.) per ounce generating a pretax cash flow of $814-million (U.S.), resulting in $561-million (U.S.) of net cash flow after repayment of project capital with an anticipated payback period of 11 months following the start of processing;
• Significant leverage to higher gold prices: at recent spot gold prices of around $4,250 (U.S.) per ounce, the pretax NPV (discounted at 5 per cent) increases to $1.43-billion (U.S.) (100-per-cent-equity basis) with an IRR of 102 per cent and an anticipated payback of nine months from the start of processing;
• Long-life production profile delivering 1.0 million ounces of gold from 37 million tonnes of mill feed grading an average of 1.03 grams per tonne gold (containing 1.2 million ounces) over 12.6 years of operations;
• Two-phase production profile comprising the oxide ore phase and the primary ore phase;
• Low initial project capital of $254-million (U.S.) and life-of-mine (LOM) AISC of approximately $1,890 (U.S.) per ounce, supporting strong margins throughout the LOM;
• Project is to be entirely financed from the company's cash reserves and project financing;
• The Ministry of Environment approved the environmental and social impact assessment (ESIA) in January, 2026;
• Next steps include finalization of the mining convention with the government of Senegal, commencement of detailed design, ordering of long-lead items and EPC (engineering, procurement and construction) contract award in the first half of 2026; the PFS positions Thor to advance its next development project, paving the way to become a multiasset producer operating across two countries, with first production from Douta targeted for early 2028.

Mineral resource estimate highlights:

• Updated Douta MRE constrained within optimized pit shells and comprised:
  • Indicated mineral resource of 50.6 million tonnes grading at an average of 1.04 grams per tonne gold for 1.7 million ounces gold using a long-term gold price of $4,000 (U.S.);
  • Inferred mineral resource of 9.3 million tonnes grading an average of 0.92 g/t Au for 273,000 ounces gold using a long-term gold price of $4,000 (U.S.) per ounce;
  • MRE constitutes a probable reserve of 36.6 million tonnes grading at an average grade of 1.03 g/t Au for 1.2 million ounces gold using a long-term gold price of $3,000 (U.S.) per ounce for all mining areas;
  • The MRE encompasses the Makosa, Makosa Tail and, currently, the initial results from the recently discovered Baraka 3 prospects, all of which remain open along strike and downdip;
• Continuing exploration across other prospects, with 40,000-metre drilling program continuing throughout 2026 to delineate additional oxide ore; Mineralisation remains open along strike between the known prospects, with further growth potential along the underexplored prospective strike length covered by the Douta permit together with the Douta West and Bousankhoba permits.

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 the AIM (Alternative Investment Market) and the TSX Venture Exchange under the symbol THX.