26 April 2023

Thor Energy Plc

("Thor" or the "Company")

High-grade Rare Earth Discovery within IOCG Copper Project

Alford East Copper-Gold Project, South Australia

The directors of Thor Energy Plc ("Thor" or the "Company") (AIM, ASX: THR, OTCQB: THORF) are pleased to announce new Rare Earth Element (REE) drill results from a review of the previously announced 2021 Copper and Gold drilling at the Alford East Project, South Australia (SA).

Highlights:

§ Significant REE drill intercepts (>500ppm TREO1) include:

o 21AED005:           36.7m @ 1568ppm (0.16%) TREO & 1.2% Cu from 6.3m,

including     11.8m @ 2095 ppm (0.21%) TREO and 1.22% Cu from 10m, and

11m @ 2088ppm (0.21%) TREO and 0.8% Cu from 47m

including    2m @ 5042ppm (0.5%) TREO from 47m

o 21AED002:           11.6m @ 1699ppm (0.17% ) TREO and 0.26% Cu from 30.4m

        including    6.1m @ 2262ppm (0.22%) TREO from 34.0m

o 21AED001:           16.8m @ 1721ppm (0.17%) TREO and 0.5% Cu from 91.4m

o 21AED006:           29m @ 959ppm (0.1%) TREO from 20m, and

                        6.1m @ 1171ppm (0.12%) TREO and 0.1% Cu from 81m,

including     1.7m @ 3139ppm (0.31%) TRE0 from 84.3m

o 21AED004:           13.1m @ 1366ppm (0.14%) TREO and 0.5% Cu from 42.8m,

     including     1.4m @ 2274ppm (0.23%) TREO from 35m

o 21AED007:           15m @ 961ppm (0.1%) and 0.12% Cu from 13m

including     1.0m @ 2213ppm (0.22%) TREO from 19m 

§ A REE review has revealed that eight out of nine of the 2021 diamond drill holes intersected wide zones of highly enriched REE's in kaolin altered, copper rich oxide zones of IOCG style mineralisation.

§ Mineralisation is open over a ~5km trend as none of the remaining historical drilling at Alford East, to the best of the companies knowledge, has ever been assayed for REE's.

§ A full geochemical review of the historic drilling is now underway to access the lateral extent of the REE potential within the Alford Copper Belt, to generate drill targets and to fully assess the economic potential of this discovery.

§ The kaolin association may represent an ionic style of REE mineralisation, a highly valuable REE deposit class, often characterised by favourable low-cost metallurgical recovery compared with many other types of REE deposits.

§ Magnetic component (MREO) content of TREO up to 34%, see Table A.

§ Alford East is strategically located approximately 150km northwest of Adelaide.

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

"I am absolutely delighted to report these thick zones of shallow, high-grade REE intercepts, found to be associated with oxide copper-gold mineralisation at the Alford East Project.

"This batch of results compares very favourably in terms of depth, thickness and grade to its peer group in the fledgling Australian REE sector.

"Importantly, this discovery has significant potential to be a large deposit based on the ~5km lateral extent of the north-south trending, structurally controlled troughs hosting IOCG mineralisation. It is promising that aside from the nine 2021 diamond drill holes reported today, none of the other historic drilling at Alford East is known to have ever been assayed for REE content.

"Priority drill programme design is underway in conjunction with detailed geochemical reviews of the historic drilling, along with further studies on the nature of the REE mineralisation encountered to date."

Figure 1: Alford East Location Map showing the lateral extent of the Alford Copper Belt.

Rare Earth Element Drill Results

A review of the Alford East Project geochemical data, in particular, the drilling results from Thor's 2021 maiden drilling program (ASX/AIM: 22 February 2022), highlighted shallow high-grade REE results associated with the oxide copper-gold mineralisation (Figure 2- 5, Table A).

These wide zones of enriched REE occur in kaolin altered, oxide zones of IOCG-style mineralisation (Figure 3-5).

Three drill hole cross-sections (Figure 3 - 5) illustrate the REE mineralisation with the copper intercepts within the Mineral Resource Estimate (MRE) AE-5 area (Figure 2), where Thor in 2021 drilled 9 HQ diamond drillholes whilst targeting oxide copper mineralisation. The proximity to the key structure on the eastern side of the sections suggests the REE mineralisation is structurally controlled and associated with significant metasomatic alteration and deep weathering or kaolinisation of host rocks.

The kaolin association may represent an ionic style of REE mineralisation, a highly valuable REE deposit class, often characterised by favourable low-cost metallurgical recovery compared with many other types of REE deposits.

This zone of oxide mineralisation lies in the Alford Copper Belt, which in this area, is a structurally controlled, north-south corridor consisting of deeply kaolinised and oxidised troughs within unweathered metamorphic units, on the edge of the Tickera Granite (Figure 1), Gawler Craton, SA.  A recently completed Ambient Noise Tomography (ANT) survey over the adjacent Alford West project successfully delineated the boundaries of the structures in that area (ASX/AIM: 17 April 2023) (Figure 1).

Next Steps:

Continue to review the geochemical REE data, with selected samples submitted to the Bureau Veritas laboratory for analysis, for a supplementary REE package; along with mineralogy and preliminary metallurgical work to determine the potential ionic nature of the REE.

 Figure 2: Alford East Inferred Minerals Resource Domains (left) and 2021 Drill Collar Map (right)

Figure 3: Cross Section 6256360mN showing REE (TREO) intercepts with copper mineralisation.

