Slide 1: Q2 2026 Financial & Operating Results
AIM THX.L | TSXV THX.V CORPORATE PRESENTATION Q2 2026 Financial & Operating Results THOR EXPLORATIONS Gold production • development • exploration AUGUST 2026
Slide 2: Overview
AIM THX.L | TSXV THX.V OVERVIEW • Advancing projects in three West African Countries with projects diversified by stage of development • Positioned for organic growth through exploration Douta Project • Shareholder value underpinned by high margin gold production Boundiali Project Marahui & Laoudiba
Slide 3: Corporate Snapshot
AIM THX.L | TSXV THX.V CORPORATE SNAPSHOT CAPITALISATION 1M SHARE PRICE Basic Shares Outstanding 666,573,136 Options & Warrants Outstanding - Fully Diluted Shares Outstanding 666,573,136 Share Price (TSX.V: THX) CAD 1.13 Share Price (AIM: THX) GBP 59.20 Basic Market Cap CAD 733.28M TOP INSTITUTIONAL
Slide 4: Q2 2026 Operating Highlights
AIM THX.L | TSXV THX.V Q2 2026 OPERATING HIGHLIGHTS Q2 2026 OPERATIONAL SUMMARY Units Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Mining Total Mined Tonnes 1,134,66 1,542,501 2,185,527 2,533,410 2,756,362 Waste Mined Tonnes 644,942 1,083,255 1,604,912 2,146,852 2,513,901 Ore Mined Tonnes 489,704 459,246
Slide 5: Q2 2026 Financial Highlights
Q2 2026 FINANCIAL HIGHLIGHTS AIM THX.L | TSXV THX.V HIGH-MARGIN CASH GENERATION STRONG BALANCE SHEET Strong revenues Efficient cost profile and margins Q2 2026 quarterly dividend Revenue Profit Average gold price Gold sold Cash operating costs AISC EBITDA/oz of C$0.0125 per share 4,190 25,900 19,650
Slide 6: Segilola Q2 2026 Operating Summary
SEGILOLA Q2 2026 OPERATING SUMMARY AIM THX.L | TSXV THX.V THOR EXPLORATIONS • Q2 2026 CORPORATE PRESENTATION
Slide 7: Valuation – Peer Group Benchmarking
VALUATION – PEER GROUP BENCHMARKING THX TRADES BELOW PEER AVERAGES AIM THX.L | TSXV THX.V Company FY1 P/E FY2 P/E Company FY1 EV/EBITDA FY2 EV/EBITDA Company P/NAV 2027 CGe PRU AU 12.0 9.9 PRU AU 6.1 4.8 PRU AU 0.77x EDV CN 9.3 7.5 PAF LN 5.6 4.9 EDV CN 0.71x CMCL LN 8.4 7.8 PDI AU 4.7 2.9 PAF LN 0.
Slide 8: Segilola Upside Potential – Underground Drilling Results
SEGILOLA UPSIDE POTENTIAL – UNDERGROUND DRILLING RESULTS AIM THX.L | TSXV THX.V SEGILOLA UNDERGROUND EXPLORATION THOR EXPLORATIONS • CORPORATE PRESENTATION 1
Slide 9: Segilola Upside Potential – Underground Drilling Results
SEGILOLA UPSIDE POTENTIAL – UNDERGROUND DRILLING RESULTS AIM THX.L | TSXV THX.V SEGILOLA UNDERGROUND EXPLORATION Cross sections from Segilola Northern HIGH-GRADE and Southern MINERALISATION Zones BELOW THE show PIT • OPEN AT significant upside potential DEPTH • UNDERGROUND MINE-LIFE EXTENSION POTENT
Slide 10: Senegal – Douta Project
SENEGAL – DOUTA PROJECT AIM THX.L | TSXV THX.V SENEGAL DOUTA PROJECT DISTRICT-SCALE GOLD PROJECT ON THE CUSP OF FINAL INVESTMENT DECISION Growing into a district scale project with over 40km of mineralisation Strategic land-holding in prolific gold region- Kéniéba Inlier - Organically developed from
Slide 11: Douta Project Preliminary Feasibility Study Results
SENEGAL – DOUTA PROJECT PRELIMINARY FEASIBILITY STUDY RESULTS AIM THX.L | TSXV THX.V 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 1.21 Moz US$633m US$908m Total Production Probable Post
