THOR ENERGY PLC — Capital/Financing Update 2021

Jun 27, 2021

X

Notification of Issue, Conversion or Payment up of Unquoted Equity Securities

Announcement Summary

Entity name

THOR MINING PLC

Date of this announcement

Saturday June 26, 2021

The +securities the subject of this notification are:

@ Other

Total number of +securities to be issued/transferred

ASX +security code	Security description	Total number of +securities to be issued/transferred	Issue date
New class - code to be confirmed	OPTION EXPIRING 4-DEC-2022 EX US$0.0175	6,000,000	25/06/2021

Refer to next page for full details of the announcement

Notification of Issue, Conversion or Payment up of Unquoted

---

X

Notification of Issue, Conversion or Payment up of Unquoted Equity Securities

Part 1 - Entity and announcement details

1.1 Name of entity
THOR MINING PLC

We (the entity named above) give notice of the issue, conversion or payment up of the following unquoted +securities.

1.2 Registered number type
ARBN

Registration number
121117673

1.3 ASX issuer code
THR

1.4 The announcement is
☑ New announcement

1.5 Date of this announcement
26/6/2021

Notification of Issue, Conversion or Payment up of Unquoted

---

X

Notification of Issue, Conversion or Payment up of Unquoted Equity Securities

Part 2 - Issue details

2.1 The +securities the subject of this notification are:
☑ Other

Please specify
Unquoted options granted to a service provider

2.2a This notification is given in relation to an issue of +securities in a class which is not quoted on ASX and which:
☑ does not have an existing ASX security code ("new class")

Notification of Issue, Conversion or Payment up of Unquoted

---

X

Notification of Issue, Conversion or Payment up of Unquoted Equity Securities

Part 3C - number and type of +securities the subject of this notification (new class) where issue has not previously been notified to ASX in an Appendix 3B

New +securities

ASX +security code	+Security description
New class - code to be confirmed	OPTION EXPIRING 4-DEC-2022 EX US$0.0175
+Security type	ISIN code
---	---
Options	GB00BD0NBV71

Date the +securities the subject of this notification were issued
25/6/2021

Will all the +securities issued in this class rank equally in all respects from their issue date?
☑ Yes

Have you received confirmation from ASX that the terms of the +securities are appropriate and equitable under listing rule 6.1?
☑ No

Please provide a URL link for a document lodged with ASX setting out the material terms of the +securities being issued.

Options Details

+Security currency	Exercise price	Expiry date
USD - US Dollar	USD 0.01750000	4/12/2022

Details of the existing class of +security that will be issued upon exercise or conversion of this new class of company option
THRAM : ORDINARY FULLY PAID

Any other information the entity wishes to provide about the +securities the subject of this notification
The 6,000,000 options vest at the rate of 1,000,000 options per month, with the first 1,000,000 vesting on 4 July 2021.

Please provide any further information needed to understand the circumstances in which you are notifying the issue of these +securities to ASX, including why the issue of the +securities has not been previously announced to the market in an Appendix 3B
N/A

Notification of Issue, Conversion or Payment up of Unquoted

---

X

Notification of Issue, Conversion or Payment up of Unquoted Equity Securities

Issue details

Number of +securities
6,000,000

Were the +securities issued for a cash consideration?
☑ No

Please describe the consideration being provided for the +securities
The unlisted options are being granted to a service provider as part payment for public relations services provided in the United States of America.

Purpose of the issue
To pay for services rendered

Additional Details
No further details

Notification of Issue, Conversion or Payment up of Unquoted
5 / 7

---

X

Notification of Issue, Conversion or Payment up of Unquoted Equity Securities

Part 4 - +Securities on issue

Following the issue, conversion or payment up of the +securities the subject of this application, the +securities of the entity will comprise:
(A discrepancy in these figures compared to your own may be due to a matter of timing if there is more than one application for quotation/issuance currently with ASX for processing.)

4.1 Quoted +Securities (Total number of each +class of +securities quoted)

ASX +security code and description	Total number of +securities on issue
THR : CHESS DEPOSITARY INTERESTS 1:1	561,760,840
THROA : OPTION EXPIRING 08-JUL-2023	129,300,000

4.2 Unquoted +Securities (Total number of each +class of +securities issued but not quoted on ASX)

ASX +security code and description	Total number of +securities on issue
THRAS : OPTION EXPIRING 10-NOV-2022 EX $0.03	8,333,000
THRAK : OPTION EXPIRING VARIOUS DATES EX VARIOUS PRICES	207,698,529
THRAM : ORDINARY FULLY PAID	1,063,958,648
THRAQ : OPTION EXPIRING 23-OCT-2022 EX GBP 0.01	26,500,000
THRAR : OPTION EXPIRING 23-OCT-2023 EX GBP 0.0054	4,000,000
THRAT : OPTION EXPIRING 04-MAR-2024 EX GBP 0.010273	2,433,526
THRAN : OPTION EXPIRING 08-JUL-2023 EX 0.95C	24,000,000
New class - code to be confirmed : OPTION EXPIRING 4-DEC-2022 EX US$0.0175	6,000,000

Notification of Issue, Conversion or Payment up of Unquoted

---

X

Notification of Issue, Conversion or Payment up of Unquoted Equity Securities

Part 5 - Other Listing Rule requirements

5.1 Were the +securities issued under an exception in Listing Rule 7.2 and therefore the issue did not need any security holder approval under Listing Rule 7.1?
☑ No

5.2 Has the entity obtained, or is it obtaining, +security holder approval for the issue under listing rule 7.1?
☑ No

5.2b Are any of the +securities being issued without +security holder approval using the entity's 15% placement capacity under listing rule 7.1?
☑ No

5.2c Are any of the +securities being issued without +security holder approval using the entity's additional 10% placement capacity under listing rule 7.1A (if applicable)?
☑ Yes

5.2c.1 How many +securities are being issued without +security holder approval using the entity's additional 10% placement capacity under listing rule 7.1A?
6,000,000

Notification of Issue, Conversion or Payment up of Unquoted