Thor Explorations: THOR EXPLORATIONS ANNOUNCES Q3 2026 OPERATING UPDATE

Thor Explorations

14/10/2026 07:00

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October 14, 2026

TSXV/AIM: THX





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.



Event
Date


Ex-Dividend date
Friday, 23 October 2026


Record date
Friday, 23 October 2026


Last day for currency elections
Friday, 30 October 2026


Date of exchange rate used for Pounds Sterling
Monday, 02 November 2026


Announcement of exchange rate in Foreign Designated Currencies
Monday, 02 November 2026


Payment Date
Friday, 13 November 2026



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



Mining
Units
Q3 2026
Q2 2026
Q1 2026
Q4 2025
Q3 2025


Total Mined
Tonnes
567,059
1,134,646
1,542,501
2,185,527
2,533,410


Waste Mined
Tonnes
263,458
644,942
1,083,255
1,604,912
2,146,852


Ore Mined
Tonnes
303,602
489,704
459,246
580,615
386,558


Grade
g/t Au
1.69
1.54
1.58
1.71
2.26


















Processing














Ore Processed
Tonnes
249,607
240,769
239,644
242,182
250,459


Grade
g/t Au
2.10
2.57
2.54
3.31
3.11


Recovery
%
92.8
93.3
93.1
94.6
94.3


Gold Recovered
Oz
16,832
18,570
18,199
24,397
23,612


Gold Poured
Oz
15,515
19,153
20,256
23,719
22,617



Table 1: Production Summary
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
Tel: +44 (0) 20 7907 8500
BlytheRay (Financial PR)
Tim Blythe / Megan Ray / Said Izagaren
Tel: +44 207 138 3204
Yellow Jersey PR (Financial PR)
Charles Goodwin / Shivantha Thambirajah
Tel: +44 (0) 20 3004 9512
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.
This Announcement contains inside information as defined in Article 7 of the Market Abuse Regulation No. 596/2014 ("MAR"). Upon the publication of this Announcement, this inside information is now considered to be in the public domain.       


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