Thor Explorations Announces Further High-Grade Mineralisation Intersected Below Segilola Open Pit

Vancouver, British Columbia--(Newsfile Corp. - August 6, 2026) - Thor Explorations Ltd (AIM: THX) (TSXV: THX) ("Thor" or the "Company") is pleased to announce that its ongoing diamond drilling program beneath the current Segilola Gold Mine ("Segilola" or the "Project") open pit continues to intersect high grade gold mineralisation which remains open at depth. Significant drill intersections from the program include: Drillhole SNMDD089 - 19.4 metres ("m") at 3.01 grammes per tonne of gold ("g/t Au") from 346m Drillhole SNMDD166 - 5.3m at 5.66g/t Au from 300m Drillhole SNMDD171 - 2m at 9.27g/t Au from 420m Drillhole SNMDD170 - 3.4m at 7.58g/t Au from 289m Drillhole SNMDD178 - 1.2m at 11.31g/t Au from 288m Drillhole SNMDD179 - 2.1m at 3.02g/t Au from 296.9m and 3.3m at 5.99 g/t Au from 307.7m and 5.5m at 2.28g/t Au from 312m Segun Lawson, President & CEO, stated "We are extremely pleased to report these drill results which demonstrate the continuation of high-grade mineralisation beneath the Segilola pit and continue to contribute new ounces to Segilola' s gold inventory well below the current pit design. We are also encouraged that our drilling continues to delineate a high grade steeply dipping shoot in a previously untested area which currently extends to 400m beneath the pit and remains open. "This has been an extensive drilling program which will continue through the course of the year as we work towards making an underground mining development decision. I am particularly pleased with our growing understanding of the structural controls of the mineralisation, which has been a challenging aspect of this drilling program. "Our drilling has intersected multiple strong intercepts which include grades between 5 and 11 g/t gold at mineable widths, encountered hundreds of metres below the surface of the final open pit. This provides a strong platform for continued resource growth and potential mine-life extension, enhancing the long-term value of Segilola. "As our drilling program continues, using four owner-operated rigs, we will focus on testing the along-strike and down-plunge extensions of the deposit where relatively little drill-testing has taken place. We are encouraged that these deeper holes confirm the continuation of the mine rock sequence which remains mineralised and also open at depth. We look forward to receiving further results, which will add to our understanding of the deposit as we progress our plans for potential underground mining. "Our drilling will continue to both upgrade parts of the remaining inferred underground resource and to increase the overall size of the underground resource with the objective of extending the life of mine at Segilola." Introduction The Segilola Gold Project is located 190 kilometres northeast of Lagos and covers a large area of the Pan African Ilesha Schist Belt. The deposit is located near the north-east trending Ifewara Shear Zone that extends for several hundred kilometres through Nigeria. Gold mineralisation is developed within an overturned sequence of metamorphosed, strongly foliated meta-sediments at the boundary between the basement biotite gneiss and calc-silicate and mylonitic biotite-garnet schists. A unit of massive to foliated granodiorite conformably intrudes the sequence between the quartzites and basement gneisses. Gold mineralisation is developed with steep west-dipping parallel lodes that comprise late-stage silica-altered zones that are commonly referred to as "veins" and which are restricted to the meta-sedimentary unit. Drilling Results The ongoing diamond drilling program that commenced is continuing to test the continuity of mineralisation following the down-plunge trend to the south. Drill sampling