Q2 & H1 2026 FINANCIAL & OPERATING RESULTS

Thor Explorations Ltd

11 August 2026

 

 

NEWS RELEASE

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

August 11, 2026

TSXV/AIM: THX

THOR EXPLORATIONS ANNOUNCES FINANCIAL AND OPERATING RESULTS, FOR THE THREE AND SIX MONTHS ENDING JUNE 30, 2026

Thor Explorations Ltd. (TSXV / AIM: THX) ("Thor Explorations", "Thor" or the "Company") is pleased to provide an operational and financial review for its Segilola Gold mine, located in Nigeria ("Segilola"), and for the Company's mineral exploration properties located in Nigeria and Senegal, for the three months ("Q2 2026" or the "Period") and six months to June 30, 2026 ("H1 2026").

The Company's Unaudited Condensed Interim Consolidated Financial Statements together with the notes related thereto, as well as the Management's Discussion and Analysis for the three and six months ended June 30, 2026, are available on Thor Explorations' website at: www.thorexpl.com/investors/reports-presentations

All figures are in US dollars ("US$") unless otherwise stated.

Financial Highlights for Q2 2026 and H1 2026

·      17,050 ounces ("oz") of gold ("Au") sold in Q2 2026 with an average gold price of US$4,554 per oz. 

·      Cash operating cost of US$760 per oz sold and all-in sustaining cost ("AISC") of US$1,262 per oz sold in Q2 2026.

·      Q2 2026 revenue of US$77.6 million (Q2 2025: US$82.7 million).

·      Q2 2026 EBITDA of US$55.4 million (Q2 2025: US$60.3 million).

·      Q2 2026 net profit of US$48.7 million (Q2 2025: US$51.6 million).

·      In H1 2026, the Company achieved half yearly records in revenue, EBITDA and net profit:

o  H1 2026 revenue of US$151.9 million (H1 2025: US$146.8 million).

o  H1 2026 EBITDA of US$108.4 million (H1 2025: US$103.9 million).

o  H1 2026 net profit of US$95.5 million (H1 2025: US$86.1 million).

·      Adjusted net cash of US$218.6 million as at June 30, 2026¹.

1 The cash balance, adjusted net cash position and gold bullion inventory reported in the Company's Q2 2026 operational update of US$225.6 million have been revised to cash of US$193.1 million and adjusted net cash of US$218.6 million including gold bullion inventory of 6,367oz valued at US$25.5 million. The revisions reflect the completion of reconciliation procedures during the Group's transition to a new financial consolidation system and do not affect the Company's reported operating performance.

Operational Highlights for Q2 2026 and H1 2026

Segilola Production

·      Gold poured totalled 19,153 oz for Q2 2026, and 39,409 oz for H1 2026 (Q2 2025: 22,784 oz; H1 2025: 45,574 oz).

o  Mill feed grade for Q2 2026 was 2.57 grammes per tonne ("g/t") Au with recovery at 93.3%.

o  A total of 240,769 tonnes of ore were processed with no significant downtime periods.

o  The process plant maintained good recovery performance in Q2 2026 reducing the gold in circuit ("GIC") by 583 oz of gold.

o  The stockpile balance increased by 8.09% to 58,431 Au oz of ore at an average grade of 0.74 g/tAu. The significant stockpile available (approximately two years of process plant supply) offers flexibility and low risk for future process plant production.

Segilola Exploration

·      The focus remained on the Segilola life-of-mine extension drilling program and regional target generation as the Company continues to assess opportunities to extend the current Segilola mine life.

·      Diamond drilling continued during Q2 2026 to test potential depth extensions of the Segilola deposit, with 10,614 metres ("m") completed across 37 holes using four owner-operated diamond drill rigs.

o  The drill holes were completed at a combination of 40m and 80m inter-hole spacings to test the continuity of the steeply south-plunging, high-grade shoots beneath the current open-pit mine design.

o  Results reflected narrow zones of mineralisation intersected below the limits of the current final open-pit design.

o  Drilling continued following the end of the Period and is expected to continue through to the end of the calendar year to further delineate zones with the potential to support underground mining.

·      The Company engaged a mining consultancy to undertake a high-level review of the underground mining potential based on the currently compiled potential resources and to support the continuation of the drilling program.

·      Regional exploration activities progressed across the Company's Segilola licences during Q2 2026:

o  Geochemical sampling continued across the Ondo, Kajola, Central and Western prospects, comprising auger, rock-chip, termite-mound and stream-sediment sampling. The principal areas investigated were west of Ondo, northwest of Igila and west of the Segilola Mine.

o  Within the Western Prospect, infill auger sampling northwest of Igila returned significant gold assay results of up to 0.401g/tAu, following up on anomalies identified through the initial wide-spaced auger sampling programme. Further auger sampling was also completed west of the Mine area.

o  At the Ondo Prospect, geochemical sampling targeted interpreted geophysical structures, primarily west of the north-south-trending quartzite-quartz schist ridge.

o  Regional stream-sediment sampling outside the Ondo Prospect returned significant gold values of up to 2.12 g/tAu, providing additional targets for follow-up exploration.

