Thor Energy Regulatory News (THR)

22 September 2020

THOR MINING PLC

RECEIPT OF A$173,000 RESEARCH & DEVELOPMENT TAX INCENTIVE

The directors of Thor Mining Plc ("Thor") (AIM, ASX: THR) are pleased to advise receipt of A$173,717.25 by way of a Research & Development Tax Incentive refund from the Australian Government, Department of Industry, Innovation and Science.

The refund covers a portion of expenditure during the 2019/20 fiscal year on eligible research activities on Australian projects.

Mick Billing, Executive Chairman of Thor Mining, commented:

"We are very pleased to have our cash position boosted by this R & D refund."

"Thor Mining is entering a period of very active work at our Ragged Range gold project, and also with scheduled gold drilling at the Kapunda copper project, and uranium drilling in the USA. These funds, along with those from the recently announced placing of just over £1.0million will be utilised on those projects, with regular newsflow expected."

The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.

Enquiries:

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 deposit².

Thor is also acquiring up to 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 in South Australia recoverable by way of in situ recovery⁴. Thor also holds rights to earn a 75% interest in portion of the Moonta Copper project also in South Australia, and is also considered amenable to recovery by way of in situ recovery⁵.

Thor 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 ⁶2018.

At the 100% owned Ragged Range Project in the Pilbara region of Western Australia, Thor has exciting early stage results for which gold and nickel drilling is planned."

"Thor holds mineral claims in the US states of Colorado and Utah with historical high grade uranium and vanadium drilling and production results."

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 ASX and AIM announcement of 15 August 2019