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NEWS RELEASE
NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR
DISTRIBUTION TO U.S. WIRE SERVICES

FOR IMMEDIATE RELEASE

TSXV: THX

15 September 2026

Vancouver, British Columbia

ENCOURAGING MAIDEN EXPLORATION DRILLING RESULTS FROM THE MARAHUI PROJECT, CÔTE D’IVOIRE

Thor Explorations Ltd. (TSXV/AIM: THX) (“Thor” or the “Company”) is pleased to announce encouraging maiden exploration drilling results from its Marahui Gold Project (“Marahui” or the “Licence”) in northeastern Côte d’Ivoire. The project forms part of a portfolio of early-stage exploration licences in Côte d’Ivoire which also includes the 100% owned Guitry Gold Exploration Project, and an option to earn up to an 80% interest in the Boundiali Exploration Permit, located in north-west Côte d’Ivoire.

Highlights

The assay results include:

• Drillhole MRRC26-008 - 6 metres (“m”) at 5.60 grams per tonne (“g/t”) Au from 129m
• Drillhole MRRC26-012 - 9m at 5.40 g/t Au from 40m
• Drillhole MRRC26-115 - 6m at 6.20 g/t Au from 74m
• Drillhole MRRC26-053 - 8m at 3.60 g/t Au from 35m
• Drillhole MRRC26-143 - 8m at 3.40 g/t Au from 50m
• Drillhole MRRC26-052 - 5m at 3.60 g/t Au from 75m

Segun Lawson, President & CEO, stated:

“We are extremely encouraged by this maiden set of drilling results which have followed the initial early exploration success at this Licence.

“These encouraging results show high-grade mineralisation at a significant strike length demonstrating the potential scale of Marahui and are an important step forward for Thor’s exploration portfolio in Côte d’Ivoire. Wide, high-grade intersections which are characterised over a 4km strike length, including 6m at 6.20g/t Au, 9m at 5.40g/t Au and 6m at 5.60g/t Au reinforce our already high confidence in the Licence.

“The scale of the opportunity is particularly encouraging. The drilling to date has identified multiple parallel gold-bearing veins within a shear corridor extending over more than 4 km, yet drilling has tested only approximately 30% of the overall geological trend. With further additional geochemical anomalies already defined within the Licence, we have a clear pipeline of targets to test with our ongoing drilling program.

“Marahui remains at an early stage, and we are delighted to start with these encouraging results which open up a material and exciting new exploration opportunity for Thor. We look forward to testing the additional targets over the coming months and reporting the remaining pending results as we build a clear understanding of the project’s scale and potential.”

Introduction

The Marahui Project comprises exploration permit PR902, covers 250 square kilometres (km²) and is located in the Bondoukou Region of northeastern Côte d’Ivoire (Figure 1).

The Marahui permit is underlain by an arcuate, north-westerly trending sequence, Birimian schistose volcano sedimentary rocks, which are surrounded by intrusive granites. In the contact zone, volcano-sediments show strong foliation and silicification. Observed gold mineralisation is controlled by a NW-SE shear zone in volcano-sediment schists and by extensional WNW-ESE quartz veins in granite.

Previous soil geochemical sampling and geological mapping around artisanal workings identified two parallel anomalous structures. The larger anomaly extends for approximately 4 kilometres (“km”) and is approximately 200m wide. Follow-up rock-chip sampling of material from artisanal workings along this structure confirmed bedrock gold mineralisation, returning values of up to 23.1g/t Au (Figure 2).

Figure 1: Marahui Project Location Map

Marahui Exploration Drilling Results
Thor has carried out 18,439m of its budgeted 25,000m reverse circulation (“RC”) drilling program as part of its ongoing exploration programme, which is focused on a north-westerly-trending line of shallow artisanal workings.

Drill samples are analysed by SGS Laboratories in Yamoussoukro using the FAA505 fire assay method with a 50g charge. Significant intersections are presented in Table 1, and the complete drillhole summary is provided in Appendix 1.

