Thor Energy Regulatory News (THR)

Name of entity

Thor Mining PLC

ABN

121 117 673

1

+Class of +securities issued or to be issued

a) Ordinary shares / CDIs

b) Ordinary Shares

c) Unlisted Options (termed warrants in the UK)

d) Unlisted Options (termed warrants in the UK)

e) Unlisted Options (termed warrants in the UK)

2

Number of +securities issued or to be issued (if known) or maximum number which may be issued

a) Transfers of nil to ASX listed CDI's from AIM listed shares on the AIM Market of the London Stock Exchange, during the period 7 October 2016 to 10 October 2016.

b) Issue of 346,000,000 Ordinary Shares on 11 October 2016 (in UK business hours), to two Directors and a former Director to convert amounts owed to them into securities on the same basis as the recent placement of 7 October 2016.

Thereby increasing the total number of securities, listed on both AIM and ASX, to 7,482,387,510 as at 11 October 2016.

c) Issue of 346,000,000 unlisted options to two Directors and a former Director, on the basis of one free option for every one Ordinary Share issued under (b). These terms are consistent with the recent Placement of 7 October 2016.

d) Issue of 500,000,000 unlisted options to Directors and former Directors.

e) Issue of 250,000,000 unlisted options to a Director in lieu of Directors fees for the next year, commencing 2 September 2016.

3

Principal terms of the +securities (eg, if options, exercise price and expiry date; if partly paid +securities, the amount outstanding and due dates for payment; if +convertible securities, the conversion price and dates for conversion)

This represents:

a) Transfers of nil to ASX listed CDI's from AIM listed shares on the AIM Market of the London Stock Exchange, during the period 7 October 2016 to 10 October 2016.

b) Issue of 346,000,000 ordinary shares at an price of £0.00025 (0.025 pence) per share, in lieu of cash payments of A$150,000 owed to two Directors and a former Director, as announced to the ASX on 2 September 2016.

c) Issue of 346,000,000 unlisted options on the basis of one free option per one share subscribed for under (b). Each option is exercisable for £0.0005 (0.05 pence) for one share, with an expiry date of 11 April 2019.

d) Issue of 500,000,000 unlisted options). Each option is exercisable for £0.0005 (0.05 pence) for one share, with an expiry date of 26 July 2019.

e) Issue of 250,000,000 unlisted options. Each option is exercisable for £0.0005 (0.05 pence) for one share, with an expiry date of 2 September 2019.

4

Do the +securities rank equally in all respects from the date of allotment with an existing +class of quoted +securities?

If the additional securities do not rank equally, please state:

· the date from which they do

· the extent to which they participate for the next dividend, (in the case of a trust, distribution) or interest payment

· the extent to which they do not rank equally, other than in relation to the next dividend, distribution or interest payment

a) Yes.

b) Yes.

c) No. The securities will rank equally with ordinary shares upon exercise of the options (if the option holders elect to do so).

d) No. The securities will rank equally with ordinary shares upon exercise of the options (if the option holders elect to do so).

e) No. The securities will rank equally with ordinary shares upon exercise of the options (if the option holders elect to do so).

5

Issue price or consideration

a) N/A

b) Ordinary shares £0.00025 (0.025 pence) per share, in lieu of cash payments of A$150,000 owed to two Directors and a former Director.

c) Unlisted options Nil consideration. Issued on the basis of one free option per one share issued under (b). Consistent with the recent placement on 7 October 2016.

d) Unlisted options Nil consideration. Issued to three existing Directors and two former Directors (who remain in a key consulting capacity).

e) Unlisted options Nil consideration. Issued to one Director in lieu of cash payments of A$40,000 for annual Directors fees payable for one year commencing 2 Septemeber 2016.

6

Purpose of the issue

(If issued as consideration for the acquisition of assets, clearly identify those assets)

No funds will be raised from the issue of the securities in a) to e) above.

However, a number of the above issues of securities are made in lieu of cash amounts payable to Directors, or former Directors, which will assist to conserve cash for other operational priorities.

6a

Is the entity an +eligible entity that has obtained security holder approval under rule 7.1A?