Note - Historic holes "unassayed" have not known to have been assayed yet for REE's

Figure 4: Cross Section 6256440mN showing REE (TREO) intercepts with copper mineralisation.

Figure 5: Cross Section 6256600mN showing REE (TREO) intercepts with copper mineralisation.

Table A: Significant REE Drill results - TREO =Total Rare Earth Oxides (>500ppm)

§ NS- Not significant

§ TREO = (Total Rare Earth Oxides) = (La₂O₃ + CeO₂ + Pr₆O₁₁ + Nd₂O₃ +Sm₂O₃ + Eu₂O₃ + Gd₂O₃ + Tb₄O₇ + Dy₂O₃ + Ho₂O₃ + Er₂O₃ + Tm₂O₃ + Yb₂O₃ + Lu₂O₃ + Y₂O₃) 

§ MREO = (Magnetic Rare Earth Oxides) = Nd2O3 + Pr6O11 + Tb4O7 + Dy2O3

Table B: Drill Collar Locations

Alford East Project Background

The Alford East Copper-Gold Project is located on EL6529, where Thor is earning up to 80% interest from unlisted Australian explorer Spencer Metals Pty Ltd, covering portions of EL6255 and EL6529 (Figure 1) (ASX/AIM: 20 November 2020).

The Alford East Project covers the northern extension of the Alford Copper Belt, located on the Yorke Peninsula, SA.  The Alford Copper Belt is a semi-coherent zone of copper-gold oxide mineralisation, within a structurally controlled, north-south corridor consisting of deeply kaolinised and oxidised troughs within metamorphic units on the edge of the Tickera Granite (Figure 1), Gawler Craton, SA.

Thor completed an inferred Mineral Resource Estimate (MRE) by utilising historic drill hole information. Table C - (ASX/AIM: 27 January 2021):

§   125.6Mt @ 0.14% Cu containing 177,000t of contained copper

§   71, 500oz of contained gold

https://thorenergyplc.com/investor-updates/maiden-copper-gold-mineral-resource-estimate-alford-east-copper-gold-isr-project/

Table C: Alford East Mineral Resource Estimate as of 22 January 2021- Figure 2 ((ASX/AIM: 27 January 2021).

Note: MRE reported on oxide material only, at a cut-off grade of 0.05% copper which is consistent with the assumed In-Situ Recovery technique.

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

For further information, please contact:

Competent Person's Report

The information in this report that relates to exploration results is based on information compiled by Nicole Galloway Warland, who holds a BSc Applied geology (HONS) and who is a Member of The Australian Institute of Geoscientists. Ms Galloway Warland is an employee of Thor Energy PLC. She has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which she is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Nicole Galloway Warland consents to the inclusion in the report of the matters based on her information in the form and context in which it appears.

Updates on the Company's activities are regularly posted on Thor's website https://thorenergyplc.com which includes a facility to register to receive these updates by email, and on the Company's twitter page @thorenergyplc

About Thor Energy Plc

The Company is focused on uranium and energy metals that are crucial in the shift to a 'green' energy economy. Thor has a number of highly prospective projects that give shareholders exposure to uranium, nickel, copper, lithium and gold. Our projects are located in Australia and the USA.

Thor holds 100% interest in three uranium and vanadium projects (Wedding Bell, Radium Mountain and Vanadium King) in the Uravan Belt Colorado and Utah, USA with historical high-grade uranium and vanadium drilling and production results.

Thor owns 100% of the Ragged Range Project, comprising 92 km₂ of exploration licences with highly encouraging early-stage gold and nickel results in the Pilbara region of Western Australia.

At Alford East in South Australia, Thor is earning an 80% interest in oxide copper deposits considered amenable to extraction via In Situ Recovery techniques (ISR). In January 2021, Thor announced an Inferred Mineral Resource Estimate¹. Thor also holds 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 and the Alford West copper project, both situated in South Australia, and both considered amenable to recovery by way of ISR.²³

Thor holds 100% of the advanced Molyhil tungsten project, including measured, indicated and inferred resources⁴, in the Northern Territory of Australia, which was awarded Major Project Status by the Northern Territory government in July 2020. Thor executed a A$8m Farm-in and Funding Agreement with Investigator Resources Limited (ASX: IVR) to accelerate exploration at the Molyhil Project on 24 November 2022.⁶

Adjacent to Molyhil, at Bonya, Thor holds a 40% interest in deposits of tungsten, copper, and vanadium, including Inferred resource estimates for the Bonya copper deposit, and the White Violet and Samarkand tungsten deposits.⁵ Thor's interest in the Bonya tenement EL29701 is planned to be divested as part of the Farm-in and Funding agreement with Investigator Resources Limited.⁶

Notes

¹ https://thorenergyplc.com/investor-updates/maiden-copper-gold-mineral-resource-estimate-alford-east-copper-gold-isr-project/

² www.thorenergyplc.com/sites/thormining/media/pdf/asx-announcements/20172018/20180222-clarification-kapunda-copper-resource-estimate.pdf

³ www.thorenergyplc.com/sites/thormining/media/aim-report/20190815-initial-copper-resource-estimate---moonta-project---rns---london-stock-exchange.pdf

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

⁵ www.thorenergyplc.com/sites/thormining/media/pdf/asx-announcements/20200129-mineral-resource-estimates---bonya-tungsten--copper.pdf

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

1    JORC Code, 2012 Edition - Table 1 report template

Section 1: Sampling Techniques and Data

Section 2: Reporting of Exploration Results