Quarterly Activities and Cash Flow Report (June 2023)


Managing Directors comments:

The June quarter has seen a strong focus on our USA uranium and vanadium assets, with the completion of the first high-resolution airborne magnetic and radiometric surveys in the region, covering the Wedding Bell, Radium Mountain and Vanadium King projects. This has led to several exciting high order uranium anomalies being identified in areas untested as well as along strike of history uranium and vanadium workings. Concurrently, drilling preparation and approvals are underway for follow-up drilling to the 2022 program at Wedding Bell and Radium Mountain projects, plus a maiden drill program at Vanadium King. We reported a positive set of vanadium assay results, confirming the uranium mineralisation determined by downhole gamma and highlighting broader enriched vanadium haloes of up to 0.27% vanadium.

The Board is fully immersed in our new strategy, focusing on green energy assets. We are in constant dialogue with the local Montrose and San Miguel County communities in Colorado to provide insight into our activities and how we can collaborate with the local community for tangible benefits to the region. We now have Federal and State drilling approvals and are awaiting our final meeting with San Miguel County for approval.

At Alford East, copper-REE prospect mini-column metallurgical test work is continuing, with positive copper recovery curves to date. Geochemical analysis of the REE data in conjunction with the HyLogger and sulphate wash extraction is pending. We were pleased to achieve a high set of Rare Earth Element drill results, that compared very favourably to our peers in terms of depth, thickness, and grade.

In Alford West, ECL received results from the ANT survey that was successful in subsurface mapping, providing us with the opportunity of potentially highlighting higher-grade mineralised zones.

The second half of 2023 is looking to be a very busy period with lots of ‘boots on ground’ activities at various projects, with our immediate focus on drilling in the USA, followed by geophysics and drilling at Alford East. We look forward to updating the markets with further progress.

The July Issue of Global Mining Review features “The Power of Uranium”, an article on how uranium's complex supply and demand factors mean that miners operating in friendly jurisdictions are certain to benefit, with reference to Thor’s Projects. Read the article below

READ Managing Director Nicole Galloway Warland’s recently wrote this article, titled “The Power of Uranium”, for the Global Mining Review.



Equity Placing to Accelerate Uranium Drilling

Thor Energy Plc has completed a successful capital raise of AUD$1m to accelerate exploration activities at the Company’s 100% owned uranium assets, located in the historic uranium-vanadium mining district within the Uravan Mineral Belt, in Colorado and Utah, USA

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Share Capital Consolidation

Thor Energy PLC is pleased to advise that, further to shareholder approval on 23 August 2023, the Company has implemented a share capital consolidation for its ASX quoted securities effective today.

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Uranium Drilling Approvals Granted

All approvals have been granted for drilling at the Wedding Bell and
Radium Mountain Projects, located in the historic uranium-vanadium mining district within the Uravan
Mineral Belt, southwest Colorado, USA

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