THOR EXPLORATIONS ANNOUNCES Q3 2026 OPERATING UPDATE

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October 14, 2026

TSXV/AIM: THX

THOR EXPLORATIONS ANNOUNCES Q3 2026 OPERATING UPDATE

Thor Explorations Ltd. (TSXV / AIM: THX) ("Thor Explorations" or the "Company") is pleased to provide its third quarter 2026 interim operational update for the Segilola Gold Mine, located in Nigeria ("Segilola"), and for the Company's mineral exploration properties located in Nigeria, Senegal and Côte d'Ivoire, for the three months to September 30, 2026 (the "Quarter" or "Q3").

Segilola Q3 2026 Highlights

• Q3 gold poured of 15,515 ounces ("oz")
• Gold sales in Q3 of 19,000 oz at an average realised price of US$4,297 resulting in revenue of US$81.7 million
• Gold produced from 249,607 tonnes milled at an average grade of 2.10 grammes per tonne ("g/t") of gold
• Process plant recovery at 92.8%
• 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 oz
• Ore stockpile decreased by 108 oz to 58,322 oz of gold at an average grade of 0.72 g/t
• Gold in circuit ("GIC"), increased by 23 oz to 2,509 oz of gold
• Gold doré inventory of 3,740 oz
• Q3 cash balance of US$224.9 million and gold bullion inventory of 2,825 oz for an adjusted net cash position of US$236.7 million

FY 2026 Outlook and Catalysts

• FY 2026 production guidance range has been revised to 70,000 to 72,000 oz from 75,000 to 85,000 oz of gold due to severe rain falls experienced at the Segilola Mine in late August and consequential effect on mining operations
• FY 2026 All-in Sustaining Cost (“AISC”) guidance range maintained at US$1,000 to US$1,200 per oz
• 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-mineable 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
    • Ongoing 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 optimised Preliminary Feasibility Study
  • Côte d'Ivoire: 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 November 13, 2026.

Dividends for the Quarter will be paid at an amount of C$0.0125 per share.

Event	Date
Ex-Dividend date	Friday, 23 October 2026
Record date	Friday, 23 October 2026
Last day for currency elections	Friday, 30 October 2026
Date of exchange rate used for Pounds Sterling	Monday, 02 November 2026
Announcement of exchange rate in Foreign Designated Currencies	Monday, 02 November 2026
Payment Date	Friday, 13 November 2026

Segun Lawson, President & CEO, 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 US$81.7 million. 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 mineralisation and the identification of additional oxide opportunities, reinforcing our confidence in the project's longer-term potential.

“In Côte 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 mineralisation 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 multi-asset, multi-jurisdictional gold producer. We are working closely and constructively with the Government of Senegal towards finalising 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 US$224.6 million and gold bullion inventory of 2,825 oz for an adjusted net cash position of US$236.4 million and maintain our current quarterly dividend of C$0.0125 per share.”

Production Summary

Mining	Units	Q3 2026	Q2 2026	Q1 2026	Q4 2025	Q3 2025
Total Mined	Tonnes	567,059	1,134,646	1,542,501	2,185,527	2,533,410
Waste Mined	Tonnes	263,458	644,942	1,083,255	1,604,912	2,146,852
Ore Mined	Tonnes	303,602	489,704	459,246	580,615	386,558
Grade	g/t Au	1.69	1.54	1.58	1.71	2.26
Processing
Ore Processed	Tonnes	249,607	240,769	239,644	242,182	250,459
Grade	g/t Au	2.10	2.57	2.54	3.31	3.11
Recovery	%	92.8	93.3	93.1	94.6	94.3
Gold Recovered	Oz	16,832	18,570	18,199	24,397	23,612
Gold Poured	Oz	15,515	19,153	20,256	23,719	22,617

Table 1: Production Summary

THOR EXPLORATIONS LTD.

Segun Lawson

President & CEO

About Thor Explorations

Thor Explorations Ltd. is a mineral exploration company engaged in the acquisition, exploration, development and production of mineral properties located in Nigeria, Senegal and Côte d'Ivoire. Thor Explorations holds:

- a 100% interest in the Segilola Gold Project located in Osun State, Nigeria

- a 100% economic interest in the Douta Gold Project located in south-eastern Senegal

- a 100% interest in the Guitry Gold Project Côte d'Ivoire

- additional exploration tenure in Nigeria, Senegal and Côte d'Ivoire, comprising wholly and majority-owned interests

Thor Explorations trades on AIM and the TSX Venture Exchange under the symbol "THX".

For further information, please contact:

Thor Explorations Ltd

Email: [e-mail]

Canaccord Genuity (Nominated Adviser & Broker)

James Asensio / Henry Fitzgerald-O'Connor / Harry Rees

Tel: [phone]

Hannam & Partners (Broker)

Andrew Chubb / Matt Hasson / Jay Ashfield

Tel: [phone]

BlytheRay (Financial PR)

Tim Blythe / Megan Ray / Said Izagaren

Tel: [phone]

Yellow Jersey PR (Financial PR)

Charles Goodwin / Shivantha Thambirajah

Tel: [phone]

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 QA/QC, sampling, analytical and test data underlying the information.

This Announcement contains inside information as defined in Article 7 of the Market Abuse Regulation No. 596/2014 ("MAR"). Upon the publication of this Announcement, this inside information is now considered to be in the public domain.       

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