Slide 12: Douta Project: Existing Resource
AIM THX.L | TSXV THX.V DOUTA PROJECT: EXISTING RESOURCE Classification Deposit Tonnage Grade Contained Thor (MT) (g/t Gold Interest Au) (Moz) % Makosa Indicated: 1.640 koz @ Indicated Makosa 9.9 1.08 0.34 100 Inferred: 280 koz @ North 34.0m @ 1.68 g/t from 0.0m - DTRC1012 Indicated Makosa 20.6 1.06
Slide 13: Douta Project: Baraka Intercepts
AIM THX.L | TSXV THX.V DOUTA PROJECT: BARAKA 3 INTERCEPTS DWRC252 DWRC543 DWRC493 48.0m @ 1.2 g/t from 36.0m 11.0m @ 1.39 g/t from 24.0m 7.0m @ 4.28 g/t from 122.0m Incl. 2.0m @ 6.04 g/t from 70.0m Incl. 2.0m @ 2.9 g/t from 31.0m Incl. 4.0m @ 6.65 g/t from 124.0m DWRC206 DWRC390 26.0m @ 1.73 g/t fro
Slide 14: Douta Project: Makosa Intercepts
AIM THX.L | TSXV THX.V DOUTA PROJECT: MAKOSA INTERCEPTS DTRC640 DTRC1156 DTRC023 29.0m @ 4.22 g/t from 41.0m DTRC649 32.0m @ 1.47 g/t from 34.0m 11.0m @ 8.05 g/t from 0.0m Incl. 6.0m @ 16.29 g/t from 42.0m 22.0m @ 1.43 g/t from 6.0m Incl. 4.0m @ 4.28 g/t from 52.0m Incl. 8.0m @ 10.85 g/t from 2.0m 2
Slide 15: Douta Project: Additional Exploration Upside Potential
AIM THX.L | TSXV THX.V DOUTA PROJECT: ADDITIONAL 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
Slide 16: Douta Project: Next Steps & Development Plan
DOUTA PROJECT: NEXT STEPS & DEVELOPMENT PLAN AIM THX.L | TSXV THX.V ADVANCING TOWARD DEVELOPMENT Advanced Stage of Development Timeline • Currently completing 40,000 metre drilling program targeted at increasing oxide reserves and extending • Final stages of financing parties with target close in Q2
Slide 17: Cote d'Ivoire Portfolio
COTE D’IVOIRE PORTFOLIO AIM THX.L | TSXV THX.V GROWING LICENCE PORTFOLIO OF PROSPECTIVE EXPLORATION GROUND 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 • Underexpl
Slide 18: Guitry Project - Cote d'Ivoire
GUITRY PROJECT - COTE D’IVOIRE AIM THX.L | TSXV THX.V EXTENSIVE MINERALISED FOOTPRINT DELINEATED THROUGH AUGER DRILLING 1 1km 2 • Six soil 3 geochemistry drilling targets delineated through auger drilling • This follows previous drilling campaign in Krakouadiokro area • Infill auger drilling campaig
Slide 19: Marahui Project - Cote d'Ivoire
MARAHUI PROJECT - COTE D’IVOIRE AIM THX.L | TSXV THX.V ONGOING RC DRILLING PROGRAM TO TEST SOIL GEOCHEMISTRY TARGETS ▪ 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 confi
Slide 20: 2026 Outlook – High Margin Gold Production, Project Development & Exploration Upside
AIM THX.L | TSXV THX.V 2026 OUTLOOK – HIGH MARGIN GOLD PRODUCTION, PROJECT DEVELOPMENT & EXPLORATION UPSIDE EXTENSIVE MINERALISED FOOTPRINT DELINEATED THROUGH AUGER DRILLING • Production guidance of 75,000-85,000 oz for 2026 with an AISC guidance of US$1,000 - $1,200 per oz. • Targeting an extension
Slide 21: For Additional Information, Please Visit
AIM THX.L | TSXV THX.V FOR ADDITIONAL INFORMATION, PLEASE VISIT: 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 4th Floor 32 Wigmore Street, Lon
Slide 22: Appendix
AIM THX.L | TSXV THX.V APPENDIX THOR EXPLORATIONS • CORPORATE PRESENTATION 11
Slide 23: Board of Directors
BOARD OF DIRECTORS AIM THX.L | TSXV THX.V 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-