is being carried out using HQ diamond core. Half core samples are analysed by fire assay at the SROL Laboratory, which was established by MSA Laboratories at the Segilola Mine Site. The final assay results are an average of the primary assay result (Au1) and two additional fire assays of the same pulp (AuR1 and AuR2). Significant results that exceed three gram-metres (average grade x true width) are shown in Table 1. All results are tabled in Appendix 1. Figure 1: Longitudinal Section Showing Gram-Metre Contours and Drill Intercepts To view an enhanced version of this graphic, please visit: https://images.newsfilecorp.com/files/7003/308259_thor.jpg Drilling has focused on two main areas: the Northern Zone, where the targeted mineralisation forms the hanging wall lode, which is variable in geometry ranging from a vertical orientation to a prominent south-plunging orientation at depth, and the Southern Zone, where mineralisation is developed in both the shallow-plunging footwall zones and the hanging wall zones (Figure 1). The main shallow-plunging mineralised structure in the Southern Zone is typically more continuous, with true widths of 3-5m and a strike length of about 800m. Significant intersections from the current drilling include 1.6m grading 3.73g/t Au in drillhole SNMDD090. Figure 2: Longitudinal Section Showing Mineralisation Trends and Drill Intercepts To view an enhanced version of this graphic, please visit: https://images.newsfilecorp.com/files/7003/308259_thorimg2.jpg Table 1: Significant Drillhole Intersections (>3gram-metres, 0.5g/tAu cut off, Min. length 0.5m, Max. internal dilution 1m) Hole ID East North Depth  (m) Dip Azi-muth From  (m) To  (m) Interval  (m) Grade  (g/tAu) True Width (m) SNMDD089 4083 11797 368 -84 91 346.0 365.4 19.4 3.01 9.0 SNMDD090 4099 10749 278 -61 92 256.1 258.2 2.1 3.73 1.6 SNMDD097 4199 10469 210 -79 90 437.3 439.8 2.5 3.60 1.2 SNMDD098 4032 11724 485 -84 90 448.0 456.3 8.3 1.41 4.1 SNMDD101 4203 10448 231 -84 90 198.5 203.2 4.7 1.52 2.1 SNMDD107 4035 10833 382 -70 90 345.1 348.4 3.3 1.27 2.2 SNMDD114 4031 11756 442 -80 80 411.5 423.3 11.8 1.26 6.4 SNMDD125 4020 11783 420 -78 90 397.7 406.2 8.5 1.55 4.7 SNMDD128 4068 11823 390 -79 81 349.3 363.0 13.7 1.80 7.0 SNMDD129 4065 11849 429 -84 132 384.9 392.4 7.5 1.66 3.2 SNMDD138 4141 11605 174 -55 90 123.6 124.9 1.3 4.93 1.1 SNMDD141 3968 11264 420 -63 90 353.3 354.7 1.4 2.83 1.1 SNMDD144 4157 11542 155 -53 90 110.8 111.5 0.7 5.92 0.6 SNMDD150 4206 11690 89 -80 90 30.5 31.8 1.3 4.10 0.7 SNMDD165 4027 11936 327 -65 90 299.9 301.7 1.8 10.50 1.4 SNMDD166 4068 11843 321 -71 90 300.1 305.4 5.3 5.66 3.3 SNMDD170 4076 11899 372 -74 91 288.7 292.1 3.4 7.58 2.2 and 303.0 307 4.0 1.16 2.6 SNMDD171 3951 11221 480 -67 90 420.1 422.1 2.0 9.27 1.6 SNMDD178 4092 11959 276 -74 90 256.0 257.2 1.2 11.31 0.7 SNMDD179 4067 11864 334.4 -75 90 297.4 299 1.6 3..67 1.02 and 307.7 311 3.3 10.19 2.11 and 312.5 316 3.5 2.86 2.24   Figure 3: Selected Underground Drilling Cross Sections from Segilola Northern Zone To view an enhanced version of this graphic, please visit: https://images.newsfilecorp.com/files/7003/308259_thor3.jpg Figure 4: Selected Underground Drilling Cross Sections from Segilola Southern Zone To view an enhanced version of this graphic, please visit: https://images.newsfilecorp.com/files/7003/308259_thor4.jpg Conclusions The preliminary economic assessment (PEA) completed in 2018 included an "underground" indicated resource of 28,000 ounces grading 9.4g/t Au together with an inferred resource of 90,000 ounces grading 7.9g/t Au. A portion of this resource has since been incorporated within a larger open pit design. Given the fundamental change in the project economics brought about by the current record gold price, the Company will review the option of further extending the open