REG - Thor Explorations Ld - Q3 2025 OPERATING UPDATE

Thor ExplorationsAnnouncement

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RNS Number : 3714D  Thor Explorations Ltd  15 October 2025

 

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 October 15, 2025  TSXV/AIM: THX

 

THOR EXPLORATIONS ANNOUNCES Q3 2025 OPERATING UPDATE

 

Thor Explorations Ltd. (TSXV / AIM: THX) ("Thor Explorations" or the
"Company") is pleased to provide its third quarter 2025 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, 2025 (the "Quarter" or
"Q3").

 

Segilola Q3 Highlights

·      Q3 gold poured of 22,617 ounces ("oz")

·     Gold sales in Q3 of 19,650 oz at an average realized price of
US$3,535 resulting in revenue of US$69.5 million

·    Gold produced from 250,459 tonnes milled at an average grade of 3.11
grammes per tonne ("g/t") of gold and process plant recovery at 94.3%

·      Mine production of 386,558 tonnes at an average grade of 2.26 g/t
of gold for 28,029 oz

·      Ore stockpile increased by 2,977 oz to 44,069 oz of gold at an
average grade of 0.83 g/t

·      Gold in circuit ("GIC"), increased by 995 oz to 4,398 oz of gold

·      Gold bullion inventory of 122 oz and gold doré inventory of
5,668 oz at September 30, 2025

 

FY 2025 Outlook and Catalysts

·      FY 2025 production guidance range maintained at 85,000 to 95,000
oz of gold

·      FY 2025 All-in Sustaining Cost ("AISC") guidance range maintained
at $800 to $1,000 per ounce

·      Drilling programs across all the Company's exploration portfolio:

o  Segilola: continuation of ongoing underground drilling program

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

o  Senegal (Douta Project):

§ Drilling programs at Baraka 3 will be extended with an additional RAB and
RC drilling rig commencing in October at the start of the dry season

§ Initial RAB drilling program at the Bousankhoba Project ("Bousankhoba") to
commence in the new year

o  Côte d'Ivoire:

§ Exploration being advanced on the Guitry, Marahui, and Boundiali licenses

§ Further drilling at Guitry and initial drilling at Marahui to commence in
Q4 2025 following completion of the national elections

§ Maiden Mineral Resource Estimate at the Guitry Project by end of 2025

·      Updated Mineral Resource Estimate and Pre-Feasibility Study
("PFS") at the Douta Project by the end of 2025

 

Dividend

·    The Group will maintain the dividend policy announced on April 8,
2025, with the third quarterly dividend payment scheduled for November 14,
2025

·     Dividends for the Quarter will be paid at an amount of C$0.0125
per share

 

Proposed dividend timetable

 

 Event                                                           Date
 Ex-Dividend date                                                        24 October, 2025
 Record date                                                     24 October, 2025
 Last day for currency election                                  31 October, 2025
 Date of exchange rate used for Pounds Sterling                  3 November, 2025
 Announcement of exchange rate in Foreign Designated Currencies  3 November, 2025
 Payment date                                                    14 November, 2025

 

The below outlines the payment treatment for shareholders

·     Depository Interest ("DI") holders registered in London will be
paid in British Pounds, with an option to elect for United States Dollar
payment

·     Canadian Registered holders will be paid in Canadian Dollars, with
an option to elect for United States Dollar payment

 

Segun Lawson, President & CEO, stated:

"I am pleased to report continued strong operational performance for the third
quarter of the year, meaning we are on track to meet our production and cost
guidance for 2025. By choosing to remain unhedged, we have been able to take
full advantage of the high prevailing gold prices, resulting in an average
realised price of US$3,535 per ounce, maximising the benefit for our
shareholders. At the end of the Quarter, our inventory contained just under
6,000 ounces of gold in bullion and doré that remained unsold and was exposed
to higher prevailing gold prices.

"During the Quarter, we also completed the major strategic milestone of
consolidating our ownership position in the Douta Project, reinforcing our
commitment to its long-term development and simplifying the pathway for
project execution. In line with this strategic focus in Senegal, we have
further strengthened the growth potential of Douta by advancing exploration
activities at Baraka 3 and securing the Bousankhoba licence, which lies
contiguous to the existing Douta project permits. These initiatives are
targeted to significantly expand our long-term resource inventory and further
support our ambitious growth strategy.

