Thor Explorations Ltd - Junior Indaba - June 2021

 
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Thor Explorations Ltd - Junior Indaba - June 2021
Thor Explorations Ltd
Junior Indaba - June 2021
Thor Explorations Ltd - Junior Indaba - June 2021
Disclaimer
 Certain statements contained in this presentation, including all statements that are not historical facts, contain forward-looking statements and forward-looking
 information within the meaning of applicable securities laws. Such forward-looking statements or information include, but are not limited to, statements or
 information with respect to the proposed development of the Segilola Gold Project, the Company’s overall objectives and strategic plans, work programs,
 exploration budgets, timetables and targets, mineralization and mineral resource estimates.

 Often, but not always, forward-looking statements or information can be identified by the use of words such as “plans”, “expects” or “does not expect”, “is
 expected”, “budget”, “scheduled” , “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate” or “believes” or variations of such words and
 phrases or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved. With respect to forward-
 looking statements and information contained herein, we have made numerous assumptions including among other things, that no significant adverse changes
 will occur to our planned exploration expenditures, that there will be no significant delays of our planned exploration programs; as to the continuing availability
 of capital resources to fund our exploration programs; and that the Company will not experience any adverse legislative or regulatory changes. Although our
 management believes that the assumptions made and the expectations represented by such statement or information are reasonable, there can be no
 assurance that any forward-looking statement or information referenced herein will prove to be accurate. Forward-looking statements and information by their
 nature involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or industry
 results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statement or
 information. Such risks, uncertainties and other factors include, among other things: fluctuations in the market price of metals, uncertainty of access to
 additional capital, mining industry risks and hazards, uncertainty as to estimation of mineral resources and other risks of the mining industry.

 Although we have attempted to identify factors that would cause actual actions, events or results to differ materially from those disclosed in the forward-
 looking statements or information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. Also, many
 of the factors are beyond the control of the Company. Accordingly, readers should not place undue reliance on forward-looking statements or information. The
 Company undertakes no obligation to reissue or update any forward-looking statements or information as a result of new information or events after the date
 hereof except as may be required by law. All forward-looking statements and information herein are qualified by this cautionary statement.

 Alfred Gillman, BSc (Hons); FAusIMM, CP, is the Qualified Person who supervised the preparation of the technical information in this presentation.

Junior Indaba - June 2021                                                                                                                                         1
Thor Explorations Ltd - Junior Indaba - June 2021
Company Snapshot
Developing flagship Segilola Project, Nigeria with 1st Gold
              Pour on track for June 2020
  Growing a portfolio of high quality exploration assets
                  SENEGAL

                                         BURKINA FASO

                                                              NIGERIA

                    Excellent base-case growth platform

   Junior Indaba - June 2021
Thor Explorations Ltd - Junior Indaba - June 2021
Capital Structure
      Significant Nigerian and institutional shareholding
                                                                                                 Share Price Performance January 2016 to Date (CAD)
     Capital Structure
     Shares Outstanding                                            621,195,975
     Options and Warrants outstanding                               38,050,000
      Fully Diluted                                                659,245,975

                                                                               (1)
      Valuation                                          CAD             USD

     Current Share Price (3)                              0.26               0.20
      Market Capitalisation                           161.5m           124.26m
                                                                                                2016                           2018                   2020
Shareholder Distribution by type                                                               Shareholder Distribution by geography

                                               Board & Management                                                                 Asia
  Retail & Other                                       9%                                              North
       24%                                                             Africa Finance                 America                     11%                        Nigeria
                                                                        Corporation                     9%                                                    59%
                                                                            17%

                                                                                                    Europe
                                                                                                     21%

Family Offices                             Institutional Investors
    18%                                              32%
     Junior Indaba - June 2021                                                                                                                                   3
                                   Notes: (1) FX rate: 1 CAD : 0.79 USD; (2) Board & Management Stock Option Plans; (3) As at 19 April 2021; (4)
                                   As stated in MD&A for the Three and Six Months Ended March 31, 2021
Thor Explorations Ltd - Junior Indaba - June 2021
NIGERIA – Emerging Gold Jurisdiction

