Mr. Segun Lawson reports

THOR EXPLORATIONS ANNOUNCES HIGH-GRADE EXPLORATION RESULTS CONFIRM EXPANDING GOLD FOOTPRINT AT THE DOUTA PROJECT, SENEGAL

Thor Explorations Ltd. has released its first set of drilling results from its 2026 drilling program at the Douta project, following the completion of the Douta prefeasibility study (PFS) earlier this year.

These drilling results are from the three licences that constitute the Douta project in Senegal, namely the original Douta licence, the Douta West licence (which lies contiguous to the west of the original Douta licence) and the adjoining Bousankhoba licence.

The Douta gold project encompasses the Makosa gold deposits and an initial resource from Baraka 3, which currently comprises a total resource of approximately 1.97 million ounces of gold, consisting of an indicated resource of 50.6 million tonnes grading 1.0 gram per tonne Au for 1.7 million ounces Au, together with an inferred resource of 9.3 million tonnes grading 0.9 g/t Au for 27,000 ounces Au. The current reserves total 36.6 million tonnes grading one g/t Au for 1.2 million ounces Au.

Since the publication of the prefeasibility study in early 2026, exploration activities have focused on identifying additional oxide resources that are either:

• Extensional to or peripheral to the existing Baraka 3 and Makosa Tail deposits;
• New targets located within the Bousankhoba exploration permit that have been generated through rotary air blast (RAB) drilling.

Highlights

The assay results include:

• Baraka 3 deposit:
  • Drill hole DWDD003 -- 5.5 metres at 2.91 g/t Au from 185 m;
  • Drill hole DWRC453 -- 7.0 m at 4.28 g/t Au from 122 m;
  • Drill hole DWRC523 -- 18 m at 1.31 g/t Au from 90 m;
  • Drill hole DWRC543 -- nine m at 1.62 g/t Au from 24 m;
• Makosa Tail deposit:
  • Drill hole DTRC1211 -- four m at 3.26 g/t Au from 24 m;
  • Drill hole DTRC1193 -- four m at 3.06 g/t Au from 20 m;
• Bousankhoba prospect:
  • Drill hole BSAC045 -- four m at 17.0 g/t Au from seven m;
  • Drill hole BSA019 -- four m at 4.56 g/t Au from six m.

Segun Lawson, president and chief executive officer, stated: "The Douta prefeasibility study has already confirmed a robust, long-life project with strong economics and a fast payback period. The current drilling campaign on our extended land package is designed to further improve the project economics by extending the oxide phase of the project. This first set of drilling results demonstrates the potential for additional exploration upside within our portfolio, which we intend to continue to drill out through the development phase of the project.

"The ongoing 40,000-metre drilling program has been designed to upgrade the classification of inferred mineralization that currently lies within the pit shells and to test several previously delineated oxide targets in the Douta, Douta-West and Bousankohba licences.

"These initial results are encouraging as they have successfully intersected wide, shallow, high-grade oxide mineralization. At Makosa Tail, drilling has successfully extended the strike length of the previously defined mineralization, and, in the Bousankhoba licence, drilling has successfully intersected new oxide mineralization.

"The drilling has also successfully intersected mineralization in currently inferred areas within and below the designed Baraka 3 PFS pit shells, and we anticipate this drilling will improve the existing PFS mineral reserve.

"We look forward to completing the drilling program, which is targeting ultimately extending the life of the low-cost, high-margin oxide ore phase of the Douta project. This has been a strong start to achieving this.

"We continue to progress our post-PFS workstreams and anticipate full permitting and the start of construction later this year."

Introduction

The Douta gold project comprises three permits located within the Kenieba inlier, eastern Senegal: the Douta mining lease application Demande No. 11618, Douta West, comprising exploration permit E03709 (which is contiguous with Demande No. 11618), and the exploration permit EL02254 known as Bousankhoba.

Since early 2026, the company has focused on defining new mineral resources around or extending from the Baraka 3 and Makosa Tail deposits, with the objective of adding oxide gold ounces that could be integrated into future resource upgrades or mine planning.

Baraka 3 drilling results

The geology at Baraka 3 comprises a steep west-dipping succession of greywackes and shale. Gold mineralization is developed over a true width of between 12 m and 17 m and is associated with a greywacke-hosted quartz-carbonate stockwork that features strong limonitic and sericitic alteration.

