Director Change

Vancouver, May 12, 2026 - Thor Explorations Ltd. (AIM: THX) (TSXV: THX) ("Thor" or the "Company") is pleased to announce the appointment of Mr. Bernard Swanepoel to its Board of Directors (the "Board"), subject to the approvals of the TSX Venture Exchange.

Mr. Swanepoel is a South African mining executive who has spent 25 years of his 40-year mining career in senior/executive management roles. Bernard Swanepoel served as CEO of Harmony Gold from 1995 to 2007, during which the company transformed into one of the world's largest gold producers. He has served 11 years on the board of Sanlam Limited, 15 years on the board of African Rainbow Minerals, and is Chairman of Manganese Metal Company. Bernard also serves on the boards of Impala Platinum Holdings Ltd., Zimplats, and African Exploration Mining and Finance Corporation, while co-leading the strategy consultancy THINKspiration.

Segun Lawson, President & CEO, stated:

"We are delighted to welcome Bernard Swanepoel to Thor's Board of Directors. Bernard brings a wealth of expertise and experience built over 40 years in the mining industry, which will further strengthen the Board at this critical period as the Company prepares to build its second mine, transition to underground mining at Segilola, and develop into a mid-tier gold producer. We look forward to working with him in our team.

"On behalf of the Company, I would also like to take this opportunity to thank again Mr Collin Ellison, who served as a non-executive director at Thor for seven years over a very successful and transformational period in the Company's history. Collin made a significant contribution to the Company through a period of growth and development, where we completed construction of the Segilola Gold Mine in Osun State, Nigeria, achieved commercial production, and have since profitably and responsibly produced gold for four years. During this time, we also fully repaid our senior debt facility with AFC, whilst advancing our Douta Project in Senegal to the pre-feasibility stage of development."

Additional Information (in accordance with Rule 17 and Schedule Two paragraph (g) of the AIM Rules for Companies).

Zacharias Bernardus "Bernard" Swanepoel, age 65, is currently or has been a Director of the following companies within the past five years:

About Thor

Thor Explorations Ltd. is a Canadian mineral exploration company engaged in the acquisition, exploration and development of mineral properties located in Nigeria, Senegal and Cote d'Ivoire. Thor holds a 100% interest in the Segilola Gold Project located in Osun State of Nigeria. Mining and production commenced at Segilola in 2021. Thor holds a 70% interest in the Douta Gold Project located in south-eastern Senegal. Thor trades on the TSX Venture Exchange under the symbol "THX".

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