2024 Mineral Resource Estimate Update Molyhil

31 May 2024

Thor Energy plc

("Thor" or the "Company")

2024 Mineral Resource Estimate Update Molyhil Project, Northern Territory

Further to the announcement dated 28 May 2024, the Directors of Thor Energy Plc ("Thor") (AIM, ASX: THR, OTCQB: THORF) are pleased to provide further details on the updated Mineral Resource Estimate ("MRE") for the Molyhil Tungsten-Molybdenum-Copper Deposit, located in the Northern Territory (Figure 1).

Highlights:

§ ASX-listed Investigator Resources Limited ("IVR") farming-in to the Molyhil Project, completed an updated Mineral Resource Estimate for the Molyhil Tungsten-Molybdenum-Copper Deposit

§ The Molyhil Mineral Resource Estimate now comprises 4.65Mt @ 0.26% WO3 (tungsten trioxide), and 0.09% Mo (molybdenum) for 12.1kt WO3 and 4.4kt Mo (JORC 2012) (Table A).

§ Verification diamond drilling program has resulted in a significant improvement in resource confidence, lifting significant tonnage into the higher Measured Resource Category.

§ The Measured Resource Category of the Molyhil Tungsten-Molybdenum Project improved with a 150% increase in tonnes and 20% increase in WO3 grade when compared to the previous Thor 2021 MRE (Table B) (ASX/RNS: THR 8 April 2021). Contained tungsten metal in the Measured Resource Category increased by 200% to 3,945 tonnes.

§ The recent renewal of Northern Territory Major Project status to Molyhil provides valuable pathways to advance the project towards production.

§ Thor currently hold 100% interest in the Molyhil deposit and tenure.

§ Under the Heads of Agreement ("HoA") (ASX/RNS 22 November 2022), Stage 1 completion has given IVR the right to a 25% interest in the Molyhil Project and surrounding exploration tenure, and also a 40% interest in the adjacent Bonya tenement. IVR can now elect to the transfer of a 25% interest in the Tenements, and a Joint Venture ("JV") with Thor will become effective, upon which IVR will issue Thor $A250,000 in IVR shares, as per the HoA.

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

"The targeted 12-hole diamond drilling program completed by IVR in December 2023, along with QAQC validation of historic data, has provided a strong level of increased resource confidence, lifting tonnage and increased tungsten grade to the higher Measured Resource category. This is a positive result for the Project, and along with strong tungsten and molybdenum prices, it will be valuable for the scoping study assessment to be undertaken by IVR early in the second half of 2024.

Based on the HoA, IVR is now entitled to a 25% interest in the Project and surrounding tenure, as such Thor is looking forward to working with IVR to complete all documentation to effect the transfer and form a JV."

The updated Mineral Resource Estimate (MRE) for the Molyhil Tungsten-Molybdenum Project is shown in Table A below. A cut-off grade of 0.05% WO3 was selected, which is considered appropriate when taking into account current commodity price strength and peer reporting comparisons. The MRE is reported to a 150mRL and based on an open pit mining scenario.

Table A: Updated Molyhil Resource Estimate, reported at cut-off grade of 0.05% WO3 Tungsten as of 28 May 2024.

Notes:

1.   0.05% Cut-off

2.   MRE reported to 150m RL

3.   Based on Open Pit mining scenario

4.   MRE was completed by Luke Burlet, Director H&S Consultants Pty Ltd

5.   Variability of summation may occur due to rounding to appropriate level of significant figures.

Figure 1: Tenement & Prospect Location Plan

2024 MINERAL RESOURCE ESTIMATE AND REPORTING CRITERIA

Introduction

The Molyhil tungsten-molybdenum-copper deposit is 100% owned by Thor and is located 220km north-east of Alice Springs (320km by road) within the prospective polymetallic province of the Proterozoic Eastern Arunta Block in the Northern Territory (Figure 1).

The deposit consists of two adjacent outcropping magnetite skarn bodies, the northern 'Yacht Club' lode and the 'Southern' lode (Figure 2). Both lodes are marginal to a granite intrusion (Marshall Granite) and Paleoproterozoic meta-carbonate rocks (Deep Bore Metamorphics).

Mineralisation occurs as massive and disseminated scheelite (CaWO4) powellite (CaMoO4), molybdenite (MoS2) and chalcopyrite (CuS2) within the skarn unit. Both the outlines of the lodes and the banding within the lodes strike approximately north, plunging steeply to the south and dip steeply to the east. Mineralisation remains open at depth.

