Uranium Exploration Update

The directors of Thor Energy Plc ("Thor") (AIM, ASX: THR, OTCQB: THORF) are pleased to provide a drilling update on the Company's 100% owned Wedding Bell and Radium Mountain Projects, located in the uranium-vanadium mining district of the Uravan Mineral Belt, southwest Colorado, USA.

Highlights:

§ On-ground drill site preparations are now underway for our 2024 drilling programs at Rim Rock and Groundhog mine areas, with drilling scheduled to commence in early October (Figure 1).

§ The reverse circulation program includes infill and extension holes following up on Thor's successful 2022 and 2023 program, with the objective of completing a JORC mineral resource estimation.

§ At Groundhog, infill drilling will be centred around high-grade uranium and vanadium mineralisation intercepted in 23WBRA020 (ASX/AIM: 29 February 2024), with extension holes up to 300m to the north and east (Figure 2).

23WBR020: 4.9m @ 1199ppm (0.12%) U3O8 and 6306ppm (0.63%) V2O5 from 82m,

Including, 0.6m @ 6250ppm (0.63%) U3O8 and 30348ppm (3.0%) V2O5 from 82.6m

§ At Rim Rock, infill drilling will be centred around 23WBRA011, 23WBRA012 and 23WBRA016 (ASX/AIM: 29 February 2024), with exension drilling toward the open areas to the east and south (Figure 3).

23WBR011: 6.1m @ 563ppm (0.06%) U3O8 and 9100ppm (0.9%) V2O5 from 74.7m,

Including, 1.5m @ 1624ppm (0.16%) U3O8 and 19637ppm (2.0%) V2O5 from 76.2m

§ Drill contractor Envirotech Drilling LLC and downhole logging contractor Jet West Geophysical Services LLC have both been secured/contracted.

Photo 1: Site preparation at Groundhog Prospect

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

"With all approvals in place as announced in August, Thor is delighted to commence on ground drill site preparations for our upcoming infill and extension drill program. This highlights the Company's direction in focusing on our main priority in the Thor portfolio, our uranium and vanadium prospects at the Wedding Bell and Radium Mountain Projects.

"We look forward to updating the market when drilling commences."

Figure 1: Wedding Bell and Radium Mountain Projects, Colorado

Figure 2: Drill collars at Groundhog Mine showing 2024 proposed collars in blue

Figure 3: Drill collars at Rim Rock mine area showing 2024 proposed collars in blue

Figure 4: Uranium and Vanadium Project Location Map within the Uravan Mineral Belt

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