INVESTOR UPDATE

Uranium and Vanadium Drilling Approvals Received, USA

The directors of Thor Mining Plc (“Thor”) are delighted to announce that all drilling approvals have been granted on the Company’s 100% owned Wedding Bell and Radium Mountain Projects, located in the historic uranium-vanadium mining district within the Uravan mineral belt, southwest Colorado, USA (See Figure 1).

Project Highlights

  • The proposed drilling program at the priority Rim Rock, Groundhog and Section 23 prospects will commence once a suitable drill rig has been sourced(Figure 2).
  • Drilling will targettheprospective ‘Saltwash’ horizon of sandstone-hosted uranium and vanadium mineralisation at shallow depth.
  • Field sampling by Thor has returned assay results of high-grade uranium (up to 1.25%U3O8) and vanadium (up to 3.47% V2O5) (THOR ASX, AIM:21 July 2020).

“Thor is delighted to have all permits now in place for our proposed upcoming drilling program. Based on my recent site visit I am very encouraged by the extent of mineralisation observed and the project overall prospectivity. Drillholesarenowpegged and finaldrilling preparation underway. We look forward to getting on the ground and testing these shallow high-grade targets, especially Section 23, where Thor will be the first company to access and drill test this highly prospective area.”

- Managing Director Nicole Galloway Warland

ABOUT THE

USA URANIUM - VANADIUM PROJECTS

Thor Mining holds a 100% interest in three uranium-vanadium projects in the highly prospective Uravan Mining Belt on the border of Utah and Colorado. The Wedding Bell Project and the Radium Mountain Project are both in Colorado and comprise of 199 mineral claims over areas of historical high grade uranium and vanadium production. The Vanadium King Project in south-east Utah comprises of 100 mineral claims, approximately 40km north of the town of Moab.

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