Thor executed an A$8m Farm-in and Funding Agreement through a HoA with Investigator Resources Limited operating as Fram Ltd (Fram) (ASX: IVR) to accelerate exploration at the Molyhil Project on 24 November 2022 and the sale of Thor's interest in the Bonya tenement (EL29701) (ASX/AIM: 24 November 2022). Under the HoA (ASX/RNS 22 November 2022), Stage 1 expenditure of $1M completion has given IVR the right to a 25% interest in the Molyhil Project and surrounding exploration tenure, and also a 40% interest in the adjacent Bonya tenement. IVR can now elect to the transfer of a 25% interest in the Tenements, and a Joint Venture ("JV") with Thor will become effective upon which IVR will issue Thor $A250,000 in IVR shares, as per the HoA.

On entering the Heads of Agreement with Thor in 2022, Investigator engaged independent resource consulting group H&S Consultants Pty Ltd ("HSC") to assist with a gap analysis of the Molyhil Mineral Resource Estimate reported by Thor in 2021. This identified both opportunities to improve confidence in the MRE classification and exploit some areas of the resource with targeted drilling.

Investigator, in conjunction with HSC, devised a program of drilling aimed at Quality Assurance/Quality Control (QA/QC) verification of the pre-existing data, via selective twinning of historic Reverse Circulation (RC) and Diamond Drill (DD) holes and confirmatory drilling in areas of lower drill density. This drill program of 12 diamond holes (totalling 1,501 metres) was completed in December 2023. Significant intersections from this drill program are included in Appendix 4

Data from historic drilling, in addition to Investigator's newly acquired data, was provided to HSC to be utilised by HSC to independently prepare the updated Molyhil MRE (Appendix 2).

Mineral Resource Estimate

HSC, following their due diligence review, recommended the use of Multiple Indicator Kriging (MIK) as a more appropriate method of estimation for modelling the heterogeneous style of the Molyhil tungsten and molybdenum mineralisation.

The tungsten and molybdenum resources were estimated by MIK method and are reported using E-type panel estimates above tungsten cut-off grades. The copper resource estimate has been reported utilising Ordinary Kriging (OK) methodology.

Estimates of resources are reported at a range of tungsten cut-off grades for open pit mining selectivity at practical block dimensions of 10m x 5m x 10m (length x width x depth).

Given the near surface nature and geometry of the Molyhil mineralisation, the MRE has been undertaken on the assumption that the deposit would be mined using open pit methods and HSC has modelled and classified the resource accordingly.

Acknowledging the improved tungsten and molybdenum prices and the cut-off grades adopted in peer open- cut projects, coupled with the potential recovery improvements identified in the ore sorting study completed by Thor in 2021, this updated MRE is reported at a 0.05% WO3 cut-off grade to the 150mRL level (a depth of 260m below surface. 50m deeper than Thors 2021 MRE -Table B). Investigator considers that these parameters support a resource of which there is reasonable prospect of eventual economic extraction.

In comparison, Thor's Mineral Resource Estimate in 2021 (Table B), utilising Mixed Support Kriging used a 0.07% WO3 cut-off grade to the 200mRL level (a depth of 210m) (as reported to the ASX on 8 April 2021).

Table A: Updated Molyhil Resource Estimate by Investigator, as of 28 May 2024reported at cut-off grade of 0.05% WO3 Tungsten to 150mRL.

Notes:

1.     Cut-off of 0.05% WO3

2.     100% owned by Thor Energy Plc

3.     Variability of summation may occur due to rounding to appropriate level of significant figures.

4.     To satisfy the criteria of reasonable prospects for eventual economic extraction, the Mineral Resources have been reported down to 150m RL which defines material that could be potentially extracted using open pit mining methods.

Table B: Molyhil Mineral Resource Estimate by Thor as of March 31 2021, reported at a cutoff grade of 0.07% WO3 Tungsten to 200m RL.

Note:

1.   0.07% WO3 Cut-off

2.   Figures are rounded to reflect appropriate level of confidence.

3.   Apparent differences may occur due to rounding.

4.   100% owned by Thor Energy Plc

5.   To satisfy the criteria of reasonable prospects for eventual economic extraction, the Mineral Resources have been reported down to 200m RL which defines material that could be potentially extracted using open pit mining methods.

Classification

The updated Molyhil MRE for tungsten, molybdenum and copper has been classified as Measured, Indicated and Inferred by HSC (Figure 3). The main mineralised domains have demonstrated sufficient continuity in both geology and grade continuity to support the definition of a Mineral Resource, and the classifications applied under the 2012 JORC Code.

Estimates for mineralisation within the main mineralised Lodes are tested by drilling spaced nominally at 25m x 25m in the more well-defined areas of the deposit, reducing to 5m to 15m spacing within selected parts of the skarn where recent drilling by Investigator twinned older RC and DD holes to validate historic grades.

