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THOR EXPLORATIONS AIM: THX.L TSXV: THX.V DOUTA PROJECT Preliminary Feasibility Study January 2026
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Certain statements contained in this presentation, including all statements that are not historical facts, contain forward-looking statements and forward-looking information within the meaning of applicable securities laws. Such forward-looking statements or information include, but are not limited to, statements or information with respect to the proposed development of the Segilola Gold Project, the Company’s overall objectives and strategic plans, work programs, exploration budgets, timetables and targets, mineralization and mineral resource estimates. Often, but not always, forward-looking statements or information can be identified by the use of words such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled” , “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate” or “believes” or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved. With respect to forward looking statements and information contained herein, we have made numerous assumptions including among other things, that no significant adverse changes will occur to our planned exploration expenditures, that there will be no significant delays of our planned exploration programs; as to the continuing availability of capital resources to fund our exploration programs; and that the Company will not experience any adverse legislative or regulatory changes. Although our management believes that the assumptions made and the expectations represented by such statement or information are reasonable, there can be no assurance that any forward-looking statement or information referenced herein will prove to be accurate. Forward-looking statements and information by their nature involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statement or information. Such risks, uncertainties and other factors include, among other things: fluctuations in the market price of metals, uncertainty of access to additional capital, mining industry risks and hazards, uncertainty as to estimation of mineral resources and other risks of the mining industry. Although we have attempted to identify factors that would cause actual actions, events or results to differ materially from those disclosed in the forward looking statements or information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. Also, many of the factors are beyond the control of the Company. Accordingly, readers should not place undue reliance on forward-looking statements or information. The Company undertakes no obligation to reissue or update any forward-looking statements or information as a result of new information or events after the date hereof except as may be required by law. All forward-looking statements and information herein are qualified by this cautionary statement. Alfred Gillman, BSc (Hons); FAusIMM, CP, is the Qualified Person who supervised the preparation of the technical information in this presentation. Non-IFRS financial measures This communication may contain certain “Non-IFRS” financial measures, including, for example, “total cash costs”, “total cash costs per ounce”, “all-in sustaining costs”, “all-in sustaining costs per ounce”, “average realized gold price per ounce”, “sustaining capital expenditure”, “non-sustaining capital expenditure”, “EBITDA”, and “Net cash/(debt)”. Thor utilizes certain Non-IFRS performance measures and ratios in managing its business. Non-IFRS financial measures should be viewed in addition to, and not as an alternative for, the reported operating results or cash flow from operations or any other measures of performance prepared in accordance with IFRS. In addition, the presentation of these measures may not be comparable to similarly titled measures other companies may use. Reconciliations from IFRS to Non- GAAP financial measures can be found in the Management's Discussion and Analysis for the three months ended June 30, 2025, are available on Thor Explorations' website at: https://thorexpl.com/investors/financials/. www.thorexpl.com | AIM: THX.L | TSXV: THX.V 2 DISCLAIMER
