INVESTOR UPDATE

High Grade Uranium and Vanadium Assays – Wedding Bell and Radium Mountain Projects, USA

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The directors of Thor Energy Plc (AIM, ASX: THR, OTCQB: THORF) are pleased to provide an update on the uranium and vanadium assay results from the recently completed reverse circulation (“RC”) drilling program on the Company’s 100% owned Wedding Bell and Radium Mountain Projects, located in the uranium-vanadium mining district of the Uravan Mineral Belt, southwest Colorado, USA

HIGHLIGHTS

▪ Assays return up to 30,348 ppm (3.0%) V2O5 vanadium pentoxide, with uranium assay grades up to 6,250ppm (0.63%) U3O8, consistent with the high-grade downhole gamma uranium results.

▪ Significant uranium and vanadium assay results include:

23WBR020: 4.9m @ 1199ppm (0.12%) U3O8 and 6306ppm (0.63%) V2O5 from 82m,
Including, 0.6m @ 6250ppm (0.63%) U3O8 and 30348ppm (3.0%) V2O5 from 82.6m
Including, 1.8m @ 2999ppm (0.3%) U3O8 and 14912ppm (1.5%) V2O5 from 82m.

23WBR011: 6.1m @ 563ppm (0.06%) U3O8 and 9100ppm (0.9%) V2O5 from 74.7m
Including, 1.5m @ 1624ppm (0.16%) U3O8 and 19637ppm (2.0%) V2O5 from 76.2m.

23WBR016: 3m @ 636ppm (0.06%) U3O8 and 4677ppm (0.5%) V2O5 from 67.0m
Including, 1.5m @ 1044ppm (0.1%) U3O8 and 4677ppm (0.5%) V2O5 from 67.0m.

23WBR019: 1.2m @ 1112ppm (0.11%) U3O8 and 3744ppm (0.4%) V2O5 from 90.8m,

▪ Vanadium mineralisation forms broad zones adjacent to the uranium mineralisation, with an average vanadium-to-uranium ratio of 10:1, which is typical of the Uravan Mineral Belt.
▪ Preparations have commenced for 2024 resource drilling (infill and extension) at Rim Rock and Groundhog mine areas, with additional prospects also to be assessed for drilling including Edna May and Babe Ruth/Diana Mine areas.

The high-grade uranium (up to 0.6%) and vanadium (1.8%) assay results confirm the high-grade nature of the Saltwash style sandstone uranium systems, within the prolific Uravan Mineral Belt. The assay results also confirm the presence of wide intervals of high-grade uranium mineralisation within a halo of vanadium mineralisation.

Whilst these 100% owned projects are uranium assets, the 10:1 vanadium-to-uranium confirms the rich vanadium endowment.

This drilling program stepped out from the 2022 drill program, with drilling around the Groundhog and Rim Rock mines confirming mineralisation remains open along strike from historic workings.

Preparations are now underway for a larger RC program and diamond drilling at Groundhog and Rim Rock prospects, chasing high-grade mineralisation along strike, as well as infill drilling for Resource definition.

Read the full ASX release

ABOUT THE

URANIUM-VANADIUM PROJECTS

Thor Energy holds a 100% interest in three uranium-vanadium projects in the highly prospective Uravan Mining Belt on the border of Utah and Colorado. The Wedding Bell Project and the Radium Mountain Project are both in Colorado and comprise of 199 mineral claims over areas of historical high grade uranium and vanadium production. The Vanadium King Project in south-east Utah comprises of 100 mineral claims, approximately 40km north of the town of Moab.

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