Senegal

·      During Q2 2026, the Company completed a total of 19,356m of reverse circulation ("RC") drilling and 6,150m of rotary air blast and air core ("RAB/AC") drilling across its Senegal projects.

·      At the Douta Project, sterilisation drilling commenced during the Period to support the planning and location of future mine infrastructure.

·      At Douta-West, RC drilling continued at the Baraka 3 Prospect, with the drilling extended the mineralisation to the north and confirmed that the mineralised system remains open in that direction.

·      At the Boussankhoba Project, exploration focused on testing and extending gold mineralisation along the 10-kilometre northeast-trending corridor between the Sekhoto North and Massa Massa prospects.

o  Ongoing RC drilling continued to demonstrate continuity of mineralisation between Sekhoto North and Massa Massa, indicating that the two prospects form part of a single mineralised system with significant potential for further resource growth.

Côte d'Ivoire

·      During Q2 2026, exploration activities in Côte d'Ivoire focused on continued target generation and drill testing at the Guitry and Marahui projects, together with early-stage target generation activities across the Laoudiba and Boundiali projects.

·      At the Marahui Project, soil geochemical sampling and geological mapping defined two parallel anomalous structures:

o  The larger anomaly extends over approximately four kilometres in length and 200m in width.

o  A follow-up RC drilling programme comprising 50 holes for a total of 5,125m intersected multiple narrow zones of gold mineralisation over a strike length of approximately one kilometre.

Environment, Social and Governance

·      Environmental compliance monitoring continued on a monthly basis during Q2 2026, with quarterly summary reports submitted to the Federal Ministry of Environment ("FMEnv") and copied to the Environment Division of the Ministry of Solid Minerals:

o  Ambient air quality and noise levels remained consistent with those recorded in Q2 2025 and within FMEnv-prescribed thresholds.

o  The onset of the rainy season in April resulted in a reduction in Total Suspended Particulates, while water turbidity temporarily increased in line with expected seasonal conditions.

o  Groundwater and surface water parameters, including pH levels, remained within natural ranges.

·      The Company published its 2025 ESG and Sustainability Report on 18 June 2026, highlighting performance across its six material ESG topics: Corporate Governance, People, Health and Safety, Environment, Community and Social, and Cultural Governance.

·      Continued operational efficiencies and reduced mine haulage distances resulted in environmental benefits during Q2 2026:

o  Raw water withdrawals decreased by 36% to 31.24 megalitres ("ml"), compared with 50.27ml in Q2 2025.

o  Total greenhouse gas emissions decreased by approximately 16% to 9,818 tonnes of carbon dioxide equivalent ("tCO₂e"), compared with 11,621tCO₂e in Q2 2025.

o  Emissions intensity remained stable at 0.51tCO₂e per ounce of gold produced, unchanged from Q2 2025.

·      Notable milestones with respect to the Company's community development and corporate social responsibility activities during Q2 2026 included:

o  Hosting the fifth annual inter-community football competition, with 10 men's and four women's teams comprising Segilola Mine employees and members of the host communities competing.

o  Progressing the construction and renovation of community buildings, businesses and infrastructure supported under the Company's Community Development Agreements, including renovations to Odo-Ijesha High School, the Imogbara community palace, community road construction and the Iperindo Water Bottling Factory.

o  Ongoing support for elderly residents, administering examinations under the Annual School Scholarship Programme and monitoring beneficiaries of the Company's women's initiatives and youth empowerment programmes.

·      In Senegal, following the approval of the Environmental and Social Impact Assessment for Phase 1 of the Douta Project in January 2026, the Company continued planning and progressing the actions set out in the approval.

o  The Company expanded its health, safety, social and environmental resources during Q2 2026, including the appointment in June of a new team leader who commenced the role in July 2026.

·      In Côte d'Ivoire, the Ngnira Gold community team developed an Education, Health and Social Action Plan to guide initiatives across the communities surrounding the Company's four exploration licence areas.

o  A stakeholder engagement plan is also being developed to support ongoing exploration activities.

Outlook

·      FY2026 production guidance of 75,000 to 85,000 oz maintained, while AISC guidance remains at US$1,000 to US$1,200 per oz.

·      Advance exploration program across the portfolio:

o  Segilola: continuation of underground exploration drilling program targeting additional resource definition during 2026 and an updated MRE by the end of the year.

o  Nigeria: continuation of scout drilling programs on identified near-mine and regional targets.

o  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 optimised PFS.

o  Côte d'Ivoire: Guitry, Marahui and Boundiali licenses, continuation of geochemical work programs and initial drill programs on identified targets with results from the Guitry and Marahui licence to be released in Q3 2026.

·      Advanced ongoing 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.

