INVESTOR UPDATE

Uranium Update – Wedding Bell and Radium Mountain Projects, USA

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The directors of Thor Energy Plc (AIM, ASX: THR, OTCQB: THORF) are pleased to provide an exploration update on the Company’s 100% owned Wedding Bell and Radium Mountain Projects, located in the uranium- vanadium mining district of the Uravan Mineral Belt, southwest Colorado, USA.

HIGHLIGHTS

  • RC drilling completed in late 2023 intersected high-grade uranium reported from downhole gamma logging, up to 6,885ppm (0.69%) eU3O8 (23WBRA020) (ASX/AIM: 4 December 2023).

  • Uranium and vanadium assay results pending; samples are currently at Australian Laboratory Services, Canada, with results anticipated in February.

  • Further geological and mineralisation interpretations to follow combining 2022 and 2023 drill results.

  • Preparations have commenced for 2024 resource drilling (infill and extension) at Rim Rock and Groundhog mine areas.

  • Additional prospects also to be assessed for drilling include Edna May and Babe Ruth/Diana Mine areas.

  • Uranium spot price broke US$100/lb for the first time since 2007, with strong favourable fundamentals.

Based on the promising consistency along strike of shallow high-grade uranium results from the drilling program, Thor has commenced preparation and permits for Mineral Resource drilling at Rimrock and Groundhog mine areas, this will include infill and extension RC as well as diamond drilling.

We are pleased to see the uranium spot price breaking USD$100/lb, marking a 16-year high for the commodity. Forecasts predict continued growth in 2024 based on favourable fundamentals due to current supply shortages, major producers such as Cameco and Kazatomprom indicating they are unable to increase supply in the short term, geopolitical tensions (Niger coup d’état and Russian invasion of Ukraine), and 24 nations pledging to triple nuclear power capacity by 2050 (COP28).

The US government recently announced that it plans to invest up to $500 million in enhancing domestic capacity to process uranium into nuclear fuel. We are encouraged by this inward investment as it will only further benefit the developments of our US projects, making Thor strategically poised to capitalise on the global shift towards green nuclear energy.

Based on the success of Thor’s drilling programs and the wider positive sentiment around uranium, Thor’s team is also now reviewing additional prospects within the Project area for drilling evaluation.

Read the full ASX release

ABOUT THE

URANIUM-VANADIUM PROJECTS

Thor Energy holds a 100% interest in three uranium-vanadium projects in the highly prospective Uravan Mining Belt on the border of Utah and Colorado. The Wedding Bell Project and the Radium Mountain Project are both in Colorado and comprise of 199 mineral claims over areas of historical high grade uranium and vanadium production. The Vanadium King Project in south-east Utah comprises of 100 mineral claims, approximately 40km north of the town of Moab.

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