Thor Explorations Announces Third Quarter 2025 Financial and Operating Results, for the Three Months Ending September 30, 2025

The most recent news from Thor Explorations Ltd. ("Thor" or the "Company") on November 18, 2025, announces its Third Quarter 2025 Financial and Operating Results for the three months ending September 30, 2025.

Key financial and operating highlights for Q3 2025 include: - Revenue: US$69.9 million - Net Profit: US$43.1 million - EBITDA: US$51.8 million - Gold sold: 19,650 ounces (oz) - Average realized gold price: US$3,535 per ounce - Cash operating cost: US$783 per ounce - All-in Sustaining Cost (AISC): US$1,129 per ounce - Gold poured: 22,617 ounces - Ore processed: 250,459 tonnes (t) - Mill feed grade: 3.11 grams per tonne (g/t) Au - Process plant recovery: 94.3% - Ore mined: 386,558 tonnes - Average mining grade: 2.26 g/t Au - Adjusted net cash: US$81.0 million

Operationally, the Segilola Gold Mine's life of mine extension drilling program continued during Q3 2025, with diamond drilling testing depth extensions. The Company aims to define an updated resource by the end of 2025.

Regarding its West African exploration portfolio, the Company's acquisition of the remaining 30% interest in the Douta Gold Project for US$3.0 million cash (plus a 1.25% NSR capped at US$60.0 million) is pending ministerial approval. Thor also acquired an initial 65% interest in the Bousankhoba Exploration Permit EL02254, contiguous to its Douta West permit, noting historical drilling results.

The Company maintained its 2025 full-year guidance for gold production of 90,000-95,000 ounces and AISC of US$900-1,000 per ounce. The CEO, Segun Lawson, expressed satisfaction with strong production performance at Segilola, advancement of exploration programs, and significant net profit, attributing it to a favorable gold price environment and cost discipline.

This Q3 2025 earnings release presents a generally positive picture, but with some critical points that warrant closer examination.

Positive Aspects: - Strong Profitability and Cash Generation: Net profit of US$43.1 million and adjusted net cash of US$81.0 million are excellent results, demonstrating the company's ability to generate significant free cash flow. The net cash position has significantly increased from US$52.8 million in Q2 2025. This financial strength is a direct benefit of the sustained high gold price environment, as the Company is unhedged. - Consistent Production: Gold poured (22,617 oz) and sold (19,650 oz) are in line with the Q3 operating update (October 15, 2025) and contribute to maintaining the full-year production guidance of 90,000-95,000 oz. The process plant recovery rate of 94.3% is robust and an improvement over earlier periods. - Exploration Progress: The ongoing Segilola life of mine extension drilling, targeting an updated resource by year-end 2025, is crucial for extending the mine's operational longevity. The confirmation of the Douta (100% ownership) and Bousankhoba (65% interest) acquisitions, previously announced in September 2025, consolidates Thor's regional footprint and adds future development potential.

Negative Aspects/Concerns: - All-in Sustaining Cost (AISC) Miss: The reported AISC of US$1,129 per ounce is above the Company's full-year guidance range of US$900-1,000 per ounce. While the CEO stated "cost discipline," this specific metric indicates a miss on cost control expectations. Given the very high average realized gold price, this AISC miss has been masked by strong revenue, but it is a critical operational efficiency indicator. Investors should monitor if this trend persists or if management can bring AISC back within guidance. - Impact of High Gold Price: The exceptionally high average realized gold price of US$3,535/oz is a significant driver of the strong revenue and net profit. While beneficial, it highlights the company's reliance on external commodity price movements. The AISC miss becomes more pronounced if gold prices were to decline.

Overall Materiality: This news is Routine - Positive. It confirms the Company's strong financial performance driven by a favorable gold price and consistent production. The increase in net cash is material. However, the AISC miss is a notable operational concern, and the project acquisition updates are confirmations of previously announced events rather than new material information. It reinforces the Company's overall positive trajectory but is not a "game changer."

Thor Explorations Ltd. is a West African-focused gold producer and explorer. Its flagship asset is the Segilola Gold Project located in Nigeria, which is currently in production. The Segilola mine is an open-pit operation with DFS open-pit reserves of 518,000 ounces at 4.2 g/t Au (from investor presentation, July 2025). The company's strategy is to achieve organic growth through exploration across its portfolio and deliver high-margin gold production, while returning funds to shareholders.

Beyond Segilola, Thor is advancing the Douta Gold Project in Senegal, which boasts a global resource of 1.78 million ounces of gold, including an indicated resource of 874,900 ounces at 1.3 g/t Au. Other key exploration properties include the Guitry Gold Project, Marahui Gold Licence, and Boundiali Gold Licence in Côte d'Ivoire, with Guitry targeting a maiden resource of 500,000 - 1,000,000 ounces in 2025. The Company also holds a lithium exploration portfolio in Nigeria covering over 600 km².

The Company has reported strong financial performance, moving to a net cash position after fully repaying its senior debt and initiating a dividend policy. It is currently unhedged against gold prices.