3D Model Shows Alford East Copper Mineralisation

6 March 2024

Thor Energy PLC

("Thor" or the "Company")

New 3D Model Highlights Structural Controls on Copper Mineralisation

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 share Thor's updated 3D Geological Model, incorporating the recently completed Ambient Noise Tomography ("ANT") surveys by Fleet Space Technologies ("Fleet") for the Alford East Copper - Rare Earth Element ("REE") Project in South Australia.

Highlights:

§ Fleet's ANT survey results provided valuable insights into the lithological and structural setting of the Alford East Copper oxide and REE Project.

§ Deeply weathered troughs in areas of unaltered metamorphic rocks were found to be associated with zones of faulting, deep oxidation and intrusives at depth.

§ The ANT surveys confirm the significance of the prominent north-northeast (NNE) structure associated with copper oxide mineralisation (Figure 1).

§ The combined resultant 3D Model provides targeted criteria for extensions to existing mineralisation and potential for new discoveries of oxide copper-REE mineralisation.

Figure 1: Alford East 3D ANT and Structural Model highlighting the NNE trending fault zone (red) commonly associated with copper oxide mineralisation as seen at prospect AE5 to AE8

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

"The 3D ANT Modelling has provided significant lithological and structural insights into the Alford East Project area. Combining this information with Thor's dataset has led to an exciting new 3D Model, with a newfound understanding of the Alford East structural setting and mineralisation controls. This has provided the Company with a refined targeted strategy, focusing future drilling on areas with potential high-grade oxide copper-gold and REE mineralisation.

"The model also provides greater insight into historical, negative drill results that led to major explorers leaving the area."

Figure 2: 3D ANT model showing low velocity weathered troughs that host oxide copper mineralisation

Next Steps:

1.    Drill preparations and drilling

2.    Pump testing for ISR assessment push-pull work

3.    Continue quarterly groundwater testing

3D ANT and Structural Model

After the acquisition of ANT data by Fleet across the northern part of the Alford East project in 2023 (Figure 6), Thor engaged with the consultant, Doreen Mikitiuk, DXplorer to review and update the current Alford East structural model and geological interpretation of the survey areas.

In preparation for the new structural interpretation, historic logging codes were simplified and grouped using information acquired from reports, core photos and Hylogger data. Lithology groups were based on the lithogeochemical assessment of multi-element assays of the 2021 diamond core drillholes and reassay of selected historic core, which was completed in 2023.

The 3D ANT survey provided clearer understanding of the structural setting of the Alford East area (Figure 2). With improved knowledge of geology and weathering through the review of lithological information, the ANT results mapped localising faults and intrusives at depth. Deeply weathered troughs in areas of sedimentary rocks were found to be associated with zones of faulting, deep oxidation and intrusives at depth.

With the newly gained understanding of the geological and structural setting, targeting criteria for primary copper and oxide mineralisation were developed providing excellent opportunities for the discovery of new copper and REE mineralisation, which may have been missed by previous explorers.

Key observations from the 3D Modelling include:

1)         The highest-grade copper oxide mineralisation is commonly hosted in pelitic and carbonaceous sediments, with faults facilitating deeper weathering and alteration. For example, MRE Domain Area 6, 7 and 8 (Figure 1, 4 and 5).

2)         Mineralisation in Area 5 is predominantly adjacent to fault zones within dioritic and/or felsic intrusives and pelitic sediments. Host rocks are more competent and brittle and may have concentrated oxide mineralisation to brecciated zones along faults/shears. Lower grade intersected towards the base of drillholes is found within shears in more competent diorite.

3)         Psammites seem to be less favourable host rocks for copper oxide mineralisation.

4)         Mineralised features are subsequently offset by regional scale east-northeast (ENE) dextral strike slip faults and associated northwest (NW) trending faults.

5)     Zones of low velocity at shallow depths (approx. 70m) correlate with pelitic sediments in trough-like structures which are in closely related to higher velocity intrusives at depth (Figure 4 and 5). These higher velocities suggest intermediate, rather than felsic composition.

Figure 3: New 3D ANT and Structural model showing the prominent NNE faults at depth

Figure 4: Cross Section through MRE Domain AE8 highlighting the ANT defined trough of increased weathering and oxidation hosting copper mineralisation

Figure 5: Cross Section through MRE Domain AE8 highlighting controlling NNE fault and the associated weathered trough hosting oxide copper-REE mineralisation

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 2 and Figure 6). 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 5). 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 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 lower 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 2).

Figure 6: 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 6) (ASX/AIM: 20 November 2020).

The Alford East Project covers the northern extension of the Alford Copper Belt, located on the Yorke Peninsula, South Australia. 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 6), Gawler Craton, South Australia.

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,

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 26.3% interest in Australian copper development company EnviroCopper Limited (ECL), 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 Alligator Energy recently invested A$0.9M for a 7.8% interest in ECL with the rights to gain a 50.1% interest by investing a further A$10.1m over four years.

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

1.1        Section 1 Sampling Techniques and Data