Quarterly Activities and Cash Flow Report

Thor Energy PLC ("Thor") (AIM, ASX: THR, OTCQB: THORF) is pleased to report on its activities for the Quarterly period April to June 2025.

Andrew Hume, CEO and Managing Director, Thor Energy Plc, commented:

"This past quarter has been one of significant progress and strategic consolidation for Thor Energy. Our work at Project HY-Range has advanced exceptionally well as we completed a licence-wide geochemical survey, which delivered overwhelmingly positive data to prove working natural hydrogen and helium systems. These results enabled high grading of the most prospective areas to position Thor to efficiently target future exploration drilling.

"Beyond HY-Range, we have continued to strategically consolidate our unique natural hydrogen and helium offering, including the award of Gas Storage Exploration Licences adjacent to Adelaide, a strong synergy that substantially augments our existing South Australian footprint and facilitates natural hydrogen commerciality. Internally, we have remained steadfast in our commitment to lowering costs and streamlining our operations. I am also delighted earlier this month that I assumed the position of CEO, with Executive Chairman Alastair Clayton reverting to his previous role as Non-Executive Chairman.

"In the post-period, our work across the current quarter has continued to strengthen our strategic approach, as we have recorded prolific hydrogen and helium systems at our HY-Range Project whilst agreeing a term sheet to sell 75% of our US uranium assets. As we progress our operational developments for the rest of the quarter, we enter an exciting period for the Company in the upcoming months."

HY-RANGE PROJECT - RSEL 802 - SOUTH AUSTRALIAN NATURAL HYDROGEN AND HELIUM

The key focus of our exploration efforts at the HY Range natural hydrogen and helium project was the successful completion of a full-licence geochemical sampling programme, designed to provide a further suite of data to prove working natural hydrogen and helium systems, and initiate high grading of our acreage to increase focus on drill targeting and as an aid to final drill design. As announced on 29 May, "HY-Range Hydrogen/Helium Geochemical Survey Completed", the planned programme was upsized to include several new step-out locations, resulting in a total of 103 sample locations. Thor deployed field-based gas chromatography equipment, which we understand to be the first deployment of its kind for natural hydrogen and helium exploration in Australia, see Figure 1.

Figure 1: Field operations in the southern flinders area, collecting soil air geochemical analysis at Project HY-Range, May 2025.

The excellent results of the geochemical sampling programme were announced post period on 7 July, "Outstanding Geochemical Results at HY-Range Project". Analysis of the data yielded very positive results, with a high percentage of elevated hydrogen values in numerous areas of the licence, locally exceeding 1,000ppm in several locations, and up to 3,000ppm at one sample point (compared to typical background atmospheric values of 0.5ppm). Locally elevated helium readings were also recorded up to 27ppm (compared to typical background atmospheric values of 5ppm). Whilst soil gas sampling can be inherently prone to anthropogenic hydrogen contamination and sample bias, the distribution of the values strongly correlates with mapped geological features and supports the natural origin of these highly elevated readings, as shown in Figure 2a and 2b. The detection of elevated helium is unambiguous and demonstrates a working helium system.

Figure 2a illustrates the location of RSEL 802 (HY-Range) in the context of nearby Petroleum Exploration Licences (PELs) and licence applications (PELA's), as well as nearby down-hole hydrogen/helium occurrences.

On 16 June, the Company announced "Gas Storage Exploration Licences, South Australia" that its subsidiary, Go Exploration Pty Ltd had received an offer from the South Australian Department for Energy and Mining to grant three Gas Storage Exploration Licences: GSEL 804, GSEL 805, and GSEL 806, as indicated in Figure 3. Go Exploration Pty Ltd duly accepted the offer, and the GSELs provide the exclusive right to explore for and develop underground gas storage facilities within the licence areas. The licences are now granted under the Energy Resources Act 2000 (SA).

Figure 3 GSEL 804, 805, 806 Location map

Molyhil, W, Cu, Mo NT, Australia

No work undertaken, under joint venture with Investigator Resources (IVR.ASX)

Uranium and Vanadium (USA)

No work undertaken other than rehabilitation inspections of 2024 drill sites. Post-period, the Company announced its intention to sell the US Uranium claims. Further described below and in the announcement on 25 July 2025.

EnviroCopper (via 26.3% equity holding) Kapunda, SA, Australia

No work undertaken

Alford East Cu, Au, SA, Australia

No work undertaken

CORPORATE, FINANCE, AND CASH MOVEMENTS

Corporate

Post-period as announced on 7 July, "Outstanding Geochemical Results at HY-Range Project", Mr Andrew Hume, the Managing Director was also appointed the Chief Executive Officer role and the Executive Chairman, Alastair Clayton, resumed his previous role as Non-executive Chairman.

Post-period, the Company announced on 25 July, "Term sheet to sell 75% of US Uranium Claims", had been signed with Metals One PLC, an AIM-listed uranium and metals explorer whereby Metals Once PLC would seek to acquire a 75% interest in the Standard Minerals and Cisco, subsidiary companies that own Thor's US uranium projects. Consideration includes an upfront signing fee of £100,000 (~$205,000) and upon completion of a full Sale and Purchase Agreement, the issuance of £1,000,000 (~$2,050,000) in Metals One PLC stock. An option has also been granted to Metals One PLC, a 12-month option to acquire the remaining 25% in standard Minerals and Cisco for an amount to be mutually agreed and/or determined by an independent third-party valuation.

Cash Movement

For the quarter, the Company had no cash inflows.

• Net cash outflows from Operating and Investing activities for the quarter of $548,000, which included outflows of $59,000 directly related to exploration activities.
• Cash inflows from financing activities for the quarter were $1,000.
• Providing an ending cash balance of $1,459,000.

Cashflows for the quarter include payments of $95,000 to Directors, comprising the CEO-Managing Director's salary, the Non-Executive Directors' salaries. The Chairman is continuing to accrue his Non-Executive Directors' fees.

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

TENEMENT SCHEDULE

As of 30 June 2025, the consolidated entity holds an interest in the following Australian tenements:

Go Exploration, natural hydrogen, helium and coincident gas storage portfolio

USA mineral exploration licence portfolio

As of 30 June 2025, the consolidated entity holds 100% interest in the uranium and vanadium projects in USA States of Colorado and Utah as follows:

Appendix 5B

Mining exploration entity or oil and gas exploration entity

quarterly cash flow report

Name of entity

THOR ENERGY PLC

Answer: N/A

Answer: N/A

Answer: Yes

Compliance statement

2 This statement gives a true and fair view of the matters disclosed.

Date: 30 July 2025...........................................................

Authorised by: the Board....................................................................

(Name of body or officer authorising release - see note 4)

Notes