Slide 1: Thor Explorations Corporate Presentation Q1 2026
AIM: THX.L TSXV: THX.V THOR EXPLORATIONS Corporate Presentation Q1 2026
Slide 2: Disclaimer
DISCLAIMER Certain statements contained in this presentation, including all statements that are not historical facts, contain forward-looking statements and forward-looking information within the meaning of applicable securities laws. Such forward-looking statements or information include, but are n
Slide 3: Overview
OVERVIEW • Advancing Projects in three West African Countries • Positioned for organic growth through exploration • Shareholder value underpinned by high margin gold production Segilola Gold Project, Nigeria Cote d’Ivoire • DFS open pit reserve of 518,000@ 4.2g/tAu • Acquisition of prospective Birim
Slide 4: Corporate Snapshot
CORPORATE SNAPSHOT Capitalisation YTD 2026 Share Price Performance (CAD) Basic Shares Outstanding 666,573,136 Options & Warrants Outstanding - Fully Diluted Shares Outstanding 666,573,136 Share Price (TSX.V: THX) CAD 1.53 Share Price (AIM: THX) GBP 0.81 Basic Market Cap CAD 1.02bn Top Institutional
Slide 5: 2025 Financial Highlights
2025 FINANCIAL HIGHLIGHTS Delevered balance sheet and working capital inflection from same time last year Strong revenues Efficient cost profile and margins Q3 2025 quarterly dividend of Revenue Profit Average gold price Gold sold Cash operating costs C$0.0125 paid in 4,190 AISC EBITDA/oz November 2
Slide 6: Q4 2025 Operational Summary
Q4 2025 OPERATIONAL SUMMARY Units Q4 –2025 Q3 –2025 Q2 –2025 Q1 –2025 Q4 – 2024 Q3 – 2024 Q2 –2024 Q1 - 2024 Mining Total Mined Tonnes 2,185,527 2,533,410 2,756,362 2,874,533 3,781,881 4,024,002 4,710,220 4,939,647 Waste Mined Tonnes 1,604,912 2,146,852 2,513,901 2,602,158 3,398,182 3,668,487 4,171,
Slide 7: Segilola Q1 2026 Operating Highlights
SEGILOLA Q1 2026 OPERATING HIGHLIGHTS Segilola Q1 2026 Production Highlights • Q1 gold poured of 20,256 ounces (“oz”) • Q1 gold sold of 15,417 oz at an average realized price of $4,829 per oz • Q1 cash balance of $154 million and gold bullion inventory of 4,000 oz for an adjusted net cash position o
Slide 8: Segilola Underground Exploration
SEGILOLA UNDERGROUND EXPLORATION Hole ID Depth From To Interval Grade A diamond drilling program (m) (m) (m) (m) (g/tAu) utilising six rigs is ongoing with SNMDD081 353 327 329 1.7 3.07 continued successful drilling SNMDD083 314 290 291 1.0 1.02 of mineable intersections SNMDD083 296 299 2.7 1.08 SN
Slide 9: Nigeria Regional Exploration
NIGERIA REGIONAL EXPLORATION • Exploration in Nigeria aimed at extending the Segilola mine life remains a key priority for the Company. • The Company has had six drilling rigs carrying out exploration, testing deeper targets underneath the Segilola pit. • In 2025, the Company was successful in inter
Slide 10: Senegal Douta Project
SENEGAL DOUTA PROJECT Strategic land-holding in prolific gold region- Kéniéba Inlier - Organically developed from grassroots, with the first discovery drill hole drilled by the Company in 2012 - Drilled over 133,000 metres in Douta and Douta-West Permits - Discovery cost of approximately US$8.5 per
Slide 11: Douta Project: PFS Summary
DOUTA PROJECT: PFS SUMMARY 12.6 Years US$254m 11 Months 61% Initial Project Payback Period Post Tax IRR at Mine Life Capital at $3,500/oz Au $3,500/oz Au 411koz 1.21Moz US$633m US$908m Total Production Probable Post Tax NPV Pre Tax NPV at (Years 1-4) Reserves at $3,500/oz Au $3,500/oz Au • Two phase
Slide 12: Douta Project: Existing Resource
DOUTA PROJECT: EXISTING RESOURCE Classification Deposit Tonnage Grade Contained Gold Thor (MT) (g/t Au) (Moz) Interest % Indicated Makosa North 9.9 1.08 0.34 100 Indicated Makosa 20.6 1.06 0.70 100 Indicated Makosa East 8.3 0.92 0.25 100 Indicated Makosa Tail 10.6 1.03 0.35 100 Indicated Baraka 3 1.
