Quarterly Activities and Cash Flow Report Q2 2026

This announcement contains inside information for the purposes of Article 7 of the UK version of Regulation (EU) No 596/2014 which is part of UK law by virtue of the European Union (Withdrawal) Act 2018, as amended ("MAR"). Upon the publication of this announcement via a Regulatory Information Service, this inside information is now considered to be in the public domain.

29 July 2026

Thor Energy PLC

("Thor" or the "Company")

Quarterly Activities and Cash Flow Report Q2 2026

Strong balance sheet with cash position of A$2,815,000 at June 30, 2026
In addition, the first of three annual deferred completion payments of A$1,312,500 is expected to be received on 1 September 2026

Thor Energy PLC (AIM, ASX: THR, OTCQB: THORF) is pleased to report on its activities for the Quarterly period from 1 April to 30 June 2026.

Andrew Hume, CEO and Managing Director, Thor Energy Plc, commented:

"The past quarter has strengthened our exploration model and confirmed our conviction that the HY-Range Project is a significant geological opportunity for us to explore further. We recorded natural hydrogen concentrations of up to 3% during our Phase-2 geochemistry survey, which surpassed our initial expectations. More importantly, the rigorous scientific methodology we applied to this programme gives us confidence that our acreage, our play-based exploration approaches, and our enthusiasm for this project have been warranted thus far.

"With these strong results increasing our confidence in the project, we are now taking the next critical step. Awarding a major 464 line-kilometre 2D seismic survey to Velseis will allow us to illuminate the subsurface geology of our highest-priority focus areas for the very first time, thereby linking our surface data to the deep basement rocks that generate the hydrogen.

"The strategic and successful divestment of our legacy non-core assets means this milestone seismic acquisition is fully funded by our existing cash reserves. We are moving rapidly toward defining our maiden drill targets and look forward to an exciting second half of the year as we drive the HY-Range project toward the drill bit."

HY-RANGE PROJECT - SOUTH AUSTRALIAN NATURAL HYDROGEN AND HELIUM

Phase-2 Soil Air Geochemistry Survey

The Company announced the preliminary results of its Phase-2 soil air geochemistry survey at the HY-Range Project (RSEL 802) during the quarter, recording natural hydrogen readings of up to 3% (30,000ppm), approximately 60,000 times background levels, and validating three of the Company's highest-priority exploration focus areas: Mallala, Lochiel and Crystal^[1]. The survey builds on and materially exceeds Phase 1 results, with consistently repeated hydrogen anomalies ranging from several hundred to several thousand times background across the key target areas, significantly increasing confidence in the scale and continuity of the natural hydrogen system.

Evolved sampling techniques, in which depth, duration and material variables were tested alongside controls, strongly indicate the presence of highly active natural hydrogen generation and substantially reduce the risk of sampling error or anthropogenic (human-made) contamination. The anomalously high surface geochemistry aligns with the Company's geological models and the crustal-scale basement architecture, faulting and focusing mechanisms considered necessary to deliver economic volumes of natural hydrogen. The Phase-2 results provide further validation of the Company's exploration model and increase our confidence in the HY-Range Project ahead of the next phase of exploration.

Following these highly encouraging results, the Company began planning for a large-scale 2D seismic acquisition programme designed to image the subsurface geology, refine structural interpretations and identify priority drilling targets across the HY-Range Project. The programme marks the next critical step towards testing the project's natural hydrogen potential through drilling.

2D Seismic Acquisition Contract

Following a comprehensive bid evaluation, the Company signed a Letter of Award with Velseis Pty Ltd, a leading Australian seismic contractor, for an onshore 2D seismic acquisition survey across RSEL 802^[2]. The programme will acquire approximately 464 line-kilometres of 2D seismic data, targeting the Company's highest-priority zones within the Torrens Hinge Zone, with acquisition expected between Q3 and Q4 2026.

The seismic data will be integrated with the Company's existing subsurface models, gravity, magnetic and passive datasets, and with the Phase-2 geochemistry results, to provide depth control, reveal the nature of the hydrogen and helium-generating basement rocks, map faulting that acts as a migration control, and confirm and mature targets for definitive exploration drilling.

