Vancouver, British Columbia--(Newsfile Corp. - July 16, 2026) - Thor Explorations Ltd. (TSXV: THX) (AIM: THX) ("Thor Explorations" or the "Company") is pleased to provide its second quarter 2026 interim operational update for the Segilola Gold Mine, located in Nigeria ("Segilola"), and for the Company's mineral exploration properties located in Nigeria, Senegal and Côte d'Ivoire, for the three months to June 30, 2026 (the "Quarter" or "Q2").
Segilola Q2 Highlights
Q2 gold poured of 19,153 ounces ("oz")
Gold sales in Q2 2026 of 17,050oz at an average realised price of US$4,535 resulting in revenue of $77.3 million
Gold produced from 240,769 tonnes milled at an average grade of 2.57 grammes per tonne ("g/t") of gold
Process plant recovery at 93.3%
Mine production of 1,134,646 tonnes at an average grade of 1.54 g/t of gold for 24,279 oz
Ore stockpile increased by 4,374oz to 58,431oz of gold at an average grade of 0.74 g/t
Gold in circuit ("GIC"), reduced by 583oz to 2,486oz of gold
Gold doré inventory of 5,571oz
Q2 cash balance of $207.5 million and gold bullion inventory of 4,514oz for an adjusted net cash position of $225.6 million
FY 2026 Outlook and Catalysts
FY 2026 production guidance range maintained at 75,000 to 85,000 oz of gold
FY 2026 All-in Sustaining Cost guidance range maintained at $1,000 to $1,200 per oz
Over 20,000 metres of drilling programs carried out across the Company's exploration portfolio with results to be released in the current period. Drilling activities include:
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Segilola: continuation of underground exploration drilling program targeting additional resource definition during 2026
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Nigeria: continuation of scout drilling programs on identified near-mine and regional targets
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Senegal (Douta Project):
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Infill drilling at Makosa North, Makosa East and Baraka 3 targeted at converting inferred resources to indicated resources
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Drilling program in Bousankhoba licence to delineate scale of opportunity and potentially include additional resources in the Douta Preliminary Feasibility Study ("PFS") mine plan
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Further reverse circulation ("RC") drilling targeting additional oxide resources
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Target updated Douta Mineral Resource Estimate by the end of the year to be used for an optimised Preliminary Feasibility Study
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Côte d'Ivoire: Guitry, Marahui and Boundiali licenses, continuation of geochemical work programs and initial drill programs on identified targets with results from the Guitry and Marahui licence to be released early in Q3 2026.
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Advanced ongoing discussions with the Government of Senegal regarding the Mining Convention expected to be completed during Q3 2026 in parallel to the Company's objective of reaching Final Investment Decision.