If Yes, complete sections 6b - 6h in relation to the +securities the subject of this Appendix 3B, and comply with section 6i

Yes

6b

The date the security holder resolution under rule 7.1A was passed

26 November 2015

6c

Number of +securities issued without security holder approval under rule 7.1

N/A

6d

Number of +securities issued with security holder approval under rule 7.1A

N/A

6e

Number of +securities issued with security holder approval under rule 7.3, or another specific security holder approval (specify date of meeting)

a) N/A

b) 346,000,000 Ordinary shares.

c) 346,000,000 Unlisted options.

d) 500,000,000 Unlisted options.

e) 250,000,000 Unlisted options.

Meeting date 6 October 2016.

6f

Number of securities issued under an exception in rule 7.2

N/A

6g

If securities issued under rule 7.1A, was issue price at least 75% of 15 day VWAP as calculated under rule 7.1A.3? Include the issue date and both values. Include the source of the VWAP calculation.

N/A

6h

If securities were issued under rule 7.1A for non-cash consideration, state date on which valuation of consideration was released to ASX Market Announcements.

N/A

6i

Calculate the entity's remaining issue capacity under rule 7.1 and rule 7.1A - complete Annexure 1 and release to ASX Market Announcements

Refer attached Annexure 1

7

Dates of entering +securities into uncertificated holdings or despatch of certificates

a) Transfers: 7 October 2016 to 10 October 2016.

b) 11 October 2016 (in the UK)

c) 11 October 2016 (in the UK)

d) 11 October 2016 (in the UK)

e) 11 October 2016 (in the UK)

Number

+Class

8

Number and +class of all +securities quoted on ASX (including the securities in section 2 if applicable)

2,322,717,019

Ordinary Shares quoted by

ASX ("THR" as CDIs) as at 11 October 2016.

9

Number and +class of all +securities not quoted on ASX (including the securities in section 2 if applicable)

5,159,670,491

1,200,000,000

400,000,000

1,000,000,000

346,000,000

500,000,000

250,000,000

Ordinary Shares admitted to the AIM Market of the London Stock Exchange, as at 11 October 2016.

Unlisted Options:

0.05 pence unlisted warrants expiring 1 December 2018.

0.05 pence unlisted warrants expiring 5 March 2019.

0.05 pence unlisted warrants expiring 7 April 2019.

0.05 pence unlisted warrants expiring 11 April 2019.

0.05 pence unlisted warrants expiring 26 July 2019.

0.05 pence unlisted warrants expiring 2 September 2019.

10

Dividend policy (in the case of a trust, distribution policy) on the increased capital (interests)

No Policy

34

Type of securities

(tick one)

(a)

ü

Securities described in Part 1

(b)

All other securities

Example: restricted securities at the end of the escrowed period, partly paid securities that become fully paid, employee incentive share securities when restriction ends, securities issued on expiry or conversion of convertible securities

Tick to indicate you are providing the information or documents

35

If the +securities are +equity securities, the names of the 20 largest holders of the additional +securities, and the number and percentage of additional +securities held by those holders

36

If the +securities are +equity securities, a distribution schedule of the additional +securities setting out the number of holders in the categories

1 - 1,000

1,001 - 5,000

5,001 - 10,000

10,001 - 100,000

100,001 and over

37

A copy of any trust deed for the additional +securities

38

Number of securities for which +quotation is sought

39

Class of +securities for which quotation is sought

40

Do the +securities rank equally in all respects from the date of allotment with an existing +class of quoted +securities?

If the additional securities do not rank equally, please state:

· the date from which they do

· the extent to which they participate for the next dividend, (in the case of a trust, distribution) or interest payment

· the extent to which they do not rank equally, other than in relation to the next dividend, distribution or interest payment

41

Reason for request for quotation now

Example: In the case of restricted securities, end of restriction period

(if issued upon conversion of another security, clearly identify that other security)

Number

+Class

42

Number and +class of all +securities quoted on ASX (including the securities in clause 38)

Rule 7.1 - Issues exceeding 15% of capital

Step 1: Calculate "A", the base figure from which the placement capacity is calculated