"Drilling at Segilola has continued, providing further support to our
geological model. We successfully drilled several high grade, mineable
intersections beneath the current open pit design. The drilling will continue
through the year and is planned to target the potential extension of
mineralisation, both in the north and the south, at greater depth where
mineralised shoots continue to be defined and remain open at depth.

"Exploration campaigns across the Company's portfolio slowed during the wet
season, and I am eagerly awaiting the planned re-start of programs at Baraka 3
in Senegal, Guitry in Cote d'Ivoire, and commencement of our maiden program at
Marahui in Côte d'Ivoire."

 

Exploration Q3 2025 Highlights

Nigeria (Segilola)

·      A diamond drilling program that commenced in 2024 continues to
test the continuity of mineralisation following the down-plunge trend to the
south. To date, a total of 74 holes have been completed for 20,496 metres
("m"). Drilling has focused on two main areas:

o  Northern Zone: Targeted mineralisation is confined to a discrete,
west-dipping, 100m long shoot with an apparent pronounced steep southerly
plunge.

o  Southern Zone: Mineralisation appears to have a shallow-plunging flat
geometry.

·      The Company is pleased to announce continued further positive
drilling results from this ongoing diamond drilling program. Significant drill
results in the Quarter include:

 

 Hole ID   East  North  RL   Depth (m)  Dip  Azi-muth  From    (m)     To    (m)     Interval (m)  Grade (g/tAu)  True Width (m)
 SNMDD062  4092  11784  326  272        -60  90        240.6           242.0         1.4           9.71           0.9
 SNMDD067  4040  10976  362                            287.6           292.0         4.4           2.96           3.9
 SNMDD068  4000  11089  366  338        -60  90        306.0           310.9         4.85          4.61           4.3
 SNMDD070  4090  11694  327  227        -60  90        191.6           193.0         1.4           7.48           1.1
 SNMDD072  4155  10669  322  188        -60  90        146.9           149.0         2.1           3.51           1.9
 SNMDD073  4025  10932  362                            307.3           308.9         1.55          2.82           1.4
 SNMDD076  4118  10711  341  302        -60  90        244.0           247.0         3             2.87           2.0
 SNMDD079  4082  10780  355                            271.7           273.9         2.2           10.40          1.8

 

Table 1: Significant Drillhole Intersections

(>3gram-metres, 0.5g/tAu cut off, Min. length 0.5m, Max. internal dilution
1m)

 

·      Significant drill results exceeding 3 gram-metres (calculated as
average grade multiplied by true width) are highlighted in the Longitudinal
section (Figure 1) and detailed in Table 3, underscoring the strong
mineralisation identified during this campaign. A comprehensive list of all
recent results can be found in Table 4.

 

Figure 1: Longitudinal Section Showing Gram-Metre Contours and Drill
Intercepts

 

Senegal (Douta)

·      During the Quarter, the Company secured full ownership of the
Douta Project by entering into a binding sale and purchase agreement with
International Mining Company SARL ("IMC") to acquire the remaining 30%
minority equity interest. With this acquisition, subject to standard
conditions precedent, the Company will hold 100% of the permit.

·      In accordance with the Senegal Mining Code, upon issuance of the
Douta Mining Concession (Concession Minière), the State of Senegal will be
granted a 10% free carried interest in the operating company.

·      The extended drilling program at Baraka 3 was completed during
the Quarter, and metallurgical testwork is nearing completion. It is
anticipated that a Baraka 3 resource will be included in an updated Douta
Resource and Douta PFS.

·      Additional exploration drilling programs at Baraka 3 are
scheduled to resume in October, aligning with the beginning of the dry season.
To accelerate the evaluation of the numerous identified geochemical targets,
our contractor has imported an additional RAB rig. This additional rig will
supplement the current fleet which includes two RC rigs and one multi-purpose
diamond / RC rig already on site.

·      In addition to the IMC acquisition, the Company has also acquired
an initial 65% interest in the Bousankhoba Exploration Permit EL02254, an
early-stage gold exploration permit contiguous to the east of the Company's
Douta West permit (see Figure 2). Bousankhoba contains several continuous soil
geochemical anomalies, with some areas having undergone historical early-stage
drilling yielding encouraging results.

