Thor Explorations Ltd. press release

PDMR Shareholding and Director Dealing

2021-12-15

TSXV - TSX Venture Exchange · Gold · Lithium · Canada · Management & Governance

Vancouver, British Columbia--(Newsfile Corp. - December 15, 2021) - Thor Explorations Ltd. (TSXV: THX) (AIM: THX) ("Thor Explorations" or the "Company") announces that Mr Ben Hodges, Chief Financial Officer and Group Secretary, and a PDMR, has carried out a "Bed and ISA" transaction, having transferred 128,000 Common Shares from his share dealing account to his ISA on 14 December 2021.

The beneficial holding of Mr Hodges (and persons closely associated with him) is unchanged following this transaction and Mr Hodges remains beneficially interested in 210,000 Common Shares representing approximately 0.03% of the total shareholding in the Company.

Additionally, Mr Adrian Coates, Non-Executive Chairman, has exercised options over 500,000 new Common Shares at a price of CAD$0.12 each in the Company. Following this transaction, Mr Coates holds an interest in 1,061,000 Common Shares in the Company representing approximately 0.17% of the issued share capital of the Company.

Application has been made for the 500,000 new Common Shares to be admitted to trading on AIM and it is expected that Admission will occur on or around 20 December 2021 ("Admission").

Following Admission, the Company's issued share capital will consist of 632,358,009 Common Shares. Shareholders may use figure as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company.

For further information please contact:

Thor Explorations Ltd Email: info@thorexpl.com

Canaccord Genuity (Nominated Adviser & Broker) Henry Fitzgerald-O'Connor / James Asensio / Thomas Diehl

Tel: +44 (0) 20 7523 8000

Hannam & Partners (Broker) Andrew Chubb / Matt Hasson / Nilesh Patel / Franck Nganou

Tel: +44 (0) 20 7907 8500

Fig House Communications (Investor Relations) Tel: +1 416 822 6483 Email: investor.relations@thorexpl.com

Blytheweigh (Financial PR) Tim Blythe / Megan Ray / Rachael Brooks Tel: +44 207 138 3203

NOTIFICATIONAND PUBLIC DISCLOSURE OF TRANSACTIONS BYPERSONS DISCHARGING MANAGERIAL RESPONSIBILITIES AND PERSONS CLOSELY ASSOCIATED WITH THEM

| 1 | Detailsof the person discharging managerialresponsibilities/person closely associated

| | | | a) | Name | Ben Hodges | | | 2 | Reason for thenotification

| | | | a) | Position/status | Chief Financial Officer | | | b) | Initial notification/ Amendment | Initial notification | | | 3

| Detailsof the issuer, emission allowance market participant,auctionplatform, auctioneer or auction monitor | | | | a) | Name | Thor Explorations Ltd. | | | b) | LEI | 213800AXZ8468CQYVT76 | | | 4

| Detailsof the transaction(s): section to be repeated for (i) each typeof instrument;(ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted | | | | a) | Description of the financial instrument, type of instrument | Common Shares of no par value | | | | Identification code | CA8851491040 | | | b) | Nature of the transaction | 1. Sale of Common Shares from share dealing account 2. Purchase of Common Shares into ISA account | | | c) | Price(s) and volume(s) | | Price(s)

| Volume(s) | | 15.03 pence | 128,000 | | | | d) | Aggregated information

Aggregated volume

Price | | Price(s)

| Volume(s) | Total | | 15.03 pence | 128,000 | £19,238.40 | | | | e) | Date of the transaction | 13 December 2021 | | | f) | Place of the transaction | Outside a trading venue | | | | | | |

| 1 | Detailsof the person discharging managerialresponsibilities/person closely associated | | | | a) | Name | Adrian Coates | | | 2 | Reason for thenotification | | | | a) | Position/status | Non-Executive Chairman | | | b) | Initial notification/ Amendment | Initial notification | | | 3 | Detailsof the issuer, emission allowance market participant,auctionplatform, auctioneer or auction monitor | | | | a) | Name | Thor Explorations Ltd. | | | b) | LEI | 213800AXZ8468CQYVT76 | | | 4 | Detailsof the transaction(s): section to be repeated for (i) each typeof instrument;(ii) each type of transaction; (iii) each date; and (iv) each place transactions have been conducted | | | | a) | Description of the financial instrument, type of instrument | Common shares of CAD$0.12 each | | | | Identification code | CA8851491040 | | | b) | Nature of the transaction | Exercise of share options | | | c) | Price(s) and volume(s) | | Price(s) CAD$0.12 | Volume(s) 500,000 | | d) | Aggregated information | | | | | - Aggregated volume | 500,000 | | | | - Price | CAD$60,000 | | | e) | Date of the transaction | 14 December 2021 | | | f) | Place of the transaction | Outside a trading venue | |

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

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