Mr. Segun Lawson reports

THOR EXPLORATIONS ANNOUNCES Q2 2026 OPERATING UPDATE

Thor Explorations Ltd. has provided its second quarter 2026 interim operational update for the Segilola gold mine, located in Nigeria, and for the company's mineral exploration properties located in Nigeria, Senegal and Ivory Coast, for the three months to June 30, 2026.

Segilola Q2 highlights:

• Q2 gold poured of 19,153 ounces;
• Gold sales in Q2 2026 of 17,050 ounces at an average realized price of $4,535 (U.S.), resulting in revenue of $77.3-million (U.S.);
• Gold produced from 240,769 tonnes milled at an average grade of 2.57 grams per tonne of gold;
• Process plant recovery at 93.3 per cent;
• Mine production of 1,134,646 tonnes at an average grade of 1.54 g/t of gold for 24,279 ounces;
• Ore stockpile increased by 4,374 ounces to 58,431 ounces of gold at an average grade of 0.74 gram per tonne;
• Gold in circuit (GIC) reduced by 583 ounces to 2,486 ounces of gold;
• Gold dore inventory of 5,571 ounces;
• Q2 cash balance of $207.5-million (U.S.) and gold bullion inventory of 4,514 ounces for an adjusted net cash position of $225.6-million (U.S.) .

Full-year 2026 outlook and catalysts:

• Full-year 2026 production guidance range maintained at 75,000 to 85,000 ounces of gold;
• Full-year 2026 all-in sustaining cost guidance range maintained at $1,000 (U.S.) to $1,200 (U.S.) per ounce;
• Over 20,000 metres of drilling programs carried out across the company's exploration portfolio, with results to be released in the current period; drilling activities include:
  • Segilola: continuation of underground exploration drilling program targeting additional resource definition during 2026;
  • 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 optimized preliminary feasibility study;
  • Ivory Coast: Guitry, Marahui and Boundiali licences, continuation of geochemical work programs and initial drill programs on identified targets, with results from the Guitry and Marahui licences to be released early in Q3 2026;
• Advanced continuing 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.

Dividend

The group will maintain its dividend policy with the next quarterly dividend payment scheduled for Aug. 14, 2026.

Dividends for the quarter will be paid at an amount of 1.25 Canadian cents per share.

TSX Venture Exchange approval of director change

The appointment of Bernard Swanepoel (previously announced on May 12, 2026) to the Thor board of directors, has been formally approved by the TSX-V.

Segun Lawson, president and chief executive officer, stated: "We are pleased to have delivered another solid quarter, continuing our momentum from the previous quarter. Gold poured during the quarter totalled just over 19,000 ounces, bringing our total gold production at the midway point of the year to 39,409 ounces.

"During the quarter, we have been extremely active with drilling and regional exploration activities across the group's entire portfolio, whilst also advancing the Douta project towards final investment decision. Having received these results subsequent to the end of the quarter, we look forward to releasing these results in the coming weeks.

"Our focus at Segilola continues to be on extending the mine life whilst also carrying out preliminary underground mining assessments. Our drilling activities continue underneath the pit with the objective of delineating sufficient ore tonnage to proceed with underground mine development.

"In Senegal, following the completion of the Douta preliminary feasibility study in the previous quarter, our exploration drilling has identified mineralization within the existing pit shells, delineating additional oxide targets. Our drilling to date this year has identified additional new targets in the Bousankhoba licence, where we believe we can add additional oxide ore to the Douta project.

"We are also pleased to have made significant steps in the development of the Douta project and are engaged in advanced discussions with the government of Senegal to finalize the Douta project mining convention and reach a final investment decision and expect to reach this milestone during Q3 2026.

"Lastly, in Cote d'Ivoire, exploration is ongoing across all of our licences. We have ongoing drilling programs at both the Guitry project and the Marahui licence, where we have received the majority of the drilling results from our drilling campaign. We now look forward to releasing these results in this quarter.

"We ended the quarter with a healthy cash balance of $207.5-million (U.S.) and 4,514 ounces of unsold gold bullion, leaving us with a strong net cash position of $225.6-million (U.S.)."

Exploration activity summary Q2 2026

Summary

The group's key focus is to extend the current Segilola mine life in Nigeria. As a result, exploration during the period continued to prioritize Segilola underground resource drilling and working up near-mine drill targets. This consisted of over 10,000 metres of drilling, with drilling results to be released in Q3.

In Senegal, during the quarter, over 15,000 metres of RC (reverse circulation) drilling were completed across the Senegal projects during the period as part of a 40,000-metre drilling program.

The continuing 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.

At Douta, sterilization drilling commenced to support planning for future mine infrastructure. At Douta West, RC drilling extended the Baraka 3 mineralization northward and confirmed its continuation in that direction.

Highlights of the drilling results that were released in the quarter include:

• Baraka 3 deposit:
  • Drill hole DWDD003 -- 5.5 m 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:
  • 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.

In Ivory Coast, exploration work continued on the Guitry and Marahui projects, with an initial drilling program focused on the Guitry project. At Marahui, further geological mapping and geochemical sampling continued and have generated several prospective drill targets. Drilling at Guitry has tested the strike extensions of the known mineralization.

The company expects to release exploration results during the coming quarter.

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 owned and majority-owned interests.

Thor Explorations trades on the AIM (Alternative Investment Market) and the TSX-V 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 quality assurance/quality control and sampling, analytical and test data underlying the information.