                                                     Western Gold Province
                                                     800km x 400km region underlain by Birimian rocks that
                                                     have been remobilized during the Pan African Orogeny
                             Segilola                 Extensive distribution of recorded artisanal gold activity
                             Thor Explorations Ltd   closely associated with schist (greenstone) belts
Off the Radar
                                                     Thor Extensive Land Package
 Major Gold                                          • Land Package of 930km2
  Province                                           • In country 1st mover advantage
   1 Mine                                            Underexplored with modern exploration techniques

 Junior Indaba - June 2021
Thor Explorations Ltd - Junior Indaba - June 2021
The Nigeria Opportunity
 Immense geological potential, strong support for the mining sector and established industrial base

                                                        •   Major Economy
                                                            - Dominant economy in West Africa and now the largest African economy by GDP, expected
                                                               to emerge as one of the twenty largest economies in the world by 2020
                              MAJOR
                             ECONOMY                        - 7th largest oil producer globally
                                                            - Strong banking and financial sector, 2nd largest stock exchange in in Africa
                                                        •   Stable Political Environment
       IMMENSE                               STABLE
     GEOLOGICAL                             POLITICAL        - Pro-business and active anti-corruption government
      POTENTIAL                           ENVIRONMENT
                                                             - Since regaining democracy in 1999, the country has conducted several elections. The sixth
                                                               consecutive national elections were held in 2019
                                                        •   Established Industrial Base
                     NIGERIA                                 - Established medium and heavy industries, including large scale quarrying with existing
                                                               supply chains – e.g. haul trucks and explosives manufacturing
                                                        •   Good Access to Labour
      STRONG
    GOVERNMENT
                                          ESTABLISHED
                                           INDUSTRIAL
                                                            - Largest population in Africa – 182 million people (47% of West Africa’s population)
    SUPPORT FOR
      MINING
                                              BASE          - Well educated population – good transferability of skills
                                                            - Specialist mining skills readily available in West Africa

                            GOOD ACCESS
                                                        •   Strong Support for Mining Industry
                             TO LABOUR                       - The Government is actively encouraging investment in the mining sector as it looks to
                                                                diversify the economy to reduce reliance on the oil and gas industry
                                                             - Mining industry awarded “Pioneer status incentive” under the Development (Income Tax
                                                                Relief) Act - substantial fiscal incentives available to mining companies
                                                        •   Immense Geological Potential
                                                             - Endowed with vast opportunities in solid minerals including gold, base metals, coal,
                                                               gemstones, iron ore and industrial metals
                                                             - Very little mineral exploration has been undertaken over the last 60 years due to focus on
                                                               the oil and gas industry

Junior Indaba - June 2021                                                                                                                                   5
Thor Explorations Ltd - Junior Indaba - June 2021
Fully funded, in
                            Segilola Gold Project
 Construction,
on schedule for
June 2021 First
  Gold Pour

Junior Indaba - June 2021
Thor Explorations Ltd - Junior Indaba - June 2021
SEGILOLA Mineral Resource and Reserve – remains open
       Mineral Resource Estimate
                                     Open pit ( > 0.30g/t)               Potential underground ( > 2.5 g/t)
                            Tonnes       Grade                                         Grade
        Category                                      Gold (koz)        Tonnes (kt)                 Gold (koz)
                              (kt)      (g/t Au)                                      (g/t Au)
        Indicated            3,700        4.5            532                 386        6.1            76
        Inferred             32           2.5                3               411        5.0            65

                                                                                                                              Exploration
                                                                                                                               Potential
                                                                                                                                >1Moz

        Probable Reserve Estimate
         Method                          Category                  Tonnage               Grade              Contained Metal
                                                                     (kt)              (g/t gold)              (oz gold)
         Open Pit                        Probable                   4,007                 4.02                  517,800

Junior Indaba - June 2021
Thor Explorations Ltd - Junior Indaba - June 2021
Mining and Processing – Updated Reserve Statement
                               Annual Production Schedule &OPT5
                                                           AISC                     OPT5
                      $1,400                                                                                      140