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• Advancing Projects in 3 West African Countries • Positioned for organic growth through exploration • Shareholder value underpinned by high margin gold production Flagship Segilola Project, Nigeria, 91,910oz produced in Full Year 2025 Douta Gold Project, Senegal • 100% Owned (expected Government free carry of 10%) • Global resource 1,970,000ozAu • 1,700,000oz @ 1.04g/tAu Indicated • Probable Mineral Reserve of 1.2 Moz at 1.03 g/t • Preliminary Feasibility Study NPV 5% of US$908 million at a $3,500 gold price www.thorexpl.com | AIM: THX.L | TSXV: THX.V 3 Segilola Gold Project, Nigeria • DFS open pit reserve of 518,000@ 4.2g/tAu • 2025 Production – 91,910 Oz • 2026 Production Guidance – 75,000 to 85,000 • 2026 AISC Guidance – US$1,000 to US$1,200 per Oz Cote d’Ivoire • Acquisition of prospective Birimian tenure • Guitry Gold Project • Marahui Gold Licence • Boundiali Gold Licence • Ongoing exploration with target maiden resource in 2026 Lithium Exploration Portfolio, Nigeria • Over 600 sq km land package • Exploratory drill program pending commissioning of own rigs OVERVIEW
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AIMS CORPORATE SNAPSHOT Basic Shares Outstanding 665,297,482 Options & Warrants Outstanding - Fully Diluted Shares Outstanding 666,753,136 Share Price (TSX.V: THX) CAD 1.76 Share Price (AIM: THX) GBP 0.93 Basic Market Cap CAD 1.14bn Capitalisation 12 Month Share Price Performance (CAD) Top Institutional Investors Broker Coverage www.thorexpl.com | AIM: THX.L | TSXV: THX.V 4 Broker Target Price CAD $ GBP £ Canaccord $2.62 £1.40 Alternative Resource Capital $2.24 £1.20
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2025 FINANCIAL HIGHLIGHTS www.thorexpl.com | AIM: THX.L | TSXV: THX.V 5 Strong revenues Enhanced liquidity and cash flow generation Efficient cost profile and margins Growing Working Capital Surplus Q3 2025 quarterly dividend of C$0.0125 paid in November 2025; US$18M in dividends paid in 2025– C$0.0375 per share; Q4 2026 Bonus Dividend Announced of C$0.15 per share Strong Q4 financial performance - Q4 Revenue of US$108 million - Year End Cash Balance of US$137 million - Year End Bullion Inventory of 3,188 ounces 18,167 25,790 22,750 25,900 19,650 766 818 950 915 1,129 585 664 711 715 783 1,506 1,747 1,917 2,332 2,627 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Gold sold AISC Cash operating costs EBITDA/oz -27.8M -3.3M 24.7M 65.6M 96.6M -2.7M 11.2M 24.8M 52.9M 81.0M Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 WORKING CAPITAL Adjusted Net Cash(Debt) 13.7M 17.4M 26.9M 44.7M 49.7M Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Cash flows from operating activities Cash and equivalents 5.2M 12.0M 24.8M 52.9M 80.6M 40.2M 65.7M 64.1M 82.8M 69.8M 17.5M 33.7M 34.5M 51.7M 43.1M 2,328 2,414 2,720 3,187 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Revenue Profit Average gold price 3,535 Delevered balance sheet and working capital inflection from same time last year
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SENEGAL – DOUTA PROJECT Strategic land-holding in prolific gold region- Kéniéba Inlier www.thorexpl.com | AIM: THX.L | TSXV: THX.V - Located within the Birimian rocks of the Kéniéba inlier, in eastern Senegal - Consists of three licences, covering a total area of 541 sq kilometres - Probable reserves: - 36.6 Mt grading at an average grade of 1.03 g/t Au for 1.2 Moz Au using a long- term gold price of US$3,000 per troy ounce - Indicated Mineral Resource: - 50.6 Mt grading at an average of 1.04 g/t Au for 1.7Moz Au using a long-term gold price of US$4,000; and - Inferred Mineral Resource of 9.3 Mt grading an average of 0.92g/t Au for 273,000oz Au using a long-term gold price of US$4,000. - Increased Economic Interest in Douta Permit to 100% in September 2025 - Increased Economic Interest in Douta-West Permit to 100% January 2026 - Executed strategy of growing previous 2023 Indicated Resource from 874,900 oz to 2025 Indicated Resource of 1,700,000 oz a 94.3% increase in - Probable Reserve of 1,212,000 oz at 1.03g/t - Organically developed from grassroots, with the first discovery drill hole drilled by the Company in 2012 - Drilled over 133,000 metres in Douta and Douta-West Permits - Discovery cost of approximately US$8.5 per Indicated Ounce
