Thor Explorations Reports Record Q2 Revenue and Steady Gold Output

• Record revenue performance: Achieved $82.5 million in Q2 revenue from strong gold sales at favourable pricing
• Solid production output: Produced 22,784 ounces of gold with excellent recovery rates of 93.1%
• Maintained annual guidance: Full-year production target remains at 85,000-95,000 ounces with controlled costs
• Shareholder returns: Quarterly dividend maintained with August payment to shareholders scheduled.
• Expanded exploration: Active drilling programs across all three countries with extensive activity in Senegal

Thor Explorations (TSXV: THX) is a Canadian miner with primary focus on gold production and development across West Africa. The company's flagship asset is the Segilola Gold Project in Nigeria's Osun State, which commenced commercial production in 2021. Thor maintains a 100% interest in Segilola while holding a 70% stake in the Douta Gold Project in Senegal.

Under the leadership of President and CEO Segun Lawson, the company has established a diversified portfolio spanning Nigeria, Senegal, and Côte d'Ivoire. The company's strategic positioning across multiple jurisdictions provides geographic diversification while maintaining focus on gold production and exploration.

Q2 2025 Operational Performance

Thor Explorations reported steady operational performance in Q2, producing 22,784 ounces of gold from its Segilola mine. The company processed substantial tonnage at improved grades, achieving solid recovery rates of 93.1%. These results reflect consistent production levels that support the company's annual guidance targets.

Mining operations focused on higher-grade zones, contributing to improved contained gold output. The company maintained healthy ore stockpiles while managing gold in circuit effectively. These inventory levels suggest consistent production planning and operational control.

Processing performance remained robust with the plant achieving excellent recovery rates, showcasing the technical strength of the operation. The consistent recovery performance demonstrates the reliability of Thor's processing capabilities and supports the company's cost guidance for the full year.

Gold Sales and Revenue Performance

The company achieved exceptional financial results during Q2, generating record revenue of $82.5 million from strong gold sales at favourable pricing. This revenue represents a significant improvement from previous quarters, driven primarily by advantageous gold market conditions and the company's strategic decision to unwind hedged positions.

CEO Segun Lawson highlighted the benefits of this approach, stating:

"Having unwound all our hedged gold positions in the previous quarter, we were able to benefit from the full exposure to the high prevailing gold prices, resulting in a record quarterly revenue of US$82.5 million."

This strategic move allowed Thor to capture the full upside of elevated gold prices during the quarter.

The revenue outcome indicates improved cash generation, offering more flexibility for internal funding of operations and exploration. The revenue performance provides financial flexibility to support exploration activities and uphold shareholder returns.

Dividend and Shareholder Returns

Thor Explorations continues to reward shareholders through its quarterly dividend policy, announcing a payment of C$0.0125 per share for Q2. The dividend payment is scheduled for 15 August 2025, with the ex-dividend date set for 25 July 2025. This represents the second quarterly payment under the dividend policy announced in April 2025.

The maintenance of regular dividend payments demonstrates management's confidence in the company's cash generation capabilities and commitment to returning value to shareholders. This policy positions Thor as one of the few junior mining companies providing regular income distributions to investors.

Exploration Progress Across West Africa

Thor Explorations continued exploration efforts across Nigeria, Senegal and Côte d'Ivoire during the second quarter, with drilling and early-stage fieldwork supporting longer-term growth potential.

In Nigeria, drilling at the Segilola Gold Mine focused on testing extensions below and beyond the current open-pit limits. The program targeted two types of mineralisation: deeper high-grade zones and shallower extensions that could potentially continue southwards. Initial results confirmed the presence of gold, though further work is needed to assess their potential impact on future mine planning.

At the Douta Project in Senegal, over 11,000 metres of drilling were completed, extending the original program at the Baraka 3 prospect. Additional drilling at other areas aimed to improve confidence in the existing resource estimate. The company indicated that much of the early-stage resource may be upgraded, depending on further analysis. The project’s Environmental Impact Assessment also advanced, receiving pre-validation from the Ministry of Mines and Geology, with more steps underway to support future permitting.

In Côte d'Ivoire, a 4,000-metre drilling program at the Guitry Project was completed to investigate known mineral trends and better understand the area's structure. Results are expected in July. At the Marahui licence, soil sampling and mapping defined a gold anomaly roughly five kilometres long, which is planned for future drilling once weather conditions permit.

Summary and Outlook

Thor delivered a solid Q2 with record revenue performance driven by strategic positioning to benefit from elevated gold prices. The company maintained operational consistency with steady production output while advancing exploration activities across its three-country portfolio. The continuation of dividend payments demonstrates management's confidence in sustainable cash generation capabilities.

Looking ahead, Thor appears well-positioned for the second half of 2025 with maintained production guidance of 85,000-95,000 ounces and cost guidance of $800-$1,000 per ounce. Key milestones include completion of the Douta Pre-Feasibility Study, results from extensive drilling programs across all jurisdictions, and potential mine life extensions at Segilola. Thor’s exploration portfolio offers optionality for future growth, supported by stable cash flows from ongoing operations.

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