DIRECTOR CHANGE

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Thor Explorations Ltd. announced the appointment of Bernard Swanepoel to its Board of Directors, subject to TSX Venture Exchange approval. Swanepoel brings 40 years of mining executive experience, including his tenure as CEO of Harmony Gold, and serves on several other prominent mining boards. This appointment is considered strategic as Thor prepares to construct its second mine, transition to underground mining at Segilola, and develop into a mid-tier gold producer. The company also thanked outgoing non-executive director Collin Ellison for his seven years of service, during which the Segilola Gold Mine was completed and became profitable, senior debt was repaid, and the Douta Project advanced to the pre-feasibility stage.

Disclaimer*

Thor Explorations Ltd

12 May 2026

THOR_EXPLORATIONS_FULLCLRLOGO_onwhite

NEWS RELEASE

NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR
DISTRIBUTION TO U.S. WIRE SERVICES

May 12, 2026

TSXV/AIM: THX

DIRECTOR CHANGE

Thor Explorations Ltd. (AIM/TSX VENTURE: THX) ("Thor" or the "Company") is pleased to announce the appointment of Mr. Bernard Swanepoel to its Board of Directors (the "Board"), subject to the approvals of the TSX Venture Exchange.

Mr. Swanepoel is a South African mining executive who has spent 25 years of his 40-year mining career in senior/executive management roles. Bernard Swanepoel served as CEO of Harmony Gold from 1995 to 2007, during which the company transformed into one of the world's largest gold producers. He has served 11 years on the board of Sanlam Limited, 15 years on the board of African Rainbow Minerals, and is Chairman of Manganese Metal Company. Bernard also serves on the boards of Impala Platinum Holdings Limited, Zimplats, and African Exploration Mining and Finance Corporation, while co-leading the strategy consultancy THINKspiration.

Segun Lawson, President & CEO, stated:

"We are delighted to welcome Bernard Swanepoel to Thor's Board of Directors. Bernard brings a wealth of expertise and experience built over 40 years in the mining industry, which will further strengthen the Board at this critical period as the Company prepares to build its second mine, transition to underground mining at Segilola, and develop into a mid-tier gold producer. We look forward to working with him in our team.

"On behalf of the Company, I would also like to take this opportunity to thank again Mr Collin Ellison, who served as a non-executive director at Thor for seven years over a very successful and transformational period in the Company's history. Collin made a significant contribution to the Company through a period of growth and development, where we completed construction of the Segilola Gold Mine in Osun State, Nigeria, achieved commercial production, and have since profitably and responsibly produced gold for four years. During this time, we also fully repaid our senior debt facility with AFC, whilst advancing our Douta Project in Senegal to the pre-feasibility stage of development."

Additional Information (in accordance with Rule 17 and Schedule Two paragraph (g) of the AIM Rules for Companies).

Zacharias Bernardus "Bernard" Swanepoel, age 65, is currently or has been a Director of the following companies within the past five years:

Current Directorships	Former Directorships
Swahele Properties CC	Phakamisa Foundation Shelf 1 (Pty) Ltd
Resources For Africa Investment Conferences (Pty) Ltd	Phakamisa Coal Consortium (Pty) Ltd
TTP Silica Sands Holdings (Pty) Ltd	SBI The Big Voice of Small Business
RMW Properties (Pty) Ltd	Omnia Holdings Limited
To The Point Growth Specialists Retail (Pty) Ltd	Cashcow (Pty) Ltd
Pure Manganese (Pty) Ltd	Impala Bafokeng Resources Limited
TTP Exploration (Pty) Ltd	Basil Read Mining Limited
Swanepoel Ankole Stud (Pty) Ltd	Manic Technology Holdings (Pty) Ltd
Fire Sky Genetics (Pty) Ltd	Fire Sky Embryo Centre (Pty) Ltd
Fire Sky Ankole (Pty) Ltd	To The Point Growth Specialists Consulting (Pty) Ltd
TTP Gold (Pty) Ltd	TTP Coal Holdco (Pty) Ltd
Bokamoso Gold (Pty) Ltd	Blue Rand Technology (Pty) Ltd
African Exploration Mining And Finance Corporation (Pty) Ltd	Mac Africa Farms(Pty) Ltd
Bilston Investments (Pty) Ltd	Soetmelksvlei Farms 6 (Pty) Ltd
Impala Platinum Limited	Soetmelksvlei Farms 4 (Pty) Ltd
Impala Platinum Holdings Limited	Kingstonvale Farms 4 (Pty) Ltd
Manganese Metal Company (Pty) Ltd	Koppie Alleen Farms (Pty) Ltd
Erf 1507 Morningside Ext 176 Homeowners Association	TTP Mining (Pty) Ltd
To The Point Growth Specialists' Property (Pty) Ltd	Manic Copper Technology (Pty) Ltd
To The Point Growth Specialists (Pty) Ltd	TTP Marketing Co (Pty) Ltd
To The Point Growth Specialists Investments 5(Pty) Ltd	Manic Technology Worx (Pty) Ltd
To The Point Growth Specialists Investments 3 (Pty) Ltd	Ramco Energy (Pty) Ltd
Green Dot Advisors (Pty) Ltd	To The Point Turnaround (Pty) Ltd
Manganese Metals Holdings (Pty) Ltd	TTP Management Services (Pty) Ltd
Newshelf 1256 (Pty) Ltd	LMF STAHL Holdco (Pty) Ltd
Zimplats Holdings Limited	Soetmelksvlei Farms 118 (Pty) Ltd
	Manic Iron Consultancy (Pty) Ltd
	K2019271122 (South Africa) (Pty) Ltd
	Western Cape Silica Sands (Pty) Ltd
	CFB Sands (Pty) Ltd
	DHS Silica Sand (Pty) Ltd
	TTP Phakamisa Coal (Pty) Ltd
	Impala Canada Limited

About Thor

Thor Explorations Ltd. is a Canadian mineral exploration company engaged in the acquisition, exploration and development of mineral properties located in Nigeria, Senegal and Cote d'Ivoire. Thor holds a 100% interest in the Segilola Gold Project located in Osun State of Nigeria. Mining and production commenced at Segilola in 2021. Thor holds a 70% interest in the Douta Gold Project located in south-eastern Senegal. Thor trades on the TSX Venture Exchange under the symbol "THX".

For further information please contact:

Thor Explorations Ltd

Email: info@thorexpl.com

Canaccord Genuity (Nominated Adviser & Broker)

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

Tel: +44 (0) 20 7523 8000

Hannam & Partners (Broker)

Andrew Chubb / Matt Hasson / Jay Ashfield / Franck Nganou

Tel: +44 (0) 20 7907 8500

Yellow Jersey PR (Financial PR)

Charles Goodwin / Shivantha Thambirajah

Tel: +44 (0) 20 3004 9512

BlytheRay (Financial PR)

Megan Ray / Said Izagaren

Tel: +44 207 138 3204

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