Thor Energy Regulatory News (THR)

30 June 2022

This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with the Company's obligations under Article 17 of MAR

Thor Mining PLC

("Thor" or the "Company")

Directorate Change

The directors of Thor Mining PLC ("Thor") (AIM, ASX: THR, OTCQB: THORF) advise that Mark Potter, Non-Executive Chair, will step down from the Board with immediate effect for personal reasons.

Alastair Clayton, will take on the position of interim Non-Executive Chair until such time as a replacement can be appointed. The Company has commenced a search for a permanent independent Non-Executive to chair the Company. Alastair is currently a Non-Executive Director of Thor and was appointed to the Board on 4 October 2021. Alastair is currently Executive Director of Artemis Resources and was previously a Director of uranium companies Extract Resources, an ASX100 sold to CGNPC in 2012 for ~A$2.2b, Chairman and Non Executive Director of Bannerman Resources Limited and a Founding Director of multi-mine coal producer and dividend payer Universal Coal PLC, sold in 2020 in a ~$A175m deal. Based in London, Alastair has considerable experience with raising capital for ASX and AIM listed companies as well as extensive experience in evaluating and financing large scale mining projects.

Nicole Galloway Warland, Managing Director of Thor Mining, commented:

"On behalf of both the Board and staff we would like to thank Mark for his commitment and contribution to Thor since his appointment to the Board in August 2019. He has assisted in raising capital in the London market and provided invaluable expertise to the Company over the last three and a half years. We wish him every success in the future."

This announcement is authorised for release to the market by the Board of Directors.

For further information, please contact:

Updates on the Company's activities are regularly posted on Thor's website www.thormining.com, which includes a facility to register to receive these updates by email, and on the Company's Twitter page @ThorMining.

About Thor Mining PLC

Thor Mining PLC (AIM, ASX: THR; OTCQB: THORF) is a diversified resource company quoted on the AIM Market of the London Stock Exchange, ASX in Australia and OTCQB Market in the United States.

The Company is advancing its diversified portfolio of precious, base, energy and strategic metal projects across the USA and Australia. Its focus is on progressing its copper, gold, uranium and vanadium projects, while seeking investment/JV opportunities to develop its tungsten/molybdenum assets.

Thor owns 100% of the Ragged Range Project, comprising 92 km2 of exploration licences with highly encouraging early-stage gold and nickel results in the Pilbara region of Western Australia, with follow up drilling planned for 2022.

At Alford East in South Australia, Thor is earning an 80% interest in copper deposits considered amenable to extraction via In Situ Recovery techniques (ISR). In January 2021, Thor announced an Inferred Mineral Resource Estimate of 177,000 tonnes contained copper & 71,000 oz gold¹.

Thor also holds a 30% interest in Australian copper development company EnviroCopper Limited, which in turn holds rights to earn up to a 75% interest in the mineral rights and claims over the resource on the portion of the historic Kapunda copper mine and the Alford West copper project, both situated in South Australia, and both considered amenable to recovery by way of ISR.²³

Thor holds 100% interest in two private companies with mineral claims in the US states of Colorado and Utah with historical high-grade uranium and vanadium drilling and production results.

Thor holds 100% of the advanced Molyhil tungsten project, including measured, indicated and inferred resources⁴, in the Northern Territory of Australia, which was awarded Major Project Status by the Northern Territory government in July 2020. Drilling in November December 2021 intersected strike extensions to the main ore zone.

Adjacent to Molyhil, at Bonya, Thor holds a 40% interest in deposits of tungsten, copper, and vanadium, including Inferred resource estimates for the Bonya copper deposit and the White Violet and Samarkand tungsten deposits.

Notes

1 www.thormining.com/sites/thormining/media/pdf/asx-announcements/20210127-maiden-copper.gold-estimate-alford-east-sa.pdf

2 www.thormining.com/sites/thormining/media/pdf/asx-announcements/20172018/20180222-clarification-kapunda-copper-resource-estimate.pdf

³ www.thormining.com/sites/thormining/media/aim-report/20190815-initial-copper-resource-estimate---moonta-project---rns---london-stock-exchange.pdf

 4 www.thormining.com/sites/thormining/media/pdf/asx-announcements/20210408-molyhil-mineral-resource-estimate-updated.pdf  

5 www.thormining.com/sites/thormining/media/pdf/asx-announcements/20200129-mineral-resource-estimates---bonya-tungsten--copper.pdf