Thor Explorations Announces Audited Financial and Operating Results for the Full Year and the Unaudited Three Months Ending December 31, 2025

• FY 2025 results: $196.2 m net profit on $325.5 m revenue; 94,130 oz gold sold at $3,422/oz.
• Cash generation: $137.8 m cash & equivalents (up from $12.0 m end‑2024).
• Capital structure: Fully debt‑free after repaying senior facility to Africa Finance Corp.
• Dividend policy: Minimum quarterly dividend of C$0.0125 per share for 2026 plus a special bonus dividend of C$0.015/share – total FY 2025 shareholder return ≈ $32 m.
• Operations: Segilola mine poured 91,910 oz (upper half of guidance); recovery 93.9%. Stockpile up 35% to 1.99 Mt (~50,213 oz).
• Exploration: >21 km drilling at Segilola; high‑grade intercepts continue. Douta PFS published early FY 2026 with pretax NPV₅% $908 m, IRR 73%; 100% economic ownership after buying out minority partners. Acquired 70% interest in Bousankhoba permit (earn‑in).
• ESG: GHG emissions down 6% YoY; reclaimed water use up 36% per oz gold. Launched “SegunCare” health program.
• Outlook 2026: Production guidance 75,000‑85,000 oz; AISC $1,000‑$1,200/oz; focus on extending Segilola underground resources and final permitting for Douta (FID H2 2026).

The FY 2025 earnings release materially reshapes the investment thesis:

Factor	Prior Expectation	Actual Outcome	Impact
Profitability	Forecast net profit ≈ $100‑$120 m (based on 2024 guidance)	$196.2 m (record)	Strong upside – validates high margin model
Cash position	~$12 m cash, debt load pending repayment	$137.8 m cash, debt‑free	Eliminates refinancing risk; funds dividend & growth
Dividend	No dividend announced for 2025	Quarterly + special bonus dividend declared	Converts Thor into a dividend‑paying miner – attractive to income investors
Douta economics	Anticipated NPV $600‑$800 m (pre‑PFS)	Confirmed pretax NPV $908 m, IRR 73%	Improves multi‑asset valuation; accelerates path to FID
Exploration progress	Ongoing drilling with modest results	High‑grade intercepts at Segilola & Bousankhoba; full PFS filed	Reduces execution risk for future resource expansion

Overall, the news delivers new and unexpected financial strength, a clear dividend policy, and confirmed high‑value project economics – all material positive catalysts.

• Thor Explorations Ltd. – A West African gold producer focused on three core jurisdictions: Nigeria (Segilola open‑pit/underground mine), Senegal (Douta development project), and Côte d’Ivoire (exploratory Guitry, Marahui, Boundiali licences).
• Flagship asset: Segilola Gold Mine (Nigeria) – producing ~90 k oz in FY 2025; high recovery (>93%) and expanding underground potential.