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DOUTA PROJECT PFS SUMMARY www.thorexpl.com | AIM: THX.L | TSXV: THX.V 7 • Two phase production profile comprised of the Oxide Ore Phase and the Primary Ore Phase • Oxide Ore Phase currently spans four years of mining and processing oxide and transitional ores through a conventional Carbon In Leach (“CIL”) circuit • Primary Ore Phase continues operations for a further 7.8 years, through the same CIL circuit enhanced by a suspension roaster, producing an average of 61koz per annum. • Strong early cashflow, with gold production of 411koz in the first four years of oxide and transitional ore feed (“Oxide Ore Phase”) at an all-in sustaining cost (“AISC”) of US$1,493/oz • Pre-tax project NPV5% of US$908 million and IRR of 73% (100% equity basis) at a long-term gold price assumption of US$3,500/oz – Payback 11 months • Pre-tax NPV5% of US$1.43 billion (100% equity basis) with an IRR of 102% at a long-term gold price assumption of US$4,250/oz • Low initial project capital of US$254 million and Life of Mine (“LOM”) AISC of ~US$1,890/oz, supporting strong margins throughout the LOM. • Project is to be entirely funded from the Company’s cash reserves and project financing. 12.6 Years US$254m 11 Months 61% Mine Life Initial Project Capital Payback Period at $3,500/oz Au Post Tax IRR at $3,500/oz Au 411koz 1.21 Moz Total Production (Years 1 -4) Probable Reserves US$633m US$908m Post Tax NPV at $3,500/oz Au Pre Tax NPV at $3,500/oz Au
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www.thorexpl.com | AIM: THX.L | TSXV: THX.V DOUTA PROJECT – EXISTING RESOURCE Classification Deposit Tonnage (MT) Grade (g/t Au) Contained Gold (Moz) Thor Interest % Indicated Makosa North 9.9 1.08 0.34 100 Indicated Makosa 20.6 1.06 0.70 100 Indicated Makosa East 8.3 0.92 0.25 100 Indicated Makosa Tail 10.6 1.03 0.35 100 Indicated Baraka 3 1.1 1.43 0.05 100 Indicated Total 50.6 1.04 1.70 Classification Deposit Tonnage (MT) Grade (g/t Au) Contained Gold (Moz) Thor Interest % Inferred Makosa North 4.8 1.02 0.16 100 Inferred Makosa 1.5 0.95 0.05 100 Inferred Makosa East 1.3 0.87 0.04 100 Inferred Makosa Tail 1.4 0.57 0.03 100 Inferred Baraka 3 0.2 0.99 0.01 100 Inferred Total 9.3 0.92 0.27 Classification Weathering Zone Code Tonnage (MT) Grade (g/tAu) Contained Gold (Moz) Indicated Strongly Oxidised SOX 1.3 1.09 0.05 Indicated Moderately Oxidised MOX 9.4 1.02 0.31 Indicated Weakly Oxidised WOX 7.3 1.01 0.24 Indicated Fresh FRS 32.6 1.06 1.11 Indicated Total 50.6 1.04 1.70 Grown Indicated Resource from 874,900 oz to Indicated Resource of 1,700,000 oz and a Probable Reserve of 1,212,000 oz at 1.03g/t
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www.thorexpl.com | AIM: THX.L | TSXV: THX.V DOUTA PROJECT – EXISTING RESOURCE & EXPLORATION UPSIDE POTENTIAL • H1 2026 40,000 metre drilling program designed on five targets in Douta West Permit and 7 target areas in Bousankhoba Permit • Aggressive drilling program ongoing with results to be released on a monthly basis starting in February 2026 • Results to be incorporated into Updated Feasibility Study • Targeted and anticipated extension of Oxide Ore Phase prior to completion of construction
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10 DOUTA PROJECT – EXISTING RESOURCE DOUTA WEST LICENCE • Ongoing RC drilling program testing delineated drilling targets • Targets averaging 1km strike length • Characterised by strong gold in soil and rock chip anomalism • Potentially open along strike into Bousankhoba licence • Drilling prioritising increase in Oxide Ore Phase
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11 DOUTA PROJECT – EXISTING RESOURCE BOUSANKHOBA LICENCE • Ongoing RAB drilling program testing delineated drilling targets • Targets stretch for over 18km • High grade rock chip results with favourable initial metallurgical results
