REG - Thor Explorations Ld - Q1 2026 OPERATING UPDATE

Thor ExplorationsAnnouncement

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RNS Number : 4687A  Thor Explorations Ltd  15 April 2026

 

 

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 April 15, 2026  TSXV/AIM: THX

 

THOR EXPLORATIONS ANNOUNCES Q1 2026 OPERATING UPDATE

Thor Explorations Ltd. (TSXV / AIM: THX) ("Thor Explorations" or the
"Company") is pleased to provide an operational update for its 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 March 31, 2026 (the "Quarter" or "Q1").

 

Segilola Q1 2026 Highlights:

 

·      Q1 gold poured of 20,256 ounces ("oz")

·      Q1 gold sold of 15,417 oz at an average realised price of $4,829
per ounce

·      Q1 cash balance of $154 million and gold bullion inventory of
4,000 oz for an adjusted net cash position of $173 million

·      Gold dore inventory of 2,077 oz

·      Gold produced from 239,664 tonnes milled at an average grade of
2.54 grammes per tonne ("g/t") of gold ("Au")

·      Process plant recovery achieved 93.1%

·      Mine production of 459,246 tonnes at an average grade of 1.58g/t
of Au for 23,397 oz

·      Ore stockpile increased by 3,844 oz to 54,057 oz of Au, at an
average grade of 0.76g/t of Au

·      Au in circuit decreased by 2,533 oz to 3,069 oz of Au

 

FY 2026 Outlook and Catalysts:

 

·      FY 2026 production guidance range maintained at 75,000 to 85,000
oz of gold

·      FY 2026 All-in Sustaining Cost guidance range maintained at
$1,000 to $1,200 per oz

·      Drilling programs across the Company's exploration portfolio:

o  Segilola: continuation of underground exploration drilling program
targeting additional resource definition during 2026

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

§ 8,000 metre drilling program in Douta-West 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

o  Côte d'Ivoire: Guitry, Marahui and Boundiali licenses, continuation of
geochemical work programs, magnetic surveys and initial drill programs on
identified targets

·      Following completion of the Douta Project drilling programs, the
Company will prepare an updated Mineral Resource Estimate and an optimised PFS

 

Segun Lawson, President & CEO, stated:

 

"Having completed an operationally robust year in 2025, during which we
achieved record gold production and record profitability, we are pleased to
keep up the momentum at the start of the year with a strong first quarter of
2026. Pouring just over 20,000 ounces is in line with the mid-range of our
production guidance of 75,000 to 85,000 ounces for the year.

 

"In the Quarter, our focus at Segilola has been to extend the mine life. Our
drilling activities continue underneath the pit, where we continue to
intersect mineable gold mineralisation. Our drilling activities will continue
throughout the year with the aim of drilling and delineating sufficient ore
tonnage to proceed with underground mine development.

 

"In Senegal, following the completion of the Douta Preliminary Feasibility
Study in the Quarter, our exploration activities have materially increased. We
are looking to optimise the PFS where we have identified areas of significant
upside potential. This includes drilling within the existing pit shells,
delineating additional oxide targets, and extensive air-core drilling and
rock-chip sampling at our newest Bousankhoba Licence. We expect results from
our drilling programs in Senegal to be released in Q2 2026 and have the
objective of reaching our Final Investment Decision for the project in H2
2026.

 

"Lastly, in Côte d'Ivoire, we are exploring all of our licences, which
include the newly acquired Loudiba exploration licence. Drilling is ongoing at
both the Guitry Project and the Marahui Licence, with results to be released
in Q2 2026.

 

"We ended the Quarter with a healthy cash balance of US$154 million and 4,000
ounces of unsold gold bullion, which we have agreed to sell in Q2 2026. We
continue to grow our balance sheet whilst managing to keep in line with our
cost guidance."

 

Exploration Q1 2026 Highlights

 

Nigeria (Segilola):

 

·      Continuation of diamond drilling program to test the depth
extensions of the Segilola deposit.

·      Gold mineralisation continues to be confirmed by the ongoing
drilling program.

 

Senegal:

 

·      During the Quarter, in addition to the completion and submission
of the PFS, the Company undertook drilling programs at Makosa North and Tail
and the Baraka 3 Prospect. Drilling was also carried out to test new
geochemical targets in Douta West. The results of the program are to be
released in Q2 2026.

·      Target generation was carried out in the Bousankhoba licence with
extensive geochemical and rock chip sampling. Drilling of these newly
generated targets commenced late in the Quarter, and the Company aims to
release the results on an ongoing basis as they are received. The first
results are expected in Q2 2026.

 

Côte d'Ivoire:

 

·      Guitry Project - Work during the Quarter comprised a follow-up RC
drilling program designed to test extensions of the identified mineralisation
and to test new areas in the licence for mineralisation.

·      Marahui Exploration Licence - Exploration activities continued
with a maiden drilling program ongoing throughout the period.

·      Boundiali Project - Completion of a soil geochemical auger
drilling program in which samples were collected over the central and eastern
portions of the exploration permit. Several geochemical targets were
generated. The Company continues to work up these targets and other areas of
the licence for RC drilling later in the year.

 

Table 1: Production Summary

 

Production Summary

                 Units   Q1 2026    Q4 2025    Q3 2025    Q2 2025    Q1 2025

 Mining
 Total Mined     Tonnes  1,542,501  2,185,527  2,533,410  2,756,362  2,874,533
 Waste Mined     Tonnes  1,083,255  1,604,912  2,146,852  2,513,901  2,602,158
 Ore Mined       Tonnes  459,246    580,615    386,558    242,461    272,375
 Grade           g/t Au  1.58       1.71       2.26       3.02       2.42

 Processing
 Ore Processed   Tonnes  239,664    242,182    250,459    238,425    231,825
 Grade           g/t Au  2.54       3.31       3.11       3.12       3.24
 Recovery        %       93.1       94.6       94.3       93.1       93.7
 Gold Recovered  Oz      18,199     24,397     23,612     22,229     22,594
 Gold Poured     Oz      20,256     23,719     22,617     22,784     22,790

 

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: 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)

Tim Blythe / Megan Ray / Said Izagaren

Tel: +44 207 138 3204

 

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.

 

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