Slide 1: West African Gold Producer Investor Presentation
WEST AFRICAN GOLD PRODUCER INVESTOR PRESENTATION JULY 2025 AIM: THX.L TSXV: THX.V
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 3 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 Birimian tenure
Slide 4: Corporate Snapshot
CORPORATE SNAPSHOT Capitalisation 12 Month Share Price Performance Basic Shares Outstanding 664,334,710 Options & Warrants Outstanding 0 Fully Diluted Shares Outstanding 664,334,710 Share Price (TSX.V: THX) CAD 0.78 Share Price(AIM: THX) GBP 0.42 Basic Market Cap CAD 518.93m Top Institutional Invest
Slide 5: Introduction
INTRODUCTION
Slide 6: Segilola Gold Mine – Key Q1 2025 Highlights
SEGILOLA GOLD MINE – KEY Q1 2025 HIGHLIGHTS Gold Poured 22,790 ounces ➢ Quarterly production in line with guidance Gold Sold ➢ Increasing cash flows 22,750 ounces and cash balances Group Revenue ➢ Completely unhedged US$64.1m with no senior debt ➢ Returning funds to Group AISC shareholders with US$9
Slide 7: Q2 2025 Production Summary
Q2 2025 PRODUCTION SUMMARY Units Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Mining Total Mined Tonnes 2,756,363 2,874,533 3,781,881 4,024,002 4,710,220 Waste Mined Tonnes 2,513,901 2,602,158 3,398,182 3,668,487 4,171,122 Ore Mined Tonnes 242,461 272,375 383,699 355,515 491,935 Grade g/t Au 3.02 2.42 2.
Slide 8: Segilola Underground Exploration
SEGILOLA UNDERGROUND EXPLORATION Initial 12-hole drilling program was designed to test continuation of mineralization Initial program and proof of concept successful in testing mineralisation High grade mineralisation intersected over 140 metres below designed final pit profile Optimisation studies
Slide 9: Nigeria Regional Exploration
NIGERIA REGIONAL EXPLORATION • Several areas for follow up exploration identified • Increased exploration budget for 2025 • Purchase of own drilling rigs to enable flexible, low cost and faster exploration • New area of interest assembled based on extensive gold anomalism with exploration ongoing ww
Slide 10: Senegal – Douta Project
SENEGAL – DOUTA PROJECT Strategic land-holding in prolific gold region - Kéniéba Inlier • Two gold exploration permits, E02038 and E03709 Kéniéba Inlier • >40Moz gold endowment Sadiola and Loulo deposits >10Moz each Strategic land-holding in Kéniéba Inlier • Mining leases straddles the major structu
Slide 11: Douta Project
DOUTA PROJECT Global resource of 1,780,000 ounces 874,900oz @ 1.3g/tAu Indicated • Work streams in support of a Preliminary Feasibility Study (“PFS”) advanced • Further drilling within Makosa East and Makosa North pit shells ongoing in order to convert additional inferred c material to be included i
Slide 12: Baraka 3 Discovery
• Identification of 3km long gold bearing structure confirmed by mapping, soil BARAKA 3 DISCOVERY geochemistry and rock chip sampling Wide, shallow high grade discovery • Rock chip results include 9.46g/t, 6.91g/t, 3.67g/t, and 2.78g/t • Two discovery holes been drilled: o Hole DWRC134: 17m @ 1.26g/
Slide 13: 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 14: Côte d'Ivoire - Guitry Project
CÔTE D’IVOIRE - GUITRY PROJECT ▪ Large gold system anomaly highlighted (8.5km long, 4km width area) including Advanced Exploration Project acquired from 4.5km² soil anomaly >50ppb Au. Endeavour Mining Corporation ▪ Three main mineralisation clusters 8.5km highlighted where Trenches and drilling Clus
Slide 15: Côte d'Ivoire - Guitry Project: 2025 Maiden Drilling Results
CÔTE D’IVOIRE - GUITRY PROJECT THOR 2025 MAIDEN DRILLING RESULTS • 3,000 metre program completed in Q2 2025 • Drilling highlights include: • 14m @ 2.59 g/t and 17m @ 2.16 g/t, both from surface • 10m @ 10.36 g/t Au from 57m • 5m @ 12.65 g/t Au from 69m • 7m @ 7.71 g/t Au from 77m • 13m @ 3.46 g/t Au
Slide 16: Côte d'Ivoire - Guitry Project: Maiden Drilling Results
CÔTE D’IVOIRE - GUITRY PROJECT THOR 2025 MAIDEN DRILLING RESULTS Targets remain open along strike and at depth • Systematic drilling to continue in late Q3 2025 • Further drilling will target Krakouadiokro and Gbaloukro Prospects that are untested • Exploration targets remain open • Maiden resource
Slide 17: Côte d'Ivoire - Marahui Project
CÔTE D’IVOIRE - MARAHUI PROJECT Ekra Prospect PR902 Exploration License 12Km Greenstone HOST ROCK 5km strike confirmed by rock results • 250 sq. km permit - Activities commenced in Q4 2024 • Detailed mapping and a permit-wide soil geochemical sampling program undertaken to define drill targets • Ekr
Slide 18: FY 2025 Outlook & Catalysts
FY 2025 OUTLOOK & CATALYSTS • On track for annual production guidance of 85,000-95,000 oz and AISC guidance of US$ $800 - $1,000 per oz • Robust free cash flow generation and growing net cash position • Committed to returning funds to shareholders in a sustainable manner • Increased Exploration expe
Slide 19: 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 Thor Explorations Ltd. Ibu Lawson - VP Corporate Development +1 (778) 373-0102 info@thorexpl.com 4th Floor 32 Wigmore
Slide 20: Appendix
APPENDIX
Slide 21: Board of Directors
BOARD OF DIRECTORS Segun Lawson Adrian Coates Chief Kayode Aderinokun Folorunso “Folli” Adeoye Dr. Julian Barnes Collin Ellison, BSc, CEng Non- Franklin Edochie Chief Executive Officer, Non-Executive Chairman Non-Executive Director Non-Executive Director Non-Executive Director Executive Director Non
Slide 22: Executive Management
EXECUTIVE MANAGEMENT Segun Lawson James Philip Chris Omo-Osagie Alfred Gillman Louise Porteus Ettienne Du Plessis General Chief Executive Officer, Chief Operations Officer Chief Financial Officer Group Exploration Manager Environmental and Social Manager President and Director Manager Segun has been