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12 Year -1 -2 0 1 2 3 4 5 6 7 8 9 10 11 12 13 Construction Oxide Ore Phase Primary Ore Phase Time Period Q1 2026 Q2 2026 Q3 2026 Q4 2026 Oxide Resource Drilling Program 40k m Long Lead Item Ordering Project Financing Negotiations Negotiation of Mining Convention Signing of Mining Convention Financial Close Award of EPC Contract Updated Feasibility Study Additional Resource & Sterilisation Drilling DOUTA PROJECT – KEY ACTIVITIES & PROJECT TIMELINE 2026 Focus: - Drilling oxide targets - Ordering long lead items – Mills, Motors - Signing Mining Convention - Updating resource and Feasibility Study Financing - Strong balance sheet enables contribution of up to US$100m - Balance of US$155 million to be funded through leverage - Strong early indicative interest - Target Financial Close Q2 2026 - Project CAPEX weighted towards 2027 Updated Resource and Feasibility Study - 40,000 metres of drilling designed to increase oxide resource - Target increase of 200,000 to 500,000 ounces of oxide resource - Resource upgrade targeted at extending Oxide Ore Phase Development Timeline Post Financial Close Timeline
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www.thorexpl.com | AIM: THX.L | TSXV: THX.V DOUTA PROJECT – NEXT STEPS AND DEVELOPMENT PLAN • Fast Track Development Timeline • Ongoing 40,000 metre drilling program targeted at increasing oxide reserves and extending Oxide Ore Phase • Updated Feasibility Study in Q3 to include updated oxide reserves following completion of drilling program • Ordering of long lead items in Q1/Q2 2026 • Advance talks with financing parties with target close in Q2 2026 • Signing of Mining Convention with Senegalese Government in H1 2026 • Targeted first gold pour H1 2028
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FOR ADDITIONAL INFORMATION, PLEASE VISIT: WWW.THOREXPL.COM Ibu Lawson - VP Corporate Development +1 (778) 373-0102 info@thorexpl.com Thor Explorations Ltd. 4th Floor 32 Wigmore Street, London, United Kingdom. WC1H 2RP E-mail enquiries Info@thorexpl.com Ibu Lawson - Business Development and Investor Relations Manager Ibu.lawson@thorexpl.com
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APPENDIX
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www.thorexpl.com | AIM: THX.L | TSXV: THX.V 16 Segun has been the CEO of Thor since August 2011. He has identified and led all of Thor’s acquisitions and financings, and particularly, the acquisition of the Segilola Gold Project in Nigeria. Segun has led Thor’s growth through, overseeing the transition from a grassroots explorer to becoming Nigeria’s first large-scale commercial gold producer and continues to lead Thor as it grows in West Africa and as a first mover in Nigeria. Segun Lawson Chief Executive Officer, President and Director Adrian has over 25 years’ experience in the mining sector. He served as the Global Sector Head of Resources and Energy Group, Global Banking and Markets Division of HSBC Bank plc until 2008 with strategic responsibility for its relationships and businesses with major clients globally in the resources and utilities sectors. Adrian Coates Non-Executive Chairman Chief Kayode Aderinokun is a traditional Chief with over thirty-five years of accomplished business in Nigeria. He currently serves as Chairman of First Marina Trust Limited, a leading Central Bank regulated financial services institution in Nigeria. He is one of the leading business personalities in the Nigerian Mining sector, having led a number of initiatives including the first commercial exploration program of the Segilola Gold Project. Chief Kayode Aderinokun Non-Executive Director Folorunso “Folli” Adeoye is the co-founder and President of Superior Petroleum Limited, a Nigerian downstream oil and gas company. He also co-founded Pacific Merchant Bank Limited (founded in 1989), which subsequently merged into Unity Bank Plc., one of the leading banks in Nigeria. He also served in a capacity as Special Adviser to the Osun State Government on development matters. Folorunso “Folli” Adeoye Non-Executive Director Dr. Barnes has 35 years of experience in over 52 countries in a wide variety of commodities and has over 26 years’ experience in undertaking bank due diligence studies for the majority of the major resource lending institutions. Dr. Barnes has extensive experience in due diligence studies, company and project reviews for major