Mr. Segun Lawson reports

THOR EXPLORATIONS ANNOUNCES FURTHER HIGH-GRADE MINERALISATION INTERSECTED BELOW SEGILOLA OPEN PIT

Thor Explorations Ltd.'s continuing diamond drilling program beneath the current Segilola gold mine open pit continues to intersect high-grade gold mineralization, which remains open at depth.

Significant drill intersections from the program include:

• Drill hole SNMDD089 -- 19.4 metres at 3.01 grams per tonne of gold from 346 m;
• Drill hole SNMDD166 -- 5.3 m at 5.66 g/t Au from 300 m;
• Drill hole SNMDD171 -- two m at 9.27 g/t Au from 420 m;
• Drill hole SNMDD170 -- 3.4 m at 7.58 g/t Au from 289 m;
• Drill hole SNMDD178 -- 1.2 m at 11.31 g/t Au from 288 m;
• Drill hole SNMDD179 -- 2.1 m at 3.02 g/t Au from 296.9 m and 3.3 m at 5.99 g/t Au from 307.7 m and 5.5 m at 2.28 g/t Au from 312 m.

Segun Lawson, president and chief executive officer, stated: "We are extremely pleased to report these drill results which demonstrate the continuation of high-grade mineralization beneath the Segilola pit and continue to contribute new ounces to Segilola's gold inventory well below the current pit design. We are also encouraged that our drilling continues to delineate a high-grade, steeply dipping shoot in a previously untested area which currently extends to 400 m beneath the pit and remains open.

"This has been an extensive drilling program which will continue through the course of the year as we work towards making an underground mining development decision. I am particularly pleased with our growing understanding of the structural controls of the mineralization, which has been a challenging aspect of this drilling program.

"Our drilling has intersected multiple strong intercepts which include grades between five and 11 g/t gold at minable widths, encountered hundreds of metres below the surface of the final open pit. This provides a strong platform for continued resource growth and potential mine-life extension, enhancing the long-term value of Segilola.

"As our drilling program continues, using four owner-operated rigs, we will focus on testing the along-strike and downplunge extensions of the deposit where relatively little drill testing has taken place. We are encouraged that these deeper holes confirm the continuation of the mine rock sequence, which remains mineralized and also open at depth. We look forward to receiving further results, which will add to our understanding of the deposit as we progress our plans for potential underground mining.

"Our drilling will continue to both upgrade parts of the remaining inferred underground resource and to increase the overall size of the underground resource with the objective of extending the life of mine at Segilola."

Introduction

The Segilola gold project is located 190 kilometres northeast of Lagos and covers a large area of the Pan-African Ilesha schist belt. The deposit is located near the northeast-trending Ifewara shear zone, which extends for several hundred kilometres through Nigeria.

Gold mineralization is developed within an overturned sequence of metamorphosed, strongly foliated metasediments at the boundary between the basement biotite gneiss and calc-silicate and mylonitic biotite-garnet schists. A unit of massive to foliated granodiorite conformably intrudes the sequence between the quartzites and basement gneisses. Gold mineralization is developed with steep west-dipping parallel lodes that comprise late-stage silica-altered zones that are commonly referred to as veins and which are restricted to the metasedimentary unit.

Drilling results

The continuing diamond drilling program that commenced is continuing to test the continuity of mineralization following the downplunge trend to the south. Drill sampling is being carried out using HQ diamond core. Half-core samples are analyzed by fire assay at the SROL Laboratory, which was established by MSA Laboratories at the Segilola mine site. The final assay results are an average of the primary assay result (Au1) and two additional fire assays of the same pulp (AuR1 and AuR2). Significant results that exceed three gram-metres (average grade multiplied by true width) are shown in Table 1. All results are tabled in Appendix 1.

Drilling has focused on two main areas: the Northern zone, where the targeted mineralization forms the hangingwall lode, which is variable in geometry ranging from a vertical orientation to a prominent south-plunging orientation at depth, and the Southern zone, where mineralization is developed in both the shallow-plunging footwall zones and the hangingwall zones.

The main shallow-plunging mineralized structure in the Southern zone is typically more continuous, with true widths of three to five metres and a strike length of about 800 m. Significant intersections from the current drilling include 1.6 m grading 3.73 g/t Au in drill hole SNMDD090.

Conclusions

The preliminary economic assessment (PEA) completed in 2018 included an underground indicated resource of 28,000 ounces grading 9.4 g/t Au, together with an inferred resource of 90,000 ounces grading 7.9 g/t Au. A portion of this resource has since been incorporated within a larger open-pit design.

Given the fundamental change in the project economics brought about by the current record gold price, the company will review the option of further extending the open pit prior to transitioning to an underground operation in the short term.

It is anticipated that the current program will both upgrade the inferred resource below the pit and increase the size the overall of the resource, with the objective of increasing the life of mine at Segilola.

Continuing workstreams will also incorporate geotechnical and metallurgical studies.

Forward programs

The group has engaged a mining consultancy to conduct a high-level review of the underground potential as well as potential open-pit mine life extension at current compiled potential resources to support the continuation of the drilling program. The group is now aiming to define an updated resource by the end of 2026.

In addition to this, exploration activities were carried out on all the group's licences. A follow-up drilling program designed to test surrounding geochemical signatures and potential extensions along strike commenced during the period.

Qualified person

The above information has been prepared under the supervision of Alfred Gillman (fellow AusIMM, chartered professional), who is designated as a qualified person under National Instrument 43-101 and the AIM (Alternative Investment Market) 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.

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