Insert number of fully paid ordinary securities on issue 12 months before date of issue or agreement to issue

(As at 10 October 2015)

4,103,091,211

Add the following:

• Number of fully paid ordinary securities issued in that 12 month period under an exception in rule 7.2

• Number of fully paid ordinary securities issued in that 12 month period with shareholder approval

• Number of partly paid ordinary securities that became fully paid in that 12 month period

Note:

• Include only ordinary securities here - other classes of equity securities cannot be added

• Include here (if applicable) the securities the subject of the Appendix 3B to which this form is annexed

• It may be useful to set out issues of securities on different dates as separate line items

Placement (23/10/15) 76,398,285

(approved 23 July 2015)

Remuneration (17/12/15) 356,898,014

(approved 26 November 2015)

Placement (1/6/16) 336,000,000

(approved 23 June 2016)

Placement (24/6/16) 864,000,000

(approved 23 June 2016)

Placement (5/9/16) 400,000,000

(approved 6 October 2016)

Placement (7/10/16) 1,000,000,000

(approved 6 October 2016)

Placement (11/10/16) 346,000,000

(approved 6 October 2016)

Subtract the number of fully paid ordinary securities cancelled during that 12 month period

0

"A"

7,482,387,510

Step 2: Calculate 15% of "A"

"B"

0.15

[Note: this value cannot be changed]

Multiply "A" by 0.15

1,122,358,126

Step 3: Calculate "C", the amount of placement capacity under rule 7.1 that has already been used

Insert number of equity securities issued or agreed to be issued in that 12 month period not counting those issued:

• Under an exception in rule 7.2

• Under rule 7.1A

• With security holder approval under rule 7.1 or rule 7.4

Note:

• This applies to equity securities, unless specifically excluded - not just ordinary securities

• Include here (if applicable ) the securities the subject of the Appendix 3B to which this form is annexed

• It may be useful to set out issues of securities on different dates as separate line items

"C"

0

Step 4: Subtract "C" from ["A" x "B"] to calculate remaining placement capacity under rule 7.1

"A" x 0.15

Note: number must be same as shown in Step 2

1,122,358,126

Subtract "C"

Note: number must be same as shown in Step 3

0

Total ["A" x 0.15] - "C"

1,122,358,126

 [Note: this is the remaining placement capacity under rule 7.1]

Rule 7.1A - Additional placement capacity for eligible entities

Step 1: Calculate "A", the base figure from which the placement capacity is calculated

"A"

Note: number must be same as shown in Step 1 of Part 1

7,482,387,510

Step 2: Calculate 10% of "A"

"D"

0.10

Note: this value cannot be changed

Multiply "A" by 0.10

748,238,751

Step 3: Calculate "E", the amount of placement capacity under rule 7.1A that has already been used

Insert number of equity securities issued or agreed to be issued in that 12 month period under rule 7.1A

Notes:

• This applies to equity securities - not just ordinary securities

• Include here - if applicable - the securities the subject of the Appendix 3B to which this form is annexed

• Do not include equity securities issued under rule 7.1 (they must be dealt with in Part 1), or for which specific security holder approval has been obtained

• It may be useful to set out issues of securities on different dates as separate line items

"E"

0

Step 4: Subtract "E" from ["A" x "D"] to calculate remaining placement capacity under rule 7.1A

"A" x 0.10

Note: number must be same as shown in Step 2

748,238,751

Subtract "E"

Note: number must be same as shown in Step 3

0

Total ["A" x 0.10] - "E"

748,238,751

Note: this is the remaining placement capacity under rule 7.1A

Mick Billing

+61 (8) 7324 1935

Thor Mining PLC

Executive Chairman

Ray Ridge

+61 (8) 7324 1935

Thor Mining PLC

CFO/Company

Secretary

Colin Aaronson/

Daniel Bush/

Richard Tonthat

+44 (0) 207 383 5100

Grant Thornton UK LLP

Nominated Adviser

Gerry Beaney/

David Hignell

John Howes

+44 (0) 203 862 6625

Northland Capital Partners Limited

Broker

Tim Blythe/

Camilla Horsfall

+44 (0) 207 138 3222

Blytheweigh

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