Segun Lawson, President and CEO of Thor Explorations (TSX.V: THX) (AIM: THX) (OTC: THXPF), joins me for a review of Q2 2025 operations and production metrics from its Segilola Gold mine, located in Nigeria, and for the Company’s ongoing exploration and development programs in Nigeria, Senegal and Cote D’Ivoire.

Segilola Q2 Highlights

• Q2 gold poured of 22,784 ounces (“oz”)
• Gold sales in Q2 2025 of 25,900 oz at an average realized price of US$3,187 resulting in revenue of $82.5 million
• Gold produced from 238,425 tonnes milled at an average grade of 3.12 grammes per tonne (“g/t”) of gold and process plant recovery at 93.1%
• Mine production of 242,461 tonnes at an average grade of 3.02g/t of gold for 23,573 oz
• Ore stockpile decreased by 307 oz to 41,092 oz of gold at an average grade of 0.84g/t of gold

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

Segilola: continuation of ongoing underground drilling program

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

Senegal  at the Douta Project:

• Completion of drilling program at Baraka 3 prospect targeted to be incorporated into the Douta Preliminary Feasibility Study mine plan
• Completion of further Reverse Circulation (“RC”) drilling targeting additional oxide resources
• Following completion of Douta Project drilling programs, preparation of Updated Mineral Resource Estimate and Pre-Feasibility Study (“PFS”) at the Douta Project

Côte d’Ivoire: Exploration being advanced on the Guitry, Marahui and Boundiali licenses, with further drilling to occur on Guitry and drilling to commence on Marahui where drill targets have been delineated.

During May and June 2025, Thor completed an initial 3,000 metre (“m“) reverse circulation (“RC”) drilling program at Guitry and has received initial assay results from the program. The objective of the program was to gain a better understanding of both the geometry and geological controls on gold mineralisation based on a new interpretation of the historic drilling results obtained by Endeavour Mining, the historical owner of the asset.

The assay results received to date from this drilling program include the following highlights:

• Drillhole GURC25-208 – 14m at 2.59 grammes per tonne (“g/t“) of gold (“Au“) from surface
• Drillhole GURC25-209 – 4m at 6.87 g/tAu from 38m
• Drillhole GURC25-212 – 5m at 7.48 g/tAu from 5m
• Drillhole GURC25-214 – 10m at 10.36g/t Au from 57m
• Drillhole GURC25-216 – 7m at 3.93 g/tAu from 7m
• Drillhole GURC25-219 – 3m at 14.50 g/tAu from 82m
• Drillhole GURC25-221 – 13m at 3.46/t Au from 114m
• Drillhole GURC25-227 – 7m at 7.71 g/tAu from 77m
• Drillhole GURC25-228 – 5m at 12.65 g/tAu from 69m
• Drillhole GURC25-229 – 17m at 2.16 g/tAu from surface

Further exploration at the Krakouadiokro Prospect will include both infill and step-out drilling.

Dividend

• The Group will maintain the dividend policy announced on April 8, 2025, with the second quarterly dividend payment scheduled for August 15, 2025.
• Dividends for the quarter will be paid at an amount of C$0.0125 per share.

If you have any questions for Segun regarding Thor Explorations, then please email them into me at Shad@kereport.com.

• In full disclosure, Shad is a shareholder of Thor Explorations at the time of this interview.

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