Gold mineralisation occurs in a subvertical, en-echelon vein array within a north-westerly-trending shear zone approximately 200m wide and extending for more than 4km along strike (Figure 2). Drill-line spacing ranges from 100m to 400m. Results to date suggest that individual veins have apparent strike continuity of up to 700m and estimated true widths of up to approximately 7m.

Drilling to date has tested approximately 30% of the overall geological trend. Additional discrete geochemical anomalies have been identified along the trend and are scheduled for drill testing in the coming months. The Company considers the initial results highly encouraging, highlighting a new exploration opportunity with the potential to support a future standalone operation, subject to further exploration and technical and economic evaluation.

Hole ID	East	North	RL	Depth (m)	Dip	Azi-muth	From (m)	To (m)	Interval (m)	Grade (g/tAu)	True Width (m)
MRRC26-002	522850	960514	377	114	-53.1	234	7	14	7	0.80	5.6
MRRC26-004	522884	960540	386	150	-53.9	231	104	107	3	1.30	2.4
MRRC26-008	522667	960881	379	152	-54.4	229	129	135	6	5.60	4.8
						and	93	99	6	0.60	4.8
MRRC26-012	522428	961140	348	156	-54.0	231	40	49	9	5.40	7.2
MRRC26-021	521611	962175	312	84	-55.0	50	40	45	5	2.00	4.0
MRRC26-022	521639	962199	312	84	-54.9	231	22	25	3	2.30	2.4
MRRC26-052	523165	960227	378	100	-55.0	230	75	80	5	3.60	4.0
MRRC26-053	523127	960196	374	100	-55.0	230	35	43	8	3.60	6.4
MRRC26-062	521561	962304	317	100	-55.0	230	25	30	5	1.70	4.0
MRRC26-083	523552	959309	399	102	-55.0	230	93	96	3	5.00	2.4
MRRC26-098	522294	961400	326	102	-55.1	230	85	90	5	2.50	4.0
MRRC26-114	523190	960234	380	183	-55.0	230	106	111	5	0.90	4.0
MRRC26-115	521941	961985	298	132	-55.0	230	74	80	6	6.20	4.8
						and	65	72	7	0.80	5.6
MRRC26-137	521927	961972	299	60	-54.8	230	33	42	9	1.20	7.2
MRRC26-138	523092	960302	375	135	-55.3	230	114	117	3	2.70	2.4
MRRC26-143	522569	960932	380	120	-55.1	230	50	58	8	3.40	6.4
MRRC26-160	522732	960810	363	112	-55.0	230	18	21	3	1.79	2.6

Table 1: Marahui Project Significant Results
(0.3 g/t Au lower cut off; minimum width 3m with 3m max internal waste)

Figure 2: Marahui Project Drillhole Location Plan

Conclusions
Initial RC drilling at Marahui has confirmed gold-bearing vein mineralisation within a northwesterly-trending shear corridor approximately 200 m wide and extending for more than 4km. Mineralisation occurs in a subvertical, en-echelon vein array, with results to date suggesting apparent strike continuity of up to 700 m for individual veins and estimated true widths of up to approximately 7m.

Thor has completed 171 RC drillholes testing the interpreted shear zone. The program is ongoing and assays remain pending, to be released as received. Significant intersections include 6m at 6.20g/tAu from 74m in MRRC26-115, 6m at 5.60g/tAu from 129 m in MRRC26-008 and 8m at 3.40g/t Au from 50m in MRRC26-143. These intervals are downhole lengths.

With approximately 30% of the overall geological trend tested by drilling, considerable scope remains for further exploration. Additional discrete geochemical anomalies have already been identified and are scheduled for drill testing in the coming months, providing a clear pipeline of follow-up targets. These encouraging results reinforce Marahui’s potential within Thor’s exploration portfolio in Côte d’Ivoire and provide a strong foundation for the next phase of work. The potential for a future standalone operation remains subject to further exploration and technical and economic evaluation.

Qualified Person
The above information has been prepared under the supervision of Alfred Gillman (Fellow AusIMM, CP), who is designated as a “qualified person” under National Instrument 43-101 and the AIM Rules and has reviewed and approves the content of this news release. He has also reviewed QA/QC, sampling, analytical and test data underlying the information.

