Thor Explorations Reports Financial and Operating Results for Q2 and First Half of Fiscal Year Ending June 30, 2024

This press release contains information deemed as insider information as outlined in Article 7 of the Market Abuse Regulation No. 596/2014 (“MAR”). As of the publication of this press release, this insider information is considered to be part of the public domain.

Vancouver, British Columbia–(Newsfile Corp. – August 23, 2024) – Thor Explorations Ltd. (“Thor Explorations”), a mining company focused on gold exploration and production, is pleased to present an operational and financial update for its Segilola Gold mine in Nigeria (“Segilola”) and its mineral exploration properties in Nigeria and Senegal for the second quarter of 2024 (“Q2 2024”) and the first half of 2024 (“H1 2024”).

The complete Unaudited Condensed Interim Consolidated Financial Statements, along with related notes, and the Management’s Discussion and Analysis for the periods ending June 30, 2024, are available on Thor Explorations’ website at https://thorexpl.com/investors/financials/.

All monetary figures presented are in US dollars (“US$”) unless specified otherwise.

Financial Highlights for Q2 2024 and H1 2024

• 23,588 ounces (“oz”) of gold (“Au”) were sold in Q2 2024 at an average price of US$2,309 per oz.

• Cash operating cost was US$585 per oz sold, with all-in sustaining cost (“AISC”) at US$802 per oz sold.

  • During the period, the company processed lower-cost medium and high-grade stockpile ore, resulting in lower than expected costs.

• Q2 2024 revenue amounted to US$53.8 million (compared to US$41.3 million in Q2 2023) and H1 2024 revenue was US$87.1 million (compared to US$81.7 million in H1 2023).

• Q2 2024 EBITDA reached US$37.6 million (compared to US$25.6 million in Q2 2023) with H1 2024 EBITDA at US$60.9 million (compared to US$40.3 million in H1 2023).

• Net profit for Q2 2024 was US$27.5 million (compared to US$14.4 million in Q2 2023) and for H1 2024, net profit was US$39.9 million (compared to US$17.4 million in H1 2023).

• The company made a US$7.9 million payment towards its senior debt, leaving a remaining balance of US$6.5 million, which is expected to be fully repaid by the end of the calendar year.

• As of June 30, 2024, the company’s net debt stood at US$2.7 million.

Operational Highlights for Q2 2024 and H1 2024

Segilola Gold Mine Production:

• Gold production for the period totaled 21,742 oz, with a mill feed grade of 3.42 g/tAu and a recovery rate of 94.6%.

  • A total of 174,000 tonnes of ore were processed with no significant downtime.

  • The process plant achieved improved recoveries in Q2 2024, resulting in a decrease in gold in circuit (“GIC”) by 3,652 oz.

  • The stockpile balance increased by 37% to 1,179,693 tonnes at an average grade of 1.01g/t, providing future production flexibility.

• The period saw the completion of the plant upgrade, leading to increased gold pouring and sales compared to recovery rates.

• Q2 2024 marked the highest recovery rate and gold pouring volume in the last five quarters.

Segilola Exploration Activities:

• The company focused on near-mine exploration and delineation of potential underground resources at Segilola, with completion of structural studies and a drilling program targeting gold mineralization extensions.

• Exploration activities included geochemical target generation, stream sediment, and soil sampling programs to identify potential drilling targets.

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