pit prior to transitioning to an underground operation in the short term. It is anticipated that the current program will both upgrade the inferred resource below the pit and increase the size the overall of the resource, with the objective of increasing the life of mine at Segilola. Ongoing work streams will also incorporate geotechnical and metallurgical studies. Forward Programs The Group has engaged a mining consultancy to conduct a high-level review of the underground potential as well as potential open pit mine life extension at current compiled potential resources to support the continuation of the drilling program. The Group is now aiming to define an updated resource by the end of 2026. In addition to this, exploration activities were carried out on all the Group's licenses. A follow-up drilling program designed to test surrounding geochemical signatures and potential extensions along strike commenced during the period. Qualified Person The above information has been prepared under the supervision of Alfred Gillman (Fellow AusIMM, Chartered Professional), who is designated as a "qualified person" under National Instrument 43-101 and the AIM Rules and has reviewed and approves the content of this news release. He has also reviewed QA/QC, sampling, analytical and test data underlying the information. THOR EXPLORATIONS LTD. Segun Lawson President & CEO For further information, please contact: Thor Explorations Ltd Email: [email protected] Canaccord Genuity (Nominated Adviser & Broker) Henry Fitzgerald-O'Connor / James Asensio / Harry Rees Tel: +44 (0) 20 7523 8000 Hannam & Partners (Broker) Andrew Chubb / Matt Hasson / Jay Ashfield Tel: +44 (0) 20 7907 8500 BlytheRay (Financial PR) Tim Blythe / Megan Ray / Said Izagaren Tel: +44 207 138 3204 Yellow Jersey PR (Financial PR) Charles Goodwin / Shivantha Thambirajah Tel: +44 (0) 20 3004 9512 Cautionary Note Regarding Forward-Looking Statements Except for the statements of historical fact contained herein, the information presented constitutes "forward-looking statements" within the meaning of certain securities laws, and is subject to important risks, uncertainties and assumptions that could cause the actual results of the Company to differ materially form the forward-looking statements. Such forward-looking statements, including but not limited to, the Company's ability to fully finance the Project, to bring the Project into operation or to produce gold from the Project, and the use of the proceeds. The words "may", "could", "should", "would", "suspect", "outlook", "believe", "anticipate", "estimate", "expect", "intend", "plan", "target" and similar words and expressions are used to identify forward-looking information. The forward-looking information in this news release describes the Company's expectations as of the date of this news release and accordingly, is subject to change after such date. Readers should not place undue importance on forward-looking information and should not rely upon this information as of any other date. While the Company may elect to, it does not undertake to update this information at any particular time. Appendix 1: Drillhole Intersections (0.5g/tAu cut off, Min. length 0.5m, Max. internal dilution 1m) Hole ID East North Depth  (m) Dip Azi-muth From  (m) To  (m) Interval  (m) Grade  (g/tAu) True Width (m) SNMDD089 4083 11797 368.4 -84.0 91 346.0 365.4 19.4 3.01 9.0 SNMDD090 4099 10749 278.3 -61.5 92 256.1 258.2 2.1 3.73 1.6 SNMDD091 4218 10418 126.4 -55.0 90 93.8 94.5 0.7 2.10 0.6 SNMDD092 4048 11640 476.3 -84.0 90 nsr SNMDD093 4168 10503 218.6 -72.0 90 192.2 195.5 3.3 1.18 2.1 SNMDD094 4137 10601 243.3 -63.0 122 213.6 214.9 1.3 2.32 0.9 SNMDD095 4102 11639 330.2 -81.0 90 nsr SNMDD096 4020 11783 518.3 -83.0 90 nsr SNMDD097 4199 10469 209.7 -79.0 90 437.3 439.8 2.5 3.6 1.2 SNMDD098 