Segun Lawson, President & CEO, stated:

"I am pleased with the Company's operational performance for the second quarter and first half of 2026. Despite lower production compared with the prior year, the strength of the gold price, together with continued cost discipline and operational efficiencies, resulted in half-year records across revenue, EBITDA and net profit. We ended the Period with a strong adjusted net cash position of US$218.6 million.

"During the Quarter, we poured 19,153 ounces of gold and sold 17,050 ounces at an average price of US$4,554 per ounce. The process plant has continued to perform well, achieving a recovery rate of 93.3% with no significant downtime, while cash operating costs were US$760 per ounce sold and AISC was US$1,262 per ounce sold.

"Exploration work progressed at Segilola, with the ongoing extensive drilling program. This drilling is producing encouraging results, intersecting multiple high grade intercepts hundreds of metres beneath the current open-pit mine design. Drilling will continue through to the end of the year as we further assess the underground potential. We are also continuing with our regional exploration in Nigeria, with geochemical sampling across the Ondo, Kajola, Central and Western prospects generating further targets for follow-up exploration and scout drilling.

"In Senegal, we are in advanced stages of discussions with the government regarding the finalisation of the Douta Mining Convention which forms a key component of the Douta Project Final Investment decision. In parallel, we continue to advance exploration across our licence tenure as part of our strategy to expand the Douta resource base ahead of an updated Mineral Resource Estimate and optimised Preliminary Feasibility Study.

"In Côte d'Ivoire, exploration work continued across the portfolio with most of the focus on the Guitry and Marahui licences. Follow-up drilling is being carried out based on initial encouraging exploration results and we look forward to releasing the drilling results in Q3 2026.

"We also continued to progress our ESG and community development programmes across the portfolio. During the Quarter, raw water withdrawals at Segilola decreased by 36% year on year and total greenhouse gas emissions declined by approximately 16%. We also published our 2025 ESG and Sustainability Report and continued investing in community infrastructure, education, enterprise and social initiatives across Nigeria, Senegal and Côte d'Ivoire.

"Looking ahead, our strong and growing balance sheet continues to enable us to carry out our exploration activities across the portfolio where we are aiming to deliver value adding milestones of mine life extension at Segilola, Final Investment Decision at Douta and a maiden resource from our portfolio in Côte d'Ivoire."

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 and has a 70% economic interest in the Douta Gold Project located in south-eastern Senegal. Thor Explorations trades on AIM 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 QA/QC, sampling, analytical and test data underlying the information.

THOR EXPLORATIONS LTD.

Segun Lawson

President & CEO

THOR EXPLORATIONS LTD.

For further information please contact:

Thor Explorations Ltd

Email: [e-mail]

Canaccord Genuity (Nominated Adviser & Broker)

James Asensio / Henry Fitzgerald O'Connor / Harry Rees

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Andrew Chubb / Matt Hasson / Jay Ashfield / Franck Nganou

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BlytheRay (Financial PR)                                      

Tim Blythe / Megan Ray / Said Izagaren

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Charles Goodwin / Shivantha Thambirajah 

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Condensed Interim Consolidated Financial Statements

 For the Three and Six Months Ended June 30, 2026, and 2025

(in thousands of United States Dollars)

NOTICE TO READER

Under National Instrument 51-102, Part 4, subsection 4.3 (3) (a), if an auditor has not performed a review of the condensed interim consolidated financial statements, they must be accompanied by a notice indicating that the financial statements have not been reviewed by an auditor.

The accompanying unaudited condensed interim consolidated financial statements of the Company have been prepared by and are the responsibility of the Company's management.

The Company's independent auditor has not performed a review of these financial statements in accordance with standards established by the Canadian Institute of Chartered Accountants for a review of condensed interim consolidated financial statements by an entity's auditor.

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2026, AND 2025

In thousands of United States dollars, except where noted (unaudited)

1.   CORPORATE INFORMATION

Thor Explorations Ltd. (the "Company"), together with its subsidiaries (collectively, "Thor" or the "Group") is a West African focused gold producer and explorer, dual-listed on the TSX-Venture Exchange (THX.V) and the Alternative Investment Market of the London Stock Exchange (THX.L).

The Company was formed in 1968 and is organized under the Business Corporations Act (British Columbia) (BCBCA) with its registered office at 550 Burrard St, Suite 2900 Vancouver, BC, CA, V6C 0A3

2.   BASIS OF PREPARATION

a)   Statement of compliance

These condensed interim consolidated financial statements ("interim financial statements") have been prepared in accordance with International Accounting Standard 34, Interim Financial Reporting, of International Financial Reporting Standards as issued by the International Accounting Standards Board ("IFRS").

These interim financial statements should be read in conjunction with the audited consolidated financial statements for the year ended December 31, 2025, which have been prepared in accordance with IFRS.

These interim financial statements were authorized for issue by the Board of Directors on August 10, 2026.

b)   Basis of measurement

These interim financial statements are presented in United States dollars ("US$").

