Thor Explorations (THX) investor relations material

Strategic positioning and project portfolio

• Advancing gold and lithium projects across Nigeria, Senegal, and Côte d'Ivoire, with a focus on organic growth through exploration and high-margin gold production.

• Segilola Gold Project in Nigeria produced 91,910 oz in 2025, with 2026 guidance of 75,000–85,000 oz at an AISC of $1,000–$1,200/oz.

• Douta Gold Project in Senegal holds a global resource of 1.97 Moz Au and a probable reserve of 1.2 Moz at 1.03 g/t, with a PFS NPV5% of $908M at $3,500/oz gold.

• Côte d'Ivoire portfolio includes the Guitry and Marahui projects, with ongoing exploration and drilling to define maiden resources.

• Over 600 sq km of lithium exploration tenure in Nigeria, with drilling programs pending.

Financial and operational performance

• 2025 revenue reached $108M, with a year-end cash balance of $137M and bullion inventory of 3,188 oz.

• EBITDA per ounce ranged from $818 to $1,022 across 2025 quarters, reflecting efficient cost management.

• $32M in dividends paid in 2025, with a quarterly dividend of C$0.0125 and a Q4 bonus dividend of C$0.015 per share.

• Working capital surplus grew throughout 2025, with adjusted net cash rising to $164.8M by year-end.

• Q4 2025 saw strong operational metrics, including 23,719 oz gold poured and 242,182 tonnes processed at 3.31 g/t Au.

Exploration and development highlights

• Segilola Q1 2026: 20,256 oz gold poured, 15,417 oz sold at $4,829/oz, and a cash balance of $154M.

• Underground drilling at Segilola continues to intersect high-grade mineralization, supporting mine life extension.

• Nigeria regional exploration targets near-mine and deeper resources, with multiple high-grade intercepts reported.

• Douta Project in Senegal expanded indicated resources by 94% since 2023, now at 1.7 Moz Au.

• Douta PFS outlines a 12.6-year mine life, $254M initial capex, and 61% post-tax IRR at $3,500/oz gold.