About Thor Explorations

Thor Explorations Ltd. is a mineral exploration company engaged in the acquisition, exploration, development and production of mineral properties located in Nigeria, Senegal and Côte d'Ivoire. Thor Explorations holds:
-     a 100% interest in the Segilola Gold Project located in Osun State, Nigeria
-     a 100% economic interest in the Douta Gold Project located in south-eastern Senegal
-     a 100% interest in the Guitry Gold Project Côte d'Ivoire
-     additional exploration tenure in Nigeria, Senegal and Côte d'Ivoire, comprising wholly and majority-owned interests

Thor Explorations trades on AIM and the TSX Venture Exchange under the symbol "THX".

THOR EXPLORATIONS LTD.
Segun Lawson
President & CEO

For further information please contact:

Thor Explorations Ltd
Email: [email protected]

Canaccord Genuity (Nominated Adviser & Broker)
James Asensio / Henry Fitzgerald-O’Connor / Harry Rees / Rory Blundell
Tel: +44 (0) 20 7523 8000

Hannam & Partners (Broker)
Andrew Chubb / Matt Hasson / Jay Ashfield
Tel: +44 (0) 20 7907 8500

BlytheRay (Financial PR)
Tim Blythe / Megan Ray / Said Izagaren
Tel: +44 207 138 3204

Yellow Jersey PR (Financial PR)
Charles Goodwin / Shivantha Thambirajah 
Tel:  +44 (0) 20 3004 9512

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.

Cautionary Note Regarding Forward-Looking Statements
Except for the statements of historical fact contained herein, the information presented constitutes “forward looking statements” within the meaning of certain securities laws, and is subject to important risks, uncertainties and assumptions that could cause the actual results of the Company to differ materially form the forward-looking statements. Such forward-looking statements, including but not limited to, the Company’s ability to fully finance the Project, to bring the Project into operation or to produce gold from the Project, and the use of the proceeds.  The words “may”, “could”, “should”, “would”, “suspect”, “outlook”, “believe”, “anticipate”, “estimate”, “expect”, “intend”, “plan”, “target” and similar words and expressions are used to identify forward-looking information. The forward-looking information in this news release describes the Company’s expectations as of the date of this news release and accordingly, is subject to change after such date. Readers should not place undue importance on forward-looking information and should not rely upon this information as of any other date. While the Company may elect to, it does not undertake to update this information at any particular time.

