THOR ENERGY PLC — Investor Presentation 2021

Oct 24, 2021

THOR MINING PLC

Alford East Copper Gold Project

AusIMM Technical Lunch, Adelaide

21 October 2021

Nicole Galloway Warland, Managing Director

AIM/ASX: THR

OTCQB: THORF

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Disclaimer, Legal Notice & Competent Person Statement

This document and all other information (whether in writing or otherwise) which may be made available is:

1. Supplied solely for the intended recipient and may not be copied, reproduced, further distributed to any other person or published, in whole or in part, for any purpose.
2. Provided confidentially and only to assist the recipient to make independent enquiries.

The distribution or transmission of this document in certain jurisdictions may be restricted by law and therefore persons into whose possession this document comes should inform themselves about and observe any such restrictions. Any such distribution or transmission could result in a violation of the law of such jurisdictions. Neither this document nor any copy of it may be taken to be distributed or transmitted into a jurisdiction which by law restricts or prohibits the same or to any national, citizen or resident thereof or any corporation, partnership or other entity created or organised under the laws thereof. The Company has not taken any action to permit the distribution or transmission of this document in any jurisdiction.

This document and all other information (whether in writing or otherwise) which may be made available or part thereof does not:

1. Contain all information that investors and their professional advisers would require to make an informed assessment of the following:
2. assets and liabilities, financial position and performance, profits and losses and prospects of the Company; and
3. rights and liabilities attaching to the Company's securities.
4. Constitute, or form part of, any offer to sell or issue, or any solicitation of an offer to purchase or subscribe for any securities nor shall this document, or any part of it, or the fact of its distribution or transmission, form the basis of, or be relied on, in connection with any contract.
5. Constitute a promise or representation as to the future. Recipients must make their own investigations and inquiries regarding all assumptions, risks, uncertainties and contingencies which may affect the future operations of the Company or the Company's securities.

No representation or warranty, express or implied, is made or given by or on behalf of the Company, its directors and officers or any other person as to the accuracy, completeness or fairness of the information or opinions contained in this document and all other information (whether in writing or otherwise) which may be made available or part thereof or any further information supplied by or on behalf of the Company or in connection with the Company and no responsibility or liability is accepted for any such information or opinions.

All statements in this document (other than statements of historical fact) are forward looking statements that involve risks and uncertainties. The Company can give no assurance that statements will prove accurate and results and future events could differ materially.

The Company, its directors and officers or any other person:

1. Do not accept liability for any loss or damage suffered or incurred by any investor or any other person however caused (including negligence) relating in any way to this document, including (without limitation) the information contained in it, any errors or omissions however caused, or the investor or any other person placing any reliance on this document, its accuracy, completeness, currency or reliability.
2. Do not accept any responsibility to inform the recipient or any other person of any matter arising or coming to its notice which may affect any matter referred to in this document.
3. To the maximum extent permitted by law, expressly disclaimed and excluded any liability of the Company, its directors and officers or any other person to the recipient or to any other person arising out of this document.

The information in this report that relates to exploration results and exploration targets is based on information compiled by Nicole Galloway Warland, who holds a BSc in 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 formation in the form and context in which it appears.

THOR MINING PLC

AIM/ASX: THR

OTCQB: THORF

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ESG Environment

Environment

World is transitioning to low carbon economy

Low emission goals

Copper

Global Demand growing

• Electronics
• Electric vehicles
• Renewable energy

Thor Mining

Aiming to be a trusted global leader for sustainably mined copper-gold

International Energy Agency 2020

THOR

AIRMAS-PLUS

AIM/ASX: THR

OTCQB: THORF

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Copper in SA

Projects

• Alford East – JV Farm-in earning 80% direct interest
• EnviroCopper Limited (ECL) – Thor hold 30% Equity Interest
• Kapunda – ECL earning a 75% interest
• Alford West – ECL earning a 75% interest

Geology

• Substantial near surface oxidised copper mineralisation, transitioning at depth to readily leachable chalcocite then primary chalcopyrite
• Leachable gold also present

Objective

• Low-Cost production of copper – gold using low impact In-situ Recovery techniques
• Protect Environment with economic opportunities created.

THOR

MINING PLC

ENVIRO

COPPER

THE INVESTIGATURAL

AIM/ASX: THR

OTCQB: THORF

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In-Situ Recovery Copper-Gold

• ESG – Favourable alternative to Traditional mining
• Low cost / low environmental impact metal production
• A chemical process rather than a high-cost mining operation (No large pit / no crushing or grinding / no waste dumps etc)
• ECL - Substantial Australian government & research body funding grant to fund technical feasibility $2.85M
• THR - $0.3M funding through SA government Accelerated Discovery Initiative
• ISR techniques have been utilised commercially in South Australia for >15 years – We have the expertise locally

ISR – ISCR Copper Projects (Arizona, USA)

• Florence Project, Taseko Mines
• Van Dyke Project, Copper Fox Metals
• Gunnison Project, Excelsior Mining Corp

THOR

AIRING PLC

AIM/ASX: THR

OTCQB: THORF

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The Alford-East Copper-Gold Project is investigating/assessing the geological, environmental, social and economic impacts of In-Situ Recovery (ISR) at Alford East, to unlock the significant mineral value of this oxide copper-gold mineral resource for SA.

