THX.V · 2026-08-06 12:00:00

Thor Explorations Announces Further High- Grade Mineralisation Intersected Below Segilola Open Pit

Drill Results

Thor Explorations Announces Further High-

Grade Mineralisation Intersected Below

Segilola Open Pit

Vancouver, British Columbia--(Newsfile Corp. - August 6, 2026) - Thor Explorations Ltd (AIM: THX)

(TSXV: THX) ("

Thor

" or the "

Company

") is pleased to announce that its ongoing diamond drilling

program beneath the current Segilola Gold Mine ("

Segilola

" or the "

Project

") open pit continues to

intersect high grade gold mineralisation which remains open at depth.

Significant drill intersections from the program include:

Drillhole SNMDD089 - 19.4 metres ("

") at 3.01 grammes per tonne of gold ("

g/t Au

") from 346m

Drillhole SNMDD166 - 5.3m at 5.66g/t Au from 300m

Drillhole SNMDD171 - 2m at 9.27g/t Au from 420m

Drillhole SNMDD170 - 3.4m at 7.58g/t Au from 289m

Drillhole SNMDD178 - 1.2m at 11.31g/t Au from 288m

Drillhole SNMDD179 - 2.1m at 3.02g/t Au from 296.9m and 3.3m at 5.99 g/t Au from 307.7m and

5.5m at 2.28g/t Au from 312m

Segun Lawson, President & CEO, stated

"We are extremely pleased to report these drill results which demonstrate the continuation of high-

grade mineralisation beneath the Segilola pit and continue to contribute new ounces to Segilola' s

gold inventory well below the current pit design. We are also encouraged that our drilling continues to

delineate a high grade steeply dipping shoot in a previously untested area which currently extends to

400m beneath the pit and remains open.

"This has been an extensive drilling program which will continue through the course of the year as we

work towards making an underground mining development decision. I am particularly pleased with our

growing understanding of the structural controls of the mineralisation, which has been a challenging

aspect of this drilling program.

"Our drilling has intersected multiple strong intercepts which include grades between 5 and 11 g/t gold

at mineable widths, encountered hundreds of metres below the surface of the final open pit. This

provides a strong platform for continued resource growth and potential mine-life extension, enhancing

the long-term value of Segilola.

"As our drilling program continues, using four owner-operated rigs, we will focus on testing the along-

strike and down-plunge extensions of the deposit where relatively little drill-testing has taken place.

We are encouraged that these deeper holes confirm the continuation of the mine rock sequence

which remains mineralised and also open at depth. We look forward to receiving further results, which

will add to our understanding of the deposit as we progress our plans for potential underground

mining.

"Our drilling will continue to both upgrade parts of the remaining inferred underground resource and to

increase the overall size of the underground resource with the objective of extending the life of mine at

Segilola."

Introduction

The Segilola Gold Project is located 190 kilometres northeast of Lagos and covers a large area of the

Pan African Ilesha Schist Belt. The deposit is located near the north-east trending Ifewara Shear Zone

that extends for several hundred kilometres through Nigeria.

Gold mineralisation is developed within an overturned sequence of metamorphosed, strongly foliated

meta-sediments at the boundary between the basement biotite gneiss and calc-silicate and mylonitic

biotite-garnet schists. A unit of massive to foliated granodiorite conformably intrudes the sequence

between the quartzites and basement gneisses. Gold mineralisation is developed with steep west-

dipping parallel lodes that comprise late-stage silica-altered zones that are commonly referred to as

"veins" and which are restricted to the meta-sedimentary unit.

Drilling Results

The ongoing diamond drilling program that commenced is continuing to test the continuity of

mineralisation following the down-plunge trend to the south. Drill sampling is being carried out using HQ

diamond core. Half core samples are analysed by fire assay at the SROL Laboratory, which was

established by MSA Laboratories at the Segilola Mine Site. The final assay results are an average of the

primary assay result (Au1) and two additional fire assays of the same pulp (AuR1 and AuR2). Significant

results that exceed three gram-metres (average grade x true width) are shown in Table 1. All results are

tabled in Appendix 1.

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

To view an enhanced version of this graphic, please visit:

https://images.newsfilecorp.com/files/7003/308259_thor.jpg

Drilling has focused on two main areas: the Northern Zone, where the targeted mineralisation forms the

hanging wall lode, which is variable in geometry ranging from a vertical orientation to a prominent south-

plunging orientation at depth, and the Southern Zone, where mineralisation is developed in both the

shallow-plunging footwall zones and the hanging wall zones (Figure 1).

