Thor Explorations Concludes Initial Drilling Campaign at the Guitry Project in Cote d'Ivoire with Additional Significant Intersections

The most recent news, dated October 13, 2025, announces the final results from Thor's initial 4,604-metre Reverse Circulation (RC) drilling campaign at the Guitry Gold Project in Côte d'Ivoire. The highlights include a significant intersection of 6 metres grading 9.63 g/t Au. The results confirm previously untested, deeper bedrock mineralization that remains open, with the company noting that grades appear to increase at depth. Thor plans to follow up with systematic infill and step-out drilling.

This news is a positive confirmation of the high-grade potential at the Guitry project, consistent with the excellent initial results announced on July 22 and August 27, 2025. The intersection of 6m @ 9.63 g/t Au is strong and reinforces the thesis that the Guitry acquisition from Endeavour Mining for only US$100,000 and a 2% NSR was an exceptionally value-accretive transaction.

However, the impact is rated as Non-Material - Positive for several reasons: 1. Expectations Met: This is the concluding set of results from a highly successful maiden program. The market has already reacted strongly to the initial, more impactful discovery announcements from July and August, which established the project's potential. This release confirms the trend rather than setting a new one. 2. Context of Company Size: Thor has transformed into a highly profitable, debt-free producer with a market capitalization approaching $900 million. While positive, these drill results from an early-stage exploration project, while excellent, are incremental. 3. Progression, Not Transformation: The news represents solid, methodical progress. The truly material news events over the past year were the declaration of the dividend, becoming debt-free, the stellar Q2 2025 financial results driven by unhedged gold sales, and the initial Guitry discovery holes. This release is another solid brick in a well-built wall, not a new cornerstone.

In summary, the news is good and supports the company's growth narrative, but it's an expected positive outcome following previous successes and does not materially alter the company's established trajectory or valuation on its own.

Thor Explorations is a West Africa-focused gold company. Its flagship producing asset is the 100%-owned Segilola Gold Mine in Nigeria, which is a high-margin operation that generates significant free cash flow.

The company's growth pipeline consists of: 1. The Douta Gold Project in Senegal: A large-scale development project with a 1.78 million ounce resource, for which a Preliminary Feasibility Study (PFS) is expected in Q4 2025. 2. The Guitry and Marahui Projects in Côte d'Ivoire: Early-stage exploration projects with demonstrated high-grade gold potential.

Thor has successfully transitioned from a developer to a profitable, debt-free, dividend-paying producer, and is now using its cash flow to aggressively fund exploration and development across its portfolio.