The Company’s flagship project is the gold producing Segilola Gold Project located in Osun State, Nigeria, approximately 120 kilometres (“km”) northeast of Lagos. Segilola is projected to produce between 80,000 and 100,000 oz of gold in 2022 at an All in Sustaining Cost of US$850-950 per oz. The project is expected to produce approximately 100,000 ounces per year for the following four years.

Following an updated Mineral Resource and Mineral Reserve Estimate and improved Life of Mine plan announced in the first quarter of 2021, Segilola contains a high grade open pit probable reserve of 517,800 oz at 4.02 grams per tonne (“g/t”) within an open pit indicated MRE of 532,000 oz of gold grading at 4.5 g/t, and an underground indicated resource of 76,000 oz of gold grading at 6.1 g/t, with additional significant exploration upside potential.

The Douta Gold Project is a gold exploration permit, E02038, which covers an area of 58km2 and is located within the Kéniéba inlier, eastern Senegal. Thor, through its wholly owned subsidiary African Star Resources SARL (“African Star”), has a 70% economic interest in partnership with the permit holder International Mining Company SARL (IMC). IMC has a 30% free carried interest in its development until the announcement by Thor of a Probable Reserve.

The Mineral Resource Estimate for the Douta Project was announced in November 2021, is classified as Inferred Resources and is constrained within optimised pit shells and comprises 15.3Mt grading 1.5g/tAu for 730,000 ounces of gold.