The main shallow-plunging mineralised structure in the Southern Zone is typically more continuous, with

true widths of 3-5m and a strike length of about 800m. Significant intersections from the current drilling

include 1.6m grading 3.73g/t Au in drillhole SNMDD090.

Figure 2: Longitudinal Section Showing Mineralisation Trends and Drill Intercepts

To view an enhanced version of this graphic, please visit:

https://images.newsfilecorp.com/files/7003/308259_thorimg2.jpg

Table 1: Significant Drillhole Intersections

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

Hole ID

East

North

Depth

(m)

Dip

Azi-muth

From

(m)

Interval

(m)

Grade

(g/tAu)

True Width

(m)

SNMDD089

4083

11797

368

-84

346.0

365.4

19.4

3.01

9.0

SNMDD090

4099

10749

278

-61

256.1

258.2

2.1

3.73

1.6

SNMDD097

4199

10469

210

-79

437.3

439.8

2.5

3.60

1.2

SNMDD098

4032

11724

485

-84

448.0

456.3

8.3

1.41

4.1

SNMDD101

4203

10448

231

-84

198.5

203.2

4.7

1.52

2.1

SNMDD107

4035

10833

382

-70

345.1

348.4

3.3

1.27

2.2

SNMDD114

4031

11756

442

-80

411.5

423.3

11.8

1.26

6.4

SNMDD125

4020

11783

420

-78

397.7

406.2

8.5

1.55

4.7

SNMDD128

4068

11823

390

-79

349.3

363.0

13.7

1.80

7.0

SNMDD129

4065

11849

429

-84

132

384.9

392.4

7.5

1.66

3.2

SNMDD138

4141

11605

174

-55

123.6

124.9

1.3

4.93

1.1

SNMDD141

3968

11264

420

-63

353.3

354.7

1.4

2.83

1.1

SNMDD144

4157

11542

155

-53

110.8

111.5

0.7

5.92

0.6

SNMDD150

4206

11690

-80

30.5

31.8

1.3

4.10

0.7

SNMDD165

4027

11936

327

-65

299.9

301.7

1.8

10.50

1.4

SNMDD166

4068

11843

321

-71

300.1

305.4

5.3

5.66

3.3

SNMDD170

4076

11899

372

-74

288.7

292.1

3.4

7.58

2.2

and

303.0

307

4.0

1.16

2.6

SNMDD171

3951

11221

480

-67

420.1

422.1

2.0

9.27

1.6

SNMDD178

4092

11959

276

-74

256.0

257.2

1.2

11.31

0.7

SNMDD179

4067

11864

334.4

-75

297.4

299

1.6

3..67

1.02

and

307.7

311

3.3

10.19

2.11

and

312.5

316

3.5

2.86

2.24

Figure 3: Selected Underground Drilling Cross Sections from Segilola Northern Zone

To view an enhanced version of this graphic, please visit:

https://images.newsfilecorp.com/files/7003/308259_thor3.jpg

Figure 4: Selected Underground Drilling Cross Sections from Segilola Southern Zone

To view an enhanced version of this graphic, please visit:

https://images.newsfilecorp.com/files/7003/308259_thor4.jpg

Conclusions

The preliminary economic assessment (PEA) completed in 2018 included an "underground" indicated

resource of 28,000 ounces grading 9.4g/t Au together with an inferred resource of 90,000 ounces

grading 7.9g/t Au. A portion of this resource has since been incorporated within a larger open pit design.

Given the fundamental change in the project economics brought about by the current record gold price,

the Company will review the option of further extending the open pit prior to transitioning to an

underground operation in the short term.

It is anticipated that the current program will both upgrade the inferred resource below the pit and

increase the size the overall of the resource, with the objective of increasing the life of mine at Segilola.

Ongoing work streams will also incorporate geotechnical and metallurgical studies.

Forward Programs

The Group has engaged a mining consultancy to conduct a high-level review of the underground potential

as well as potential open pit mine life extension at current compiled potential resources to support the

continuation of the drilling program. The Group is now aiming to define an updated resource by the end

of 2026.

In addition to this, exploration activities were carried out on all the Group's licenses. A follow-up drilling

program designed to test surrounding geochemical signatures and potential extensions along strike

commenced during the period.

