Updated Mineral Resource Estimate Molyhil Project

The Directors of Thor Energy Plc ("Thor") (AIM, ASX: THR, OTCQB: THORF) are pleased to announce that ASX-listed Investigator Resources Limited ("IVR"), farming-in to the Molyhil Project has completed an updated Mineral Resource Estimate ("MRE") for the Molyhil Tungsten-Molybdenum-Copper Deposit, located in the Northern Territory (Figure 1).

Highlights:

§ The Molyhil Mineral Resource Estimate now comprises 4.65Mt @ 0.26% WO3 (Tungsten trioxide), and 0.09% Mo (Molybdenum) for 12.1kt WO3 and 4.4kt Mo (JORC 2012) as reported by IVR to the ASX on 28 May 2024 (Table A).

§ Investigator's verification diamond drilling program has resulted in a significant improvement in resource confidence, lifting significant tonnage into the higher Measured Resource Category.

§ The Measured Resource Category of the Molyhil Tungsten-Molybdenum Project improved with a 150% increase in tonnes and 20% increase in WO3 grade when compared to the previous resource estimate (ASX/RNS: THR 8 April 2021). Contained tungsten metal in the Measured Resource Category increased by 200% to 3,945 tonnes.

§ Full Mineral Resource Estimate information and details can be found on the IVR website or via this link

§ The recent renewal of Northern Territory Major Project status to Molyhil provides valuable pathways to advance the project towards production.

§ Under the Heads of Agreement ("HoA") (ASX/RNS 22 November 2022), Stage 1 completion has given IVR the right to a 25% interest in the Molyhil Project and surrounding exploration tenure, and also a 40% interest in the adjacent Bonya tenement. IVR can now elect to the transfer of a 25% interest in the Tenements, and a Joint Venture ("JV") with Thor will become effective upon which IVR will issue Thor $A250,000 in IVR shares as per the HoA.

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

"The 12-hole diamond drilling program completed by IVR in December 2023 along with QAQC validation of historic data, has provided a strong level of increased resource confidence, lifting tonnage and increased tungsten grade to the higher Measured Resource category. This is a positive result for the Project, and along with strong tungsten and molybdenum prices, it will be valuable for the scoping study assessment to be undertaken by IVR early in Q3, 2024

Based on the HoA, IVR is now entitled to a 25% interest in the Project and surrounding tenure; as such Thor is looking forward to working with IVR to complete all documentation to effect the transfer and form a JV.

The updated Mineral Resource Estimate (MRE) for the Molyhil Tungsten-Molybdenum Project as reported by Investigator Resources Limited to the ASX on 28 May 2024 is shown in Table 1 below. A cut-off grade of 0.05% WO3 was selected, which is considered appropriate when taking into account current commodity price strength and peer reporting comparisons. The MRE is reported to a 150mRL and based on an open pit mining scenario.

Table 1: Updated Molyhil Resource Estimate, reported at cut-off grade of 0.05% WO3 Tungsten

Notes:

• 0.05% Cutoff
• MRE reported to 150m RL
• Based on Open Pit mining scenario
• Variability of Summation may occur due to rounding to appropriate level of significant figures.

Figure 1: Tenement & Prospect Location Plan

The Board of Thor Energy PLC has approved this announcement and authorised its release.

Notes

4 https://thorenergyplc.com/investor-updates/molyhil-project-mineral-resource-estimate-updated/

6 https://thorenergyplc.com/wp-content/uploads/2022/11/20221124-8M-Farm-in-Funding-Agreement.pdf