Two main zones, a northerly trending east zone and a northeasterly trending west zone, are delineated over a cumulative strike length of approximately two kilometres. The drilled holes targeted areas peripheral to the mineral resource estimate (MRE) and further along strike toward the north. Drilling was also completed within the optimized pit shell to convert current inferred resources to the existing MRE and reserves.

Drill samples were analyzed by ALS Laboratories in Mali using the AA26 fire assay method (50-gram charge). The significant intersections from this program are listed in Table 1.

In the section drilled after the MRE cut-off, a deeper parallel zone returning seven m grading 4.38 g/t Au from 122 m was intersected in hole DWRC453, whilst hole DWRC163 from the previous drilling program returned 14 m grading 8.91 g/t Au from one m. Continuing upgrades such as these are expected to add to the optimized resource base.

The company believes that the drilling results will positively impact both the classification and the global tonnage of the resource. The high metallurgical recoveries at Baraka 3 mean that resources from this area enhance the viability and efficiency of the mine plan, and, thus, further exploration is planned to enable resource growth.

Makosa Tail

A total of 58 reverse circulation (RC) drill holes (3,247 m) were completed both within the currently planned open-pit area and the strike extensions to the southwest. Significant intersections are summarized in Table 2.

The results received to date, including four m grading 3.26 g/t Au from four m in hole DTRC1211, indicate that extensions to the mineralization extend beyond the perimeter of the current pit design. Further drilling is planned to follow this trend toward the southwest.

Bousankhoba exploration drilling results

The Bousankhoba permit is underlain by rocks of the Diale-Dalema supergroup, consisting of sedimentary and volcano-sedimentary sequences metamorphosed to greenschist facies, with localized amphibolite facies near later-stage intrusive bodies. This geological environment is highly prospective for vein-hosted, shear-related gold systems typical of the region.

An extensive first-stage exploration program, comprising 20,243 soil geochemical samples, has defined multiple gold anomalies associated with a major shear zone extending over 18 kilometres of strike. Two priority targets, Massa Massa and Sekhoto, are positioned along this significant structural corridor.

Sekhoto North results

At the Sekhoto prospect, gold mineralization has been delineated over approximately 1.5 kilometres of strike, coinciding with a prominent northeast-trending shear zone. Several parallel mineralized structures, partially tested to the east and west, offer significant potential for additional discoveries.

Approximately three kilometres north of Sekhoto, the Sekhoto North prospect has been defined by strong gold-in-soil anomalies. A first-pass air-core drilling program over these anomalies that was completed by Thor in early 2026, delivered multiple significant intersections, confirming the presence of bedrock-hosted gold mineralization and validating the soil geochemical data (see Table 3).

Initial drilling has returned standout intercepts, including:

• Four metres grading 17 g/t Au;
• Four metres grading 4.56 g/t Au;
• Two metres grading 9.09 g/t Au.

These results demonstrate the potential for significant high-grade mineralization within a structurally controlled system, with gold hosted in multiple subparallel shear zones across the prospect area.

Building on these positive results, the company has designed a follow-up work program comprising both extensional air-core (AC) and infill RC drilling. This campaign aims to:

• Better define the geometry and continuity of the mineralized zones;
• Test for strike and depth extensions of the high-grade structures;
• Refine geological and structural models to support future resource evaluation.

Massa Massa results

The Massa Massa prospect is located in the northern portion of the Bousankhoba exploration permit and covers an area of extensive artisanal gold workings. These workings align with a series of parallel northeast-trending shear zones that form a semi-continuous strike length of 4.2 kilometres. Exploration completed to date comprises 564 rock-chip samples that were collected from the vicinity of the artisanal workings. High-grade rock-chip samples, which are distributed continuously along the sampled workings, are associated with ferruginous quartz-veining that is developed within a steep west-dipping sequence of shale and greywacke.

The company intends to immediately mobilize an RC rig to this area, which has yet to be drill tested.

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 (Alternative Investment Market) rules and has reviewed and approved 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 Canadian mineral exploration company engaged in the acquisition, exploration and development of mineral properties located in Nigeria, Senegal and Burkina Faso. Thor holds a 100-per-cent interest in the Segilola gold project, located in Osun state of Nigeria. Mining and production commenced at Segilola in 2021. Thor holds a 70-per-cent interest in the Douta gold project, located in southeastern Senegal. Thor trades on the TSX Venture Exchange under the symbol THX.

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