Thor Explorations: Nigeria's Most Advanced Gold Project

Immense Geological Potential

Thor Explorations Ltd is a West African focussed gold producer listed on both the TSX Venture Exchange (TSX.V: THX) and AIM Market of the London Stock Exchange (AIM: THX).

Thor Explorations Ltd. is a Canadian mineral exploration company engaged in the acquisition, exploration and development of mineral properties located in Nigeria, Senegal and Burkina Faso. Thor holds a 100% interest in the Segilola Gold Project located in Osun State of Nigeria. Mining and production commenced at Segilola in 2021. Thor holds a 70% interest in the Douta Gold Project located in south-eastern Senegal.

Thor has a presence in three West African projects jurisdictions: Nigeria, Senegal and Burkina Faso.

Segilola Gold Project

The Company’s flagship project is the gold producing Segilola Gold Project located in Osun State, Nigeria, approximately 120 kilometres (“km”) northeast of Lagos. Segilola is projected to produce between 80,000 and 100,000 oz of gold in 2022 at an All in Sustaining Cost of US$850-950 per oz. The project is expected to produce approximately 100,000 ounces per year for the following four years.

Following an updated Mineral Resource and Mineral Reserve Estimate and improved Life of Mine plan announced in the first quarter of 2021, Segilola contains a high grade open pit probable reserve of 517,800 oz at 4.02 grams per tonne (“g/t”) within an open pit indicated MRE of 532,000 oz of gold grading at 4.5 g/t, and an underground indicated resource of 76,000 oz of gold grading at 6.1 g/t, with additional significant exploration upside potential.

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