Quarterly Activities and Cash Flow Report (September 2023)

During our most recent quarter, we were excited to announce the start of our 2023 drilling program at our US uranium projects, starting at the Section 23 Prospect, followed by the Groundhog and Rim Rock prospects. We will be closely recording the amount of natural gamma radiation by downhole gamma logging regularly throughout the program.

This new development comes as further growth opportunities emerge in the uranium sector. The uranium spot price is now at a 12-year high, supported by strong supply and demand fundamentals. This strengthens our strategic focus on energy metals and our commitment to advancing our USA uranium projects.

Regarding our Australian projects, a recent highlight was the commencement of the low-impact ANT geophysics surveys over the Alford East copper-REE Project, as part of Thor’s collaborative partnership with Fleet Space Technologies. This marks a key step in accelerating our exploration and ISR assessment strategy for the Project.

Fleet Space Technologies, utilising its technology, EXOSPHERE BY FLEET, will integrate the data from the ANT surveys, and in conjunction with Thor’s 3D geological model, will produce a revised model to support drill targeting of higher-grade copper and REE mineralisation along strike of our mineral resource estimate and in new zones of the Alford Copper Belt.

The utilisation of both artificial intelligence and machine learning in this collaboration will enable results from the surveys to become more precise in our future drilling campaigns, which will help us reduce our environmental footprint.

Thor is also pleased that the Government of South Australia awarded a key environmental approval to advance the Kapunda Copper ISR Project during the period.

The in-situ lixiviant “SELT” test being carried out by a JV between EnviroCopper Ltd and OZ Exploration Pty Ltd is a critical step in the assessment of the ISR process, determining the copper solubility hence recovery, as well as hydrogeological parameters at the Kapunda copper mineralisation.

We believe this allows the Company’s strategy to align with the objectives of the Government of South Australia to treble copper production by 2030.

We look forward to updating the market with further developments on all our projects in due course.

- Nicole Galloway Warland, Managing Director, Thor Energy Plc