                      $1,200                                                                                      120

                      $1,000                                                                                      100                      Processing rate of 715,000tpa
                                                                                                                                           Conventional crush, grind, gravity, and

                                                                                                                        Payable Au (koz)
                       $800                                                                                       80
     AISC US$/oz Au

                                                                                                                                           leach process, followed by carbon
                       $600                                                                                       60                       adsorption and then elution,
                                                                                                                                           electrowinning, and doré bar production
                       $400                                                                                       40
                                                                                                                                           Grind size P80 = 106μm
                       $200                                                                                       20
                                                                                                                                           Modelled process gravity recovery of
                         $0                                                                                       -                        43% (55.7% of GRG)
                                 2020

                                        2021

                                                     2022

                                                            2023

                                                                         2024

                                                                                 2025

                                                                                           2026

                                                                                                   2027

                                                                                                           2028
                                                                                                                                           CIP circuit, 48hrs residence time
                                        Payable Au                 Annual AISC          Average LoM AISC
                                                                                                                                           achieving a total recovery of 97%
                                               The life of mine production schedule supplies                                               Life of mine production of 502,000 oz at
                                               715,000 tpa of mill feed per annum over a period of                                         an average rate of 95,000 oz per annum
      4.02g/t                                  five years                                                                                  in the first 5 years
    head grade
   97% recovery
                                               Average Head Grade of 4.02 g/t, contained Gold of
                                               502,000 oz

Junior Indaba - June 2021
Thor Explorations Ltd - Junior Indaba - June 2021
Segilola Open Pit Project Economics
        Robust Project offers excellent leverage to the gold price
DefinitiveReserve
Updated    Feasibility
                   Study  – Open
                       Study – Open
                                 Pit Pit
                                     Project
                                         Project
                                             - $1,600 Gold Price                                                                     Gold Price Sensitivity (After Tax)

Cashflow                   $369m                                                                                                  $500

                           Pre-tax NPV5% of $311m
NPV                                                                                                                               $400
                           Post-tax NPV5% of $311m

                                                                                               After-tax NPV 5% in Millions US$
IRR                        Post-tax IRR of 85%
                                                                                                                                  $300
Payback                    Post-tax 1.1 years on initial capital
Capex                      Pre-production capital of $92m                                                                         $200

Production                 Average of 85,000oz Years 1-5
Production Cost            LOM All-in sustaining cost of $685/oz                                                                  $100

Mine Life                  6 years
                                                                                                                                     $0

                                                                                                                                           2020

                                                                                                                                                           2021

                                                                                                                                                                        2022

                                                                                                                                                                               2023

                                                                                                                                                                                               2024

                                                                                                                                                                                                               2025

                                                                                                                                                                                                                      2026

                                                                                                                                                                                                                                        2027

                                                                                                                                                                                                                                                    2028
Probable Mineral           4.0Mt @ 4.02 g/t Au containing 517,800oz Au at 0.30 g/t
Reserves                   cut off
                                                                                                                                  ($100)
LOM Recoveries             97.0% for 502,000 oz
                                                                                                                                                  Base Case @ $1600/oz Au             Downside @ $1400/oz Au                 Upside @ $1800/oz Au
                           Fiscal incentives include 5 year tax holiday and duties
Duties & Tax
                           exemptions

        Notes: Economics have been centered on a base case using a 5% discount rate and a gold price of USD1,600/oz. Economics based on 100% equity financing with contractor mining. Payback
        period calculated on an undiscounted basis starting from production start.

