Mr. Segun Lawson reports

THOR EXPLORATIONS ANNOUNCES Q3 2026 OPERATING UPDATE

Thor Explorations Ltd. has provided its third 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 Sept. 30, 2026.

Segilola Q3 2026 highlights:

• Q3 gold poured of 15,515 ounces;
• Gold sales in Q3 of 19,000 ounces at an average realized price of $4,297 (U.S.), resulting in revenue of $81.7-million (U.S.);
• Gold produced from 249,607 tonnes milled at an average grade of 2.10 grams per tonne of gold;
• Process plant recovery at 92.8 per cent;
• Total mined material of 567,059 tonnes, inclusive of 303,602 tonnes at an average grade of 1.69 g/t of gold for 16,523 ounces;
• Ore stockpile decreased by 108 ounces to 58,322 ounces of gold at an average grade of 0.72 g/t;
• Gold in circuit (GIC) increased by 23 ounces to 2,509 ounces of gold;
• Gold dore inventory of 3,740 ounces;
• Q3 cash balance of $224.9-million (U.S.) and gold bullion inventory of 2,825 ounces for an adjusted net cash position of $236.7-million (U.S.).

Full-year 2026 outlook and catalysts:

• Full-year 2026 production guidance range has been revised to 70,000 to 72,000 ounces from 75,000 to 85,000 ounces of gold due to severe rainfall experienced at the Segilola mine in late August and consequential effect on mining operations;
• Full-year 2026 all-in sustaining cost (AISC) guidance range maintained at $1,000 (U.S.) to $1,200 (U.S.) per ounce;
• Continuation of drilling programs and geochemical sampling programs carried out across the company's exploration portfolio, with further results to be released in the current period; activities included:
  • Segilola: continuation of exploration drilling program targeting additional definition of underground-minable resources;
  • Nigeria: continuation of scout drilling programs and geochemical sampling on identified near-mine and regional targets;
  • Senegal (Douta project):
    • Continuation of infill drilling at Makosa North, Makosa East and Baraka 3 targeted at converting inferred resources to indicated resources;
    • Continuing reverse circulation (RC) drilling targeting additional oxide resources drilling in the Bousankhoba licence;
    • Target updated Douta mineral resource estimate by the end of the year to be used for an optimized preliminary feasibility study;
  • Ivory Coast: exploration activities focused on drill testing of targets at the Guitry and Marahui, together with early-stage target generation activities at the Laoudiba and Boundiali projects;
• The company is in the final stages of discussions with the government of Senegal for the issuance of the Douta mining convention.

Dividend

The company will maintain its dividend policy with the next quarterly dividend payment scheduled for Nov. 13, 2026.

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

Segun Lawson, president and chief executive officer, stated: "We are pleased to report another solid quarter for Thor, despite the challenging operating conditions experienced at Segilola as a result of exceptionally heavy rainfall during the period. Our team has demonstrated considerable resilience in navigating these challenges, delivering gold production of 15,515 ounces and gold sales of 19,000 ounces, generating revenues of approximately $81.7-million (U.S.). I would like to commend our operational team for their continued dedication and commitment to maintaining safe and efficient operations throughout this challenging period.

"During the quarter, we were pleased to release encouraging high-grade drilling results from underneath the Segilola pit from our ongoing deeper exploration drilling program.

"Exploration continues to be an important driver of our growth strategy, and I am particularly encouraged by the progress achieved across our portfolio during the quarter. In Senegal, our drilling programs at Douta and the surrounding licences have continued to deliver encouraging results, including extensions to known mineralization and the identification of additional oxide opportunities, reinforcing our confidence in the project's longer-term potential.

"In Cote d'Ivoire, we have also made good progress at Guitry and Marahui. In particular, we were pleased to release an encouraging set of maiden drilling results, which show high-grade mineralization at a significant strike length, opening up an exciting and material exploration opportunity for the company.

"Finally, we continue to make significant progress towards the development of the Douta gold project, which represents the next major phase of Thor's growth and our ambition to become a multiasset, multijurisdictional gold producer. We are working closely and constructively with the government of Senegal towards finalizing the Douta mining convention, which represents the final outstanding milestone ahead of our final investment decision. We remain confident in the strategic and economic merits of Douta and look forward to concluding this important process, allowing us to move forward with the development of Thor's next gold mine.

"We finish the quarter again with a healthy cash balance of $224.6-million (U.S.) and gold bullion inventory of 2,825 ounces for an adjusted net cash position of $236.4-million (U.S.) and maintain our current quarterly dividend of 1.25 Canadian cents per share."

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 Alternative Investment Market 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 quality assurance/quality control, sampling, analytical and test data underlying the information.