Exercise Of Share Options And Director Dealings

Thor Explorations Ltd. (TSXV/AIM: THX) (“Thor Explorations” or the “Company”) announces the exercise of share options (“Options”) for a total of 750,000 common shares without par value at 14 Canadian Dollar cents per common share in the share capital of the Company ("New Shares"). The Options have been exercised by Company Director Mr Collin Ellison for total consideration of C$105,000. The New Shares will rank pari passu with the existing shares and application has been made for the 750,000 New Shares to be admitted to trading on AIM (“Admission”) on October 4, 2023. The New Shares will also trade on the TSX Venture Exchange.

Following the Admission, Thor Explorations’ issued share capital will consist of 655,101,952 common shares and Mr Ellison (and persons closely associated with him) will have a beneficial holding of 750,000 common shares which equates to 0.11% of the total issued share capital in the Company. The Company does not hold any shares in treasury. Shareholders may use this figure as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company.

About Thor Explorations

Thor Explorations Ltd. is a mineral exploration company engaged in the acquisition, exploration, 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”.

For further information please contact:

Thor Explorations Ltd
Email: moc.lpxeroht@ofni

Canaccord Genuity (Nominated Adviser & Broker)
Henry Fitzgerald-O’Connor / James Asensio

Tel: +44 (0) 20 7523 8000

Hannam & Partners (Broker)
Andrew Chubb / Matt Hasson / Jay Ashfield / Franck Nganou

Tel: +44 (0) 20 7907 8500

Fig House Communications (Investor Relations)
Tel: +1 416 822 6483
Email: moc.lpxeroht@snoitaler.rotsevni

Ibu Lawson (Investor Relations)
Tel: +447909825446
Email: moc.lpxeroht@noswal.ubi

BlytheRay (Financial PR)
Tim Blythe / Megan Ray / Said Izagaren
Tel: +44 207 138 3203

Yellow Jersey PR (Financial PR)
Charles Goodwin / Shivantha Thambirajah / Soraya Jackson
Tel: +44 (0)7747 788 221/+44 (0)7983 521 488

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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.

The following disclosures are made in accordance with Article 19 of the UK Market Abuse Regulation 596/2014 as it forms part of UK law.