These interim financial statements have been prepared on a historical cost basis, except for certain financial instruments that are measured at fair value at the end of each reporting period.

The Group's accounting policies have been applied consistently to all periods in the preparation of these interim financial statements. In preparing the Group 's interim financial statements for the three months ended June 30, 2026, the Group applied the critical judgments and estimates as disclosed in note 3 of its annual financial statements for the year ended December 31, 2025.

These interim financial statements include the accounts of the Company and its subsidiaries. Subsidiaries are entities controlled by the Company, which is defined as having the power over the entity, rights to variable returns from its involvement with the entity, and the ability to use its power to affect the amount of returns. All intercompany transactions and balances are eliminated on consolidation. The Company's subsidiaries at June 30, 2026 are consistent with the subsidiaries as at December 31, 2025 as disclosed in note 3 to the annual financial statements.

None of the new standards or amendments to standards and interpretations applicable during the period has had a material impact on the financial position or performance of the Group. The Group has not early adopted any standard, interpretation or amendment that was issued but is not yet effective.

3.   PROFIT FROM OPERATIONS

3a. REVENUE

	Three months ended June 30,				Six months ended June 30,
		2026		2025		2026			2025
Gold revenue		77,647		82,556		151,964				144,439
Silver revenue		-		238		-				518
Unrealized fair value movements on forward gold sale contracts		-		-		-				1,900
		77,647		82,794		151,964				146,857

Gold revenue

The Group's revenue is generated in Nigeria and arises from the sale of gold to established market counterparties in the international gold market.

3b. COST OF SALES

	Three months ended June 30,				Six months ended June 30,
		2026		2025		2026		2025
Mining		4,004		7,618		11,562		14,732
Processing		6,021		7,918		8,979		14,176
Support services and others		3,118		1,814		5,700		3,463
Foreign exchange (gains)/losses on production costs		52		(119)		370		(63)
Production costs		13,195		17,231		26,611		32,308
Transportation and refining		623		810		1,137		1,514
Royalties		2,973		724		3,541		1,394
Depreciation, depletion and amortization - operational assets		7,066		8,274		13,843		16,613
Cost of sales		23,857		27,039		45,132		51,829

3c. AMORTIZATION AND DEPRECIATION

				Three months ended June 30,							Six months ended June 30,
						2026			2025			2026						2025
Depreciation, depletion and amortization - operational assets						7,066			8,274			13,843							16,613
Depreciation, depletion and amortization - other assets						102			160			220							330
						7,168			8,434			14,063							16,943

3d. OTHER ADMINISTRATION EXPENSES

	Three months ended June 30,				Six months ended June 30,
		2026		2025		2026		2025
Employee compensation		1,103		638		4,810		2,238
Professional services		1,065		543		2,085		960
Pioneer service charge		852		798		1,678		1,364
Other corporate expenses		2,379		1,663		3,675		3,082
		5,399		3,642		12,248		7,644

4.   INVENTORIES

		June 30, 2026		December 31, 2025
Current:
Plant spares and consumables		15,665		12,163
Gold ore in stockpile		20,873		16,225
Gold in CIL		2,619		5,602
Gold doré		4,183		-
Gold bullion		7,729		3,214
		51,069		37,204

Non-current:
Gold ore in stockpile		98,049		86,328
		98,049		86,328

There were no write downs to reduce the carrying value of inventories to net realizable value during the periods ended June 30, 2026 and 2025.

5.   TRADE AND OTHER RECEIVABLES

		June 30, 2026		December 31, 2025
Current:
Advance deposits to vendors		4,233		5,067
Prepaid expenses		1,108		2,950
Other receivables		585		402
Other prepayments		5,012		3,292
		10,938		11,711
Non-current:
Deposits		220		223
		220		223

Included in Advance deposits to vendors, are payment deposits towards key equipment, materials and spare parts, with longer lead times to delivery, which are of critical importance to maintain efficient operations of the mine and process plant. These were made to mitigate against price volatility and inflation currently affecting the sector.

As at June 30, 2026, the Group recognized $3.0 million and $1.5 million, respectively, as other prepayments within trade and other receivables, representing amounts paid in connection with the proposed acquisitions of the remaining 30% interests in the Douta project licence, Demande 11618, and the Douta West licence, EL03709, for which completion remained subject to certain conditions precedent, including final approval from the Minister of Mines. The Group currently expects these approvals to be obtained and the acquisitions to be completed during the 2026 financial year. Further details are provided in Note 9.

6.   LEASES

Leases relate principally to corporate offices and the mining fleet at the Segilola mine. Corporate offices are depreciated over 5 years and mining fleet over the life of mine of Segilola.

