Quarterly Activities and Cash Flow Report Q3 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 October 2026

Thor Energy PLC

(“Thor” or the “Company”)

(AIM, ASX: THR, OTCQB: THORF)

Quarterly Activities and Cash Flow Report Q3 2026

EXECUTIVE SUMMARY & OPERATIONAL UPDATE

The third quarter was a period of operational consolidation and regulatory progression for the Company. During the period, the Company achieved a key financial milestone by receiving non-dilutive capital while continuing to methodically advance the statutory and regulatory approvals required for its flagship HY-Range Natural Hydrogen and Helium Project (RSEL 802) in South Australia.

Highlights:

• Receipt of A$1.312m Payment from Tivan Limited: On 15 September 2026, Thor received the first annual deferred completion payment of A$1,312,500 from ASX-listed Tivan Limited (ASX: TVN) following the successful divestment of the Molyhil Project. As permitted under the transaction terms, Tivan elected to satisfy 50% of the payment in cash (A$656,250) and 50% in Tivan ordinary shares (A$656,250). This further strengthens Thor’s cash balance.
• Closing Q3 Cash Balance of A$3,000,000 at September 30, 2026.
• HY-Range Regulatory & Permitting Update: Thor has continued to progress the statutory environmental and regulatory approvals necessary to undertake its planned 464 line-kilometre 2D seismic acquisition survey across RSEL 802. The public consultation process and statutory pathway to secure the Statement of Environmental Objectives (“SEO”) through the Department of Energy and Mining in South Australia is ongoing.
• Fully Funded Position: Thor remains in a strong, fully funded financial position to execute the 2D seismic survey without requiring immediate recourse to equity markets.

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

"It was an important quarter to consolidate our financial foundation and diligently advance our statutory obligations in South Australia.

"Receiving the A$1.3m deferred payment from Tivan underlines the ongoing value delivered by our non-core asset divestment strategy, ensuring our treasury remains well-resourced. At HY-Range, navigating the public consultation and statutory framework to secure our Statement of Environmental Objectives was a crucial step to support best-practice environmental management and community alignment.

"The consultation process means our 2D seismic acquisition window will most likely be in late Q1/early Q2 2027, as our technical team and seismic contractors are fully prepared and ready to progress. We are confident in the prospectivity of HY-Range following our 3% natural hydrogen geochemistry results, and we look forward to getting crew on the ground as soon as the SEO and formal approvals are finalised."

FINANCE AND CASH MOVEMENTS

Cash Movement:

The Company experienced net cash outflows from Operating activities for the quarter of A$468,000, which included outflows of A$61,000 directly related to exploration activities. Net cash inflows from investing activities of A$656,000 reflect the cash component of the Tivan payment (see below). Thor ended the quarter with a cash balance of A$3,000,000, reflecting continued disciplined management of the Company’s cash reserves following its recent portfolio divestments. As previously noted, Thor received a further payment of A$1,312,500 from Tivan Limited pursuant to the divestment of the Molyhil Project, comprising A$656,250 in cash and A$656,250 in Tivan ordinary shares. Following completion of the escrow period in March 2027, Thor will monitor market conditions and internal cashflow models to determine the optimal time to realise its Tivan shares.

Cash flows for the quarter include payments of A$138,000 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 (Nominated Adviser and Joint Broker)

Antonio Bossi / Darshan Patel / Alex Slater

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.

For further information on Thor Energy and to see an overview of its projects, please visit the Company’s website at www.thorenergyplc.com.

TENEMENT SCHEDULE

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

USA mineral exploration licence portfolio

As of 30 September 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 October 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.