Slide 13: Douta Project: Exploration Upside Potential
DOUTA PROJECT: EXPLORATION UPSIDE POTENTIAL • H1 2026 40,000 metre drilling program designed on five targets in Douta West Permit and seven target areas in Bousankhoba Permit • Targeted and anticipated extension of Oxide Ore Phase prior to completion of construction www.thorexpl.com | AIM: THX.L | T
Slide 14: Douta Project: Next Steps & Development Plan
DOUTA PROJECT: NEXT STEPS & DEVELOPMENT PLAN Fast Track Development Timeline • Ongoing 40,000 metre drilling program targeted at increasing oxide reserves and extending Oxide Ore Phase • Updated Feasibility Study in Q3 to include updated oxide reserves following completion of drilling program • Orde
Slide 15: Côte d'Ivoire Portfolio
CÔTE D’IVOIRE PORTFOLIO Key Highlights • Low-cost entry into Cote D’Ivoire • Acquisition of prospective Birimian Greenstone exploration tenure • The country hosts over 30% of West Africa’s greenstone belts • Underexplored emerging gold mining jurisdiction • Modern transparent mining code • Several w
Slide 16: Côte d'Ivoire: Guitry Project
CÔTE D’IVOIRE: GUITRY PROJECT • Over 11,000 metres of historical drilling • 4,604m in 41 holes drilled by the Company in 2025. • This drilling campaign has intersected and confirmed previously untested deeper bedrock mineralisation, which remains open www.thorexpl.com | AIM: THX.L | TSXV: THX.V 16
Slide 17: Côte d'Ivoire: Guitry Project
CÔTE D’IVOIRE: GUITRY PROJECT • Several high- grade mineralized lodes delineated through drilling • All lodes remain open in along strike and down www.thorexpl.com | AIM: THX.L | TSXV: THX.V 17
Slide 18: Côte d'Ivoire: Marahui Project
CÔTE D’IVOIRE: MARAHUI PROJECT Ekra Target Ekra prospect with high-grade surface values. Legend Detailed mapping and a permit-wide soil geochemical sampling program undertaken to define drill targets Soil anomalies confirmed with high-grade rock chip values along a 5km NW structure including 2
Slide 19: Côte d'Ivoire: Marahui Project
CÔTE D’IVOIRE: MARAHUI PROJECT • Drilling program ongoing across entire strike length • Drilling design to test both parallel structures • Results expected in Q2 2026 www.thorexpl.com | AIM: THX.L | TSXV: THX.V 19
Slide 20: 2026 Outlook: High Margin Production with Exploration Upside
2026 OUTLOOK: HIGH MARGIN PRODUCTION WITH EXPLORATION UPSIDE • Production guidance of 75,000-85,000 oz for 2026 with an AISC guidance of US$1,000 - $1,200 per oz. • Exploration expenditure guidance of US$9 million - $11 million in Nigeria, US$10 million - $12 million in Senegal, and US$8 million - $
Slide 21: www.thorexpl.com
FOR ADDITIONAL INFORMATION, PLEASE VISIT: WWW.THOREXPL.COM E-mail enquiries Info@thorexpl.com Ibu Lawson - Business Development and Investor Relations Manager Ibu.lawson@thorexpl.com Ibu Lawson - VP Corporate Development Thor Explorations Ltd. +1 (778) 373-0102 info@thorexpl.com 4th Floor 32 Wigmore
Slide 22: Appendix
APPENDIX
Slide 23: Board of Directors
BOARD OF DIRECTORS Segun Lawson Adrian Coates Chief Kayode Aderinokun Folorunso “Folli” Adeoye Dr. Julian Barnes Collin Ellison, BSc, CEng Franklin Edochie Chief Executive Officer, Non-Executive Chairman Non-Executive Director Non-Executive Director Non-Executive Director Non-Executive Director Non-
Slide 24: Executive Management
EXECUTIVE MANAGEMENT Segun Lawson James Philip Chris Omo-Osagie Alfred Gillman Louise Porteus Ettienne Du Plessis Chief Executive Officer, Chief Operations Officer Chief Financial Officer Group Exploration Environmental and Social General Manager President and Director Manager Manager James is a hig