The key impacts on the Statement of Comprehensive Income and the Statement of Financial Position for the period ended June 30, 2026, were as follows:

			Right-of-use asset		Lease liability		Income statement
Carrying value December 31, 2025			5,422		(2,595)
Depreciation			(2,581)		-		(2,581)
Interest			-		(61)		(61)
Lease payments			-		2,517		2,517
Foreign exchange movement			346		(19)		327
Carrying value at June 30, 2026			3,187		(158)		202
Current liability					(158)
Non-current liability					-

The key impacts on the Statement of Comprehensive Income and the Statement of Financial Position for the year ended December 31, 2025, were as follows:

			Right-of-use asset		Lease liability		Income statement
Carrying value December 31, 2024			7,302		(7,210)
Depreciation			(1,901)		-		(1,901)
Interest			-		(403)		(386)
Lease payments			-		5,037		-
Foreign exchange movement			21		(19)		(36)
Carrying value at December 31, 2025			5,422		(2,595)		(2,323)
Current liability					(2,550)
Non-current liability					(45)

7.   PROVISIONS

June 30, 2026		Other		Fleet demobilization costs		Restoration costs		Total
Balance at Beginning of period		23		173		4,921		5,117
Unwinding of discount		-		-		29		29
Foreign exchange movements		(3)		-		-		(3)
Balance at end of the period		20		173		4,950		5,143
Current liability		-		-		-		-
Non-current liability		20		173		4,950		5,143

December 31, 2025		Other		Fleet demobilization costs		Restoration costs		Total
Balance at beginning of period		19		173		4,869		5,061
Unwinding of discount		-		-		52		52
Foreign exchange movements		4		-		-		4
Balance at period end		23		173		4,921		5,117
Current liability		-		-		-		-
Non-current liability		23		173		4,921		5,117

The restoration costs provision is for the site restoration at Segilola Gold Project in Osun State Nigeria. The value of the above provision is measured by unwinding the discount on expected future cash flows using a discount factor that reflects the credit-adjusted risk-free rate of interest.

It is expected that the restoration costs will be paid in US dollars, and as such US forecast inflation rates of 2.5% and the interest rate of 4.25% on 2-year US bonds were used to calculate the expected future cash flows, which are in line with the life of mine. The provision represents the net present value of the best estimate of the expenditure required to settle the obligation to rehabilitate environmental disturbances caused by mining operations at mine closure.

The fleet demobilization costs provision is the value of the cost to demobilize the mining fleet upon closure of the mine.

8.   PROPERTY, PLANT AND EQUIPMENT

a)   Segilola production stripping cost: 

During the period ended June 30, 2026, the Group capitalized $nil (year ended December 31, 2025: $nil) of production stripping costs to the Segilola mine. The depreciation expense related to production stripping costs deferred for the period ended June 30, 2026, was $2.6 million (year ended December 31, 2025 - $5.7 million).

Included in the Segilola mine balance at June 30, 2026, is $16.2 million (December 31, 2025 - $16.2 million) related to production stripping costs.

9.   INTANGIBLE ASSETS

The Group's exploration and evaluation assets costs are as follows:

	Douta Gold Project, Senegal	Lithium exploration licences	Gold exploration licences Nigeria	Gold exploration licences Côte d'Ivoire	Software	Total
Balance, December 31, 2024	25,096	2,970	11,934	589	134	40,723
Acquisition costs	160	-	-	100	-	260
Exploration costs	8,957	137	9,758	3,509	-	22,361
Additions	-	-	-	-	15	15
Amortization	-	-	-	-	(87)	(87)
Impairment	-	(3,107)	-	-	-	(3,107)
Foreign exchange movement	-	-	284	-	-	284
Balance, December 31, 2025	34,213	-	21,976	4,198	62	60,449
Exploration costs	5,963	-	4,156	5,919	-	16,038
Amortization	-	-	-	-	(31)	(31)
Foreign exchange movement	515	-	136	64	-	715
Balance, June 30, 2026	40,691	-	26,268	10,181	31	77,171

a)   Douta Gold Project, Senegal:

The Douta Project consists of 3 licences, a 100% interest in Demande 11618 and licence EL03709 and a 70% interest in the Bousankhoba Exploration Permit EL03720.

In 2025 and early 2026, the Group entered into binding sale and purchase agreements to acquire the remaining 30% minority interests in Demande 11618 from International Mining Company SARL ("IMC") and in EL03709 from Birima Gold Resources, each subject to conditions precedent including final approval from the Minister of Mines which remained outstanding at June 30, 2026. The Group currently expects these approvals to be obtained and the acquisitions to be completed during the 2026 financial year.

Total consideration for Demande 11618 comprises cash of $3.0 million (50% paid on signing and 50% in December 2025) and a 1.25% average net smelter royalty capped at $60.0 million, while consideration for EL03709 comprises cash of $5.0 million (of which $1.5 million was paid on signing) and a 1% average net smelter royalty capped at $7.0 million.

As completion of both acquisitions remains subject to conditions precedent, the cash consideration paid to date of $3.0 million for Demande 11618 and $1.5 million for EL03709 has been recognized as a prepayment within trade and other receivables at June 30, 2026 (see Note 5).

