Slide 1: Thor Explorations Q3 2025 Results
AIM: THX.L TSXV: THX.V THOR EXPLORATIONS Q3 2025 RESULTS Thor Explorations Announces Third Quarter 2025 Financial and Operating Results, for the Three Months Ending September 30, 2025
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
Slide 4: Corporate Snapshot
CORPORATE SNAPSHOT Capitalisation 12 Month Share Price Performance (CAD) Basic Shares Outstanding 665,297,482 Options & Warrants Outstanding - Fully Diluted Shares Outstanding 665,297,482 Share Price (TSX.V: THX) CAD 1.19 Share Price (AIM: THX) GBP 0.635 Basic Market Cap CAD 791.70m Top Institutiona
Slide 5: CEO Statement
CEO STATEMENT Segun Lawson, President & CEO, stated: Outlook: I am pleased to state that we delivered another solid, successful profitable quarter, with strong production at Segilola. • Production guidance narrowed to 90,000–95,000 oz for 2025 We are now on track and well positioned to end the year
Slide 6: Q3 2025 Financial Highlights
Q3 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 3,187 3,535 Gold sold AISC Cash operating costs EBITDA/oz C$0.0125 to be pai
Slide 7: Q3 2025 Operational Summary
Q3 2025 OPERATIONAL SUMMARY Mining Units Q3 – Q4 – Q1 – Q2 – Q3 – 2024 2024 2025 2025 2025 Total Mined Tonnes 4,024,002 3,781,881 2,889,975 2,756,363 2,511,593 Waste Mined Tonnes 3,668,487 3,398,182 2,630,179 2,513,901 2,125,035 Ore Mined Tonnes 355,515 383,699 272,375 242,461 386,558 Grade g/t Au 2
Slide 8: Q3 2025 Social Responsibility & Community Development
Q3 2025 SOCIAL RESPONSIBILITY & COMMUNITY DEVELOPMENT GHG emissions: Completion of school 1 LTI 11,457 tCO₂e (↑ due to scholarship programme and injury higher equipment use) Segilola Women’s Initiative (LTIFR: 0.52 | Target: 0.30) Construction started on community school redevelopment Water intensit
Slide 9: Segilola Underground Exploration
SEGILOLA UNDERGROUND EXPLORATION A diamond drilling program continued during Q3 2025 to test the depth extensions of the Segilola deposits Continued successful drilling of mineable intersections below the pit. Well constrained mineralised lodes being defined in the northern and the southern zones On
Slide 10: Nigeria Regional Exploration
NIGERIA REGIONAL EXPLORATION • Satellite targets within a 50km radius of Segilola plant being tested with follow up drilling • Drilling is ongoing and has been designed to test strike and plunge extension at the Igila Prospect and Southern Prospects • Soil geochemistry target generation within the 5
Slide 11: Senegal – Douta Project
SENEGAL – DOUTA PROJECT Strategic land-holding in prolific gold region- Kéniéba Inlier Existing global resource of 1,780,000 ounces 874,900oz @ 1.3g/tAu Indicated Work streams in support of a Preliminary Feasibility Study (“PFS”) being finalized with PFS to be released in Q4 2025 www.thorexpl.com |
Slide 12: Douta Project Expansion
DOUTA PROJECT EXPANSION Acquisition of Bousankhoba Permit • Acquisition of an acquired an initial 65% stake in the Bousankhoba Exploration Permit EL02254, an early-stage gold exploration permit contiguous to the east of the Company's Douta West permit • Characterised by 30km of continuous soil geoch
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 Advanced Exploration Project acquired from Endeavour Mining Corporation • Over 11,000 metres of historical drilling • Drilling highlights include: • 12m grading at 10.4g/tAu, • 16m grading at 7.90g/tAu, • 24m grading at 2.02g/tAu and • 16m grading at 2.25g/tAu • During
Slide 15: 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 plunge • Only small area of geochemical anomaly tested through drilling • Drill programs planned for Q4 2025 and to continue for 7 months www.thorexpl.co
Slide 16: 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
Slide 17: FY 2025 Outlook & Catalysts
FY 2025 OUTLOOK & CATALYSTS • FY 2025 production guidance range narrowed to upper half at 90,000 to 95,000 oz of gold • FY 2025 All-in Sustaining Cost (“AISC”) guidance range narrowed to $900 to $1,000 per ounce • Positioned for financially robust final quarter • Drilling programs across all the Com
Slide 18: 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 19: Appendix
APPENDIX
Slide 20: 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 21: 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