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THX.L
Projects located in world class target exploration regions
Thor Explorations Ltd. is a mineral exploration company engaged in the acquisition, exploration, development and production of mineral properties located in Nigeria, Senegal and Cote d'Ivoire. Thor Explorations holds a 100% interest in the Segilola Gold Project located in Osun State, Nigeria and has a 70% interest in the Douta Gold Project located in south-eastern Senegal. In Cote d'Ivoire, Thor Explorations has also recently acquired a 100% interest of the Guitry Gold Project , as well as entering into two further option agreements to earn up to an 80% interest in the Marahui and Boundiali Exploration licences. Thor Explorations trades on AIM and the TSX Venture Exchange under the symbol “THX”.
At Segilola, In 2025, Thor has entered into its fourth full year of production, having produced 85,057 ounces of gold in 2024, 84,609 ounces in 2023, and 98,006 ounces in 2022. Early results of near mine exploration drilling programs confirm mineralisation below the pit design.
At Douta, having provided an updated Mineral Resource Estimate of 1.78 million ounces; workstreams in support of a Preliminary Feasibility Study were advanced in 2024. Drilling has confirmed continuity of gold mineralisation with several high grade intersections. The discovery of additional prospects have justified an accelerated drilling program.
In Cote d'Ivoire, at Guitry, Thor is assessing the legacy database and planning for target-generative geochemical surveys. Soil geochemical sampling was conducted at Boundiali, identifying a gold-in-soil anomaly in the eastern sector. Further infill sampling is planned. Exploration activities at the Marahui Permit were initiated in Q4 2024
In Nigeria, regional exploration efforts continued. Thor delineated a 10 by 5km area of gold anomalism approximately 52km south of Segilola. Thor secured new exploration tenure covering the area. A follow-up exploration program commenced in the period over selected geochemical targets and has continued in 2025
Segilola Gold Project
The Company’s flagship project is the gold producing Segilola Gold Project located in Osun State, Nigeria, approximately 120 kilometres (“km”) northeast of Lagos. Since its completion in Q4 2021, the Segilola Project is endtering into its fourth full year of production in 2025, having produced 85,057 ounces of gold in 2024, 84,609 ounces in 2023, and 98,006 ounces in 2022. Early results of near mine exploration drilling programs confirm mineralisation below the pit design.The Segilola Gold Mine was built based on a total probable reserve of 517,800 ounces of gold grading at 4.02g//t in March 2021, and possesses additional significant near mine exploration upside potential.
Douta Project
The Douta Gold Project consists of two gold exploration permits, E02038 and E03709, located within the Kéniéba inlier, eastern Senegal, which it is currently advancing to preliminary feasibility stage. The northeast-trending licenses have a total area of 151km2.
Thor, has a 70% economic interest in E02038 in partnership with the permit holder International Mining Group SARL (“IMC”). IMC has a 30% free carried interest in its development until the announcement by Thor of a Probable Reserve.
The Douta licence is strategically positioned 4km east of Massawa North and Massawa Central deposits, which form part of the world-class Sabadola-Massawa Project owned by Endeavour Mining. The Makabingui deposit, belonging to Bassari Resources Ltd, is immediately located east of the northern portion of E02038.
During 2024, the Group announced the acquisition of interests in two licences in southeast Senegal, E03709 and E03028.The Group has acquired an initial 70% interest in the strategically located Douta-West Licence, E03709, which lies contiguous and to the south of E02038, and a 80% interest in the Sofita Licence, E03028, located approximately 20km south of the Douta Project.
In 2025, the Group announced the first set of drilling results from its 2025 regional exploration drilling program at the Baraka 3 Prospect on the Douta-West Licence. A drilling program commenced on the remaining strike length along a geological trend extending for approximately 3 km. The assay results from the two discovery drill holes include:
- Drillhole DTWRC129 – 19 m at 2.46 g/t Au from 29 m.
- Drillhole DTWRC134 – 26 m at 1.31 g/t Au from 21 m.
Results were also received from a series of diamond drillholes that have been completed along the strike length from Makosa North to Makosa Tail deposits to test for depth extensions and to upgrade the classification towards the lower parts of the resource.
The Group is completing a 12,000 metre drilling program on the Baraka 3 prospect in Q2 2025 from which, it will incorporate the drilling results into the Douta Pre-Feasibility Study (“PFS”).