      Junior Indaba - June 2021                                                                                                                                                                                                                 9
SEGILOLA PROJECT – On track and on budget

                     2019                                             2020                                                                           2021

                     DEC       JAN     FEB   MAR    APR   MAY   JUN          JUL   AUG   SEP   OCT   NOV   DEC   JAN   FEB   MAR   APR   MAY   JUN          JUL   AUG   SEP   OCT   NOV   DEC

 Permitting &
                            DEC 19 – NOV 20
  community

    Civil                               FEB 20 – DEC 20
 Construction

  TMF & WSD                                        MAR 20 – JUL 20

 Process Plant                       JAN 20 – JUN 21
 Construction

 Procurement                                                                 JUN 2020 – JAN 21

1ST GOLD POUR

                                                                                                                                                                   JUL 21 –
Mine Ramp-up                                                                                                                                                      SEP 21

   Junior Indaba - June 2021
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                            12
Mining of Waste and Installation of Mine Roads
                                     •   Pre-strip is complete with initial benches
                                         set-out;
                                     •   Process Plant installation is continuing,
                                         with commissioning of the diesel power
                                         plant scheduled for early June followed
                                         by phased commissioning of the process
                                         plant;
                                     •   Project Infrastructure including Tailings
                                         Management, Water Storage and Pollution
                                         Control Facilities, pipelines and power
                                         lines are also scheduled for
                                         commissioning in June;
                                     •   Project costs are in-line with budget;
                                     •   Updated schedule for first gold pour is
                                         July 2021;
                                     •   Commercial Production Date remains on
                                         schedule for Q3 2021; and
                                     •   Production guidance for 2021 remains at
                                         40,000oz

Junior Indaba - June 2021
                                                                                13
Nigeria – Thor’s Regional Pipeline

                              Strategic and expanding
                               exploration tenure over
                            Proterozoic Ilesha Schist Belt
                               Nine granted exploration
                              leases, one granted mining
                                    lease: 912km2
                                First-mover advantage
                              Thor is the only active gold
                            exploration company in Nigeria

                             Drill Targets currently being
                              worked up on all licences
                               Positive results on every
                                    lease sampled
                              Investment in exploration:
                                    - Senior hires
                             - Aeromag data acquisition
                               - Assay lab (self owned)

Junior Indaba - June 2021                                    14
Senegal - Douta License
 Strategic land-holding in prolific gold region - Kéniéba Inlier

 • Kéniéba Inlier                                                            Kéniéba Inlier
     - >40Moz gold endowment
     - Sadiola and Loulo deposits >10Moz each
                                                                                                                      Dakar
                                                                                                     Yatela
                                                                                                    2.1 Moz

 • Strategic land-holding in Kéniéba Inlier
     - Mining lease straddles the major structural zone that separates the                                Sadiola
       Mako and Dialé-Deléma Series                                                                      10.8 Moz

     - Within 30km of Senegal's only operational mine - Sabodala Gold Mine
       (Teranga)
     - Within 5km of Senegal's largest undeveloped gold resource – 4.4Moz
       Massawa Deposit recently sold by Barrick to Teranga for up to                                          Douta License
       US$430million
                                                                                       Sabodola
                                                                                        5.5Moz
                                                                                                                      Loulo
 • Douta Licence                                                                                  Makabingui         11.4 Moz
                                                                                                                                  Yalea
                                                                                   Massawa          1 Moz                         6Moz
     - Thor holds 70% of the license with a local partner                           4.4Moz
                                                                                                                                  Segala & Tabakoto
     - Opportunity to increase to 100%                                         Mako                                                    2.86Moz
                                                                               1 Moz                              Gounkoto
                                                                                                                   5.4Moz

                                                                                                                        Fekola
                                                                                                                       4.28 Moz

Junior Indaba - June 2021                                                                                                                        15
Senegal - Douta License
    Gold geochemical signatures over full 32km strike length

• Confirmed bedrock mineralisation over
  5km                                                                      Sabodala Gold Project                  Northern Prospects
                                                                            Teranga Gold Corp                   Numerous geochemical
                                                Sabodala deposit             5.5Moz at 1.6g/tAu                 targets up to 1.5ppmAu
• Diamond Drilling and RC Drilling have                                      210,000oz/annum
  further defined mineralization in the              Niakafiri deposit
                                                                                              Maka Prospect
  licence.                                                                                  Extensive geochem
                                                                                                anomalies
                                                     Goulouma deposit
• 2 Key Prospects within licene
                                                                                    Soda Prospect
   - Makosa - advanced prospect                                                   1.9ppmAu in soils

