INVESTOR UPDATE

Mineral Resource Estimate Update, Molyhil Project

This revised Mineral Resource Estimate using Support Matrix Kriging has generated a more robust resource with the upper portion of the Southern Lode now classified as Measured, the minimum standard required by many project financiers. “The Thor team is encouraged by the 3D geological model and the drill targets it has generated. With the steady recovery of the tungsten price, the testing of these targets, in conjunction with the proposed geotechnical drilling and ore sorting review, are anticipated to significantly enhance the economic outcomes of the Project. “Global commodity pricing for both tungsten and molybdenum have shown encouraging improvement since recent lows during the period of August to November 2020 and, with post-Covid-19 global growth recovery and increased global infrastructure spending, Thor’s Directors expect this to continue.

- Managing Director Mick Billing

The directors of Thor Mining Plc (“Thor” or the “Company”) (AIM, ASX: THR, OTCQB: THORF), the diversified resource company, are pleased to provide an update to the Mineral Resource Estimate of its 100% owned critical minerals tungsten asset, the Molyhil Project (“Molyhil”), in the Northern Territory of Australia.


Highlights:

• The Molyhil Mineral Resource Estimate now comprises Measured, Indicated, and Inferred Mineral Resources totalling 4.4 million tonnes at 0.27% WO3 (Tungsten trioxide), 0.10% Mo (Molybdenum), 0.05% Cu (Copper) and 17.75% Fe (Iron) using a 0.07% WO3 cut-off (Table A).

• New Measured classification in the upper portion of the Southern Lode

• Concurrent 3D geological modelling identifies priority drill targets to increase
resource.

• New exploration targets identified near the existing resource.

• July 2020 – the Northern Territory government announced that the Molyhil
Project had been awarded Major Project Status

• Next Steps: Geotechnical drilling for pit wall optimisation, ore sorting review,
and drill testing of priority resource and regional targets.

• Continued discussions with potential financiers and joint venture partners to
advance the project

Molyhil Mineral Resource Estimate

Classification ‘000
Tonnes
WO3
Grade%

Tonnes
Mo
Grade%

Tonnes
Cu
Grade%

Tonnes
Fe
Grade%
Measured
464
0.28
1,300
0.13
600
0.06
280
19.12
Indicated
2,932
0.27
7,920
0.09
2,630
0.05
1,470
18.48
Inferred
990
0.26
2,580
0.12
1,170
0.03
300
14.93
TOTAL
4,386
0.27
11,800
0.10
4,400
0.05
2,190
17.75

Table A: Molyhil Mineral Resource Estimate by JORC (2012) classification as at March 31 2021, reported at a cut- off grade of 0.07% WO3 Tungsten which is consistent with the assumed open cut mining technique.

Note:
• Figures are rounded to reflect appropriate level of confidence. Apparent differences may occur due to rounding.
• Cut-off of 0.07% WO3
• 100% owned by Thor Mining Plc
• To satisfy the criteria of reasonable prospects for eventual economic extraction, the Mineral Resources have been
reported down to 200 mRL which defines material that could be potentially extracted using open pit mining methods.

MINERAL RESOURCE STATEMENT OVERVIEW

Pursuant to ASX listing rule 5.8.1, and in addition to the JORC tables (attached) the Company provides the following in respect to the Molyhil Mineral Resource Estimate.

Molyhil Mineral Resource Estimate and Reporting Criteria

The Molyhil Mineral Resource Estimate was compiled in accordance with the guidelines of the Australasian Code for Reporting of Identified Mineral Resources and Ore Reserves (JORC, 2012).
The data for the Molyhil Mineral Resource Estimate was prepared and validated by Thor Mining under the supervision of Nicole Galloway Warland who is a Member of the Australian Institute of Geoscientists. Ms Galloway Warland has sufficient relevant experience to be considered a “Competent Person” as defined by the JORC Code (2012).
The resource estimate for WO3 and Mo was undertaken by Johan van Zyl, Senior Geostatistician with Golder Associates, who is a Member of the Australasian Institute of Mining and Metallurgy. Mr van Zyl has sufficient relevant experience to be considered a “Competent Person” as defined by the JORC Code (2012).
The resource estimate for Fe and Cu was undertaken by Stephen Godfrey, Principal Resource Geologist with Resource Evaluation Services (RES), who is a Fellow of the Australasian Institute of Mining and Metallurgy and a Member the Australian Institute of Geoscientists. Mr Godfrey has sufficient relevant experience to be considered a “Competent Person” as defined the JORC Code (2012).

Measured, Indicated and Inferred Resources have been identified for Molyhil. A summary of the Mineral Resource Estimate is provided in Table A.

THE

MOLYHIL TUNGSTEN PROJECT

The Molyhil Project is located 220 kilometres north-east of Alice Springs in the Northern Territory. It has a known deposit of 11,800t of Tungsten, making it the largest known deposit of this strategic metal in Australia. In July 2020, the Northern Territory government announced that the Molyhil project had been awarded Major Project status.

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