4032 11724 485.4 -84.0 90 448.0 456.3 8.3 1.41 4.1 SNMDD100 4097 10748 347.6 -76.0 90 297.9 299.0 1.1 1.2 0.6 SNMDD101 4203 10448 230.9 -84.0 90 198.5 203.2 4.7 1.52 2.1 SNMDD102 3990 11103 407.3 -68.0 90 370.0 371.0 1 0.54 0.7 SNMDD104 4065 11864 386.5 -80.0 90 nsr SNMDD105 4102 10421 303.6 -74.0 90 284.4 287.0 2.6 0.68 1.5 SNMDD106 4009 11229 323.6 -62.0 90 290.1 291.1 1 0.68 0.8 SNMDD107 4035 10833 382.1 -70.0 90 345.1 348.4 3.3 1.27 2.2 SNMDD108 4188 10477 254.3 -84.0 90 223.4 227.0 3.6 0.66 1.7 SNMDD109 4015 11695 623.9 -87.0 130 nsr SNMDD110 4093 10708 332.9 -73.0 90 nsr SNMDD111 4092 10420 371.6 -75.0 142 nsr SNMDD112 4027 11227 326.6 -63.0 95 295.5 296.4 0.9 2.03 0.7 SNMDD114 4031 11756 441.9 -80.0 80 411.5 423.3 11.8 1.26 6.4 SNMDD115 4083 11797 338.4 -79.0 90 nsr SNMDD116 4093 10421 344.5 -62.0 132 307.0 308.0 1 0.7 0.6 SNMDD117 4034 11724 473.2 -78.0 90 383.0 384.0 1 0.88 0.6 SNMDD118 4010 10987 368.7 -64.0 105 nsr SNMDD120 4084 11797 293.4 -76.0 90 nsr SNMDD121 4033 10886 453.0 -63.0 90 331.0 334.6 3.6 0.72 2.6 SNMDD122 4104 11963 206.7 -64.0 90 nsr SNMDD124 4091 10421 304.1 -50.0 127 nsr SNMDD125 4020 11783 420.0 -78.0 90 397.7 406.2 8.5 1.55 4.7 SNMDD126 4107 12276 221.1 -66.0 90 nsr SNMDD128 4068 11823 390.1 -79.0 81 349.3 363.0 13.7 1.8 7.0 SNMDD129 4065 11849 428.5 -84.0 132 384.9 392.4 7.5 1.66 3.2 SNMDD130 4015 11687 587.5 -81.0 90 nsr SNMDD131 3993 11905 540.0 -82.0 90 nsr SNMDD132 4009 11740 539.7 -83.0 90 nsr SNMDD133 3995 11830 594.1 -85.0 90 561.0 564.0 3 1.06 1.3 SNMDD135 3963 11175 618.0 -81.0 90 nsr SNMDD137 3994 11905 468.0 -77.0 90 nsr SNMDD138 4141 11605 174.0 -55.0 90 123.6 124.9 1.3 4.93 1.1 SNMDD139 4092 11725 193.7 -44.0 90 156.2 157.2 1 0.83 0.9 SNMDD140 4096 11772 193.5 -45.0 90 nsr SNMDD141 3968 11264 420.0 -63.1 90 353.3 354.7 1.4 2.83 1.1 SNMDD142 4094 11712 200.6 -48.0 90 nsr SNMDD143 4094 11792 190.7 -45.0 105 nsr SNMDD144 4157 11542 154.9 -53.0 90 110.8 111.5 0.7 5.92 0.6 SNMDD145 4114 11648 290.0 -45.0 90 141.9 142.7 0.8 0.67 0.7 SNMDD146 4146 11585 173.3 -62.0 90 nsr SNMDD147 4109 11628 296.5 -50.0 90 151.3 152.7 1.4 0.87 1.3 SNMDD148 4026 11935 448.8 -78.0 90 nsr SNMDD149 4070 12196 347.7 -80.0 90 nsr SNMDD150 4206 11690 89.0 -80.0 90 30.5 31.8 1.3 4.10 0.7 SNMDD151 4195 11791 89.6 -65.0 90 34.0 34.8 0.8 1.48 0.6 SNMDD152 4198 11770 80.6 -70.4 91 29.3 35.0 5.7 0.55 3.7 SNMDD153 4205 11710 77.3 -70.0 90 24.0 25.9 1.9 1.76 1.2 SNMDD154 4202 11731 95.3 -80.0 90 nsr SNMDD155 4200 11750 80.7 -75.0 90 36.0 37.0 1 0.54 0.6 SNMDD156 3965 11264 440.3 -64.0 90 385.9 386.9 1 0.66 0.7 SNMDD157 4057 10674 461.7 -79.0 90 nsr SNMDD158 3981 11293 494.2 -76.0 90 nsr SNMDD159 4112 11522 284.3 -73.0 90 nsr SNMDD160 3922 11428 497.7 -70.3 91 nsr SNMDD162 3971 11263 359.3 -53.0 90 329.3 332.0 2.7 0.67 2.4 SNMDD163 3964 11243 475.2 -76.0 90 445.0 446.0 1 0.6 0.8 SNMDD164 4112 11526 419.9 -87.0 90 nsr SNMDD165 4027 11936 326.6 -65.0 90 299.9 301.7 1.8 10.5 1.4 SNMDD166 4068 11843 321.2 -71.0 90 300.1 305.4 5.3 5.66 3.3 SNMDD167 3962 11229 449.3 -66.0 90 396.0 397.0 1 1.92 0.7 SNMDD169 4111 11516 232.2 -59.0 90 nsr SNMDD170 4076 11899 372.0 -74.0 91 288.7 292.1 3.41 7.58 2.2 and 303.0 307 4.0 1.16 2.6 SNMDD171 3951 11221 480.0 -67.0 90 420.1 422.1 2 9.27 1.6 SNMDD172 4043 11452 322.1 -60.0 90 nsr SNMDD173 3982 11293 425.1 -70.0 90 nsr SNMDD174 3977 11027 392.8 -65.0 90 nsr SNMDD175 3968 11080 389.3 -60.0 90 355.35 358.3 2.95 0.61 2.5 SNMDD177 3966 11145 383.6 -62.0 90 352.2 355.6 3.4 0.87 2.7 SNMDD178 4092 11959 275.6 -74.0 90 256.0 257.2 1.2 11.31 0.7 SNMDD179 4067 11864 334.4 -75 90 297.4 299 1.6 3.67 1.02 and 307.7 311 3.3 10.19 2.11 and 312.5 316 3.5 2.86 2.24   NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. WIRE SERVICES To view the source version of this press release, please visit https://www.newsfilecorp.com/release/308259