Thor Explorations Ltd. that currently operates the Segilola Gold Mine in Nigeria and is advancing the Douta Gold Project in Senegal towards development. As part of it's strategy of identifying high-value mineral resource opportunities,Thor, through its fully-owned subsidiary Newstar Minerals Ltd, has acquired significant exploration tenure in south-west Nigeria that covers both known lithium-bearing pegmatite deposits and a large unexplored prospective pegmatite-rich belt. An initial drilling program is being undertaken on one of the Company's prospects located in the West Oyo Project Area to confirm and delineate lithium-bearing mineralisation, such as spodumene and lepidolite, at depth.

The Company announced the first set of results from this initial exploratory phase. Thor has secured over 600 square kilometres (km2) of granted tenure in Nigeria that form Oyo State, Kwara State and Ekiti State Lithium Project Areas. The Oyo State Project Area encompasses what Thor considers to be Nigeria's most significant lithium pegmatite occurrence which is currently being exploited by small-scale artisanal mining of lithium-bearing minerals.

The Oyo State Lithium Project comprises approximately 38km2 of exploration tenure that is located towards the westernmost border of Nigeria and within 200 kilometres of the commercial capital of Lagos. The project area is unique in the Nigerian context as it is mostly located in a relatively sparsely populated region of the country but situated within close proximity to large population centres and advanced infrastructure such as roads, railways and ports. Target Area 1: Reconnaissance rock chip sampling carried out in 2022 in the western parts of Oyo State returned Li2O analyses of between 1.34% and 9.31%.

Thor has secured tenure over this area in a number of joint venture agreements together with wholly owned exploration permits. A program of reverse circulation (RC) targeted an identified pegmatite trend that is developed within a northerly trending mafic sequence that is surrounded by granitoid-gneiss terrain. Sample analyses were carried out by SGS Randfontein (GE_ICP90A50 and GE_FUZ90A50).

Cross check analyses were carried out by MSA Laboratories, Vancouver (PER-700). The drilled pegmatite averages 20m in thickness and dips at 5 degrees towards the northwest. A continuous sheet of coarse spodumene mineralisation of up to 11m thick is developed towards the upper contact of the pegmatite and mafic country rocks.

Ongoing exploration is underway to locate additional pegmatites in the immediate vicinity of this target and further to the south where extensive exposures of pegmatites have been mapped in Target Area 2. Thor/Newstar has also secured additional tenure over this area in a number of joint venture agreements together with wholly owned exploration permits. Further to the west additional exploration tenure has been obtained through the granting of a large exploration permit (EL42245) to the northeast together securing additional ground under an agreement with SCT Mining & Exploration Ltd.