   - Makosa tail – early stage prospect                             Makosa Prospect
                                                                 4km gold soil anomaly
• Multiple gold geochem signatures over                            2.2km RAB-defined
                                                                      mineralisation
  32km                                                          RC-defined mineralisation
                                                                 over 800m strike length
• 9 targets identified for follow up drilling
  programs                                              Makosa South                                                                     Makabingui Gold Project
                                                          Prospect                                                                         Bassari Resources
                                                                                                                                            1Moz at 2.6g/tAu
                                                                                                                                          158,000oz at 5.7g/tAu
                                                      t - Makosa                                                                            50,000oz/annum
2021 Drill Program
- 10,000 metre drill program completed              Massawa
                                                Teranga Gold Corp
- Further 10,000 metres ongoing                 4.4Moz at 3.5g/tAu

                                                                                                                       Thor Explorations
                                                                                                                        Douta License

                                                                                                      Strike length of RC
                                                                                                       Drilling Program
                                                                                                                                         10km

  Junior Indaba - June 2021                                                                                                                                        16
Douta Project- Makosa Discovery
          Different style of mineralization in northern prospects
      •    Highlights
            - Near-surface gold mineralisation intersected in recconnaisance RC drill program
            - Drill hole intersection: 3.2 metres at 11.4g/tAu
            - Potential new discovery adjacent to Basari Resources Makabingui Project – Maka South prospect prioritised for follow up exploration work.

Massawa, Teranga
90% bought for up to US$430 million
Measured & Indicated 20Mt @4.0g/t,
2.6MOz
Inferred 21 Mt @2.7g/t 1.8 Moz
Total 41MT @3.3g/t, 4.4MOz

       Junior Indaba - June 2021                                                                                                                          17
Makosa North Drill Results

HOLE-ID    Easting   Northing   Elevatio   Length   Fro    To (m)   Interval    Grade    True
                                   n         (m)     m                (m)      (g/tAu)   Width
                                                    (m)                                   (m)
DTRC083    176822    1437876    192.03      72      57.0    61.0     4.0         1.4      3.0
DTRC086    176899    1437820    201.369     90      54.0    57.0     3.0         1.8      2.3
DTRC086    176899    1437820    201.369     90      80.0    86.0     6.0         1.1      4.5
DTRC097    177122    1437894    199.68      50      26.0    33.0     7.0         0.7      5.3
DTRC097    177122    1437894    199.68      50      47.0    50.0     3.0         1.8      2.3
DTRC102    177082    1438187    195.306     45      33.0    37.0     4.0         2.5      3.0
DTRC103    177059    1438207    196.315     50      39.0    45.0     6.0         1.1      4.5
DTRC109    177118    1438292    195.695     50      37.0    46.0     9.0         1.1      6.8
DTRC111    177140    1438272    195.148     50      4.0     12.0     8.0         1.0      6.0
DTRC111    177140    1438272    195.148     50      38.0    43.0     5.0         1.7      3.8
DTRC116    177368    1438224    189.569     50      37.0    42.0     5.0         1.7      3.8
DTRC118    177344    1438501    189.235     54      14.0    20.0     6.0         1.4      4.5
DTRC129    177484    1438646    187.21      58      32.0    37.0     5.0         3.4      3.8
DTRC129    177484    1438646    187.21      58      46.0    58.0     12.0        1.3      9.0
DTRC129    177484    1438646    187.21      58      51.0    53.0     2.0         3.6      1.5

  Junior Indaba - June 2021                                                                      18
Makosa Tail Drill Results
   HOLE-ID      Length      From    To    Interval    Grade    True
                  (m)        (m)   (m)      (m)      (g/tAu)   Width
                                                                (m)
   DTRC133         60       29.0   31.0    2.0       3.39       1.6
   DTRC137         84       11.0   14.0    3.0       3.00       2.4
   DTRC139         60       31.0   36.0    5.0       1.88       4.0
   DTRC140         60       24.0   26.0    2.0       2.97       1.6
   DTRC141         90       43.0   45.0    2.0       4.65       1.6
                  and       59.0   62.0    3.0       2.33       2.4
                  and       81.0   83.0    2.0       2.51       1.6
   DTRC145         84       15.0   20.0    5.0       6.90       4.0
                includes    17.0   19.0    2.0       12.94      1.6
   DTRC149         90       36.0   41.0    5.0       14.38      4.0
                includes    38.0   39.0    1.0       57.90      0.8
   DTRC150        and       24.0   34.0    10.0      2.18       8.0
                includes    25.0   27.0    2.0       4.80       1.6

