Quarterly Activities and Cash Flow Report (October 2022 to December 2022)

"There were major advancements in key projects for Thor during the December quarter.

At our Wedding Bell and Radium Mountain uranium projects in the US, the intersection of uranium-bearing, reduced sandstones at the greenfields Section 23 prospect is exciting, as is the lateral continuity of high-grades along strike of historic workings at both Rim Rock and Groundhog prospects.

The latest drill results at Kelly’s Prospect are encouraging, including the copper-silver with minor gold intersections at Kelly’s and Kelly’s NE. To date most drilling has only focussed on the gold potential and the recent drill results demonstrate the potential for a significant copper-gold-silver and base metals system.

We are very pleased to have entered into a Heads of Agreement with Fram (Investigator Resources Ltd) to earn-in and provide additional exploration funding on the Molyhil tenements. The agreement enables Thor to retain an equity interest in the advanced Molyhil mine and the prospective Molyhil tenements. This will reduce operational risk for Thor, provide exploration upside on the tenements, as well as receiving considerations in the form of cash and IVR shares.

The Molyhil divestment and Bonya sale further consolidates the Company’s focus on our priority USA uranium assets and the multi-element Ragged Range project.  The name change to ‘Thor Energy Plc’ represents Thor’s developing exploration focus on our uranium and energy metal projects in the USA and Australia, which the board considers provide the most significant value upside within our portfolio bringing longer-term benefits to the Company and its shareholders.

Thor is looking forward to an exciting 2023 with geophysics programs and follow-up drilling planned at Wedding Bell and Radium Mountain uranium projects, Colorado and a maiden drilling program at Vanadium King Project, Utah.”

- Nicole Galloway Warland, Managing Director, Thor Energy Plc