Confidence categories assigned to the estimates reflect qualitative panel criteria established by the resource consultant, including but not limited to, number of drillholes, number of samples, QA/QC (surveys, standards, duplicates etc.) within each individual panel of the block model.

HSC was supplied sufficient information to support the utilisation of the reported cut-off grade (0.05% WO3), and lower depth of the MRE (150mRL), and HSC is satisfied with the assumptions and supportive information provided, including metal price improvements, improvements in potential processing options and taking into consideration improved confidence in the resource classification.

Domains

The deposit in hosted predominantly within two adjacent magnetite skarn bodies that overprint meta-carbonate units of the Deep Bore Metamorphics (1805 ± 7 million years ago, Ma), the skarn is proximal to Marshall Granite intrusions (1780-1710 Ma) and outcrops at surface. Main logged units at the deposit are magnetite skarn, calc- silicate and granite, additional minor lithologies include aplite dykes, quartz veins and fluorite/barite veins.

A nominal cut-off grade of 10-15% Fe2O3 was used to define the MREs constraining wireframe of the two main skarn zones, the Yacht Club Lode and Southern Lode (Figure 2).

Data

The compiled drill hole database supplied to HSC by Investigator, supported by QA/QC reporting documentation, comprises information from 121 drill holes (89 reverse circulation and 32 diamond drill holes) for an aggregate total of 17,396m of drilling. Rotary Air Blast holes and other drilling prior to 2004 were used to inform the geological modelling however assays from these sources were excluded from the up-dated MRE due to insufficient QA/QC support.

Additionally, 3 shafts and 3 underground crosscuts for a total development length of 198m were completed in 2005 and verified geological and assay data from this source was utilised as part of this current MRE. These underground workings had been developed to resolve differences between costean bulk sampling, which supported historical mined grades, and historic RC drill hole grades.

One (1) newly drilled DD hole was designed to pass in close proximity to the northern cross-cut drive to assess grade continuity. The results verified the previously sampled and reported grades observed in the cross-cut, and in addition to the thorough assessment of methodology and QA/QC undertaken for the underground workings, HSC and Investigator considered this data to be of sufficient quality for inclusion into the updated MRE.

Drill holes within the main mineralised lodes are predominantly inclined RC and DD holes, drilled in a westerly orientation to intersect the north-south striking mineralised lodes. A small number of holes (4 in 2004, 1 in 2021 and 2 in 2019) were drilled in alternate orientations to assess the mineralisation distribution.

A plan view showing the distribution of drilling over the Molyhil deposit (including the IVR 2023 drilling), in relation to mineralisation constraining wireframes (Southern and Yacht Club Lodes) is shown in Figure 2.

Figure 2: Collar plan showing location of the 12 new diamond drill holes (yellow dots) informing the updated MRE, with historic holes coloured by drill type. The two transparent wireframes display the plan view footprint of mineralised Lodes.

Figure 3 illustrates the updated Molyhil MRE block model for the two mineralised Lodes (Southern and Yacht Club), with panels coloured by resource classification.

Figure 3: Updated MRE classification block model, (orange = Measured, yellow = Indicated, & blues = Inferred). Blocks below the 150m plane on this figure are not reported as part of the updated MRE.

Twin hole comparison from the 2023 (Investigator) drill program to Thors earlier drilling (Table C), showed broad lithological and grade continuity in all elements, however mineralisation was seen to extend beyond the historical skarn wireframe, likely due to the expanded sampling regime adopted by Investigator sampling 10m into the granite, compared with the historic sampling which was restricted to the mineralised skarn. Despite the good correlation with copper and molybdenum, tungsten displays greater variability, and was generally higher grade in Investigator's recently drilled diamond holes.

Table C: List of Downhole Twin Comparison study -comparing mineralisation from 2023 drilling (IVR) to earlier Thor drilling.

Densities

Rock density was highlighted as an opportunity to improve on previous resource estimations. Dry bulk density measurements for prior MREs were estimated utilising a linear (Y on X) iron (Fe) regression calculation to assign density to each sample using specific gravity from a total of 69 RC Pycnometer samples analysed from 2 holes only (1 each from Yacht Club and Southern Lodes, spaced 90m apart).

For the updated MRE, dry bulk densities were assigned to each sample within the mineralised lode wireframes, allowing both the metals (WO3/Mo/Cu/Fe) and density to be modelled at the same search criteria. HSC recommended the use of an alternate regression method - Reduced Major Axis, which takes into account the 'error' in both variables (Fe and density) and is considered better suited for this type of deposit. The iron regression was used to populate density for each sample within the model but honoured actual field measurements where present.

A sensitivity analysis was undertaken, whereby the density model was run an additional four times using three alternate regression methods and using raw data alone. The results of all methods were similar, providing confidence in the model, which supported the uplift in tonnes in the Measured classification, where the majority of drilling and density data was available.

