PAC PARTNERS RESEARCH REPORT

INVESTMENT VIEW
We attended a site visit of Thor Mining’s Ragged Range project in the Pilbara. Drilling is progressing well with pads already built for all the remaining drill lines. The target area is highly faulted, and deformed, sandwiched between three geological units. Gold anomalies in stream samples indicate the primary source is likely within this highly faulted area of the Sterling prospect. While a small early drilling campaign did not encounter gold mineralisation, the geological theory remains with many encouraging technical elements discovered including quartz and sulphide veining and widespread alteration. The area has never had a systematic exploration campaign and by our research THR are the first Company to drill a hole into this prospect. The project also has an interesting nickel EM target below a nickel gossan which will also be tested as part of the current drill program. The lithium and copper potential to the north east of the tenements are yet to be understood with early exploration activities to commence in the near term. We were surprised by the small, abandoned copper mine at Kelly and the amount of copper oxides clearly visible and warrants further testing for primary sulphide mineralisation at depth.