Qualified Person

The above information has been prepared under the supervision of Alfred Gillman (Fellow AusIMM,

Chartered Professional), 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.

THOR EXPLORATIONS LTD.

Segun Lawson

President & CEO

For further information, please contact:

Thor Explorations Ltd

Email:

[email protected]

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 / Jay Ashfield

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

Cautionary Note Regarding Forward-Looking Statements

Except for the statements of historical fact contained herein, the information presented constitutes

"forward-looking statements" within the meaning of certain securities laws, and is subject to important

risks, uncertainties and assumptions that could cause the actual results of the Company to differ

materially form the forward-looking statements. Such forward-looking statements, including but not

limited to, the Company's ability to fully finance the Project, to bring the Project into operation or to

produce gold from the Project, and the use of the proceeds.

The words "may", "could", "should",

"would", "suspect", "outlook", "believe", "anticipate", "estimate", "expect", "intend", "plan", "target" and

similar words and expressions are used to identify forward-looking information. The forward-looking

information in this news release describes the Company's expectations as of the date of this news

release and accordingly, is subject to change after such date. Readers should not place undue

importance on forward-looking information and should not rely upon this information as of any other

date.

While the Company may elect to, it does not undertake to update this information at any

particular time.

Appendix 1: Drillhole Intersections

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

Hole ID

East

North

Depth

(m)

Dip

Azi-muth

From

(m)

Interval

(m)

Grade

(g/tAu)

True Width

(m)