A section view showing the resource estimate classification block model defining the two mineralised lodes, downhole geology for some of the 2023 drilling, and simplified geology in the background of image is shown in Figure 4.

Figure 4: Cross-section within Molyhil deposit showing summarised geology, 2023 drillholes and updated resource classification block model. (Hole IVRMHDD007) is drilled oblique and does not terminate on section) (sourced from IVR ASX 28 May 2024).

Appendix 1 contains "Table 1: Assessment and Reporting Criteria Table Mineral Resource - JORC 2012", which provides additional detail on the exploration data and updated Mineral Resource Estimate for the Molyhil Tungsten Project

Appendix 2 - Appendix 4 contains Drill hole Collar information for MRE including IVR 2023 Diamond Drill Collars.

MINING AND METALLURGICAL WORK AND OTHER MATERIAL FACTORS

The Molyhil Deposit occurs in two adjacent skarn bodies that contain outcropping molybdenite and scheelite mineralisation. Since mid-2004 it has been the subject of systematic test work comprising geophysical exploration, diamond and RC drilling programmes, surface and underground bulk sampling, metallurgical test work and a geotechnical study.

With the improved tungsten and molybdenum prices and the cut-off grades adopted in peer open-cut projects, coupled with the potential recovery improvements identified in the Tomra ore sorting study completed by Thor in 2021, this updated MRE is reported at a 0.05% WO3 cut-off grade to the 150mRL level (a depth of 260m below surface).

It is considered that these parameters, along with the near surface nature and geometry of the Molyhil mineralisation, that the MRE has been undertaken on the assumption that the deposit would be mined using open pit methods and HSC has modelled and classified the resource accordingly.

MARKET OUTLOOK

Tungsten

The majority of tungsten resources are located in China, Canada, Russia and the United States, with the main consumer of tungsten China (about 50% of global tungsten demand), followed by the USA and Europe.

The outstanding and unique physical properties of tungsten (melting point/hardness/tensile strength) and lack of substitutes makes tungsten critical in industrial, oil & gas, mining and agricultural applications and as such is considered a strategic commodity in the USA, China & the European Union.

The global tungsten market is anticipated to rise steadily with surging demand for alloy in various end user industries, including defence, electronics, automotive, mining, and petrochemical industries. With China dominating production (approximately 83% of the world's primary production) supply risk and domestic security is adding to demand from the United States and allied countries.

On 27 May 2024, Argus Media indicate that the Tungsten APT Price CIF Rotterdam has increased to US$365-$370/mtu (metric tonne unit). See Figure 5 for 5 year price trend

Figure 5: 5 Year Price Chart for Tungsten ($/MTU WO3 - EU LOW). Data sourced from Fastmarkets Metal Bulletin

Molybdenum

Molybdenum is a key component of many of the higher quality stainless steels essential for construction, transportation and energy sector, along with nickel, and can be substituted for a portion of the nickel component when nickel prices are elevated. In consequence, when nickel prices climb, often molybdenum pricing will follow.

The rising demand for steel alloy and molybdenum growth is associated with developing countries as a result of increasing residential and commercial construction.

Much of global molybdenum supply is as co-product from several large porphyry copper mining operations. Supply, therefore, can be somewhat non-elastic with over-supply in times where demand is weak, and conversely under-supply when demand is high. See Figure 6 for 5year price trend.

Figure 6: 5 Year Price Chart for Molybdenum (USD/Metric ton). Data sourced from ycharts.com

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 announcement relating to exploration results, information informing Mineral Resources and the reasonable prospects of eventual economic extraction of Mineral Resources is based on information compiled by Mr. Andrew Alesci who is a full-time employee of the Investigator Resources Limited. Mr. Alesci is a member of the Australian Institute of Geoscientists. Mr. Alesci has sufficient experience of relevance to the styles of mineralisation and the types of deposits under consideration, and to the activities undertaken, to qualify as a Competent Person as defined in the 2012 Edition of the Joint Ore Reserves Committee (JORC) Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr. Alesci consents to the inclusion in this report of the matters based on information in the form and context in which it appears.

The information in this announcement that relates to Mineral Resource estimation is based on information compiled by Mr Luke Burlet, who is a Member of The Australian Institute of Geoscientists. Mr Burlet is a director of H&S Consultants Pty Limited and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 edition of the "Australasian Code for Reporting Exploration Results, Mineral Resources and Ore Reserves". Mr Burlet consents to the inclusion in the report of the matters based on his 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

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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

The Company notes that for the relevant market announcements noted above, that it is not aware of any new information or data that materially affects this information and that all material assumptions and technical parameters underpinning any estimates continue to apply and have not materially changed.