Thor Explorations Ltd. (TSXV/AIM: THX) ('Thor Explorations' or the 'Company') announces the exercise of share options for a total of 9,539,000 common shares without par value at prices of 12 and 14.5 Canadian Dollar cents per common share in the share capital of the Company ('New Shares').

The New Shares will rank pari passu with the existing shares and application has been made for the 9,539,000 New Shares to be admitted to trading on AIM ('Admission') on 20 January 2022. The New Shares will also trade on the TSX Venture Exchange.

Mr Adrian Coates, Non-Executive Chairman, had previously exercised options over 500,000 new Common Shares at a price of CAD$0.12 each in the Company as announced on December 15, 2021.

Following the Admission, Thor Explorations' issued share capital will consist of 641,897,009 common shares and the Directors and PDMRs will hold a 9.58% interest in the Company. The Company does not hold any shares in treasury.

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:

Henry Fitzgerald-O'Connor

Tel: +44 (0) 20 7523 8000

Email: info@thorexpl.com

This press release does not constitute an offer to purchase securities. The securities to be offered in the offering have not been and will not be registered under the United States Securities Act of 1933, as amended, or any state securities laws and may not be offered or sold in the United States or to, or for the benefit or account of, a U.S. person, except pursuant to an available exemption from such registration requirements.

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