Junior Indaba - June 2021                                              19
Makosa….. Shaping into a world class prospect

Junior Indaba - June 2021
                                                 20
Burkina Faso – Central Houndé Project
   Thor owns 100% after acquiring Barrick’s 51% Interest in exchange for a 1% NSR
      Central Houndé Project

                           Mana              Siou
   Thor                   4.7MOz            1.5MOz

Explorations                                55 Zone
                                            1.1MOz
                      Hounde
                      2.8MOz

                                    Bondi
                                   0.4MOz

            Tankoro
            2.1MOz

                                            Gaoua
                                            3.4MOz

                                               Konkera
                                               3.3MOz

 • Houndé Belt
    - Located in south-west Burkina Faso, approximately 300km south-west of Ouagadougou and 90km south-east of Bobo Dioulasso,
    - Established gold belt with >12Moz and three mines - Includes Endeavour’s Mana Mine, Roxgold’s Yaramoko Mine & Endeavour’s Houndé Mine
  Junior Indaba - June 2021
Board
  Strong governance, financial and technical experience and deep local knowledge

SEGUN LAWSON, BSc, MBA             ADRIAN COATES, MA, MBA                 DR. JULIAN BARNES                    Collin Ellison, BSc, CEng               CHIEF KAYODE ADERINOKUN               FOLORUNSO “FOLLI” ADEOYE
Chief Executive Officer & Director Non-Executive Chairman                 Non-Executive Director               Non-Executive Director                  Non-Executive Director                Non-Executive Director
• Mr Lawson has been the CEO of • Mr Coates is a highly acclaimed          • Dr Barnes has 35 years of          • Mr. Ellison is a Mining Engineer     • Chief Kayode Aderinokun is a        • Folorunso “Folli” Adeoye has a
  Thor since 2011. He has               investment banker with extensive     experience in over 52 countries in   with over 40 years of experience       traditional Chief with over 35        track record of successfully doing
  identified and lead all of Thor’s     Board experience in the natural      a wide variety of commodities and in mine design, construction,             years of accomplished business        business in Nigeria for almost 40
  acquisitions and financings,          resources sector.                    has over 26 years experience in      project implementation and             in Nigeria.                           years, where he has built a strong
  including Thor’s recent acquisition                                        undertaking due diligence studies, operation.                                                                     network of contacts.
  of the Segilola Gold project. He    • Previously  Mr Coates   served  as   company and project reviews for                                           • He currently serves as Chairman
  co-founded African Star               the Global Head of Resources         major global resource lending      • He has been responsible at a           of First Marina Trust Limited, a    • Mr Adeoye is the co-founder and
  Resources Incorporated where he       and  Energy,  Global Banking   and   institutions and mining companies    senior and executive level for the     leading Central Bank regulated        President of Superior Petroleum
  was responsible for financing,        Markets at HSBC. He was cited in located throughout the world.            development from Definitive            financial services institution in     Limited, a Nigerian downstream
  corporate and business                the press as “HSBC’s star                                                 Feasibility Study, Project finance     Nigeria.                              oil and gas company. He also co-
  development activities,               advisory banker” and named in      • Dr Barnes co-founded Resource        to production of seven                                                       founded Pacific Merchant Bank
                                        Financial News’ “Top 20              Service Group (subsequently          underground and open pit mines       • He is one of the leading business     Limited (founded in 1989), which
  culminating in the reverse                                                                                                                             personalities in the Nigerian
