INVESTOR UPDATE

Visible Mineralisation in Due Diligence Samples, USA Uranium Vanadium Projects

The directors of Thor Mining Plc (“Thor” or the “Company”) (AIM, ASX: THR) are pleased to advise practical completion of the field component of due diligence for the acquisition of American Vanadium Pty Ltd (AVU) which holds interests in uranium and vanadium focussed projects in Colorado and Utah in the United States of America. The Company announced on 1 June 2020 an option agreement to acquire AVU, subject to satisfaction of due diligence requirements. The non-field component of investigations is nearing completion with finalisation pending assay laboratory results.

Project Highlights

• Field sampling is completed from historical mines around the Wedding Bell and Radium Mountain.
• A total of 21 samples collected include four outcrop samples and 16 samples from historic mining dumps, all of which appear to host uranium and, five outcrop samples which appear to host vanadium.
• Samples have been delivered to the assay laboratory, with results expected to be available later this month.
• Inspection of each of the three project sites have revealed no competing interests or issues likely to prevent future mine development.
• Investigations have revealed that there are no regulatory or environmental issues which would cast doubt on the transaction.
• The mineral claims are all in good standing.
• Project data search has revealed abundant geological and mine production data from
multiple sources.

Mineralised Samples

Our Colorado based team have moved quickly and completed a sampling program from the historical mines around Wedding Bell and Radium Mountain mines, along with other field due diligence activities. Additional historical records of mining and drilling activity in each project area are being acquired, and these will be evaluated as a priority.” “We are very pleased with, what appears to be high grade samples, look forward to the assay results, along with the results of the balance of this due diligence work and will provide further updates on progress as they become available.

- Managing Director Mick Billing

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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