Thor Explorations Announces Q4 2022 Operating Update and 2023 Operating Guidance

Thor Explorations Announces Q4 2022

Operating Update and 2023 Operating

Guidance

This Announcement contains inside information as defined in

Article 7 of the Market Abuse Regulation No. 596/2014

("MAR"). Upon the publication of this Announcement, this

inside information is now considered to be in the public

domain.

Vancouver, British Columbia--(Newsfile Corp. - January 10, 2023) - Thor Explorations Ltd. (TSXV: THX)

(AIM: THX) ("Thor Explorations" or the "Company") is pleased to provide an operational update for the

Segilola Gold mine, located in Nigeria ("Segilola"), and for the Company's mineral exploration

properties located in Nigeria, Senegal and Burkina Faso for the three months to December 31, 2022

(the "Quarter" or "Q4") as well as full year operational highlights ("FY 2022").

Segilola 2022 Operational Highlights

Gold production at the top end of the FY 2022 guidance range of 90,000 to 100,000oz of gold:

26,331 ounces ("oz") during the Quarter at an average grade of 3.51 grammes per tonne

("g/t") of gold ("Au")

98,006 oz for FY 2022 - the Company's first full calendar year of production

Senior debt reduced to $28.4 million as at 31 December 2022

Acquisition of additional exploration tenure, expanding Nigeria portfolio to 1,542 square kilometers

("km

2

")

Planning for fast-track drilling programs on near mine and regional targets finalized to commence

in January 2023

Underground drilling program commenced

Douta Exploration Highlights

A successful 26,000 metre of reverse circulation ("RC") drilling program was completed to

upgrade certain areas of the existing resource and to target higher grade parts of the deposit

Wide zones of near surface, high grade oxide mineralisation identified

New discovery of the Sambara Prospect

FY 2023 outlook

and catalysts

FY 2023 production guidance range set at 85,000 to 95,000 oz of gold weighted towards the

second half of the year. This is an increase versus the 76,900 oz of production expected for 2023

in the mine plan included in the 2021 Competent Person's Report ("CPR")

H1 2023 drilling programs:

Resumption of drilling at Segilola aimed at increasing resources for potential future transition

to underground operation

Step-out drilling at Douta project in Senegal, aimed at further increasing existing resource

Continuation of drilling at Segilola regional targets

Initial program at the Company's new Malete prospect

Drilling results pending from satellite targets at the Douta Project

40,000 metre drilling program planned to further advance the Douta Project

Completion of the Douta preliminary feasibility study ("PFS")

Applications for and acquisition of identified prospective exploration properties in Nigeria

Continued exploration programs across exploration portfolio in Nigeria

Segun Lawson, President & CEO, stated

:

"The Company has delivered yet another strong quarter at Segilola, resulting in an excellent first

calendar year of operations as a gold producer, achieving a production of 98,006oz of gold, at the top

end of our guidance."

"Importantly, we have achieved a major strategic objective in successfully ramping up to a steady state,

low-cost production platform at Segilola and we are continuing to advance potential exploration

opportunities both regionally and underground at Segilola."

"Continuing high grade drill results from our Douta project in Senegal underline the potential that we see

in this asset, and we are working to move this project forward to development."

"Now that Segilola is at steady state operation, the Company is also focusing on our growth strategy in

Nigeria where we have an aggressive drill program on a number of targets and continue to evaluate

potential opportunities, to leverage our technical capabilities and first mover advantage."

Production Summary

Units

2022

Q4 2022

Q3 2022

Q2 2022

Q1 2022

Total

Mining

Total Mined

Tonnes

16,106,033

4,296,494

4,018,431

4,031,584

3,759,524

Waste Mined

Tonnes

15,048,436

3,974,073

3,793,249

3,747,504

3,533,610

Ore Mined

Tonnes

1,057,996

322,421

225,182

284,079

226,314

Grade

g/t Au

3.56

3.51

4.43

3.63

2.68

Processing

Ore Processed

Tonnes

929,760

254,824

241,434

211,582

221,900

Grade

g/t Au

3.45

3.38

3.58

3.66

3.18

Recovery

%

95.1

95.0

95.5

95.5

94.1

Gold Recovered

oz

98,006

26,331

26,523

23,785

21,343

Exploration

The Company is pleased to announce the expansion of exploration tenure to a total area of 1,542km

2

at

the Segilola Gold Project in Nigeria. This tenure comprises 16 granted permits that are 100% owned by

Thor together with nine granted permits held under options agreements with seven third parties.

In addition to near-mine exploration, activities on the ground have focussed on two main areas:

Western Prospects

Malete Project Area

Western Prospects

The Western Prospects are located 15 kilometres ("km") due west from Segilola and comprise two

exploration permits that are held under option agreements. Sampling by the Company of of in-situ

material from artisanal workings that are located on north-west oriented shear zones has returned rock

chip assays of 65.1g/t Au at the Aayelle North pit, 38.2g/t Au from the Igala pit, 12.48g/tAu from the

Aayelle pit and 8.55g/tAu from the Epe pit (Figure 2). A systematic drilling program is due to commence

in January of 2023 to test these targets.

Malete Prospect

The Malete Prospect is located in Kwara State 150 km directly north-north west from Segilola and

comprises a total of seven permits that cover a combined area of 239 km

2

(Figure 3). To date, most

exploration activity has taken place within Thor's original exploration permit, EL34429. Base on

geochemical sampling two targets that warrant drill-testing have been delineated: Dandele North and

Dandele South. The newly acquired permit located immediately to the southeast is notable as it

contains

a significant gold-bearing structure located at Awn. This structure has previously attracted large-scale

artisanal mining.

Figure 1: Thor Explorations Nigeria Exploration Tenure Map

To view an enhanced version of Figure 1, please visit:

https://images.newsfilecorp.com/files/7003/150773_0ea817bb2433183c_002full.jpg

Figure 2: Malete Tenure Map showing Structural Interpretation

To view an enhanced version of Figure 2, please visit:

https://images.newsfilecorp.com/files/7003/150773_0ea817bb2433183c_003full.jpg

Figure 3: Western Prospects Tenure Map showing Geochemical sampling Results

To view an enhanced version of Figure 3, please visit:

https://images.newsfilecorp.com/files/7003/150773_0ea817bb2433183c_004full.jpg

Figure 4: Douta Project location map

To view an enhanced version of Figure 4, please visit:

https://images.newsfilecorp.com/files/7003/150773_0ea817bb2433183c_005full.jpg

Figure 5: Makosa Drillhole Location Map

To view an enhanced version of Figure 5, please visit:

https://images.newsfilecorp.com/files/7003/150773_0ea817bb2433183c_006full.jpg

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 and Burkina Faso. Thor

Explorations holds a 100% interest in the Segilola Gold Project located in Osun State, Nigeria and has a

70% economic interest in the Douta Gold Project located in south-eastern Senegal. Thor Explorations

trades on AIM and the TSX Venture Exchange under the symbol "THX".

THOR EXPLORATIONS LTD.

Segun Lawson

President & CEO

Webinar

Thor will be hosting a webinar to further expand on the above operating update on Monday, January the