Copper Hosting Troughs Defined by ANT Surveys

7 November 2023

Thor Energy PLC

("Thor" or the "Company")

Copper Hosting Troughs Defined by ANT Surveys

Alford East Copper-REE Project, South Australia

The directors of Thor Energy PLC ("Thor" or the "Company") (AIM, ASX: THR, OTCQB: THORF) are pleased to announce that the Ambient Noise Tomography ("ANT") Surveys by Fleet Space Technologies ("Fleet") are now complete at the Alford East Copper-REE Project in South Australia.

Highlights:

▪  The acquisition phase of the low-impact, ANT surveys are now complete at the Alford East copper-gold-REE Project, using EXOSPHERE BY FLEET® technology (Figure 1 and Figure 3)

▪   Preliminary ANT models clearly delineate low-velocity, weathered 'troughs' that host the oxide copper-gold-REE mineralisation within the Alford Copper Belt (Figure 1 and 2)

▪  Fleet is currently reviewing the ANT data, integrating the ANT results with Thor's 3D geological model using Artificial Intelligence ("AI") and Machine Learning ("ML") and generating an improved geological model for drill targeting extensions to the troughs that host higher-grade oxide copper-gold mineralisation (ASX/AIM: 4 September 23)

Figure 1: 3D velocity model showing low-velocity troughs (blue), overlayed by ANT surveys (white dots)

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

"Thor is very pleased with the progress made by Fleet Space Technologies, with the completion of the ANT surveys in a timely and efficient manner, and their preliminary models defining the low-velocity troughs.

"As part of the collaboration, Fleet is modelling the data using Thor's 3D geological model, resulting in a revised geological model to support drill targeting of higher-grade copper and REE mineralisation along strike of our mineral resource estimate and in new zones of the Alford Copper Belt.

"We look forward to keeping the market updated as the modelling and interpretation results continue to come in."

Next Steps:

1.    Modelling of ANT results, incorporating Thor's 3D model and using AI to extrapolate controlling structures along the Alford Copper Belt (November - December 2023)

2.    Target generation from the final 3D Model (November - December 2023)

3.    Drill preparations and drilling (Q1 2024)

Photo 1: Low-impact nature of ANT surveys at Alford East Project

ANT Geophysics Surveys:

Two comprehensive ANT surveys were executed at the Alford East Project, covering the northern portion of the Mineral Resource Estimate Domains (Figure 3). The surveys were designed to delineate the low-velocity, weathered 'troughs' that are known to host the oxide copper-gold and REE mineralisation within the Alford Copper Belt (Figure 3). The oxide copper-gold and REE mineralisation within the Alford Copper Belt is associated with rocks that are significantly less dense with lower seismic velocity than the surrounding fresh units.

The surveys referred to as the East and West field surveys used a total of 96 Fleet's space-enabled geodes for each deployment. These surveys covered substantial areas, encompassing 1.13 square kilometres in the Eastern Field and 1.81 square kilometres in the Western Field.

The Eastern Field survey commenced on September 28 and concluded on October 5. Subsequently, the geodes were seamlessly transitioned to the neighbouring Western Field, where the survey operations began on October 6 and were successfully completed on October 17. In the Eastern Field, the inter-geode spacing was 150 metres in both the easting and northing directions, allowing for subsurface imaging down to a depth of 500 metres, with an impressive resolution of approximately 30 metres. Conversely, in the Western Field, the inter-geode spacing was 115 metres along the easting direction and 130 metres along the northing direction, providing the capability to image the subsurface down to a depth of 400 metres while maintaining a resolution of 36 metres.

The data collected from these two surveys was subject to extensive processing, leading to the development of a high-resolution 3D seismic velocity model of the subsurface. This model has revealed key features, such as regions with slower velocity within a high-velocity basement, inferring a 3D geometry of the interpreted variably weathered trough and a sheared metasedimentary basement, which is expected to host mineralisation (Figure 1 and Figure 2). This newfound understanding of the subsurface will play a pivotal role in guiding and optimising the upcoming drilling activities in the Alford East Copper project.

The survey will compare and integrate the subsurface ANT results with geological information (surface geochemistry, drilling, and historic geophysics) that has been compiled by Thor. The resultant 3D model will provide a refined targeted strategy, focusing future drilling on areas with potential high-grade oxide copper-gold and REE mineralisation.

Figure 2: 3D model showing low velocity weathered troughs hosting oxide copper mineralisation

Figure 3: Alford East Location Map showing the lateral extent of the Alford Copper Belt (left), and the Alford East Mineral Resource Domains showing the area for initial ANT Surveys (right)

Alford East Project Background:

The Alford East Copper-REE Project is located on EL6529, where Thor holds an 80% interest from unlisted Australian explorer Spencer Metals Pty Ltd, covering portions of EL6255 and EL6529 (Figure 3) (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 3), 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.

REE results were later reported from the 2021 diamond drilling program, with significant drill intercepts (>500ppm TREO^[1]) including (THR: ASX/AIM 26 April 2023):

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

including        11.8m @ 2095 ppm (0.21%) TREO and 1.2% 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

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 which includes a facility to register to receive these updates by email, and on the Company's X 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 in Colorado and Utah, USA with historical high-grade uranium and vanadium drilling and production results.

At Alford East in South Australia, Thor has earnt 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

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.

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

About Fleet Space Technologies

Fleet Space Technologies, a leading Australian space company with a mission to connect Earth, Moon, and Mars, is revolutionising the mineral exploration, defence, and space exploration sectors through its ground-breaking products and connectivity solutions. Headquartered at a state-of-the-art facility in Adelaide, South Australia, Fleet has rapidly grown to over 100 employees and boasts a global presence, including a team in the US and offices in Canada, Luxembourg, and Chile.

Fleet created EXOSPHERE BY FLEET®, a solution for the mineral exploration industry providing lightning fast, 3D mapping of underground structures and providing increased accuracy in drilling targets. This cutting-edge technology is helping the world transition to clean-air mobility technologies by creating a faster, more sustainable, and less expensive route to finding critical mineral deposits. EXOSPHERE BY FLEET® is an end-to-end service offered to mineral exploration customers to decrease the time it takes to find a deposit. Fleet's sensors, the Geodes, are deployed in a survey area and leverage real-time passive seismic methods to 'scan' the subsurface. This is enabled through non-invasive Ambient Noise Tomography (ANT) which listens to seismic waves present on Earth. The data is rapidly processed and transmitted through Fleet's low power satellite network to create a 3D model of the area in near real time.

Since launching EXOSPHERE, Fleet Space has signed contracts with over 30 clients around the world including players such as Rio Tinto, Barrick Gold and Core Lithium. Fleet has conducted more than 150 ANT surveys on different commodity types and completed deployments in 5 continents.   EXOSPHERE BY FLEET® is contributing to solve the pressing global priority to decarbonise mobility and find more than $13trillion USD worth of minerals required for the energy transition to help meet global net zero priorities.

Contact:

Wes Carlson, Senior Communications Manager

Fleet Space Technologies

[email protected]

+1-415-521-9516    

1.  2012 Edition - Table 1 report template

       Section 1 Sampling Techniques and Data