·      Management considers Bousankhoba to be highly prospective and has
the potential to deliver satellite resources that will enhance the Douta Gold
Project, representing another promising opportunity as has been identified at
Baraka 3.

·      A large-scale RAB drilling campaign is being planned for
Bousankhoba and is scheduled to commence early next year, following the
completion of a similar program at Baraka 3.

·      Douta PFS work streams are continuing, with the aim of completing
the PFS in Q4 2025.

 

 

Figure 2: Douta Project Location Map

Côte d'Ivoire

Guitry Project

·      During the Quarter, the Company completed a successful maiden
drilling program comprising 4,604 m in 41 holes. This drilling campaign has
intersected and confirmed previously untested deeper bedrock mineralisation,
which remains open.

·      In the final quarter of the year following conclusion of the
rainy season, the Company intends to implement the following plan.

o  Additional step-out drilling programs.

o  Orientated core diamond drilling to confirm and further understand the
structural geology of the underlying formations.

o  A comprehensive permit-wide auger drilling campaign to investigate the
previously identified soil anomalies, thereby enhancing our understanding of
the project's broader mineral potential.

 

Marahui Project

·      Exploration activities progressed, featuring extensive geological
mapping and consistently encouraging results from both rock chip and soil
geochemical sampling.

·      A preliminary drilling program totalling 9,000 m has been
planned. The initial drill pads are already prepared, and drilling operations
are set to commence following conclusion of the national elections.

 

 

PRODUCTION SUMMARY

 

                 Units   Q3 2025    Q2 2025    Q1 2025    Q4 2024    Q3 2024
 Mining
 Total Mined     Tonnes  2,511,593  2,756,363  2,874,533  3,781,881  4,024,002
 Waste Mined     Tonnes  2,125,035  2,513,901  2,602,158  3,398,182  3,668,487
 Ore Mined       Tonnes  386,558    242,461    272,375    383,699    355,515
 Grade           g/t Au  2.26       3.02       2.42       2.30       2.01

 Processing
 Ore Processed   Tonnes  250,459    238,425    231,825    247,075    201,958
 Grade           g/t Au  3.11       3.12       3.23       3.08       3.22
 Recovery        %       94.3       93.1       93.7       89.2       88.5
 Gold Recovered  oz      23,612     22,229     22,594     21,827     18,496
 Gold Poured     oz      22,617     22,784     22,790     24,662     20,110

 

                     Table 2: Production Summary

 

 

 

SELECTED SEGILOLA EXPLORATION RESULTS

 

 

 Hole ID    East  North  RL   Depth (m)  Dip  Azi-muth  From    (m)     To    (m)     Interval (m)  Grade (g/tAu)  True Width (m)
 SNMDD029   4083  11757  328  270        -67  90        223.4           226.0         2.6           1.87           2.1
 SNMDD031   4272  10304  292                            47.8            49.6          1.8           3.13           1.5
 SNMDD032   4289  10358  307                            33.1            35.0          1.9           3.22           1.6
 SNMDD038   4040  11710  346  305        -66  90        274.0           276.9         2.9           1.90           2.4
 SNMDD045   4067  10806  357  326        -65  91        305.2           310.0         4.8           1.17           3.9
 SNMDD048   4047  10866  359                            300.0           301.9         1.9           2.00           1.7
 SNMDD053A  4078  11755  328  290        -74  91        260.7           262.5         1.8           5.41           1.3
 SNMDD056   4083  10769  355  318        -66  91        291.8           295.4         3.55          1.50           2.9
 SNMDD057   4049  10859  359  305        -53  91        286.5           289.2         2.7           2.05           2.5
 SNMDD059   4083  10774  355  316        -66  91        291.0           296.9         5.9           6.00           4.7
 SNMDD060   4044  10883  360  302        -49  91        284.0           287.2         3.15          1.14           3.0
 SNMDD060   4044  10883  360                            294.8           299.0         4.2           12.48          3.9
 SNMDD061   4114  10725  344  245        -54  91        195.5           197.5         2             17.86          1.8
 SNMDD061   4114  10725  344                            222.1           226.6         4.46          3.71           4.1
 SNMDD062   4092  11784  326  272        -60  90        240.6           242.0         1.4           9.71           0.9
 SNMDD067   4040  10976  362                            287.6           292.0         4.4           2.96           3.9
 SNMDD068   4000  11089  366  338        -60  90        306.0           310.9         4.85          4.61           4.3
 SNMDD070   4090  11694  327  227        -60  90        191.6           193.0         1.4           7.48           1.1
 SNMDD072   4155  10669  322  188        -60  90        146.9           149.0         2.1           3.51           1.9
 SNMDD073   4025  10932  362                            307.3           308.9         1.55          2.82           1.4
 SNMDD076   4118  10711  341  302        -60  90        244.0           247.0         3             2.87           2.0
 SNMDD079   4082  10780  355                            271.7           273.9         2.2           10.40          1.8

