Quarterly Activities and Cash Flow Report (June 2024)

The macro-outlook for our uranium projects remains strong. Over the past year, spot prices for uranium have surged by 50%, and the recent US ban on uranium imports from Russia is expected to further constrain supply. The US is focused on obtaining a secure and reliable energy supply, and our projects are strategically positioned to be a domestic source of uranium for the US market.

During this quarter we have continued to see high-grade uranium and vanadium results in our US projects. Furthermore, our Rock Chip sampling at the Edna May Prospect returned exciting high-grade copper results. These copper results are promising, and we look forward to continuing our reconnaissance surface sampling program.

IVR has also made strong progress with the Molyhil project during the period, announcing an updated MRE. Its diamond drilling program resulted in an improvement in resource confidence. Based on the heads of Agreement, IVR is now entitled to a 25% interest in the Project and the surrounding tenure, and we look forward to working with IVR to form a successful JV.

We were also delighted to appoint Timothy Armstrong to the Board as a Non-Executive Director. His experience as a financial advisor and Non-Executive Director at Cooper Metals will prove valuable as we progress our uranium and copper projects in Australia and the USA.

With these different areas of progress, along with our raise of A$1.3 million, we are in a strong position to plan for the next phases of exploration at our USA and South Australian projects. We look forward to starting various further drilling programmes across our uranium and vanadium projects, including a Diamond Drilling program at Alford East and resource drilling at Wedding Bell and Radium Mountain, as well as reviewing new opportunities to add to our portfolio.

- Nicole Galloway Warland, Managing Director, Thor Energy Plc