AWARD OF RESTRICTED SHARE UNITS (“RSUs”)
Thor Explorations Ltd. has granted 3,826,963 Restricted Share Units (RSUs) to senior management and employees as part of its long-term incentive program, with the first tranche of 1,275,654 new common shares to be issued and admitted to trading on AIM on January 7, 2026. These new shares will rank pari passu with existing shares, bringing the total issued share capital to 666,573,136 common shares. The RSUs vest annually over three years, subject to continued service, and were granted at a nil price.
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| January 02, 2026 | TSXV/AIM: THX |
Vancouver, British Columbia
AWARD OF RESTRICTED SHARE UNITS ("RSUs")
Thor Explorations Ltd. (TSXV / AIM: THX) ("Thor Explorations" or the "Company") announces that it has granted Restricted Share Units ("RSUs") to certain members of its senior management and employees.
These RSUs have been granted in accordance with the terms of the LTIP, vest automatically on grant. As part of the Company's long-term management incentive programme, 3,826,963 Restricted Share Units ("RSUs") have been granted to members of senior management and employees. The RSUs will vest annually in three equal tranches of 1,275,654 shares per year over a three-year period starting January 02, 2026, subject to the recipient's continued service with the Company.
The Company will make settlement on the first tranche of RSUs through issuing and allotting 1,275,654 new common shares in the Company ("New Shares") in accordance with the LTIP and the RSU Agreement.
The New Shares will rank pari passu with the existing shares and application has been made for the New Shares to be admitted to trading on AIM ("Admission") on January 07, 2026. The New Shares will also trade on the TSX Venture Exchange. Following the Admission, Thor Explorations' issued share capital will consist of 666,573,136 common shares. The Company does not hold any shares in treasury. Shareholders may use this figure as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company.
PDMR Disclosures
| 1. | Details of the person discharging managerial responsibilities / person closely associated | |
| a) | Name | Segun Lawson |
| 2. | Reason for the notification | |
| a) | Position / status | Chief Executive Officer |
| b) | Initial notification / amendment | Initial notification |
| a) | Name | Thor Explorations Ltd |
| b) | LEI | 213800AXZ8468CQYVT76 |
| a) | Description of the financial instrument, type of instrument Identification Code | Common Shares of no par value CA8851491040 |
| b) | Nature of the transaction(s) | Grant of Restricted Share Units per Long Term Incentive Plan |
| c) | Price(s) and volume(s) | Price(s) Volume(s) Nil 293,466 |
| d) | Aggregated information - Aggregated volume - Price | Price(s) Volume(s) Nil 293,466 |
| e) | Date of the transaction | 02 January 2026 |
| f) | Place of the transaction | outside a trading venue |
| 1. | Details of the person discharging managerial responsibilities / person closely associated | |
| a) | Name | James Philip |
| 2. | Reason for the notification | |
| a) | Position / status | Chief Operating Officer |
| b) | Initial notification / amendment | Initial notification |
| a) | Name | Thor Explorations Ltd |
| b) | LEI | 213800AXZ8468CQYVT76 |
| a) | Description of the financial instrument, type of instrument Identification Code | Common Shares of no par value CA8851491040 |
| b) | Nature of the transaction(s) | Grant of Restricted Share Units per Long Term Incentive Plan |
| c) | Price(s) and volume(s) | Price(s) Volume(s) Nil 216,427 |
| d) | Aggregated information - Aggregated volume - Price | Price(s) Volume(s) Nil 216,427 |
| e) | Date of the transaction | 02 January 2026 |
| f) | Place of the transaction | outside a trading venue |
| 1. | Details of the person discharging managerial responsibilities / person closely associated | |
| a) | Name | Chris Omo-Osagie |
| 2. | Reason for the notification | |
| a) | Position / status | Chief Financial Officer |
| b) | Initial notification / amendment | Initial notification |
| a) | Name | Thor Explorations Ltd |
| b) | LEI | 213800AXZ8468CQYVT76 |
| a) | Description of the financial instrument, type of instrument Identification Code | Common Shares of no par value CA8851491040 |
| b) | Nature of the transaction(s) | Grant of Restricted Share Units per Long Term Incentive Plan |
| c) | Price(s) and volume(s) | Price(s) Volume(s) Nil 129,273 |
| d) | Aggregated information - Aggregated volume - Price | Price(s) Volume(s) Nil 129,273 |
| e) | Date of the transaction | 02 January 2026 |
| f) | Place of the transaction | outside a trading venue |
Segun Lawson
President & CEO
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