Quarterly Activities and Cash Flow Report (March 2023)

We are excited with the progress made during the March Quarterly 2023. The beginning of the year was a big step change as we evolved to become Thor Energy Plc. Whilst we will be progressing our gold and copper projects in Australia, our philosophy will be to focus on the ‘green energy’ economy with our uranium and vanadium projects in both Utah and Colorado in the United States of America.

We were delighted to receive the vanadium assay results for the selection of physical samples sent for analysis. The assay results at the Wedding Bell and Radium Mountain project confirmed the uranium mineralisation determined by downhole gamma and highlight broader enriched vanadium halos of up to 0.27% vanadium. These vanadium-rich halos are typical of this style of ‘Salt Wash’ sandstone-hosted uranium mineralisation.

Drill permitting is underway for our next round of drilling at Wedding Bell, and initial drilling at Vanadium King. A close-spaced airborne radiometric and magnetics survey will occur at all three projects in the United States once we believe the conditions are suitably dry to progress. We anticipate this will happen in the upcoming weeks.

We were pleased to announce earlier this week the Rare Earth Element discovery at our Alford East project, with a review indicating that eight out of the nine 2021 diamond drill holes have shallow, wide zones of highly enriched REE results within copper-rich oxides zones of IOCG style mineralisation. When compared to peers, these results compare very favourably in terms of depth, thickness, and grade.

We recently announced our ANT survey at the Alford West project was extremely successful in subsurface mapping. The use of the ExoSphere by Fleet® enabled the survey to be more efficient in exploration, minimising the environmental impact and improving drill targeting. We believe the subsurface ANT results will be integrated with historical drilling data to generate a new drilling program that can target higher-grade oxide copper-gold and REE mineralisation.

We look forward to updating the market as the subsurface maps are further refined with drill targets.”

- Nicole Galloway Warland, Managing Director, Thor Energy Plc