Thor Explorations Ltd. Reports Operational and Financial Results for FY 2023 and Provides Outlook for 2024

FY 2023 Financial Highlights

The Company achieved the following financial highlights for the year ended December 31, 2023:

• Gold sold of 73,356 ounces with an average realized price of $1,907 per ounce.
• Cash operating cost of $1,006 per ounce sold and all-in sustaining cost of $1,313 per ounce sold.
• Revenue of $141.2 million (FY 2022: $165.2 million).
• Earnings before interest, taxes, depreciation and amortization ("EBITDA") of $55.3 million (FY 2022: $84.2 million - restated).
• Net profit of $10.8 million (FY 2022: $37.9 million - restated).
• Cash and cash equivalents of $7.8 million (FY 2022: $6.7 million).
• Senior debt facility significantly reduced to $22.6 million as at December 31, 2023.
• Payment of $8.2 million towards the outstanding senior debt facility paid in the post period.
• Net debt of $15.9 million (FY 2022: $31.6 million).

FY 2023 Operational Highlights

The Company achieved the following operational highlights for the year ended December 31, 2023:

• Gold production of 84,609 ounces, including approximately 11,210 ounces of gold in circuit.
• Successful completion of the push back of the Segilola Western Wall.
• Upgrade of the process plant elution and electrowinning system completed.
• Expansion of exploration tenure to a total area of 1,542 square kilometres.
• Initial results from the soil geochemistry programme returned values of up to 10 grammes per tonne gold.
• Rock chip sampling returned high grade values including 65.1 grammes per tonne gold.
• Initial drill testing programme comprising both diamond core and reverse circulation drilling was completed in 2023.
• Initial results from the programme included 11 metres grading 22 grammes per tonne gold.
• Lithium exploration activities were successful in generating a number of drill targets.
• Payment of $8.2 million towards the outstanding senior debt facility, leaving a balance of $15.2 million to be paid in 2024.
• Cash balance (unaudited) as at March 31, 2024, of $3.1 million.

Outlook

Production guidance set at 95,000-100,000 ounces for 2024 with an all-in sustaining cost guidance of $1,100 to $1,200 per ounce.

Advance exploration programmes across the portfolio, including near mine and underground projects at Segilola, the regional Segilola exploration programme, extension and infill programmes at Douta and the assessment of potential regional targets in Nigeria.

Continue to advance the Douta Gold Project towards prefeasibility study for publication in H2 2024.

Acquired additional licences in Senegal which included the contiguous Douta-West licence and commenced exploration activities.

Initial results have delineated anomalies which will be drilled in Q2 2024 as part of the Company's Douta exploration plan.

Continued exploration on the Company's lithium licences in Nigeria continued during Q1 2024 and was successful in generating a number of drill targets.

The Company will commence a 4,000 metre drilling programme in May 2024.

Title: Thor Explorations Ltd. Reports Operational and Financial Results for Q4 2023 and Provides Outlook for 2024

Content:

Operational and Financial Review

Q4 2023 Operational Highlights

Gold production of 19,589 ounces during Q1 2024.

Successful upgrade and commission of three additional CIL tanks in the process plant with drawdown of excess gold in circuit successfully commenced in March 2024.

Additional near Segilola mine drilling targets delineated.

Acquisition of additional licences in Senegal which included the contiguous Douta-West licence and commencement of exploration activities.

Initial results have delineated anomalies which will be drilled in Q2 2024 as part of the Company's Douta exploration plan.

Continued exploration on the Company's lithium licences in Nigeria continued during Q1 2024 and was successful in generating a number of drill targets.

The Company will commence a 4,000 metre drilling programme in May 2024.

Payment of $8.2 million towards the outstanding senior debt facility, leaving a balance of $15.2 million to be paid in 2024.

Cash balance (unaudited) as at March 31, 2024, of $3.1 million.

Outlook

Production guidance set at 95,000-100,000 ounces for 2024 with an all-in sustaining cost guidance of