Thor Explorations : Golden Progress

Segun Lawson, CEO, updates us on the progress of Thor Explorations’ gold projects and corporate social responsibility activities across West Africa over the past year.

GOLDEN PROGRESS

“We continue to invest heavily in exploration and are positioning ourselves to build our second mine.”

Segun Lawson, CEO of Thor Explorations (Thor) – whom we previously interviewed in April 2025 – is bullish about the West African mining industry.

Indeed, there continues to be strong global demand for critical metals, whilst high gold prices will ensure there is continued interest and investment in the sector, ultimately leading to more exploration.

“We are seeing new large-scale projects being approved and financed, despite geopolitical uncertainty in some of the Sahel and West African countries, where we have witnessed regulatory uncertainty,” Lawson insights.

“Overall, I believe West Africa – which is still relatively underexplored – remains one of the most attractive frontier mining regions globally.”

A West Africa-focused gold producer and exploration company, Thor’s current principal asset is the Segilola Gold Project (Segilola) in Nigeria – the country’s first large-scale gold mine – which is now in its sixth calendar year of production.

Having produced 92,000 ounces (oz) of gold in 2025, the company expects Segilola to produce between 75,000 and 85,000 oz this year and is carrying out exploration programmes to extend the mine life.

Given Thor’s capital expenditure (CapEx) at Segilola has already been completely repaid, any further oz discovery or mine life extension would be extremely value-accretive for the company.

“We’re aiming to delineate sufficient resources to transition to an underground mine. We’ve had some success in drilling mineralisation underneath the pit and are now aiming to drill sufficient tonnage to justify an underground mine investment decision – we hope to achieve this by the end of the year,” Lawson sets out.

“Additionally, we’re exploring regionally within a 50-kilometre radius for potential satellite deposits that can be trucked to the Segilola processing plant.”

At the moment, Thor’s priority is the utilisation of its Segilola cash flow to fund exploration activities across the company’s entire portfolio.

MULTI-ASSET PRODUCER

Always open to exploring new opportunities, provided they fall within its desired remit, Thor’s projects are diversified by jurisdiction and development stage.

In addition to Segilola, the second mine Lawson refers to in his opening statement is the advanced-stage Douta Gold Project (Douta) in Senegal.

The company recently completed the Douta preliminary feasibility study (PFS) in January 2026, which has shown robust project economics, include a 12.6-year mine life with significant potential to grow.

“Since we last spoke, we announced the results of the Douta PFS, as well as an updated mineral resource estimate and a maiden mineral reserve. We also increased our economic interest in the Douta licences from 70 percent to 100 percent,” shares Lawson.

“The PFS confirms a robust, long-life gold project with strong economics, a substantial mineral reserve base, and a clear, accelerated pathway to development – underpinned by significant potential for further resource expansion.”

This positions Thor to advance its next development project, paving the way to become a multi-asset producer operating across two countries, with first production from Douta targeted for early 2028.

Elsewhere, the company is carrying out significant exploration activities in Côte d’Ivoire, where it has assembled a portfolio of early-stage gold exploration licences.

In late 2025, Thor added another prospective early-stage exploration licence, taking its portfolio in the country to four.

Exploration work has continued on the Guitry Gold Project, where the company completed a comprehensive drilling programme.

At the Marahui Gold Project, meanwhile, further geological mapping and geochemical sampling generated a number of prospective drill targets, which commenced late in the year.

“We are now looking to achieve maiden resource levels at both of these properties by the end of FY26,” Lawson confirms.

Whilst gold remains Thor’s priority, the company still believes its lithium portfolio is prospective and can deliver significant value, particularly given the recent lithium price recovery.

“We’re continuing lithium exploration and looking to advance drilling programmes across our 600 square kilometres of prospective tenures in Nigeria this year,” Lawson informs.

COMMUNITY ENGAGEMENT

Thor’s strategy is to operate, develop, and explore mineral properties in accordance with international best practices, with a strong emphasis on health and safety, environmental stewardship, regulatory compliance, and responsible community engagement.

Over the last 12 months, Thor’s community engagement and social investment have remained focused on delivering commitments under community development agreements (CDAs), alongside broader corporate social responsibility (CSR) and livelihood restoration programmes.

In total, 30 community projects and programmes were delivered or initiated during 2025. Key initiatives completed during Q4 included:

• Distribution of food palliatives (oil and rice) to elderly residents in the three host communities near Segilola.
• The sixth Segilola Gold Project Scholarship (SGPS) programme, supporting children from vulnerable households to remain in school.
• The fifth Segilola Women’s Initiative Programme (SWIP).

• Provision of minibuses to a host community as part of the Youth Empowerment Programme.

“Additional initiatives included a medical outreach programme for residents of the three host communities and the introduction of ‘Seguncare’, which provides medication support for residents with long-term health conditions,” highlights Lawson.

In December, Segilola Resources Operating Limited (SROL), together with SINIC – a key contract partner at Segilola – also hosted a Christmas event for children from the three host communities.

Local employment and procurement also remained a key component of the company’s contribution to economic development in 2025.

Total employment associated with Segilola reached 2,026 personnel in 2025, of which 99 percent are Nigerian nationals.

Moreover, 86 percent of the total procurement budget for Segilola was spent within Nigeria during 2025, supporting local businesses and supply chains.

ESIA APPROVAL

In Senegal, environmental, biodiversity and social baseline studies were undertaken last year to support the Douta PFS.

An Environmental and Social Impact Assessment (ESIA) was submitted to Senegalese government authorities in March and subsequently updated in August following comments from the Inter-Ministerial Review Committee.

Additional community consultations undertaken in September and October were incorporated into the final ESIA submission in November.

The ESIA received approval in January 2026, covering Phase 1 (Oxide Ore Phase) oxide ore processing and associated infrastructure.

Phase 2 (Primary Ore Phase) development, which includes refractory ore processing and modifications to the water storage dam and tailings management facility, will be addressed through a future amendment to the EIA.

“Baseline studies indicate generally favourable environmental conditions and manageable biodiversity sensitivities, with mitigation measures incorporated into project design,” Lawson closes.

“No physical resettlement is anticipated; however, potential economic impacts will be managed through a Resettlement Action Plan and ongoing community engagement programmes.”

Reaching a final investment decision and commencing construction of Douta is one of three priorities for Thor in 2026.

The company is also focused on extending the mine life and achieving an underground mine investment decision at Segilola, as well as advancing its exploration portfolio in Côte d’Ivoire with its extensive drilling campaigns.