Thor Explorations

GOLDEN PROGRESS

GOLD PRODUCTION AND EXPLORATION

ACROSS WEST AFRICA

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

Writer:

Jack Salter | Project Manager: Thomas Arnold

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.

DOUTA PFS HIGHLIGHTS

• Pre-tax project net present value at a five percent discount rate (NPV5%) of USD$908 million and internal rate of return (IRR) of 73 percent (100 percent equity basis) at a long-term gold price assumption of USD$3,500/oz.

• Post-tax project NPV5% of USD$633 million and IRR of 61 percent (100 percent equity basis) at a long-term gold price assumption of USD$3,500/oz, calculated using statutory Senegalese tax rates and excluding any fiscal incentives expected to be granted under the Mining Convention.

• Strong early cashflow, with gold production of 411,000 oz in the first four years of oxide and transitional ore feed at an all-in sustaining cost (AISC) of USD$1,493/oz, generating a pre-tax cashflow of USD$814 million –resulting in USD$561 million of net cashflow post repayment of project capital with an anticipated payback period of 11 months following the start of processing.

• Significant leverage to higher gold prices – at recent spot gold prices of circa USD$4,250/oz, the pre-tax NPV5% increases to USD$1.43 billion (100 percent equity basis) with an IRR of 102 percent and an anticipated payback of nine months from the start of processing.

• Long-life production profile delivering one million ounces (Moz) of gold from 37 million tonnes (t) of mill feed, grading an average of 1.03 grams per t of gold (containing 1.2 Moz) over 12.6 years of operations.

• Two-phase production profile comprised of the Oxide Ore Phase and the Primary Ore Phase.

• Low initial project capital of USD$254 million and life of mine (LOM) AISC of around USD$1,890/oz, supporting strong margins throughout the LOM.

• Project is to be entirely funded from the company’s cash reserves and project financing.

• The Ministry of Environment approved the ESIA in January 2026.

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

“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”

– SEGUN LAWSON, CEO, THOR EXPLORATIONS

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.

Fembol Group x Thor Explorations Segilola: Delivering Reliable Logistics Solutions for Africa’s Mining and Industrial Sectors

Fembol Group is a trusted logistics leader delivering innovative and reliable supply chain solutions to businesses operating across Africa and beyond. With over 20 years of industry experience, the company has built a strong reputation for excellence, reliability, and deep stakeholder networks within complex and regulated environments.

A key example of Fembol’s impact is its role in supporting Thor Explorations’ Segilola Gold Mining Project, Nigeria’s largest gold mining operation. Segilola has established itself as a benchmark for excellence in gold mining through innovation, compliance, and strategic

Beyond mining, Fembol supports clients across a wide range of industries, including FMCG, oil and gas, manufacturing, healthcare, infrastructure, energy, and artificial intelligence (AI). The company delivers tailored, innovative, and AI technology-driven logistics solutions designed to meet each sector’s unique operational and regulatory requirements.

investment. Fembol Group contributed to this success by ensuring the timely and fully compliant delivery of critical materials, equipment, and project cargo essential to mining operations.

Supporting the Segilola Gold Project required specialised expertise and careful planning. Mining logistics involves the movement of sensitive and highly regulated shipments, including explosives used for blasting, mining-grade chemicals, and heavyduty equipment critical to extraction and processing activities. Through strict adherence to safety standards, accurate documentation, and close coordination with regulatory authorities and on-site teams, Fembol ensured that every delivery was executed safely, securely, and in line with operational timelines.

The company’s service offerings include:

• International Procurement

• Freight Financing

• Air Freight

• Sea Freight

• Import and Export Logistics

Fembol Group’s ability to manage such complex logistics requirements reflects its position as one of Africa’s fastest-growing supply chain and logistics companies. Its integrated approach enables clients to streamline operations, reduce risk, and maintain continuity in compliance-driven and high-stakes environments.

Looking ahead to the year 2026, Fembol Group continues to strengthen its footprint across West Africa, while maintaining operations and partnerships that extend beyond the continent. As Africa’s mining and industrial sectors continue to attract global investment, Fembol Group remains focused on delivering reliable, scalable, and compliant logistics solutions that power sustainable growth across regions.

• Customs Brokerage

• Inland Haulage

• Project Shipments

• Bonded Terminal Services

• Warehousing

All delivered through a single, integrated supply chain framework.

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.

JUGGERNAUT INDUSTRIES LTD YOUR WORLD CLASS DRILLING PARTNER

DRILLING CAPABILITIES

Whether you are a junior explorer defining your first resource or a mining company in active production, we have the rigs, the people and the experience to deliver.

• Reverse Circulation (RC) Drilling

• Diamond Drilling (DD) — Core Recovery

• Blast Hole & Grade Control Drilling

• Greenfield & Brownfield Exploration

• Water Well & Geotechnical Drilling

PROJECT HIGHLIGHTS

SEGILOLA GOLD MINE — A Landmark Achievement in Nigerian Mining. Juggernaut is proud to contribute to one of the most defining milestones in Nigeria’s mining sector: the development of Thor Explorations’ Segilola Gold Mine, the nation’s first commercial scale gold operation.

We provide a full suite of drilling services at Segilola, including Reverse Circulation (RC), Diamond Drilling (DD), and Grade

HEALTH, SAFETY & ENVIRONMENT

WHO WE ARE

Juggernaut Industries Ltd is Nigeria’s foremost indigenous mining exploration and drilling company built on over a decade of delivering results in some of the continent’s most challenging environments.

Founded in Abuja in 2006, we combine experienced field teams with modern RC and Diamond Drilling rigs to deliver consistent, high-quality results across a wide range of geological environments.

Proudly Nigerian, our capabilities extend beyond borders — we are equipped and ready to mobilise anywhere in the world. When you work with us, you gain a partner invested in your success from first hole to final result.

Safety is not a policy at Juggernaut it is a culture. Our HSE management system is built on global best practices, continuous staff training, and strict regulatory compliance. Across thousands of operational hours and multiple active sites, we have maintained a record free of major incidents — and that is a standard we protect on every project we take on. Our people go home safe. So do yours.

Control(GC) drilling. These services are essential to resource definition, mine planning, orebody modelling, and day to day production management. Through consistent technical precision, reliable performance, and a commitment to operational excellence, we help ensure that Segilola maintains world class standards in both exploration and production. Our ongoing involvement in this historic project reflects the strength of our capabilities and our dedication to advancing Nigeria’s mining industry.

SUPPORTING NIGERIA’S MINERAL FUTURE

From the Federal Government’s NIMEP (National Integrated Mineral Exploration Project) exploration initiative targeting gold, base metals, and rare earths, to extensive RC programs unlocking Nigeria’s emerging lithium belt we have been at the forefront of the country’s most significant mineral discoveries.

A decade of experience drilling across projects ranging from large-scale resource definition programs to smaller targeted campaigns across Nigeria. We have drilled for gold in Niger State and the FCT, leadzinc across the Benue Trough, and lithium in Oyo State. Every project, big or small, gets the same commitment.

“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

“WE CONTINUE TO INVEST HEAVILY IN EXPLORATION AND ARE POSITIONING OURSELVES TO BUILD OUR SECOND MINE”

– SEGUN LAWSON, CEO, THOR EXPLORATIONS

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.

info@thorexpl.com www.thorexpl.com

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