ESG - Social License

Project Level

• Landholders
• Community
• Local Employment
• Council – Barunga West & Copper Coast

Corporate Level

• Employees
• Shareholders

Barunga West Council

THOR

AIM/ASX: THR

OTCQB: THORF

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ISR Video

THOR
WINING PLC

AIM/ASX: THR
OTCQB: THORF
7

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Thor Mining

Diverse Portfolio

Copper – Australia (Three Projects)

• Technical Feasibility Stage
• Direct & Indirect Interest – Alford East, Alford West & Kapunda
• Resource Extension Potential

Gold – Australia

• Greenfields Exploration, Pilbara WA

Uranium and Vanadium – USA

• Brownfields Exploration

Tungsten (Australia & USA)

• Feasibility Study Stage, Molyhil & Pilot Mountain (US)

THOR MINING PLC

AIM/ASX: THR

OTCQB: THORF

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Alford East Copper-Gold – Thor earning 80%

Location

• Approx. 150km north-west of Adelaide, South Australia
• Adjacent Envirocopper Ltd Alford West Project

Geology

• Substantial near surface oxidised copper mineralisation, transitioning at depth to readily leachable chalcocite then primary chalcopyrite
• Leachable gold also present

History

• Substantial drilling history chasing IOCG targets unveiling oxide mineralisation over several decades
• Multiple intersections of probable ISR amenable mineralization*

Infrastructure

• Located adjacent to mains electricity & sealed highways. Nearby towns should provide workforce on daily commute basis

Inferred mineral resource estimation

• 177,000t of contained copper and 71,500oz of contained gold

* (ASX:THR 23 November 2020)

THOR ALFORD EAST

AIM/ASX: THR

OTCQB: THORF

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Geology

Location

• Gawler Craton
• Metamorphosed Palaeoproterozoic Wallaroo Group sediments and volcanics intruded by Tickera granitoids, syntectonically emplaced during Hiltaba event
• Cambrian and Tertiary cover <10m in depth
• Substantial near surface oxidised copper mineralisation, transitioning to readily leachable chalcocite, then primary chalcopyrite
• Alford Copper belt is a semi-coherent zone of oxide copper-gold mineralization within a structurally controlled trough of highly kaolinized, oxidised metasomatite, adjacent to the Tickera Granite-origins unknown

History

• Substantial drilling history since the early 1990's chasing IOCG style primary mineralisation targets, unveiling oxide mineralisation over several decades.
• Oxide mineralisation essentially ignored
• Thor & ECL first companies to solely focus on the oxide-copper-gold mineralisation

THOR THE OTHERS PUBLISHER

AIM/ASX: THR

OTCQB: THORF

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Alford West Deeply Weathered Trough

Fresh low permeability metasediments

Weathered & oxidised - high permeability metasediments

Fresh - low permeability metasediments

Source: http://saemc.com.au/archive/2017/17drown.pdf

• Coherent zone of potentially ISR amenable copper and gold mineralisation in deeply weathered metasediments
• Initial modelling of the historic drillhole data shows deeper depressions and troughs within the weathering profile generally host greater accumulations of oxidized copper and gold mineralisation

THOR

AIRING·FIC

AIM/ASX: THR

OTCQB: THORF

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Significant Contained Copper with Growth Potential

• Inferred Mineral Resource Estimated based solely on historic drilling (1982-2015)
• Significant Growth Potential – along strike and at depth

Inferred Mineral Resource Estimate for the Alford East Project –
22nd January 2021 – 0.05% Cu cut-off (oxide material only) (ASX Jan 27 2021)

Prospect	Tonnes (Mt)	Cu %	Au g/t	Contained Cu (t)	Contained Au (oz)
Alford East	85.3	0.12	0.021	104,000	57,000
Netherleigh Park	31.3	0.19	0.008	61,000	8,000
Liaway	40.3	0.18	0.011	73,000	14,500
Total	125.6	0.14	0.018	177,000	71,500

• Thor Mining PLC to acquire 80% interest in the Alford East Project
• All figures are rounded to reflect appropriate levels of confidence. Apparent differences may occur due to rounding.
• The Company is not aware of any information or data which would materially affect this previously announced resource estimate, and all assumptions and technical parameters relevant to the estimate remain unchanged.

