Quarterly Activities and Cash Flow Report (December 2023)

Finishing the year with consistent high-grade uranium results from our 2023 drilling program highlights the significant potential and exciting growth opportunities of our Wedding Bell and Radium Mountain uranium projects. We are now preparing for an exciting 2024 drilling program, including resource drilling, and continuing brownfields exploration over our highly prospective projects.

Thor is encouraged by the growth opportunities in the uranium sector, with the uranium spot price recently reaching a 16-year high, supported by strong supply and demand fundamentals, climate change initiatives and the US Government investing up to $500m to develop domestic supply of nuclear energy from uranium. This reconfirms our strategic focus on energy metals and our commitment to advancing our USA uranium projects.

The successful completion of the hydrometallurgical mini-column tests; returning favourable copper recoveries of up to 72.2% are above the standard range of 60-70% for an ISR operation. These are considered an excellent result, as Thor advances the ISR assessment of the Alford East Copper-REE-Gold Project.

The Company implemented GlyleachTM as a lixiviant during the ISR process to help drive the Company’s sustainable strategy. GlyleachTM is economical and environmentally friendly compared to the traditional lixiviant of sulphuric acid, helping Thor to develop a low-cost, low-environmental footprint ISR copper operation.

We are pleased with the ongoing relationship with Fleet Space Technologies. Its assistance has enabled Thor to merge the ANT 3D model with Thor’s 3D geological model. The resultant 3D model highlighted low-velocity drill targets, which potentially represent higher-grade copper-REE-Gold targets, associated with deep structurally controlled troughs. We are working to enhance our existing 3D model and we expect the completion of the updated model to be completed in Q1 2024.

Another significant step change in the Company was the multiple parties ECL engaged with in Q4 2023 as Thor held a 30% interest in ECL before engagement to dilute our holdings in ECL to 26.4%. ECL received an initial A$0.9m investment from Alligator Energy, along with an agreement with Andromeda Metals to acquire the Alford West EL 5984 tenement. Thor’s investment into ECL is looking promising with in-ground lixiviant trials now underway at Kapunda, with copper recoveries to be reported in the next quarter.

The Company is looking to divest from its Ragged Range project as it seeks to execute its primary focus on the drilling programs at Wedding Bell, Radium Mountain, and Vanadium King in 2024.

- Nicole Galloway Warland, Managing Director, Thor Energy Plc