4 August 2023

                                                                                 Thor Energy Plc

("Thor" or the "Company")

Proposed Share Consolidation and Notice of General Meeting

Thor Energy PLC ("Thor" or "the Company") (AIM, ASX: THR, OTCQB: THORF) announces that it has today posted to shareholders a Notice of General Meeting ("GM") to be held on 23 August 2023 at 10 a.m. (British Summer Time) at the offices of WH Ireland Limited, 24 Martin Lane, London, EC4R 0DR.

The purpose of the GM is to seek shareholder approval for:

·    A share consolidation on the basis of 1 New Ordinary Share of £0.001 for every 10 Existing Ordinary Shares of £0.0001 each ("Consolidation")

·    The issue and allotment of Ordinary Shares and accompanying Options to Spencer Metals Pty Ltd, as consideration for the completion of the acquisition of 29% interest in a portion of exploration licences

·    The issue of Performance Shares to each of the Directors

Proposed Share Consolidation

The Company has a large number of Shares on issue, which is disproportionate relative to the Company's peers. In addition, for shares of low denominations, small absolute movements in the share price can represent large percentage movements resulting in volatility and the bid-offer spread on shares priced at low absolute levels can be disproportionate to the share price and therefore to the detriment of Shareholders. For these reasons, the Board is of the view that it would benefit the Company and Shareholders to reduce the number of Existing Ordinary Shares in issue with a resulting adjustment in the market price of such shares, by consolidating the Existing Ordinary Shares on the basis of 1 New Ordinary Share of £0.001 for every 10 Existing Ordinary Shares of £0.0001 each.

The timetable for the Consolidation, if approved by shareholders, is as follows:

*Indicative and subject to change in accordance with the ASX Listing Rules.

Admission to AIM

The Consolidation is conditional upon admission of the New Ordinary Shares to trading on AIM. Application for such admission will be made so as to enable the New Ordinary Shares to be admitted to trading on AIM as soon as practicable following the Record Date. It is expected that admission will become effective on the commencement of trading on 31 August 2023, whereupon the Consolidation will be effective.

If you are a registered holder of Thor's Ordinary Shares, whether or not you are able to attend the meeting, you can use a form of proxy, enclosed in the Notice of GM, to appoint one or more persons to attend and vote on a poll on your behalf. A proxy need not be a member of the Company. Further details on how to vote are included within the Notice of GM.

A copy of the Notice of GM will also be made available on the Company's website at www.thorenergyplc.com.

For further information, please contact:

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 $A8m 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