Bousankhoba, which covers approximately 30 kilometers of continuous soil geochemical anomalies and has been subject to limited historical early‑stage drilling, is subject to an earn‑in arrangement that includes a payment of US$160 thousand.

In accordance with applicable local mining regulations, the State is entitled to a 10% free carried interest in the project upon commencement of exploitation.

b)  Lithium exploration Licenses, Nigeria

Following the impairment recognized as at December 31, 2025, the Group has not capitalized any further exploration and evaluation expenditures in respect of its lithium licence areas during the period.

9.   INTANGIBLE ASSETS (continued)

c)  Gold exploration Licenses

Nigeria

As at June 30, 2026, the Group's gold exploration tenure in Nigeria currently primarily comprises 16 wholly owned exploration licenses and 13 partnership exploration licenses. Together with the mining lease over the Segilola Gold Deposit, Thor's total gold exploration tenure amounts to 1,697 km².

Cote D'Ivoire

The Group currently has the following exploration projects in Côte d'Ivoire:

Guitry

The Group signed a binding sale and purchase agreement ("SPA") with Endeavour Mining Corporation ("Endeavour") to acquire a 100% interest in the Guitry Gold Exploration Project ("Guitry").

The acquisition was completed during 2025 with all necessary Ministerial approvals received. The total consideration for the acquisition was a cash payment of $100,000 and a 2% Net Smelter Royalty.

Boundiali

In 2024, the Group entered into an option agreement with Goldridge Resources SARL to acquire up to an 80% interest in the Boundiali Exploration Permit. This early-stage gold exploration project is located in northwest Côte d'Ivoire and covers approximately 160 km².

Marahui

In 2024, the Group entered into an option agreement with Compagnie Africaine de Recherche et d'Exploitation Minière ("CAREM") to acquire up to an 80% interest in the Marahui permit. The permit covers approximately 250 km² in the Bondoukou region in northeastern Côte d'Ivoire, approximately 600 km from Abidjan. An initial cash consideration of $50,000 has been paid.

10.  ACCOUNTS PAYABLE AND ACCRUED LIABILITIES

		June 30, 2026		December 31, 2025
Trade payables		6,922		891
Accrued liabilities		9,893		13,247
PSI service charge accrual		6,036		4,358
Dividends payable (Note 11)		788		659
Other payables		518		208
		24,157		19,363

Pioneer Service Charge (PSI)

The PSI service charge accrual represents amounts payable under the Pioneer Status Incentive ("PSI") scheme in Nigeria. Under the terms of the PSI approval granted to the Group's Nigerian subsidiary, the entity is exempt from corporate income tax during the tax holiday period and is required to pay a pioneer service charge calculated as a percentage of operating results as defined under the PSI regulations.

11.  CAPITAL AND RESERVES

a)  Authorized

Unlimited common shares without par value.

b)   Issued

	June 30, 2026 Number		June 30, 2026 $	December 31, 2025 Number		December 31, 2025 $
As at start of the year	665,297,482		83,106	657,064,724		81,633
Issue of new shares:
- RSU awards vested i	1,275,654		1,181	-		-
- Share options exercised ii	-		-	8,232,758		1,473
	666,573,136		84,287	665,297,482		83,106

^{i.   Value of 1,275,654 RSU awards that were granted and vested on January 2, 2026, at a deemed price of CAD$1.27 per share}

^{ii.  Value of:}

^{13,040,000 options exercised (8,232,758 received) at a price of CAD$0.20 per share on January 20, 2025;}

^{1,000,000 options exercised at a price of CAD$0.20 per share on November 22, 2025}

c)   Share-based compensation

Long‑term incentive plan - Restricted Share Units

During the six‑month period ended 30 June 2026, the Company granted 3,826,963 Restricted Share Units ("RSUs") to certain members of senior management and employees under its equity‑settled Long‑Term Incentive Plan ("LTIP"). The RSUs vest in three equal annual tranches of 1,275,654 RSUs over a three‑year period commencing January 2, 2026, subject to the continued employment of the participants with the Company.

On 2 January 2026, the first tranche of 1,275,654 RSUs vested and was settled through the issuance of 1,275,654 new common shares of the Company in accordance with the LTIP and the applicable RSU agreements. The new common shares rank pari passu with the existing common shares of the Company and were admitted to trading on AIM and the TSX Venture Exchange on 7 January 2026. Following this issuance, the Company's issued share capital comprised 666,573,136 common shares, with no shares held in treasury.

The RSU awards are accounted for as equity‑settled share‑based payment transactions in accordance with IFRS 2 Share‑based Payment. The grant‑date fair value of the RSUs is recognised as an employee benefit expense over the vesting period, with a corresponding increase in equity within the share‑based payment reserve:

11.  CAPITAL AND RESERVES (continued)

d) Nature and purpose of equity and reserves

The reserves recorded in equity on the Group's statement of financial position include 'Option reserve,' 'Currency translation reserve,' 'Retained earnings' and 'Deficit.'