THOR
AILFORD EAST
AIM/ASX: THR
OTCQB: THORF

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MRE Growth Potential

THOR

AIM/ASX: THR

OTCQB: THORF

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Broad High-Grade Results

• BROAD HIGH-GRADE COPPER-GOLD RESULTS – IDEAL FOR ISR
• Diamond drilling Phase 1 Completed (ASX:THR 31 August 2021)
• 21AED005: 72.7m @ 1.0% Cu and 0.19g/t Au from 6.3m, including 18.2m @ 2.0% Cu and 0.34g/t Au
• 21AED001: 32.9m @ 0.4% Cu and 0.31g/t Au from 81.5m (ASX:THR 31 August 2021)

THOR
AUSTRIAN FILM
AIM/ASX: THR
OTCQB: THORF

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MRE Growth Potential

21AED002: 59.9m @ 0.3% Cu from 21.9m (ASX:THR 31 August 2021)
Further drilling Scheduled Early 2022

Cross-Section 6,256,360mN looking NNE

Mineralisation extends to the north beyond MRE AE-5 Domain envelope

THOR
AIRMING PILE
AIM/ASX: THR
OTCQB: THORF

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Oxide Zone - Saprolite

Oxide weathered zone –saprolite

• Upper Zone (supergene)
• Lower zone (oxide IOCG Primary –with gold)
• Copper: predominately malachite and chalcocite with minor atacamite and native copper, transitioning into chalcopyrite

102m – 105.5m: 3.4m @ 0.37% Cu and 0.74g/l Au within ferruginous clays and metasediments. Copper – predominately malachite and chalcocite

Log for 21AED001

Log for 21AED002

THOR

WINING PLC

AIM/ASX: THR

OTCQB: THORF

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Hydrogeology-Aquifer Pump Test

• 21AED001 = Water Bore (AE-5 Domain)
• The copper mineralisation at the test site is saturated
• The water table elevation is approximately 38m AHD. At the test site this equates to a depth to water of 12 m below ground surface.
• Salinity (TDS) of ~20,000 mg/L.
• Groundwater quality at the site is saline - precludes agricultural or potable use.
• pH - 8.1 Alkaline
• The rock hosting the copper mineralisation and is moderately permeable
• Yield under pumping of 0.6 L/s.
• The aquifer transmissivity is approximately 2 to 3 m²/day and the concomitant bulk hydraulic conductivity is approximately 0.14 m/day.
• In an ISR setting, wells with 18 m long screens can be expected to yield around 0.5 L/s
• Encouraging early results for potential ISR.

(ASX:THR 19 October 2021)

THOR
AIRLING P.L.C.
AIM/ASX: THR
OTCQB: THORF

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Hydrogeology-Lixiviant Trial

Stage 1: Baseline Data

• Aquifer Seasonal Pumping tests = water levels and quality. 3 monthly
• More information required on hydraulic gradients and groundwater flow paths.

Stage 2: Lixiviant Trial - Push pull Test

• Install Well Array
• Well Connectivity Tracer Test - NaBr - demonstrates connectivity between tracer test and observation and monitoring wells
• Lixiviant Injection and Extraction
• Rehabilitation

THOR
AIRING PUC.
AIM/ASX: THR
OTCQB: THORF
18

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Hydrogeology-Lixiviant Circulation

Stage 2b: Lixiviant Trial – Circulation Test

• Install Well Array
• Lixiviant Circulation
• Construct flow control system (well house)
• Test lixiviant grades and copper-gold recovery under in-situ conditions
• Copper concentration in lixiviant and reagent consumption is monitored
• Rehabilitation - restore ground water to baseline conditions

THOR
WINING PLC
AIM/ASX: THR
OTCQB: THORF

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Lixiviant – Choice lixiviant to suit ground water conditions

Example – Methane Sulphonic acid
- MSA: Readily Biodegradable
- Targets value metal species

Example – thiosulfate
- Copper and gold extraction
- No acute or chronic ecotoxicity

Example – Glycine
- Naturally occurring Amino Acid
- Copper, Silver, Nickel, Cobalt and Gold extraction
- Environmentally friendly reagent (in alkaline carrier)

Cleaner, safer lixiviants than toxic chemicals such as cyanide or Sulfuric Acid

THOR
AIRLINES PLC
AIM/ASX: THR
OTCQB: THORF
20

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Hydrometallurgy

• Lixiviant trials -21AED001
• 3 trials underway
• Upper Zone (supergene)
• Lower zone (oxide IOCG Primary –with gold)
• And blended (Upper & Lower)

Upper Zone: 25.3m @ 0.11% Cu from 6.2m
Lower Zone: 32.9m @ 0.4% Cu and 0.31g/t Au from 81.5 m

THOR
WINING INC.
AIM/ASX: THR
OTCQB: THORF

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MPS MINING & PROCESS SOLUTIONS

Glycine Trials – GlyLeach™

• Glycine: simple amino acid
• Environment: non toxic
• Selective: solubilise Cu, Ni, Co, Zn (Au) whilst Fe, Mn silicates and carbonates remain in solid phase
• PH: Alkaline leaching conditions
• Low consumption: non volatile
• Recycle: not chemically consumed in overall process.

THOR
DINING PLC
AIM/ASX: THR
OTCQB: THORF

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Clear Pathway to Development & Production

Proof of concept

THOR

AIM/ASX: THR

OTCQB: THORF

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THOR MINING PLC

AIM/ASX: THR

OTCQB: THORF

For further information

Nicole Galloway Warland
Managing Director
M: +61 417 006 431

nicole@thormining.com
www.thormining.com

Adelaide Office
58 Galway Ave, Marleston SA 5033
P: +61 8 7324 1935
Twitter: @ThorMining