global resource lending institutions and mining companies located throughout the world. Dr. Julian Barnes Non-Executive Director Mr. Ellison is a Mining Engineer with over 40 years of experience in mine design, construction, project implementation and operation. He has been responsible at a senior and executive level for the development from Definitive Feasibility Study, Project finance to production of seven underground and open pit mines with companies in Africa, Australia, S.E. Asia, Central Asia and North America. Collin Ellison, BSc, CEng Non-Executive Director Franklin is currently a Senior Vice President & Acting Head for the Metals & Mining desk at AFC. He’s a seasoned Resource Finance specialist with over 18 years of experience in the resources, metals, and mining sectors. He has successfully originated, structured, and executed transactions exceeding US$3 billion, with a focus on precious metals, mining, and infrastructure projects across Africa. His expertise spans project finance, corporate finance, acquisition facilities, and private equity, with a track record of driving significant portfolio growth and diversification at the Africa Finance Corporation. Franklin Edochie Non-Executive Director BOARD OF DIRECTORS
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www.thorexpl.com | AIM: THX.L | TSXV: THX.V 17 Segun has been the CEO of Thor since August 2011. He has identified and led all of Thor’s acquisitions and financings, and particularly, the acquisition of the Segilola Gold Project in Nigeria. Segun has led Thor’s growth through, overseeing the transition from a grassroots explorer to becoming Nigeria’s first large-scale commercial gold producer and continues to lead Thor as it grows in West Africa and as a first mover in Nigeria. Segun Lawson Chief Executive Officer, President and Director James is a highly experienced mining finance executive with 15 years’ experience in a broad range of international advisory and financing transactions across Europe, the Middle East and Africa. Most recently he was an Executive Director in Standard Chartered Bank’s mining & metals division where he completed over 30 major transactions including M&A, financings across the capital structure, hedging strategies and restructurings with a combined value of over USD20bn. James Philip Chief Operations Officer Chris has served in various senior executive roles across North America, Europe, the Caribbean and Africa with PricewaterhouseCoopers, Deloitte, Centrica, Molson Coors and more recently as Deputy Regional Chief Finance Officer for Dangote Cement Plc in Nigeria. Chris has led and sponsored numerous business transformational projects and has extensive experience in financial reporting, finance operations, mergers and acquisitions, controls and assurance, treasury management, financial advisory and corporate finance services to organizations, with transaction values from US$30m to US$45bn, including supporting new listings on the TSX.V and the Irish Stock Exchange. Chris Omo-Osagie Chief Financial Officer Alfred has a BSc (Honours) from the University of Western Australia and is a Fellow of the Australasian Institute of Mining and Metallurgy (FAusIMM) Chartered Professional (Geology). He has a successful track record in senior management and Board roles across gold, base metals, uranium and industrial mineral exploration. Alfred Gillman Group Exploration Manager Louise has over 30 years’ experience in large-scale mining, infrastructure, energy, oil and gas, agribusiness, industrial, poverty reduction and urban development projects with the private sector and development finance institutions. She has expertise in environment and social management plans, internationally compliant ESIAs, Resettlement Action Plans, stakeholder engagement plans and urban development projects. Louise Porteus Environmental and Social Manager Mr Du Plessis has a BSc and an MBA from the University of Potchefstroom for CHE in South Africa and is a member of the Australian Institute of Geoscientists (AIG). He has a successful track record in senior management roles in gold mining and brownfields mine exploration. Ettienne Du Plessis General Manager EXECUTIVE MANAGEMENT