Q3 2026 Operating Update

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.

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

Table 1: Production Summary

THOR EXPLORATIONS LTD.

Segun Lawson

President & CEO

596/2014 ("MAR").

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