Segun Lawson, President and CEO of Thor Explorations (TSX.V: THX) (AIM: THX) (OTC: THXPF), joins me for a review of Q3 2025 operations and production metrics from its Segilola Gold mine, and for the Company’s ongoing exploration and development programs in Nigeria, Senegal and Cote D’Ivoire.

Segilola Q3 2025 Financial Highlights

• 19,650 ounces (“oz”) of gold (“Au”) sold at an average gold price of US$3,535 per oz.
• Cash operating cost of US$783 per oz sold and all-in sustaining cost (“AISC”) of US$1,129 per oz sold.
• Revenue of US$69.9 million (vs Q3 2024: US$40.2 million).
• Net profit of US$43.1 million (vs Q3 2024: US$17.5 million).
• EBITDA of US$51.8 million (vs Q3 2024: US$27.4 million).
• Adjusted net cash of US$81.0 million (vs Q3 2024: US$3.2 million).

Segilola Operational Highlights

• Gold poured totaled 22,617 oz during Q3 2025.
• 250,459 tonnes (“t”) of ore processed during Q3 2025, at an increased equivalent throughput rate of 2,722 tonnes per day.
  • Mill feed grade was 3.11 grammes per tonne (“g/t”) Au.
  • Process plant recovery performance has improved compared to recent quarters and during Q3 it operated at an average of 94.3%.
  • No significant unplanned downtime periods.
• 386,558 t of ore mined during the Period, at an average grade of 2.26 g/t Au.
• The ore stockpile increased by 2,977 oz to 44,069 oz of Au at an average grade of 0.83g/t Au.  This is more than one year of process plant supply and offers flexibility and low risk for future process plant production.

Segilola Exploration

• The Segilola life of mine extension drilling program continued during Q3, with diamond drilling taking place to test the depth extensions of the Segilola deposits.
• A mining consultancy was engaged for a high-level review of the underground potential to support the continuation of the drilling program.
• The Group is aiming to define an updated resource as of end of 2025.
• Regional surface exploration continued across several of its licenses; mainly south of the Segilola Gold mine.

Douta Project – Senegal

• During the Quarter, a reverse circulation (“RC”) drilling program and metallurgical testwork was completed on the Baraka 3 Prospect, aimed at extending the recently discovered drilled mineralization towards the north and south.
• Subject to finalizing metallurgical tests on the Baraka ore, it should satisfy the Group’s strategy at Douta to delineate an initial 500,000 oz oxide resource at the start of the mine life.
• The Group continued to progress the final workstreams for the Douta Pre-Feasibility Study (“PFS”), which it aims to release in Q4 2025.
• Thor announced the signing of a binding sale and purchase agreement with International Mining Company SARL (“IMC”) to acquire the remaining 30% interest in Douta for a total consideration for the acquisition is a payment of US$3.0 million in cash with 50% payable on signing and 50% payable at completion and a 1.25% average Net Smelter Royalty capped at US$60.0 million.
• The Group also announced that it acquired an initial 65% interest in the Bousankhoba Exploration Permit, an early-stage gold exploration permit located contiguous to the east of the Company’s Douta West permit.
  • Bousankhoba contains several continuous soil geochemical anomalies, some of which have had historical early-stage drilling with encouraging results, including 10 m at 3.6 g/t Au and 2 m at 52 g/t Au.

Cote D’Ivoire exploration projects

• During the Quarter, Thor completed an initial RC drilling program at the Guitry Project, comprised of 4,604 m in 41 holes. The drilling campaign successfully intersected several high-grade mineralized lodes which remains open.
• At the Marahui Project mapping and rock sampling progressed during the Quarter, with more than 250 samples collected.
• Further exploration drilling activities are planned at Guitry and Marahui and scheduled to continue for the next eight months during the dry season.

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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