Appendix 1

Marahui Drillhole Summary

Hole ID	East	North	RL	Depth (m)	Dip	Azi-muth	From (m)	To (m)	Interval (m)	Grade (g/tAu)	True Width (m)
MRRC26-001	522820	960490	371	102	-55.0	50	87	90	3	0.40	2.4
MRRC26-002	522850	960514	377	114	-53.1	234	7	14	7	0.80	5.6
						And	24	30	6	0.30	4.8
						And	44	48	4	0.90	3.2
MRRC26-003	522783	960461	366	168	-54.4	51	111	114	3	0.70	2.4
MRRC26-004	522884	960540	386	150	-53.9	231	65	68	3	0.90	2.4
						And	104	107	3	1.30	2.4
MRRC26-005	522554	960795	366	156	-54.6	51	81	85	4	0.70	3.2
MRRC26-006	522594	960826	371	90	-52.2	50	57	61	4	0.40	3.2
MRRC26-007	522629	960853	374	90	-52.7	231	nsr
MRRC26-008	522667	960881	379	152	-54.4	229	93	99	6	0.60	4.8
						And	129	135	6	5.60	4.8
MRRC26-009	522356	961085	344	82	-53.8	50	23	28	5	0.30	4.0
						And	31	34	3	0.40	2.4
MRRC26-010	522388	961110	344	90	-52.8	231	35	41	6	0.40	4.8
MRRC26-011	522315	961055	343	150	-52.8	50	nsr
MRRC26-012	522428	961140	348	156	-54.0	231	0	3	3	0.90	2.4
						And	40	49	9	5.40	7.2
MRRC26-013	522462	961176	350	157	-54.9	231	nsr
MRRC26-014	522504	961210	352	146	-52.5	230	nsr
MRRC26-015	522537	961238	352	102	-54.5	230	nsr
MRRC26-016	522583	961267	349	100	-52.8	230	nsr
MRRC26-017	522031	961596	313	86	-53.4	232	nsr
MRRC26-018	522002	961575	314	80	-54.4	49	nsr
MRRC26-019	521963	961547	317	105	-55.5	49	24	28	4	0.50	3.2
MRRC26-020	522075	961629	310	102	-53.3	231	nsr
MRRC26-021	521611	962175	312	84	-55.0	50	40	45	5	2.00	4.0
MRRC26-022	521639	962199	312	84	-54.9	231	22	25	3	2.30	2.4
MRRC26-023	521682	962230	311	90	-54.0	230	nsr
MRRC26-024	522781	960462	366	50	-52.5	230	nsr
MRRC26-025	522764	960447	365	60	-61.0	232	nsr
MRRC26-026	522746	960435	364	60	-54.8	232	nsr
MRRC26-027	522727	960422	361	106	-53.7	231	nsr
MRRC26-028	522687	960390	356	105	-53.8	230	nsr
MRRC26-029	522643	960355	353	102	-53.5	231	nsr
MRRC26-030	522595	960319	349	106	-54.5	229	nsr
MRRC26-031	522870	960429	368	100	-52.7	11	nsr
MRRC26-032	522878	960480	375	100	-55.0	10	nsr
MRRC26-033	522888	960535	386	100	-53.8	11	nsr
MRRC26-034	522551	960283	345	100	-54.1	232	nsr
MRRC26-035	522549	960282	345	114	-50.7	51	nsr
MRRC26-036	522509	960758	359	78	-53.6	230	nsr
MRRC26-037	522561	960292	346	108	-54.5	51	nsr
MRRC26-038	522467	960726	355	100	-54.4	230	nsr
MRRC26-039	522162	960492	335	120	-54.7	50	nsr
MRRC26-040	522210	960528	339	32	-53.6	230	nsr
MRRC26-041	522247	960558	342	74	-53.7	230	nsr
MRRC26-042	522281	960584	343	105	-53.8	230	nsr
MRRC26-043	522324	960615	346	72	-54.7	230	nsr
MRRC26-044	522365	960650	348	108	-56.3	230	nsr
MRRC26-045	522410	960686	350	100	-52.0	230	nsr
MRRC26-046	522555	960795	366	100	-57.0	230	nsr
MRRC26-047	522707	960916	378	97	-55.0	230	28	32	4	0.50	3.2
MRRC26-048	522755	960953	367	100	-52.6	230	nsr
MRRC26-049	522059	960802	338	102	-55.0	230	nsr
MRRC26-050	522023	960767	335	90	-55.0	230	nsr
MRRC26-051	521982	960737	332	102	-55.0	230	77	82	5	0.40	4.0
						And	95	98	3	0.80	2.4
MRRC26-052	523165	960227	378	100	-55.0	230	75	80	5	3.60	4.0
MRRC26-053	523127	960196	374	100	-55.0	230	35	43	8	3.60	6.4