'Option reserve' is used to recognize the value of stock option grants prior to exercise or forfeiture.

'Currency translation reserve' is used to recognize the exchange differences arising on translation of the assets and liabilities of foreign branches and subsidiaries with functional currencies other than US dollars.

'(Deficit)/Retained earnings' is used to record the Group's accumulated earnings.

e) Dividends

During the period ended June 30, 2026, the Company declared dividends totaling $19.5 million (C$0.0275 per share in January 2026 and C$0.0125 in April 2026), of which $19 million was paid during the period.

Dividends paid during the period are presented within financing activities in the consolidated statement of cash flows.

12.  EARNINGS PER SHARE

Diluted earnings per share was calculated based on the following:

	Three months ended June 30,				Six months ended June 30,
		2026		2025		2026		2025
Basic weighted average number of shares outstanding		666,573,136		665,297,482		665,836,091		665,297,482
Share-based compensation		-		-		1,275,654		-
Diluted weighted average number of shares outstanding		666,573,136		665,297,482		666,573,136		665,297,482
Total common shares outstanding		666,573,136		665,297,482		666,573,136		665,297,482
Total potential diluted common shares		666,573,136		665,297,482		666,573,136		665,297,482

13.  RELATED PARTY DISCLOSURES

a)   Compensation of key management personnel

The remuneration of directors and other members of key management during the three and six months ended June 30, 2026, and 2025 were as follows:

		Three months ended June 30,				Six months ended June 30,
			2026		2025		2026		2025
Salaries and bonuses
Current directors and officers	(i) (ii) (iii)		373		305		1,820		1,488
Directors' fees
Current directors and officers	(i) (ii)		209		120		356		262
			582		425		2,176		1,750

^{(i)     Key management personnel were not paid post-employment benefits, termination benefits, or other long-term benefits during the three and six months ended June 30, 2026, and 2025.}

^{(ii)    The Group paid consulting and director fees to both individuals and private companies controlled by directors and officers of the Group for services. Accounts payable and accrued liabilities at June 30, 2026, include $114 thousand (December 31, 2025 - $92 thousand) due to directors or private companies controlled by an officer and director of the Group. Amounts due to or from related parties are unsecured, non-interest bearing and due on demand.} 

^{(iii)    Executive bonuses were paid during the three-month period ended in March 31, 2026 and 2025.}

14.  FINANCIAL INSTRUMENTS

The Group's financial instruments consist of cash, amounts receivable, accounts payable, accrued liabilities and lease liabilities.

Fair value of financial assets and liabilities

Fair values have been determined for measurement and/or disclosure purposes. When applicable, further information about the assumptions made in determining fair values is disclosed in the notes specific to that asset or liability.

The carrying amount for cash, amounts receivable, and accounts payable, accrued liabilities, loans and borrowings and lease liabilities on the statement of financial position approximate their fair value because of the limited term of these instruments.

Financial risk management objectives and policies

The Group has exposure to the following risks from its use of financial instruments

•      Interest rate risk

•      Credit risk

•      Liquidity and funding risk

•      Market risk

In common with all other businesses, the Group is exposed to risks that arise from its use of financial instruments. This note describes the Group's objectives, policies and processes for managing those risks and the methods used to measure them. Further quantitative information in respect of these risks is presented throughout these consolidated financial statements.

14.  FINANCIAL INSTRUMENTS (continued)

There have been no substantive changes in the Group's exposure to financial instrument risks, its objectives, policies and processes for managing those risks or the methods used to measure them from previous years unless otherwise stated in these notes.

The Board of Directors has overall responsibility for the establishment and oversight of the Group's risk management framework. The overall objective of the Board is to set policies that seek to reduce risk as far as possible without unduly affecting the Group's competitiveness and flexibility. Further details regarding these policies are set out below.

Financial instruments by category

The accounting policies for financial instruments have been applied to the line items below:

June 30, 2026		Measured at amortized cost	Measured at fair value through profit and loss	Total
Assets
Cash and cash equivalents		193,128	-	193,128
Trade and other receivables		585	-	585
Total assets		193,713	-	193,713
Liabilities
Accounts payable and accrued liabilities		24,157	-	24,157
Lease liabilities		158	-	158
Total liabilities		24,315	-	24,315

December 31, 2025		Measured at amortized cost	Measured at fair value through profit and loss	Total
Assets
Cash and cash equivalents		137,750	-	137,750
Amounts receivable		402	-	402
Total assets		138,152	-	138,152
Liabilities
Accounts payable and accrued liabilities		19,363	-	19,363
Lease liabilities		2,595	-	2,595
Total liabilities		21,958	-	21,958

The fair value of these financial instruments approximates their carrying value.

15.  CAPITAL MANAGEMENT

The Group manages, as capital, the components of shareholders' equity. The Group's objectives, when managing capital, are to safeguard its ability to continue as a going concern in order to develop and its mineral interests through the use of capital received via the issue of common shares and via debt instruments where the Board determines that the risk is acceptable and, in the shareholders' best interest to do so.

