Thor Explorations Announces Financial and Operating Results, for the Three and Six Months Ending June 30, 2026

Vancouver, British Columbia--(Newsfile Corp. - August 11, 2026) - Thor Explorations Ltd. (AIM: THX) (TSXV: THX) ("Thor Explorations", "Thor" or the "Company") is pleased to provide an operational and financial review for its Segilola Gold mine, located in Nigeria ("Segilola"), and for the Company's mineral exploration properties located in Nigeria and Senegal, for the three months ("Q2 2026" or the "Period") and six months to June 30, 2026 ("H1 2026").

The Company's Unaudited Condensed Interim Consolidated Financial Statements together with the notes related thereto, as well as the Management's Discussion and Analysis for the three and six months ended June 30, 2026, are available on Thor Explorations' website at: www.thorexpl.com/investors/reports-presentations .

All figures are in US dollars ("US$") unless otherwise stated.

Financial Highlights for Q2 2026 and H1 2026

17,050 ounces ("oz") of gold ("Au") sold in Q2 2026 with an average gold price of US$4,554 per oz.

Cash operating cost of US$760 per oz sold and all-in sustaining cost ("AISC") of US$1,262 per oz sold in Q2 2026.

Q2 2026 revenue of US$77.6 million (Q2 2025: US$82.7 million).

Q2 2026 EBITDA of US$55.4 million (Q2 2025: US$60.3 million).

Q2 2026 net profit of US$48.7 million (Q2 2025: US$51.6 million).

In H1 2026, the Company achieved half yearly records in revenue, EBITDA and net profit: H1 2026 revenue of US$151.9 million (H1 2025: US$146.8 million).

H1 2026 EBITDA of US$108.4 million (H1 2025: US$103.9 million).

H1 2026 net profit of US$95.5 million (H1 2025: US$86.1 million).

Adjusted net cash of US$218.6 million as at June 30, 2026 1 .

1 The cash balance, adjusted net cash position and gold bullion inventory reported in the Company's Q2 2026 operational update of US$225.6 million have been revised to cash of US$193.1 million and adjusted net cash of US$218.6 mi