Thor Explorations Ltd

Thor Explorations Ltd. is a West African-focused gold exploration and production company listed on the AIM Market (THX.L) and the TSX Venture Exchange (THX.V). The company is advancing multiple high-potential gold and lithium projects across Nigeria, Senegal, and Côte d’Ivoire, with a strong commitment to responsible mining practices and sustainable growth.

Thor’s flagship asset, the Segilola Gold Project in Nigeria, is the country’s first and largest commercial-scale gold mine, producing 85,000 ounces in 2024 with a 2025 production guidance of 85,000 – 95,000 ounces. The company is also developing the Douta Gold Project in Senegal, boasting a 1.78-million-ounce gold resource, with a Preliminary Feasibility Study (PFS) expected in Q1 2025. In addition, Thor has expanded into lithium exploration in Nigeria, positioning itself to capitalize on the growing demand for battery metals.

With a strong balance sheet, no senior debt, and a seasoned management team, Thor Explorations is well-positioned for long-term organic growth through exploration and resource expansion. The company maintains a firm commitment to environmental, social, and governance (ESG) principles, prioritizing community engagement, local employment, and responsible resource development.

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Thor Explorations presents a compelling investment opportunity as a leading gold producer in West Africa with a proven track record of operational success and resource growth. The Segilola Gold Project, with its high-grade open-pit reserves and growing underground potential, generates strong cash flow, supporting further exploration and project expansion.

The Douta Gold Project in Senegal provides additional upside, with its 1.78-million-ounce gold resource and potential for further discoveries. A Preliminary Feasibility Study (PFS) in early 2025 will provide further clarity on its economic potential, paving the way for future development.

Thor’s entry into lithium exploration in Nigeria also offers exposure to the rapidly growing electric vehicle (EV) market. Early drilling results indicate high-grade lithium mineralization, positioning Thor to become a key player in West Africa’s emerging battery metals sector.

With low-cost production, a debt-free balance sheet, and a pipeline of high-value assets, Thor Explorations is well-positioned to deliver sustained value to investors while maintaining a strong focus on operational excellence and responsible mining practices.

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Thor Explorations Ltd. is led by a highly experienced management team with deep expertise in gold exploration, project development, and corporate finance. Under their leadership, the company has successfully transitioned from an early-stage explorer to a profitable gold producer, delivering West Africa’s first large-scale commercial gold mine in Nigeria.

Segun Lawson – Chief Executive Officer & President
Segun Lawson has been at the helm of Thor Explorations since 2011, spearheading the acquisition and development of the Segilola Gold Project and leading the company’s expansion across West Africa’s key mining jurisdictions. With over a decade of experience in resource exploration and project financing, he has been instrumental in securing strategic partnerships and capital to drive Thor’s growth.

James Philip – Chief Operating Officer
James Philip brings over 15 years of mining finance and operational experience, previously serving as an executive in Standard Chartered Bank’s mining and metals division. His expertise in project development and financial structuring supports Thor’s expansion plans, particularly the advancement of the Douta Gold Project and lithium exploration initiatives.

Chris Omo-Osagie – Chief Financial Officer
With extensive financial management experience across major multinational corporations, Chris Omo-Osagie oversees Thor’s capital allocation, financial strategy, and investor relations. His leadership ensures the company maintains a strong balance sheet while executing its growth strategy.

Backed by a strong board of directors with deep expertise in mining, finance, and sustainability, Thor Explorations is well-positioned to execute its long-term growth strategy and deliver shareholder value.

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Thor Explorations is executing a multi-faceted growth strategy centered on advancing its high-value asset portfolio while upholding a commitment to sustainable and cost-efficient operations. The company’s flagship Segilola Gold Project in Nigeria is at the heart of this strategy. With proven production of 85,000 ounces in 2024 and promising underground exploration underway, Thor is well positioned to expand its resource base and enhance production capacity in the near term.

In parallel, the Douta Gold Project in Senegal represents a significant growth driver. Boasting a 1.78-million-ounce gold resource and with a Preliminary Feasibility Study (PFS) expected in early 2025, Douta is set to unlock additional value and drive further development.

Moreover, Thor’s strategic entry into lithium exploration in Nigeria offers exciting exposure to the burgeoning battery metals market, positioning the company to capitalize on the global shift toward renewable energy and electric vehicles. This diversification into lithium not only complements the existing gold portfolio but also enhances the company’s long-term growth potential.

Underpinned by a robust, debt-free financial position and supported by existing infrastructure, Thor is well-equipped to drive organic growth through continuous exploration and resource expansion. By remaining agile and open to strategic partnerships, Thor Explorations is set to deliver sustainable shareholder value and cement its position as a leading player in West Africa’s dynamic mining landscape.

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Thor Explorations Ltd. is financially well-positioned, with a strong revenue-generating asset in the Segilola Gold Project and a debt-free balance sheet that supports continued growth. The company has maintained cost-efficient operations, ensuring stable cash flow while funding exploration and development across its West African gold and lithium portfolio.

Key Financial Highlights (2024-2025)

• Revenue Generation: In 2024, Thor recorded $62 million in Q4 revenue, supported by gold sales of 24,936 ounces in the quarter.
• Debt-Free Status: Thor successfully completed the full repayment of its senior debt facility with Africa Finance Corporation, strengthening its financial flexibility.
• Cost Efficiency: All-in Sustaining Cost (AISC) guidance for 2025 is $800 – $1,000 per ounce, keeping Thor among the most cost-efficient gold producers in the region.

With solid operating cash flow, zero senior debt, and a growing asset base, Thor Explorations is financially well-positioned to fund expansion initiatives while delivering long-term shareholder value.

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Thor Explorations Ltd. is emerging as a leading gold producer and resource developer in West Africa, with a proven track record of operational success and a clear strategy for future growth. The company’s flagship Segilola Gold Project in Nigeria is a high-margin, low-cost producer, generating strong cash flow to support continued expansion. Meanwhile, the Douta Gold Project in Senegal and new exploration assets in Côte d’Ivoire provide additional long-term growth potential.

With a strong balance sheet, zero senior debt, and disciplined cost management, Thor is well-positioned to fund its development pipeline while delivering sustainable shareholder returns. The company’s entry into lithium exploration further enhances its exposure to high-growth battery metals markets, presenting an additional avenue for value creation.

Beyond financial performance, Thor remains committed to responsible mining practices, local community engagement, and environmental sustainability. By prioritizing ESG principles, investing in local talent, and maintaining strong government and community relationships, the company ensures its operations contribute positively to the regions in which it operates.

As global demand for gold and battery metals continues to rise, Thor Explorations stands as a compelling investment opportunity, offering strong production growth, resource expansion potential, and a well-executed sustainability strategy. With an experienced leadership team and a clear vision for the future, Thor is positioned to solidify its status as a premier multi-commodity mining company in West Africa.

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