Thor Explorations Ltd. provided an operational update for the Segilola Gold mine, located in Nigeria and for the Company's mineral exploration properties located in Nigeria and Senegal, for the three months to December 31, 2023. In Nigeria, Thor's exploration focus is its wholly-owned exploration permits within a 40km radius of the Segilola mining operation. Two main advanced exploration target areas, i.e., the Central and Southern Prospect Areas, have been defined within a 40km radius of the Segilola Gold Mine .

These areas encompass a number of targets, some of which have received initial drill testing. Central Prospects; There are two main focus areas with this prospect: Ijarigbe; Ekiti. Ijarigbe; The Ijarigbe Prospect is located 22km north of Segilola and is defined by numerous stream sediment anomalies ranging from 0.65 to 23.13g/tAu.

Initial follow up geochemical soil sampling has returned values of up to 9.40g/tAu. Southern Prospects; The Southern Prospects is located 23km south of the Segilola Gold Mine within a 100% Thor-owned exploration permit. The prospect developed from a low-level stream sediment anomaly located in the northern portion of EL28801 which was confirmed by follow-up auger-assisted soil geochemistry that returned values of up to 4g/tAu.

Targeting of this anomalous zone was carried out with reverse circulation drilling. Initial positive results included 7metresgrading 25.98g/tAu in the near-surface weathered horizon. Additional drilling located primary bedrock mineralisation grading 8metresat 30.19g/tAu.

Initial data suggest that the geological controls relate to a steeply-dipping north-easterly trending zone within a biotite gneiss sequence. Exploration testing of the general area is continuing. Newstar Lithium; 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.

Activities for the Quarter comprised initial exploratory drilling in the Ekiti Project Area. Exploration activities were focussed on the Oyo and Ekiti areas with surface geochemical programs and shallow drilling undertaken. Oyo.

Lithological mapping carried out in Third Quarter 2023 identified exposure of several northerly trending pegmatites. A reconnaissance geochemical soil program was designed covering a total area of 40km2, on a spacing of 400metresby 50metresin EL42245. The objective is to produce a robust project-wide dataset that will provide comprehensive multi-element data which will guide the ongoing exploration of the region.

During the reporting period 671 samples were collected and submitted for laboratory analysis. Results are pending. Ekiti; Widespread pegmatite occurrences have been located in the Ekiti area.

A limited drilling program has commenced to follow-up onreconnaissance mapping and rock chip sampling carried out to the west and north of Ijero. Results from this drilling are pending. Fiscal Year 2024 outlook and catalysts; Fiscal Year 2024 production guidance range set at 95,000 to 100,000 oz of gold.

Fiscal Year 2024 All-in Sustaining Cost guidance range set at $1,100 to $1,200. Strong exploration focus on Segilola near mine drill targets and underground drilling program in H1 2024 with an initial 5,000 metre drilling program delineated. Updated Mineral Resource Estimate at the Douta Project to be completed in First Quarter 2024.

reliminary Feasibility Study test work is ongoing at the Douta project in Senegal, focusing on the metallurgy and process flow sheet targeting publication in First Quarter 2024 following the updated Mineral Resource Estimate. Continued lithium target generation including a further scout drilling program across a number of targets.