MRRC26-054	523094	960169	371	102	-55.0	230	nsr
MRRC26-055	523056	960139	368	120	-55.0	230	nsr
MRRC26-056	523256	959862	387	100	-55.0	230	nsr
MRRC26-057	523220	959830	382	108	-55.0	230	44	47	3	0.40	2.4
MRRC26-058	523182	959801	378	100	-55.0	230	nsr
MRRC26-059	523142	959771	374	105	-55.0	230	nsr
MRRC26-060	521524	962106	314	108	-55.0	230	nsr
MRRC26-061	521602	962335	316	118	-55.0	230	109	114	5	0.50	4.0
MRRC26-062	521561	962304	317	100	-55.0	230	25	30	5	1.70	4.0
MRRC26-063	521529	962280	317	100	-55.0	230	nsr
MRRC26-064	521485	962246	318	105	-55.0	230	nsr
MRRC26-065	521568	962142	313	102	-55.0	230	nsr
MRRC26-066	521482	962075	313	100	-55.0	230	nsr
MRRC26-067	521434	962039	314	100	-55.0	230	nsr
MRRC26-068	520174	963503	338	110	-55.0	230	nsr
MRRC26-069	520215	963537	336	102	-55.0	230	nsr
MRRC26-070	520367	963654	332	100	-55.0	230	nsr
MRRC26-071	521610	962175	312	100	-55.0	230	nsr
MRRC26-072	520409	963689	331	100	-55.0	230	49	52	3	0.80	2.4
MRRC26-073	520459	963723	331	100	-55.0	230	nsr
MRRC26-074	520320	963615	333	100	-55.0	230	nsr
MRRC26-075	523210	960262	381	100	-55.0	230	96	100	4	0.50	3.2
MRRC26-076	523259	960290	387	102	-55.0	230	13	16	3	0.90	2.4
MRRC26-077	523447	960001	404	100	-55.0	230	nsr
MRRC26-078	523404	959977	397	99	-55.0	230	nsr
MRRC26-079	523506	960031	416	110	-55.0	230	nsr
MRRC26-080	523363	959939	392	104	-55.0	230	nsr
MRRC26-081	523520	959274	392	108	-55.0	230	nsr
MRRC26-082	523482	959249	383	100	-55.0	230	nsr
MRRC26-083	523552	959309	399	102	-55.0	230	93	96	3	5.00	2.4
MRRC26-084	523476	959612	396	102	-55.0	230	nsr
MRRC26-085	521947	960713	330	100	-55.0	230	nsr
MRRC26-086	521912	960862	331	100	-55.0	230	59	63	4	0.60	3.2
MRRC26-087	523517	959642	393	102	-55.0	230	nsr
MRRC26-088	523565	959681	378	102	-55.0	230	nsr
MRRC26-089	523613	959722	374	130	-55.0	230	nsr
MRRC26-090	523316	959896	388	102	-55.0	230	nsr
MRRC26-091	523299	960330	401	105	-55.0	230	nsr
MRRC26-092	523345	960365	417	114	-55.0	230	nsr
MRRC26-093	523387	960400	429	104	-55.0	230	86	89	3	1.00	2.4
MRRC26-094	523665	959755	364	102	-55.0	230	nsr
MRRC26-095	523610	959339	418	100	-55.0	230	nsr
MRRC26-096	523654	959373	423	102	-55.0	230	nsr
MRRC26-097	522247	961366	325	104	-55.0	230	nsr
MRRC26-098	522294	961400	326	102	-55.1	230	85	90	5	2.50	4.0
MRRC26-099	521902	961957	299	102	-55.0	230	nsr
MRRC26-100	521855	961918	300	108	-55.1	230	nsr
MRRC26-101	521812	961880	301	100	-55.0	230	nsr
MRRC26-102	521768	961844	302	100	-55.0	230	nsr
MRRC26-103	522479	961537	327	100	-55.0	230	91	97	6	0.40	4.8
MRRC26-104	522433	961503	329	117	-55.0	230	nsr
MRRC26-105	522386	961468	328	102	-55.0	230	nsr
MRRC26-106	522350	961441	329	100	-55.0	230	nsr
MRRC26-107	522203	961327	328	122	-55.0	230	7	10	3	0.60	2.4
MRRC26-108	522157	961294	328	100	-55.0	230	nsr
MRRC26-109	522890	961059	351	100	-55.0	230	nsr
MRRC26-110	522847	961022	353	104	-55.0	230	nsr
MRRC26-111	522798	960987	359	102	-55.0	230	49	54	5	0.50	4.0
MRRC26-112	522934	960545	393	100	-55.0	230	nsr
MRRC26-113	522980	960587	406	162	-55.0	230	nsr