  takeover of Thor Explorations Ltd     European Dealmakers”. He has         RSG Global) in 1986. In 2004, he     with companies in Africa,                                                    subsequently merged into Unity
                                        also held senior roles in UBS,       joined Dundee Precious Metals        Australia, S.E. Asia, Central Asia     Mining sector, having led a           Bank Plc., one of the leading
• Before founding African Star          Warrior International and Credit     Inc. and was responsible for their   and North America. He also             number of initiatives including the   banks in Nigeria. He also served
  Resources, he gained extensive        Suisse.                              worldwide exploration activities,    managed the completion of a            first commercial exploration          in a capacity as Special Adviser
  transaction experience in                                                  project acquisition and investment number of feasibility studies for        program of the Segilola Gold          to the Osun State Government on
  corporate finance at Noble          • His Board  experience   includes     due diligence.                       projects that were later developed     Project. He is a founder              development matters.
  Company and at Premier Oil,           serving as Non-Executive Director                                         by other parties such as Olympic       shareholder of Tropical Mines
  identifying and negotiating new       of Regal  Petroleum  plc, Senior   • Following   this, Dr  Barnes was     Dam Life-of-mine study for             Limited and Segilola Resources      • Mr Adeoye has had over 25 years
  West African opportunities.           Independent   Non-Executive          responsible   for all technical      Western Mining Corporation (later      Operating limited.                    involvement in the Nigerian
                                        Director of Polyus Gold              aspects including exploration,       acquired by BHP Billiton).                                                   Mining Sector, where he co-
• Mr Lawson is a British Nigerian       International Limited, Independent project management,                                                         • He is an accomplished writer, and founded Pineridge Nigeria Limited
  citizen and has a strong network      Director at Petropavlovsk PLC        development, and management        • Mr. Ellison’s recent West African      was Chairman of the Association       in order to advance prospective
  of contacts both in the UK and in     and Independent Non-Executive        of Preliminary Economic              roles included President & CEO         of Nigerian Authors. He also          projects in joint ventures with the
  West Africa.                          Director of Kazakhgold Group, Ltd Assessment (PEA) studies and            of Goldbelt Resources developing       founded the Fencing Federation        Nigerian Mining Corporation. This
                                                                             due diligence for various            the Inata Gold Project in Burkina      of Nigeria, after serving as a        included pioneering modern
• Mr Lawson holds a BSc               • Mr. Coates holds an MA degree        companies as a specialist            Faso and President & CEO of            Special Adviser to the                standards in gold exploration in
  (Honours) in Geology from the         in Economics from Cambridge          consultant.                          PMI Gold Corporation, developing       Government of Osun State of           Nigeria with Tropical Mines
  Royal School of Mines, Imperial       University and an MSc (MBA)                                               the Obatan Gold Project in Ghana       Nigeria.                              Limited, the original owners of the
  College London, and an MBA            from London Business School.                                              which was successfully taken                                                 Segilola Gold Project.
  from Cass Business School,                                                                                      over by Asanko Gold, Canada.
  London.

Junior Indaba - June 2021                                                                                                                                                                                                    22
Management Team
  Experience across key functions including project development, operations, exploration, CSR and finance

