Thor Explorations Announces Q3 2025 Operating Update

Thor Explorations announced its Q3 2025 operating update for the Segilola Gold Mine in Nigeria. Key highlights include: * Production: 22,617 ounces of gold poured, consistent with previous quarters. * Guidance: Full-year 2025 production guidance of 85,000 to 95,000 ounces and All-In Sustaining Cost (AISC) guidance of US$800 to US$1,000 per ounce were maintained. * Dividend: The quarterly dividend policy was maintained, with a payment of C$0.0125 per share scheduled for November 14, 2025. * Exploration: The company provided progress updates across its portfolio. * Nigeria: The underground drilling program at Segilola continues, with notable intercepts including 2.2 metres at 10.40 g/t Au. * Senegal: Thor acquired the remaining 30% of the Douta Project, consolidating its ownership to 100% (subject to a 10% state interest upon grant of a mining concession). An updated Mineral Resource Estimate (MRE) and a Pre-Feasibility Study (PFS) are on track for completion by the end of 2025. * Côte d'Ivoire: Exploration is advancing at the Guitry and Marahui projects, with drilling planned for Q4 2025 and a maiden MRE for Guitry targeted by the end of 2025.

The news is a routine quarterly operational update that is positive in nature. The key takeaway is consistency. Production at the flagship Segilola mine remains stable and predictable, with approximately 68,191 ounces produced year-to-date, placing the company firmly on track to achieve its 2025 guidance.

Maintaining guidance is a significant positive, as it signals that operations and costs are under control, which is not always a given in this industry. The confirmation of the quarterly dividend reinforces the company's strong financial position and commitment to shareholder returns.

While the exploration updates are incremental, they confirm that key catalysts—the Douta PFS and the Guitry maiden resource—remain on schedule for year-end 2025. The consolidation of the Douta project is a sensible strategic move that simplifies the ownership structure ahead of these crucial milestones.

This release does not contain any new, unexpected information that would materially alter the company's valuation. Instead, it serves as a strong confirmation that management is executing its stated plan effectively. In a market that punishes operational misses, a quarter of steady execution is a clear positive that should support the stock price.

Thor Explorations is a West Africa-focused gold producer and explorer. Its flagship asset is the 100%-owned Segilola Gold Mine in Nigeria, the country's first large-scale commercial gold mine. The company achieved commercial production in 2022 and has established Segilola as a consistently profitable operation. Thor's growth strategy is centered on extending Segilola's mine life through underground exploration and developing its pipeline, led by the advanced-stage Douta Gold Project in Senegal and a promising exploration portfolio in Côte d'Ivoire.