Thor Explorations : Announces Second Quarter 2021 Financial and Operating Results for the Three and Six Months Ended June 30, 2021

Vancouver - Thor Explorations Ltd. (TSXV: THX) (AIM: THX) ('Thor Explorations' or the 'Company') is pleased to provide an operational and financial review for its mineral properties located in Nigeria, Senegal and Burkina Faso for the three and six months to 30 June 2021 ('Q2 2021') (altogether the 'Period').

Operational Highlights of the Period

Operational milestones at the Company's Segilola Gold Project (the 'Segilola Project' or the 'Project') were achieved in this Period including the arrival and phased installation of the process plant equipment

Process plant equipment, including the SAG and Ball Mills, was delivered to site and installation commenced

Mining operations advanced in this Period, including site preparation, advanced work at the Tailings Management Facility and Water Storage Dam and the arrival of contract mining fleet to site

1,565,505 Lost Time Injury ('LTI') free shifts at the end of Q2 2021

Protocols introduced to prevent the introduction of Covid-19 cases at site continue with no reported cases reported to date

Recruitment for our technical team for survey, mine engineering and grade control were enhanced during the Period and the core of the process plant team are now in place

Commenced trading on the AIM Market of the London Stock Exchange

Post Period Highlights

First gold poured at the Segilola Mine on 30 July 2021

Ramp up to commercial production remains on schedule for Q3 2021

72,000 tons of ore mined and stockpiled at Segilola

The Segilola Project remains LTI free

Completion of 4,000 metre Reverse Circulation drilling program at Segilola with results expected in Q4 2021

The Company received encouraging drill results from the Douta Project, Senegal, including the newly discovered Makosa Bridge prospect, where a continuous gold mineralisation over a strike length of 7.5 kilometres was established between Makosa and Makosa Tail

Outlook

The Company is now ramping up to Commercial Production and is on schedule for Q3 2021

Segilola Mine FY 2021 production guidance adjusted to 30,000 to 35,000 ounces ('oz') reflecting First Gold Pour occurring in July 2021 as opposed to the initial target of June 2021

Segun Lawson, President & CEO, stated: 'This quarter was a particularly transformational period for the Company as it saw us getting closer to commercial commissioning of our 100% owned Segilola Gold Project in Nigeria, which has been in construction since February 2020. Since the end of Q2, we have achieved first gold pour, becoming Nigeria's first large scale gold mine, an immense accomplishment, and the culmination of years of dedication and hard work of the Thor team, especially during the challenging circumstances of the pandemic.

'The work doesn't stop there, as we press forward, onto commercial production and the eventual ramp up to a life of mine average annual production of approximately 90,000 oz of gold per year.

'Furthermore, the Company is aiming, from its own internally generated financial resources, to comprehensively explore its extensive licence holdings in the Segilola region. During this current quarter, we increased our exploration activities, focussing on generating high quality drilling targets, with the objective of adding open pit ounces to the Segilola Plant to supplement production and extend the Segilola mine life.

'Q2 2021 also marked the milestone of the Company dual listing our shares onto the AIM Market of the London Stock Exchange, to further raise the profile and status of the Company with the global investment community.

'We look forward to updating the market in the coming months with progress at Segilola, as well as the activity at our Douta Project in Senegal, where we recently reported outstanding drill results which demonstrated highly encouraging gold mineralisation.'

About Thor Explorations

Thor Explorations Ltd. is a mineral exploration company engaged in the acquisition, exploration and development of mineral properties located in Nigeria, Senegal and Burkina Faso. Thor Explorations holds a 100% interest in the Segilola Gold Project located in Osun State of Nigeria and has a 70% economic interest in the Douta Gold Project located in south-eastern Senegal. Thor Explorations trades on AIM and the TSX Venture Exchange under the symbol 'THX'.

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