Thor Mining : Electromagnetic Conductor Identified, Ragged Range Project

ASX Code: "THR"

17 June 2022

onlyTHOR MINING PLC

Registered Numbers:

United Kingdom 05276 414

Australia 121 117 673

Registered Office:

58 Galway Avenue

MARLESTON, SA, 5035

Australia

Ph: [phone] useEmail:

[e-mail]

Web ite:

www.thormining.com

Twitter @ThorMining

personalEnquiries:

Nicole Galloway Warland M n ging Director Thor Mining PLC

[phone]

Nominated Advisor

Jessica Cave

WH Ireland Ltd

[phone]

AIM & ASX Listings:

Sha es: THR

OTCQB Listing

Shar s: THORF

Dir ctors:

Nicole Galloway Warland Mark Potter

Mark McGeough

Alastair Clayton

ForKey P ojects:

• G ld/Lithium/Nickel Ragged Range Pilbara WA

• Copper

Alford East SA

• Uranium / Vanadium

Colorado / Utah USA

• Tungsten

Molyhil NT

Company Announcements Office

ASX Securities Limited,

20, Bridge Street,

Sydney, N.S.W. 2000

Ragged Range Project, WA

Electromagnetic Conductor identified beneath Nickel Gossan

The directors of Thor Mining Plc ("Thor") (AIM, ASX: THR, OTCQB: THORF) are pleased to

announce that the recently completed electromagnetic geophysics survey over the nickel

gossan at the Krona Prospect identified a conductive anomaly at the Company's 100%

owned Ragged Range Project, located in the Eastern Pilbara, Western Australia.

Project highlights:

• A high-powered Fixed Loop Electromagnetics (FLEM) ground geophysics survey has identified a shallow conductor beneath the nickel gossan at the Krona Prospect (Figure 1 and Figure 2).
• The conductor is consistent with sulphides and warrants drill testing to validate.
• The nickel gossan is located at the basal contact of the Dalton Suite ultramafic unit (altered Archean Komatiite) in the classic location for nickel-copper sulphide mineralisation.
• The shallow conductor will be drill tested including downhole EM, as part of the upcoming reverse circulation (RC) drilling program scheduled to commence next week at the Sterling Gold Prospect.

Nicole Galloway Warland, Managing Director of Thor Mining, commented:

"I am encouraged that the first ground geophysics survey at Ragged Range has identified a shallow electromagnetic conductor. The target is modelled at around 100m below the surface, establishing it a clear drill target for the upcoming RC drilling program.

We look forward to drill testing this anomaly as part of our RC drilling program, scheduled to commence at Sterling Prospect next week."

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ASX Code: "THR"

17 June 2022

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The Ragged Range Project, located in the prospective Eastern Pilbara Craton, Western Australia, is 100% owned by Thor Mining (covering E46/1190, E46/1262, E46/1355, E46/1340 and recently granted E46/1393 (Figure 1)).

Krona Prospect

Figure 1: Tenement location map showing the gossan position, Krona Prospect adjacent to Sterling Prospects 13km gold trend

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ASX Code: "THR"

17 June 2022

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Krona Prospect - Nickel Gossan

A high-powered Fixed Loop Electromagnetics (FLEM) ground geophysics survey was completed over the Krona Prospect, covering the full extent of the nickel gossan, located in the western portion of the tenure (Figures 1 and 2). This is the first ground geophysics survey on the Ragged Range Project. The survey over the gossan was designed to detect conductive anomalies at depth that may indicate the presence of massive nickel-copper sulphide mineralisation to constrain initial drill testing.

A single loop FLEM survey over the Krona prospect identified a conductor at the southern end of the gossan (Figure 2). The conductor was modelled as a shallow flat lying feature approximately 100m deep (Figure 3) and is consistent with sulphides. The shallow (100m) conductor gives Thor a clear drill target, that will be drill tested as part of the upcoming RC program at the adjacent Sterling Prospect (Figure 3).

The gossan was initially identified by the Western Australian Geological Survey on the Split Rock 1:100K mapping explanatory notes (Bagas et al., 2004). The gossan extends over 1km x 100m and lies on the basal contact of the Dalton Suite ultramafics, with the older Wyman Formation, felsic volcanics.

Figure 2: FLEM survey showing EM conductor overlain on the 100K GSWA Geology.

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ASX Code: "THR"

17 June 2022

For personal use only

FLEM target

Figure 3: 3D modelled conductor

Next Steps

• Commence RC drilling program at Sterling Prospect following up on structurally controlled anoma- lous gold in streams and soils.
• Drill test EM conductor at Krona Prospect as part of RC drilling program, with downhole EM.
• An Airborne magnetic/radiometric survey, scheduled to be flown over the eastern portion of the tenure (including E46/1340 and E46/1393) in the near future.
• Continue regional exploration, focusing on both lithium priority areas and the copper-gold historic workings in the northeastern portion of tenure.

References:

• Bagas et al., 2004. Geology of the Spilt Roc 1:100,000 Sheet. 1:00,000 Geological Series. Geological Survey of Western Australia

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ASX Code: "THR"

17 June 2022

personal use only

This announcement is authorised for release to the market by the Board of Directors.

For further information, please contact:

THOR MINING PLC

Nicole Galloway Warland, Managing Director [phone] [e-mail]

Competent Persons Report

The information in this report that relates to Geophysical Exploration Results is based on information compiled by Kim Frankcombe, a Competent Person who is a Member of The Australian Institute of Geoscientists. Mr Frankcombe is employed as a Consultant to the Company through geophysical consultancy. Mr Frankcombe has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Mr Frankcombe consents to the inclusion in the report of the matters based on his information and the form and context in which it appears.

The information in this report that relates to Geological interpretation and Exploration Results is based on information compiled by Nicole Galloway Warland, who holds a BSc Applied geology (HONS) and who is a Member of The Australian Institute of Geoscientists. Ms Galloway Warland is an employee of Thor Mining PLC. She has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which she is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Nicole Galloway Warland consents to the inclusion in the report of the matters based on her information in the form and context in which it appears.

Updates on the Company's activities are regularly posted on Thor's website www.thormining.com, which includes a facility to register to receive these updates by email, and on the Company's Twitter page @ThorMining.

About Thor Mining PLC

ForThor Mining PLC (AIM, ASX: THR; OTCQB: THORF) is a diversified resource company quoted on the AIM Market of the London Stock Exchange, ASX in Australia and OTCQB Market in the United States.

The Company is advancing its diversified portfolio of precious, base, energy and strategic metal projects across the USA and Australia. Its focus is on progressing its copper, gold, uranium and vanadium projects, while seeking investment/JV opportunities to develop its tungsten/molybdenum assets.

Thor owns 100% of the Ragged Range Project, comprising 92 km2 of exploration licences with highly encouraging early- stage gold and nickel results in the Pilbara region of Western Australia, with follow up drilling planned for 2022.

At Alford East in South Australia, Thor is earning an 80% interest in copper deposits considered amenable to extraction via In Situ Recovery techniques (ISR). In January 2021, Thor announced an Inferred Mineral Resource Estimate of 177,000 tonnes contained copper & 71,000 oz gold¹.

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