The programme is fully funded from existing cash reserves following the Company's recent non-core asset divestments. The Company will move to a full contract in the coming weeks and will provide further timing updates to the market once all approvals and detailed planning are complete.

FINANCE AND CASH MOVEMENTS

Cash Movement:

Net cash outflows from Operating and Investing activities for the quarter of $501,000, which included outflows of $66,000 directly related to exploration activities. Thor ended the quarter with a cash balance of $2,815,000, reflecting continued disciplined management of the Company's cash reserves following its recent portfolio divestments.

In addition to the current cash reserves of $2,815,000, the agreement announced on 16 September 2025, which outlined the Term Sheet to Sell FRAM Joint Venture of which Thor owned 75% to ASX-Listed Tivan Limited for A$8,750,000, stipulates that Thor is due to receive the first of three annual deferred completion payments of A$1,312,500 on 1 September 2026.

Cashflows for the quarter include payments of $138,500 to Directors, comprising the CEO-Managing Director's salary and the Non-Executive Directors' salaries/fees.

-ENDS-

For further information on the Company, please visit the website or please contact the following:

Thor Energy PLC

Andrew Hume, Managing Director

Alastair Clayton, Non-Executive Chairman

Rowan Harland, Company Secretary

Tel: +61 (8) 6555 2950

Zeus Capital Limited (Nominated Adviser and Joint Broker)

Antonio Bossi / Darshan Patel / Liv Highton

Tel: +44 (0) 203 829 5000

SI Capital Limited (Joint Broker)

Nick Emerson

Tel: +44 (0) 1483 413 500

Yellow Jersey PR (Financial PR & Investor Relations)

Dom Barretto / Shivantha Thambirajah

[email protected]

Tel: +44 (0) 20 3004 9512

About Thor Energy PLC

The Company is focused on both hydrogen and helium exploration, along with the exploration for copper, gold, uranium, and other energy metals.

TENEMENT SCHEDULE

As of 30 June 2026, the consolidated entity holds an interest in the following Australian tenements:

USA mineral exploration licence portfolio

As of 30 June 2026, the consolidated entity holds 25% interest in the uranium and vanadium projects in the US States of Colorado and Utah, as follows:

Appendix 5B

Mining exploration entity or oil and gas exploration entity
quarterly cash flow report

Compliance statement

1        This statement has been prepared in accordance with accounting standards and policies which comply with Listing Rule 19.11A.

2        This statement gives a true and fair view of the matters disclosed.

Date:                29 July 2026...........................................................

Authorised by:  the Board....................................................................

(Name of body or officer authorising release - see note 4)

Notes

1.          This quarterly cash flow report and the accompanying activity report provide a basis for informing the market about the entity's activities for the past quarter, how they have been financed and the effect this has had on its cash position. An entity that wishes to disclose additional information over and above the minimum required under the Listing Rules is encouraged to do so.

2.          If this quarterly cash flow report has been prepared in accordance with Australian Accounting Standards, the definitions in, and provisions of, AASB 6: Exploration for and Evaluation of Mineral Resources and AASB 107: Statement of Cash Flows apply to this report. If this quarterly cash flow report has been prepared in accordance with other accounting standards agreed by ASX pursuant to Listing Rule 19.11A, the corresponding equivalent standards apply to this report.

3.          Dividends received may be classified either as cash flows from operating activities or cash flows from investing activities, depending on the accounting policy of the entity.

4.          If this report has been authorised for release to the market by your board of directors, you can insert here: "By the board". If it has been authorised for release to the market by a committee of your board of directors, you can insert here: "By the [name of board committee - eg Audit and Risk Committee]". If it has been authorised for release to the market by a disclosure committee, you can insert here: "By the Disclosure Committee".

5.          If this report has been authorised for release to the market by your board of directors and you wish to hold yourself out as complying with recommendation 4.2 of the ASX Corporate Governance Council's Corporate Governance Principles and Recommendations, the board should have received a declaration from its CEO and CFO that, in their opinion, the financial records of the entity have been properly maintained, that this report complies with the appropriate accounting standards and gives a true and fair view of the cash flows of the entity, and that their opinion has been formed on the basis of a sound system of risk management and internal control which is operating effectively.