MRRC26-114	523190	960234	380	183	-55.0	230	106	111	5	0.90	4.0
						And	146	149	3	1.00	2.4
MRRC26-115	521941	961985	298	132	-55.0	230	65	72	7	0.80	5.6
						And	74	80	6	6.20	4.8
MRRC26-116	522033	962053	297	110	-55.0	230	nsr
MRRC26-117	522634	961301	343	108	-55.0	230	nsr
MRRC26-118	521997	962019	297	100	-55.0	230	nsr
MRRC26-119	522125	961667	314	100	-55.0	230	nsr
MRRC26-120	523031	960618	419	106	-55.0	230	nsr
MRRC26-121	523036	961621	323	100	-55.0	230	nsr
MRRC26-122	522949	961550	322	102	-55.0	230	nsr
MRRC26-123	522997	961585	322	93	-55.0	230	nsr
MRRC26-124	520371	962979	339	150	-55.1	230	nsr
MRRC26-125	520296	962931	343	100	-55.0	230	nsr
MRRC26-126	520052	964055	328	153	-54.7	230	nsr
MRRC26-127	520011	964019	330	100	-55.0	230	nsr
MRRC26-128	522227	961478	321	137	-55.0	230	nsr
MRRC26-129	522187	961440	320	112	-55.0	230	nsr
MRRC26-130	522310	961287	332	112	-55.0	230	nsr
MRRC26-131	522272	961251	333	100	-55.1	230	nsr
MRRC26-132	522866	960654	402	150	-55.0	230	nsr
MRRC26-133	522827	960622	391	133	-55.0	230	nsr
MRRC26-134	522778	960587	375	50	-55.0	230	nsr
MRRC26-135	523048	960261	369	75	-55.0	230	nsr
MRRC26-136	523268	960190	386	200	-54.8	230	nsr
MRRC26-137	521927	961972	299	60	-54.8	230	33	42	9	1.20	7.2
MRRC26-138	523139	960338	379	191	-52.4	228	65	69	4	0.40	3.2
MRRC26-139	523092	960302	375	135	-55.3	230	114	117	3	2.70	2.4
MRRC26-140	523224	960155	379	150	-53.1	229	40	43	3	0.40	2.4
MRRC26-141	521869	962053	302	120	-54.0	232	nsr
MRRC26-142	521907	962085	302	195	-55.0	230	nsr
MRRC26-143	522569	960932	380	120	-55.1	230	50	58	8	3.40	6.4
MRRC26-144	522604	960966	388	141	-54.7	230	nsr
MRRC26-145	521889	962067	302	130	-55.4	230	nsr
MRRC26-146	522034	961923	303	160	-49.9	230	nsr
MRRC26-147	521993	961895	302	60	-49.6	230	nsr
MRRC26-148	521833	962156	280	150	-50.1	230	nsr
MRRC26-149	521795	962125	281	108	-55.2	230	nsr
MRRC26-150	521770	962232	283	140	-49.7	230	nsr
MRRC26-151	521730	962201	283	52	-54.6	230	27	31	4	0.50	3.2
MRRC26-152	521754	962220	288	112	-49.6	230	nsr
MRRC26-153	522090	961848	287	147	-50.1	230	nsr
MRRC26-154	522050	961819	284	54	-54.5	230	nsr
MRRC26-157	522528	960909	351	72	-49.8	230	nsr
MRRC26-155	522161	961780	290	140	-54.6	230	nsr
MRRC26-156	522161	961780	290	62	-54.9	231	nsr
MRRC26-158	522699	960784	350	120	-53.3	230	nsr
MRRC26-159	522575	961063	345	150	-55.0	230	15	18	3	0.51	2.6
MRRC26-160	522732	960810	363	112	-55.0	230	18	21	3	1.79	2.6
MRRC26-161	522576	961114	352	130	-49.5	200	nsr
MRRC26-162	521651	962376	278	150	-55.0	230	results pending
MRRC26-163	521698	962410	289	100	-55.0	230	results pending
MRRC26-164	521446	962612	310	140	-55.0	230	results pending
MRRC26-165	521408	962568	312	80	-55.0	230	results pending
MRRC26-166	521144	962873	322	60	-55.0	230	results pending
MRRC26-167	521184	962900	340	126	-55.0	230	results pending
MRRC26-168	521224	962935	311	102	-55.0	230	results pending
MRRC26-169	520859	963280	303	116	-55.0	230	results pending
MRRC26-170	520819	963251	311	60	-55.0	230	results pending
MRRC26-171	521364	962548	302	66	-55.0	230	results pending