 

Table 3: Significant Drillhole Intersections

(>3gram-metres, 0.5g/tAu cut off, Min. length 0.5m, Max. internal dilution
1m)

 

 

 

 Hole ID   East  North  RL   Depth (m)  Dip  Azi-muth  From    (m)     To    (m)     Interval (m)  Grade (g/tAu)  True Width (m)
 SNMDD062  4092  11784  326  272        -60  90        240.6           242.0         1.4           9.71           0.9
 SNMDD063  4049  10834  359  316        -60  90        292.5           293.4         0.9           0.84           0.8
 SNMDD063                                              296.9           298.0         1.1           2.02           1.0
 SNMDD064  4158  10611  315  209        -60  90        163.0           164.5         1.55          0.67           1.2
 SNMDD064                                              179.0           181.3         2.25          0.74           1.7
 SNMDD064                                              187.7           190.0         2.3           1.05           1.8
 SNMDD065  4021  11022  363  318        -60  90        Nsr
 SNMDD066  4036  11715  346  311        -60  90        Nsr
 SNMDD067  4040  10976  362  305        -60  90        284.6           286.0         1.45          0.83           1.3
 SNMDD067                                              287.6           292.0         4.4           2.96           3.9
 SNMDD068  4000  11089  366  338        -60  90        306.0           310.9         4.85          4.61           4.3
 SNMDD069  4156  10681  323  228        -60  90        Nsr
 SNMDD070  4090  11694  327  227        -60  90        191.6           193.0         1.4           7.48           1.1
 SNMDD072  4155  10669  322  188        -60  90        146.9           149.0         2.1           3.51           1.9
 SNMDD072                                              168.0           169.0         1             1.16           0.9
 SNMDD072                                              171.0           174.0         3             0.76           2.6
 SNMDD072                                              176.4           177.4         1             1.73           0.9
 SNMDD073  4025  10932  362  329        -60  90        304.0           306.0         2             0.91           1.8
 SNMDD073                                              307.3           308.9         1.55          2.82           1.4
 SNMDD075  4048  10858  359  335        -60  90        pending
 SNMDD076  4118  10711  341  302        -60  90        244.0           247.0         3             2.87           2.0
 SNMDD079  4082  10780  355  296        -60  90        248.1           249.1         1             0.65           0.8
 SNMDD079                                              271.7           273.9         2.2           10.40          1.8
 SNMDD079                                              281.0           282.0         1             2.07           0.8

 

 

Table 4: Recent Drillhole Intersections Received

(0.5g/tAu cut off, Min. length 0.5m, Max. internal dilution 1m)

 

 

Figure 3: Drillhole Location Map

 

 

 

THOR EXPLORATIONS LTD.

Segun Lawson

President & CEO

 

 

About Thor Explorations

Thor Explorations Ltd. is a Canadian mineral exploration company engaged in
the acquisition, exploration and development of mineral properties located in
Nigeria, Senegal and Côte d'Ivoire. Thor holds a 100% interest in the
Segilola Gold Project located in Osun State of Nigeria. Mining and production
commenced at Segilola in 2021. Thor holds a 100% interest in the Douta Gold
Project located in south-eastern Senegal. Thor trades on the TSX Venture
Exchange under the symbol "THX".

 

 

For further information please contact:

 

Thor Explorations Ltd

Info: Email: info@thorexpl.com

Investor Relations: Email: investor.relations@thorexpl.com

 

Canaccord Genuity (Nominated Adviser & Broker)

Henry Fitzgerald-O'Connor / James Asensio / Harry Rees

Tel: +44 (0) 20 7523 8000

 

Hannam & Partners (Broker)

Andrew Chubb / Matt Hasson / Nilesh Patel / Franck Nganou

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.

 

 

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