The Group manages its capital structure, and makes adjustments to it, in light of changes in economic conditions and the risk characteristics of the underlying assets. To maintain or adjust its capital structure, the Group may attempt to issue common shares, borrow, acquire or dispose of assets or adjust the amount of cash.

16.  CONTRACTUAL COMMITMENTS AND CONTINGENT LIABILITIES

Contractual Commitments

The Group has no contractual obligations that are not disclosed on the Condensed Interim Consolidated Statement of Financial Position.

Contingent liabilities

The Group is involved in various legal proceedings arising in the ordinary course of business. Management has assessed these contingencies and determined that, in accordance with International Financial Reporting Standards, all cases are considered remote. As a result, no provision has been made in the financial statements for any potential liabilities that may arise from these legal proceedings.

Although the Group believes that it has valid defenses in these matters, the outcome of these proceedings is uncertain, and there can be no assurance that the Group will prevail in these matters. The Group will continue to assess the likelihood of any loss, the range of potential outcomes, and whether or not a provision is necessary in the future, as new information becomes available.

Based on the information available, the Group does not believe that the outcome of these legal proceedings will have a material adverse effect on the financial position or results of operations of the Group. However, there can be no assurance that future developments will not materially affect the Group's financial position or results of operations.

17.  SEGMENTED DISCLOSURES

Segment Information

The Group's operations comprise three reportable segments, the Segilola Mine Project, Exploration Projects, and Corporate.

Six months ended June 30, 2026			Segilola Mine Project				Exploration Projects			Corporate		Total
Profit (loss) for the period			105,170				(8)			(9,660)		95,502
- revenue			151,964				-			-		151,964
- production costs			(26,611)				-			-		(26,611)
- royalties			(3,541)				-			-		(3,541)
- amortization and depreciation			(13,979)				-			(84)		(14,063)
- other administration expenses			(3,460)				(346)			(8,442)		(12,248)
June 30, 2026		Segilola Mine Project				Exploration Projects				Corporate		Total
Current assets		142,288				1,238				111,609		255,135
Non-current assets
Inventories		98,049				-				-		98,049
Trade and other receivables		-				-				220		220
Right-of-use assets		3,047				-				140		3,187
Property, plant and equipment		53,625				919				29		54,573
Intangible assets		31				77,140				-		77,171
Total assets		297,040				79,297				111,998		488,335
Non-current asset additions		5,496				16,206				-		21,702
Liabilities		(28,933)				300				(2,113)		(31,243)

Non-current assets by geographical location:

June 30, 2026	Senegal	Côte d'Ivoire	Nigeria	United Kingdom	Canada	Total
Inventories	-	-	98,049	-	-	98,049
Trade and other receivables	-	-	-	220	-	220
Right of use assets	-	-	3,047	140	-	3,187
Property, plant and equipment	904	-	53,640	29	-	54,573
Intangible	40,691	8,974	57,506	-	-	77,171
Total non-current assets	41,595	8,974	182,242	389	-	233,200

17. SEGMENTED DISCLOSURES (continued)

Six months ended June 30, 2025		Segilola Mine Project		Exploration Projects		Corporate		Total
Profit (loss) for the year		89,468		(8)		(3,302)		86,158
- revenue		146,857		-		-		146,857
- production costs		(32,308)		-		-		(32,308)
- royalties		(1,394)		-		-		(1,394)
- amortization and depreciation		(16,848)		-		(95)		(16,943)
- other administration expenses		(4,430)		(8)		(3,206)		(7,644)
- interest expense		(895)		-		-		(895)

December 31, 2025		Segilola Mine Project		Exploration Projects		Corporate		Total
Current assets		120,793		3,373		62,499		186,665
Non-current assets
Inventory		86,328		-		-		86,328
Trade and other receivables		-		-		223		223
Right-of-use assets		5,203		-		219		5,422
Property, plant and equipment		67,551		408		36		67,995
Intangible assets		62		60,387		-		60,449
Total assets		279,937		64,168		62,977		407,082
Non-current asset additions		4,857		22,495		-		27,352
Liabilities		(25,392)		(218)		(1,465)		(27,075)

Non-current assets by geographical location:

December 31, 2025	Senegal	Cote D`Ivoire	Nigeria	United Kingdom	Total
Inventory	-	-	86,328	-	86,328
Prepaid expenses, advances and deposits	-	-	-	223	223
Right-of-use assets	-	-	5,203	219	5,422
Property, plant and equipment	387	-	67,572	36	67,995
Intangible assets	34,213	4,163	22,073	-	60,449
Total non-current assets	34,600	4,163	181,176	478	220,417

18. SUBSEQUENT EVENTS

On July 16 2026, the Board of Directors authorized a quarterly dividend of C$0.0125 per share. These dividends are to be paid on August 14, 2026.  

 

END