Thor Explorations Ltd. — Annual Report 2022

May 2, 2023

THOR EXPLORATIONS LTD.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2022, AND 2021 In United States dollars, except where noted

THOR EXPLORATIONS LTD.

CONSOLIDATED STATEMENT OF FINANCIAL POSITION In United States dollars

	Note	December 31, 2022 Ś	December 31, 2021 \$	January 1, 2021 \$
			(restated)	(restated)
ASSETS
Current assets
Cash		6,688,037	1,276,270	22, 181, 737
Restricted cash	6		3,495,992	3,500,555
Inventory	$\overline{\mathbf{r}}$	19,901,262	18, 146, 558
Amounts receivable	8	220,442	237,651	44,506
Prepaid expenses, advances and deposits	9	10,476,923	586,865	433,796
Total current assets		37,286,664	23,743,336	26,160,594
Non-current assets
Deferred income tax assets		87,797	86,795	36,628
Prepald expenses, advances and deposits	9	282,825	105,683	153,273
Right-of-use assets	10	16,849,402	20,843,612	69,066
Property, plant and equipment	15	149,513,917	152, 113, 917	72,079,922
Intangible assets	16	19,231,208	15,345,419	13,097,416
Total non-current assets		185,965,149	188,495,426	85,436,305
TOTAL ASSETS		223,251,813	212,238,762	111,596,899
LIABILITIES
Current liabilities
Accounts payable and accrued liabilities Deferred income	17 18	56,337,289	43,567,750	8,555,799
Lease liabilities	10	6,581,743 4,811,991	4,849,088	30,648
Gold stream liability	11	10,187,630	12,837,633	4,812,872
Loans and other borrowings	12	888,141	27,984,078	53,590
Total current liabilities		78,806,794	89,238,549	13,452,909
Non-current liabilities
Accounts payable and accrued liabilities	17		1,564,191
Lease liabilities	10	10,597,294	13,425,286
Gold stream liability	11	14,852,135	17,424,646	19,895,701
Loans and other borrowings	12	27,254,513	25,754,525	16, 147, 799
Provisions	14	4,959,638	5,238,176	486,500
Total non-current liabilities		57,663,580	63,406,824	36,530,000
SHAREHOLDERS' EQUITY	19
Common shares Share purchase warrants		80,439,693	79,027,183	76,858,769
Option reserve	19	3,351,133	4,513,900	375,895 4,626,427
Currency translation reserve		(2,512,911)	(2,889,510)	(769,690)
Retained earnings		5,503,524	(21,058,184)	(19,477,411)
Total shareholders' equity		86,781,439	59,593,389	61,613,990
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY		223, 251, 813	212,238,762	111,596,899

These consolidated financial statements were approved for issue by the Board of Directors on May 1, 2023, and are signed on its behalf by:

پیم (Signed) "Adylan coates" Director

Marin (Signed) "Olusegun Lawson" Director

nmnanuing notae ara an intagral nart of thaea consolidatad financial etatamante