The Company's Central Houndé Project, consists of three grassroots exploration permits located in the highly prospective Houndé Greenstone belt approximately 260km south west of Ouagadougou. The three permits cover a total area of 474km2 over the Houndé Belt.

Through the Company's wholly owned subsidiaries in Burkina Faso, Thor has a 100% interest in three contiguous permits, which form the Central Houndé Project.

Acacia Mining Plc – Farm-Out Agreement

In April 2015, Thor entered into a farm-out agreement with Acacia Mining Plc ("Acacia"), relating to Thor's Central Hounde' Project (the "Project") in Burkina Faso whereby Acacia will had the exclusive option to earn up to a 51% interest in the Project by satisfying certain conditions over a 4-year Earn-in period and then the right to acquire an additional 29% interest, for an aggregate 80% interest in the Project, upon declaration of a Pre-Feasibility Study.

In April 2016 Acacia exercised its option and will now further spend a minimum of US$1 million to earn a 51% interest in the project.

Central Houndé Project Highlights:

• Land package of 474 sq km of Birimian Greenstone in the prospective Houndé Belt in south-west Burkina Faso
• JV with Acacia Mining PLC
• Acacia to Earn-in up to 80% by funding all costs up to and including completion of a Pre-Feasibility Study
• Minimum spend of $3.5m in first three years
• Decision to Mine Payment to Thor of $1m
• Work already done during initial Option Period identified gold anomalies and targets worthy of follow up by Acacia
• Drilling program commenced