MICHAEL KELLY, CEng, PMP,              ALFRED GILLMAN, FAUSIMM,               JAMES PHILIP,                      BEN HODGES, CPA,                      LOUISE PORTEUS,                         AYOUB NYENZI,
General Manager                        Group Exploration Manager              VP, Corporate Development          Chief Financial Officer               Environmental and Social                Senior Project Geologist
                                                                                                                                                       Manager
• Mr Kelly has a proven track          • Mr Gillman has a successful track • Mr Philip is an experienced         • Mr Hodges is a qualified Certified                                          • Mr Nyenzi is a geologist with over
  record in mine construction,           record in senior management and      mining & metals executive and        Practicing Accountant with 22      • Ms Porteus has over 30 years             24 years in the mining industry,
  production and technical               board roles across gold, base        corporate financier with an          years experience in the              experience in large scale mining,        ranging from grass-roots
  leadership. He has achieved            metals, uranium and industrial       extensive track record in equity     accounting profession with over      infrastructure, energy, oil and gas,     geological exploration through to
  success in several remote              mineral exploration. He is           and debt financings and corporate 14 years in the natural resources       agribusiness, industrial, poverty        production mining in sub-Saharan
  locations in Africa and Asia.          currently a Director of Billabong    finance, focused primarily on        sector.                              reduction and urban development          Africa.
                                         Gold Pty Ltd and advisor to          Europe, the Middle East and                                               projects with the private sector
• Most recently he brought Zara          Superior Gold Inc.                   Africa.                            • He  has  experience  in both the     and development finance                • He gained broad experience by
  Mining’s Koka gold project in                                                                                    mining and oil and gas sectors,      institutions.                            working as senior geologist in
  Eritrea through construction and     • Previously he was the Group        • Prior to joining Thor, Mr Philip     working as Chief Financial Officer                                            major gold mining companies
  into production.                       Exploration Manager of Harmony       was an Executive Director in         and Company Secretary of Zeta • Ms Porteus has expertise in                   including Barrick Gold, Placer
                                         Gold, where he led the               Standard Chartered Bank’s            Petroleum plc, an ASX listed oil &   environment and social                   Dome and Teranga Gold.
• He has a wealth of open pit and        development of several major         mining & metals division,            gas company, and previously          management plans,
  underground gold experience and        gold projects in Australia and       completing over 30 transactions      serving as Chief Financial Officer   internationally compliant ESIAs,       • Previous accomplishments, as a
  has held several senior roles in       Papua New Guinea. More               across the capital structure.        and Company Secretary of             Resettlement Action Plans,               senior team member include the
  mine engineering, mine planning        recently, he has consulted to the                                         Atlantic Coal, a former AIM listed   stakeholder engagement plans             grass-roots to gold discovery for
  technical services and contract        resources industry and has         • Mr  Philip holds  a MEng  in Earth   coal mining company.                 and urban development projects           Gokona and Gora gold deposits
  mining, including Centerra Gold’s      gained extensive experience in       Resources    &  Environmental                                                                                      and mine development through
  Boroo gold mine in Mongolia and        the United States, Africa, Turkey,   Engineering    from the Royal                                                                                      to production for North Mara and
  13 years with AngloGold Ashanti        Central Asia, South America,         School of Mines, Imperial College                                                                                  Sabodala gold mines including
  at its Obuasi mine in Ghana            Indonesia, China and Russia. He      London.                                                                                                            the discovery of the mineralized
  following production experience in     has also worked in Nigeria                                                                                                                              structure called “Ayoub’s thrust”
  South Africa.                          previously on the Segilola Gold                                                                                                                         at the Sabodala gold mine.
• Mr Kelly holds a BSc (Hons) in         project.                                                                                                                                              • Mr Nyenzi holds a BSc Geology
  Mining Engineering from the          • Mr Gillman holds a BSc                                                                                                                                  (honors) from University of Dar es
  University of Leeds UK and is a        (Honours) from the University of                                                                                                                        Salaam and is a member of
  Member of the Institute of             Western Australia, and is a Fellow                                                                                                                      Australasian Institute of Mining
  Materials, Metals and Mining. He       of the Australasian Institute of                                                                                                                        and Metallurgy (MAusIMM) and
  is a Chartered Engineer, Project       Mining and Metallurgy (FAusIMM)                                                                                                                         Geological Society of South Africa
  Management Professional and            Chartered Professional
  holds a Mine Managers                  (Geology).
  Certificate of Competency South
  Africa.

Junior Indaba - June 2021                                                                                                                                                                                                     23
For additional information, please visit:

 www.thorexpl.com

 Contacts:

 Segun Lawson                       James Philip
 CEO                                VP Corporate Development
 slawson@thorexpl.com               jphilip@thorexpl.com

 Thor Explorations Ltd.
                                                                       info@thorexpl.com
 250-1075 Georgia St W, Vancouver, BC, Canada
 1st Floor, 167 Broadhurst Gardens, NW6 3AU, London, United Kingdom.   +1 (778) 373-0102

Junior Indaba - June 2021                                                                  24
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