Thor Explorations Announces First Quarter 2026 Financial and Operating Results, for the Three Months Ending March 31, 2026

Vancouver, British Columbia--(Newsfile Corp. - May 19, 2026) - Thor Explorations Ltd. (AIM: THX) (TSXV: THX) ("Thor Explorations", "Thor", the "Group" or the "Company") is pleased to provide an operational and financial review for its Segilola Gold mine, located in Nigeria ("Segilola"), and for the Company's mineral exploration properties located in Nigeria, Senegal and Cote D'Ivoire for the three months to March 31, 2026 (the "Quarter", the "Period" or "Q1").

The Company's Unaudited Condensed Consolidated Financial Statements together with the notes related thereto, as well as the Management's Discussion and Analysis for the three months ended March 31, 2026, are available on Thor Explorations' website at:

https://thorexpl.com/investors/financial-statements/

All figures are in US dollars ("US$") unless otherwise stated.

Q1 2026 Financial Highlights

• 15,417 ounces ("oz") of gold sold (Q1 2025: 22,750 oz) with an average gold price of US$4,820 per oz (Q1 2025: US$2,720).

• Cash operating cost of US$672 per oz sold (Q1 2025: US$711) and all-in sustaining cost ("AISC") of US$936 per oz sold (Q1 2025: US$950).

• Revenue of US$74.3 million (Q1 2025: US$64.0 million).

• EBITDA of US$55.8 million (Q1 2025: US$43.6 million).

• Net Income of US$46.7 million (Q1 2025: US$34.4 million).

• Adjusted Net Cash of US$177.9 million (Q1 2025: US$24.7 million).

• Quarterly dividend and bonus dividend of CAD$0.0275 per share paid.

Operational Highlights

Segilola Production

• Gold poured totalled 20,256 oz during Q1 2026 (Q1 2025: 22,790 oz).

• 18,199 oz (Q1 2025: 22,594 oz) recovered with a recovery rate of 93.1% (Q1 2025: 93.7%).

• 239,644 total tonnes ("t") of ore processed over Q1 2026 at a grade of 2.54 grammes per tonne ("g/t") of gold ("Au").

• Total ore mined of 459,246 t at a grade of 1.58 g/t Au during the Quarter.

Segilola Exploration

• Work continues to focus on extending the mine life of Segilola. A diamond drilling program with six drilling rigs continued during the Quarter to test the depth extensions of the Segilola deposits. Initial results are expected to be published during Q2 2026.

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