Thor Energy Regulatory News (THR)

30 April 2019

THOR MINING PLC

NOTICE OF GENERAL MEETING

Thor Mining PLC ("Thor" or "the Company") (AIM, ASX: THR) is today posting a notice of a general meeting to be held at 9am on 23 May 2019 at the offices of Grant Thornton UK LLP, 30 Finsbury Square, London EC2P 2YU (the "General Meeting").

At the General Meeting, shareholders will be asked to provide the directors with the requisite authorities to issue equity securities in relation to the acquisition of two Australian private companies, Hamersley Metals Pty Ltd and Pilbara Goldfields Pty Ltd (the Acquisition), and a strategic financing of £400,000, before expenses (refer ASX and AIM announcements on 27 March 2019).

Resolutions 1 and 2 are a requirement under English company law, providing the directors with the necessary authorities to issue equity securities and dis-apply pre-emption rights up to an aggregate nominal amount of £20,000. The nominal amount is calculated to be sufficient to issue the proposed securities related to the Acquisition and the strategic financing. Resolutions 3 to 5 provide Directors with authority to issue those equity securities pursuant to ASX Listing Rules 7.1 and 7.1A. Resolutions 3 to 5 are described further below.

The strategic financing raised a total of £400,000, before expenses, through the placing of 47,058,823 ordinary shares of 0.01p each at a price of 0.85p each (the "Placing Shares"), together with one accompanying Warrant for every Ordinary Share subscribed (the "Placing Warrants", together the "Placement Securities"). Each Placing Warrant carries a right to subscribe for an Ordinary Share at a price of 1.3p per Ordinary Share, valid for a period of 36 months from the date of issue. The Placement Securities were issued on 10 April 2019 utilising available capacity under ASX Listing Rules 7.1 and 7.1A. Resolution 3 seeks shareholder approval for the purposes of ASX Listing Rule 7.4 to the issue and allotment of the Placement Securities, such that the Placement Securities will not be counted towards the 15% limit on the issue of securities without Shareholder approval pursuant to ASX Listing Rule 7.1, or the 10% limit on the issue of securities without Shareholder approval pursuant to ASX Listing Rule 7.1A. If Resolution 3 is passed then the Placement Securities will be deemed to have been issued with Shareholder approval and will, therefore, not be counted as having utilised the aforementioned 15% limit or 10% limit.

The Acquisition was undertaken to expand the Company's operational portfolio in anticipation of the crystallisation of value from the existing Australian projects at Molyhil (tungsten/molybdenum) and Kapunda (copper). The two companies are focused on gold and uranium exploration opportunities in Western Australia and the Northern Territory of Australia. Thor issued 53,000,000 Ordinary Shares, on 10 April 2019, to shareholders (or their nominees) of Hamersley Metals Pty Ltd and Pilbara Goldfields Pty Ltd for the acquisition of those companies (Acquisition Shares), utilising the available authorities conferred by Shareholders and available capacity under ASX Listing Rule 7.1. Resolution 4 seeks approval for the purposes of ASX Listing Rule 7.4 to the issue and allotment of the Acquisition Shares, such that the Acquisition Shares will not be counted towards the 15% limit on the issue of securities without Shareholder approval pursuant to ASX Listing Rule 7.1. If Resolution 4 is passed then the Acquisition Shares will be deemed to have been issued with Shareholder approval and will, therefore, not be counted as having utilised the aforementioned 15% limit.

Pursuant to the terms of the Acquisition, Resolution 5 seeks shareholder approval for the purposes of ASX Listing Rule 7.1 to the issue of 26,500,000 Warrants to shareholders (or their nominees) of Hamersley Metals Pty Ltd and Pilbara Goldfields Pty Ltd, on the basis of one Warrant for each two Acquisition Shares issued to the vendors on 10 April 2019 (Acquisition Warrants). The Acquisition Warrants have an exercise price of £0.013 (1.3 pence) and an expiry date three years from the date of issue. If Resolution 5 is passed then the Acquisition Warrants will be issued with Shareholder approval such that those securities will not be counted towards the 15% limit on the issue of securities without Shareholder approval pursuant to ASX Listing Rule 7.1, or the 10% limit on the issue of securities without Shareholder approval pursuant to ASX Listing Rule 7.1A. If Shareholder approval is not obtained, the Company will seek to issue the Acquisition Warrants under available capacity, subject to the passing of Resolutions 1 to 4 inclusive, or will otherwise negotiate alternative terms with the vendors, including a potential cash payment in lieu of the Acquisition Warrants.

The Directors of Thor believe that all Resolutions are in the best interest of the Company and recommend that Shareholders vote in favour of the Resolutions at the General Meeting, as they intend to do in respect of their own Shareholdings which total 42,100,185 Ordinary Shares in aggregate, representing 5.15% of the Company's issued share capital.

A copy of the Notice of General Meeting will also be available on the Company's website, http://www.thormining.com/.

Enquiries:

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) is a resources company quoted on the AIM Market of the London Stock Exchange and on ASX in Australia.

Thor holds 100% of the advanced Molyhil tungsten project in the Northern Territory of Australia, for which an updated feasibility study in August 2018¹ suggested attractive returns.

Adjacent Molyhil, at Bonya, Thor holds a 40% interest in deposits of tungsten, copper, and vanadium, including an inferred resource for the Bonya copper deposit.2

Thor also holds 100% of the Pilot Mountain tungsten project in Nevada USA which has a JORC 2012 Indicated and Inferred Resources Estimate3 on 2 of the 4 known deposits. The US Department of the Interior has confirmed that tungsten, the primary resource mineral at Pilot Mountain, has been included in the final list of Critical Minerals 2018.

Thor is also acquiring up to a 60% interest Australian copper development company Environmental Copper Recovery SA Pty Ltd, which in turn holds rights to earn up to a 75% interest in the mineral rights and claims over the resource4 on the portion of the historic Kapunda copper mine in South Australia recoverable by way of in situ recovery.

Thor has an interest in Hawkstone Mining Limited, an Australian ASX listed company with a 100% Interest in a Lithium project in Arizona, USA.

Finally, Thor also holds a production royalty entitlement from the Spring Hill Gold project5 of:

•  A$6 per ounce of gold produced from the Spring Hill tenements where the gold produced is sold for up to A$1,500 per ounce; and

•  A$14 per ounce of gold produced from the Spring Hill tenements where the gold produced is sold for amounts over A$1,500 per ounce.

Notes

¹ Refer ASX and AIM announcement of 23 August 2018

2 Refer ASX and AIM announcement of 26 November 2018

3 Refer AIM announcement of 13 December 2018 and ASX announcement of 14 December 2018

4 Refer AIM announcement of 10 February 2016 and ASX announcement of 12 February 2018

5 Refer AIM announcement of 26 February 2016 and ASX announcement of 29 February 2017