Thor Explorations Ltd. (TSXV / 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 nine months to September 30, 2021 ('Q3 2021') (altogether the 'Period').

The Company's Condensed Consolidated Interim Financial Statements together with the notes related thereto, as well as the Management's Discussion and Analysis for the three and nine months ended September 30, 2021, are available on Thor Explorations' website https://thorexpl.com/investors/financials/

Operational Highlights of the Period

First gold poured at the Company's Segilola Gold Mine (the 'Segilola Project' or the 'Project')

Construction work at the Segilola Project Process Plant completed with only some earthworks, minor civil work and landscaping to be completed

Exploration during Q3 2021 comprised of on-going regional stream sediment sampling, soil sampling and termite mound sampling in the exploration lease located both north and south of the Segilola Gold Deposit

At the Douta Gold Project, in Senegal (the 'Douta Project') reverse circulation drilling at Makosa North has extended the mineralized strike length to a total of over 7 kilometres

Outlook

Production post-Period from the Segilola Project has been approximately 4,570oz with an additional gold pour scheduled for November 30, 2021 and regularly through December.

Whilst the Company believes it has resolved the majority of the issues experienced during ramp up due the issues experienced, it will not achieve its previously announced year end guidance of 30,000 to 35,000 and will provide the market with an updated guidance in due course

Segun Lawson, President & CEO, stated: 'Over the quarter we have delivered on a number of major milestones for the Company, having achieved first gold pour and, thereafter, in October we achieved commercial production at the Segilola Gold Mine. Following the period, earlier this month we also announced a maiden resource estimate at the Douta Gold Projectin Senegal, the first major milestone at this project.

'During the mine ramp-up of at Segilola, we experienced a number of issues which lead to a number of stoppages during and after the period, resulting in a lower production output and therefore a negative impact on our year guidance, however we believe we have taken the right approach in resolving these issues early on. We are pleased that the majority of these issues have now been resolved and are anticipating a steady production rate through the remainder of the year. We lok forward tol updating the market with our revised guidance in due course.

'We are also pleased to have continued to execute on our strategic objective of acquiring further propspective gold targets in Nigeria, and also to continue to advance near mine exploration where we have drill results pending.

'Lastly, we remain excited about the Douta Project. The maiden resource estimate of 730,000 ounces at 1.5g/t in the inferred category, combined with the discovery drill results at the new prospect Mansa, provides an excellent growth platform for the next phase of exploration. '

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'.

Contact:

Tel: +44 (0) 20 7523 8000

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