SNMDD089

4083

11797

368.4

-84.0

346.0

365.4

19.4

3.01

9.0

SNMDD090

4099

10749

278.3

-61.5

256.1

258.2

2.1

3.73

1.6

SNMDD091

4218

10418

126.4

-55.0

93.8

94.5

0.7

2.10

0.6

SNMDD092

4048

11640

476.3

-84.0

nsr

SNMDD093

4168

10503

218.6

-72.0

192.2

195.5

3.3

1.18

2.1

SNMDD094

4137

10601

243.3

-63.0

122

213.6

214.9

1.3

2.32

0.9

SNMDD095

4102

11639

330.2

-81.0

nsr

SNMDD096

4020

11783

518.3

-83.0

nsr

SNMDD097

4199

10469

209.7

-79.0

437.3

439.8

2.5

3.6

1.2

SNMDD098

4032

11724

485.4

-84.0

448.0

456.3

8.3

1.41

4.1

SNMDD100

4097

10748

347.6

-76.0

297.9

299.0

1.1

1.2

0.6

SNMDD101

4203

10448

230.9

-84.0

198.5

203.2

4.7

1.52

2.1

SNMDD102

3990

11103

407.3

-68.0

370.0

371.0

0.54

0.7

SNMDD104

4065

11864

386.5

-80.0

nsr

SNMDD105

4102

10421

303.6

-74.0

284.4

287.0

2.6

0.68

1.5

SNMDD106

4009

11229

323.6

-62.0

290.1

291.1

0.68

0.8

SNMDD107

4035

10833

382.1

-70.0

345.1

348.4

3.3

1.27

2.2

SNMDD108

4188

10477

254.3

-84.0

223.4

227.0

3.6

0.66

1.7

SNMDD109

4015

11695

623.9

-87.0

130

nsr

SNMDD110

4093

10708

332.9

-73.0

nsr

SNMDD111

4092

10420

371.6

-75.0

142

nsr

SNMDD112

4027

11227

326.6

-63.0

295.5

296.4

0.9

2.03

0.7

SNMDD114

4031

11756

441.9

-80.0

411.5

423.3

11.8

1.26

6.4

SNMDD115

4083

11797

338.4

-79.0

nsr

SNMDD116

4093

10421

344.5

-62.0

132

307.0

308.0

0.7

0.6

SNMDD117

4034

11724

473.2

-78.0

383.0

384.0

0.88

0.6

SNMDD118

4010

10987

368.7

-64.0

105

nsr

SNMDD120

4084

11797

293.4

-76.0

nsr

SNMDD121

4033

10886

453.0

-63.0

331.0

334.6

3.6

0.72

2.6

SNMDD122

4104

11963

206.7

-64.0

nsr

SNMDD124

4091

10421

304.1

-50.0

127

nsr

SNMDD125

4020

11783

420.0

-78.0

397.7

406.2

8.5

1.55

4.7

SNMDD126

4107

12276

221.1

-66.0

nsr

SNMDD128

4068

11823

390.1

-79.0

349.3

363.0

13.7

1.8

7.0

SNMDD129

4065

11849

428.5

-84.0

132

384.9

392.4

7.5

1.66

3.2

SNMDD130

4015

11687

587.5

-81.0

nsr

SNMDD131

3993

11905

540.0

-82.0

nsr

SNMDD132

4009

11740

539.7

-83.0

nsr

SNMDD133

3995

11830

594.1

-85.0

561.0

564.0

1.06

1.3

SNMDD135

3963

11175

618.0

-81.0

nsr

SNMDD137

3994

11905

468.0

-77.0

nsr

SNMDD138

4141

11605

174.0

-55.0

123.6

124.9

1.3

4.93

1.1

SNMDD139

4092

11725

193.7

-44.0

156.2

157.2

0.83

0.9

SNMDD140

4096

11772

193.5

-45.0

nsr

SNMDD141

3968

11264

420.0

-63.1

353.3

354.7

1.4

2.83

1.1

SNMDD142

4094

11712

200.6

-48.0

nsr

SNMDD143

4094

11792

190.7

-45.0

105

nsr

SNMDD144

4157

11542

154.9

-53.0

110.8

111.5

0.7

5.92

0.6

SNMDD145

4114

11648

290.0

-45.0

141.9

142.7

0.8

0.67

0.7

SNMDD146

4146

11585

173.3

-62.0

nsr

SNMDD147

4109

11628

296.5

-50.0

151.3

152.7

1.4

0.87

1.3

SNMDD148

4026

11935

448.8

-78.0

nsr

SNMDD149

4070

12196

347.7

-80.0

nsr

SNMDD150

4206

11690

89.0

-80.0

30.5

31.8

1.3

4.10

0.7

SNMDD151

4195

11791

89.6

-65.0

34.0

34.8

0.8

1.48

0.6

SNMDD152

4198

11770

80.6

-70.4

29.3

35.0

5.7

0.55

3.7

SNMDD153

4205

11710

77.3

-70.0

24.0

25.9

1.9

1.76

1.2

SNMDD154

4202

11731

95.3

-80.0

nsr

SNMDD155

4200

11750

80.7

-75.0

36.0

37.0

0.54

0.6

SNMDD156

3965

11264

440.3

-64.0

385.9

386.9

0.66

0.7

SNMDD157

4057

10674

461.7

-79.0

nsr

SNMDD158

3981

11293

494.2

-76.0

nsr

SNMDD159

4112

11522

284.3

-73.0

nsr

SNMDD160

3922

11428

497.7

-70.3

nsr

SNMDD162

3971

11263

359.3

-53.0

329.3

332.0

2.7

0.67

2.4

SNMDD163

3964

11243

475.2

-76.0

445.0

446.0

0.6

0.8

SNMDD164

4112

11526

419.9

-87.0

nsr

SNMDD165

4027

11936

326.6

-65.0

299.9

301.7

1.8

10.5

1.4

SNMDD166

4068

11843

321.2

-71.0

300.1

305.4

5.3

5.66

3.3

SNMDD167

3962

11229

449.3

-66.0

396.0

397.0

1.92

0.7

SNMDD169

4111

11516

232.2

-59.0

nsr

SNMDD170

4076

11899

372.0

-74.0

288.7

292.1

3.41

7.58

2.2

and

303.0

307

4.0

1.16

2.6

SNMDD171

3951

11221

480.0

-67.0

420.1

422.1

9.27

1.6

SNMDD172

4043

11452

322.1

-60.0

nsr

SNMDD173

3982

11293

425.1

-70.0

nsr

SNMDD174

3977

11027

392.8

-65.0

nsr

SNMDD175

3968

11080

389.3

-60.0

355.35

358.3

2.95

0.61

2.5

SNMDD177

3966

11145

383.6

-62.0

352.2

355.6

3.4

0.87

2.7

SNMDD178

4092

11959

275.6

-74.0

256.0

257.2

1.2

11.31

0.7

SNMDD179

4067

11864

334.4

-75

297.4

299

1.6

3.67

1.02

and

307.7

311

3.3

10.19

2.11

and

312.5

316

3.5

2.86

2.24

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