OR FOR Distribution to U.s. Wire Services
NEWS RELEASE
NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR
DISTRIBUTION TO U.S. WIRE SERVICES
January 02, 2026
TSXV/AIM: THX
Vancouver, British Columbia
AWARD OF RESTRICTED SHARE UNITS (“RSUs”)
Thor Explorations Ltd. (TSXV / AIM: THX) (“Thor Explorations” or the “Company”) announces that it has granted
Restricted Share Units (“RSUs”) to certain members of its senior management and employees.
These RSUs have been granted in accordance with the terms of the LTIP, vest automatically on grant. As part of
the Company’s long- term management incentive programme, 3,826,963 Restricted Share Units (“ RSUs”) have
been granted to members of senior management and employees . The RSUs will vest annually in three equal
tranches of 1,275,654 shares per year over a three-year period starting January 02, 2026, subject to the recipient’s
continued service with the Company.
The Company will make settlement on the first tranche of RSUs through issuing and allotting 1,275,654 new
common shares in the Company (“New Shares”) in accordance with the LTIP and the RSU Agreement .
The New Shares will rank pari passu with the existing shares and application has been made for the New Shares
to be admitted to trading on AIM ("Admission") on January 07, 2026. The New Shares will also trade on the TSX
Venture Exchange. Following the Admission, Thor Explorations' issued share capital will consist of 666,573,136
common shares. The Company does not hold any shares in treasury. Shareholders may use this figure as the
denominator for the calculations by which they will determine if they are required to notify their interest in, or a
change to their interest in, the Company.
PDMR Disclosures
1. Details of the person discharging managerial responsibilities / person closely associated
a) Name Segun Lawson
2. Reason for the notification
a) Position / status Chief Executive Officer
b) Initial notification / amendment Initial notification
3. Details of the issuer, emission allowance market participant, auction platform, auctioneer or
auction monitor
a) Name Thor Explorations Ltd
b) LEI 213800AXZ8468CQYVT76
4. Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each
type of transaction; (iii) each date; and (iv) each place where transactions have been
conducted
a) Description of the financial
instrument, type of instrument
Identification Code
Common Shares of no par value
CA8851491040
b) Nature of the transaction(s) Grant of Restricted Share Units per Long Term Incentive Plan
c) Price(s) and volume(s) Price(s) Volume(s)
Nil 293,466
d) Aggregated information
- Aggregated volume
- Price
Price(s) Volume(s)
Nil 293,466
e) Date of the transaction 02 January 2026
f) Place of the transaction outside a trading venue
1. Details of the person discharging managerial responsibilities / person closely associated
a) Name James Philip
2. Reason for the notification
a) Position / status Chief Operating Officer
b) Initial notification / amendment Initial notification
3. Details of the issuer, emission allowance market participant, auction platform, auctioneer or
auction monitor
a) Name Thor Explorations Ltd
b) LEI 213800AXZ8468CQYVT76
4. Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each
type of transaction; (iii) each date; and (iv) each place where transactions have been
conducted
a) Description of the financial
instrument, type of instrument
Identification Code
Common Shares of no par value
CA8851491040
b) Nature of the transaction(s) Grant of Restricted Share Units per Long Term Incentive Plan
c) Price(s) and volume(s) Price(s) Volume(s)
Nil 216,427
d) Aggregated information
- Aggregated volume
- Price
Price(s) Volume(s)
Nil 216,427
e) Date of the transaction 02 January 2026
f) Place of the transaction outside a trading venue
1. Details of the person discharging managerial responsibilities / person closely associated
a) Name Chris Omo-Osagie
2. Reason for the notification
a) Position / status Chief Financial Officer
b) Initial notification / amendment Initial notification
3. Details of the issuer, emission allowance market participant, auction platform, auctioneer or
auction monitor
a) Name Thor Explorations Ltd
b) LEI 213800AXZ8468CQYVT76
4. Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each
type of transaction; (iii) each date; and (iv) each place where transactions have been
conducted
a) Description of the financial
instrument, type of instrument
Common Shares of no par value
Identification Code CA8851491040
b) Nature of the transaction(s) Grant of Restricted Share Units per Long Term Incentive Plan
c) Price(s) and volume(s) Price(s) Volume(s)
Nil 129,273
d) Aggregated information
- Aggregated volume
- Price
Price(s) Volume(s)
Nil 129,273
e) Date of the transaction 02 January 2026
f) Place of the transaction outside a trading venue
Further details can be found on the Company’s website: www.thorexpl.com
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, Cote d’Ivoire and Burkina Faso. 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 and a 100% interest in the Guitry Gold Project in Cote d’Ivoire.
Thor Explorations trades on AIM and the TSX Venture Exchange under the symbol “THX”.
THOR EXPLORATIONS LTD.
Segun Lawson
President & CEO
For further information please contact:
Thor Explorations Ltd
Email: [email protected]
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 / Franck Nganou
Tel: +44 (0) 20 7907 8500
Yellow Jersey PR (Financial PR)
Charles Goodwin / Shivantha Thambirajah / Zara McKinlay
Tel: +44 (0) 20 3004 9512
BlytheRay (Financial PR)
Tim Blythe / Megan Ray / Said Izagaren
Tel: +44 207 138 3204