THOR ENERGY PLC — Investor Presentation 2021

Feb 15, 2021

THOR
MINING PLC

AIM/ASX: THR

INVESTOR PRESENTATION

February 2021

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DISCLAIMER & LEGAL NOTICE

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
MILWAUKEE WIS.
AIM/ASX: THR

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CORPORATE SNAPSHOT

CAPITAL STRUCTURE

AIM/ASX Code	THR
Market Cap	UK£15.0M
Cash (Jan 2021)	A$2.5M
Debt	NIL
Directors Interest	3.5%

SHARE PRICE PERFORMANCE

THOR

AIM/ASX: THR

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BOARD & MANAGEMENT

Mick Billing
CEO & Chairman

Accounting
Career includes experience in company management, company secretarial, senior commercial, and CFO roles across the spectrum of mining exploration, production, & project evaluation, including lengthy periods with Bougainville Copper Ltd and WMC Resources Ltd.

Mark Potter
Non-Executive Director

Finance
Currently serves as a Director and Chief Investment Officer of Metal Tiger Plc (AIM:MTR), and is the Founder and a Partner of Sita Capital Partners LLP. He is also Non-Executive Chairman of Artemis Resources (ASX: ARV), a Pilbara gold mining and exploration company, and a Non-Executive Director of Trident Resources plc (AIM: TRR), a mining royalty investment company.

Mark McGeough
Non-Executive Director

Geologist
An experienced geologist who has explored for gold, IOCG copper-gold, silver-lead-zinc and uranium. Involved in the discovery of the White Dam gold deposit in South Australia and the Theseus uranium deposit in WA. Career includes Chinova Resources, Toro Energy, Xstrata Copper, Mount Isa Mines and AGIP Australia, &. was also the Manager of the SA Geological Survey.

Nicole Galloway Warland
Exploration Manager

Geologist
More than 25 years in mining & exploration in Australia, Eastern Europe & South America. Experience spans from grass roots exploration to project evaluation to open cut & underground mining with a commodity focus of gold, copper/gold, nickel, uranium & lithium.

Ray Ridge
CFO
Joint Company Secretary

Accounting
A chartered accountant with over 20 years accounting and commercial management experience. Roles include Senior Audit Manager with Arthur Andersen, Divisional CFO with Elders Ltd, and GM Commercial & Operations at engineering and construction company Parsons Brinckerhoff.

THOR
AWARDS 2017
AIM/ASX: THR

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PROJECT PORTFOLIO

BASE & PRECIOUS METALS

Copper (Australia)

• Alford East (South Australia)
• Joint Venture farm-in to acquire an 80% interest in an extensively drilled area with demonstrated copper mineralisation considered amenable to low cost Insitu Recovery Copper production.
• EnviroCopper Ltd (South Australia)
• 30% equity interest in a company in the final stages of technical feasibility on copper resources at Kapunda & early feasibility work on resources at Alford West

Gold (Australia)

• Ragged Range (Western Australia)
• 100% interest in exciting early-stage gold (copper + nickel) prospects in the Pilbara Craton, WA

SPECIALITY & ENERGY METALS

Uranium and Vanadium (USA)

• Colorado & Utah (USA)
• 100% interest in mining claims over areas of high-grade historical production

Tungsten (Australia & USA)

• Molyhil (Australia)
• 100% interest in high grade tungsten & molybdenum project, shovel ready, with Feasibility Study complete
• Pilot Mountain (USA)
• 100% interest the largest tungsten resource in the USA

THOR
AIDLAND PLC
AIM/ASX: THR

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COPPER IN SOUTH AUSTRALIA

LOCATION

• 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

INFRASTRUCTURE

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

OBJECTIVE

• Low-Cost production of copper (with some gold credits) using low impact Insitu Recovery techniques

THOR

AIM/ASX: THR

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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 mineralisation (ASX:THR 23 November 2020)
• 122m @ 0.63% Cu from 95m (ALDDH08) including 14m @2.26% Cu from 111m
• 76m @ 0.95% Cu from 138m (ALDDH01) including 14m @ 2.18% Cu from 146m
• 14m @ 1.5% Cu from 162m and 34m @ 0.5% Cu from 190m (MPBD3)

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

THOR

EARNING PLUS

AIM/ASX: THR

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ALFORD EAST COPPER-GOLD – Inferred Mineral Resource

• Inferred Mineral Resource Estimated based solely on historic drilling
• 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 27/1/2021)

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

AIM/ASX: THR

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ALFORD EAST COPPER-GOLD – Growth Potential

• Inferred Mineral Resource Estimated based solely on historic drilling
• Significant Growth Potential – along strike and at depth

THOR

AIDIUMO PLC

AIM/ASX: THR

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THOR
ADDED 1970
AIM/ASX: THR
10

ENVIROCOPPER LTD – THOR INTEREST 30%

LOCATION

• Kapunda - 90km north of city of Adelaide
• Alford West - 150km north-west of Adelaide

GEOLOGY

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

HISTORY

• Kapunda - Birth of Australian Copper Mining History
• Both areas mined extensively during the latter half of the 19th Century

INFRASTRUCTURE

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

RESOURCE

• Kapunda - Inferred Resource of 47.4Mt for 119,000t Cu suitable for ISR (ASX 12 Feb 2018)
• Alford West - Inferred Resource of 66.1Mt for 114,000t Cu suitable for ISR (ASX 15 Aug 2019)
• Significant Resource Upside

Kapunda Historic Workings

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ENVIRO COPPER RESOURCES & EXPLORATION TARGETS

GROWING COPPER RESOURCES – ALSO WITH GOLD POTENTIAL

KAPUNDA COPPER RESOURCE ESTIMATE (12 FEB 2018)

	RESOURCE		COPPER
MINERALISATION	CLASSIFICATION	MT	GRADE %	CU METAL (T)
Copper Oxide	Inferred	30.3	0.24	73,000
Secondary Copper Sulphide	Inferred	17.1	0.27	46,000
	SUB TOTAL	47.4	0.25	119,000

ALFORD WEST COPPER RESOURCE ESTIMATE (15 AUG 2019)

RESOURCE CLASSIFICATION	DEPOSIT	TONNES (MT)	CU (%)	CU (METAL T)	AU (G/T)	AU (OZ)
Inferred	Wombat	46.5	0.17	80,000
	Bruce	11.8	0.19	22,000
	Larwood	7.8	0.15	12,000	0.04	10,000
TOTAL		66.1	0.17	114,000

• Thor Mining PLC is acquiring up to a 22.5% equity in these resources
• The Company is not aware of any information or data which would materially affect these previously announced resource estimates, and all assumptions and technical parameters relevant to the estimate remain unchanged

GOLD POTENTIAL

• Substantial evidence of gold in ~1/3 of historical drilling
• Best intersection 95metres @ 3.06g/t
• EnviroCopper can extract gold concurrently with copper

ALFORD WEST EXPLORATION TARGET* (7 MARCH 2019)

	TONNAGE (MT)		% CU
CATEGORY	FROM	TO	FROM	TO
Category 1	80	120	0.18	0.23
Category 2	38	45	0.18	0.23
Category 3	120	145	0.18	0.23

*Exploration Targets are conceptual in nature and there has been insufficient exploration to define a Mineral Resource under the JORC Code and it is uncertain if further exploration will result in the determination of a Mineral Resource.

THOR

AIM/ASX: THR

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IN-SITU RECOVERY (ISR)

• Large copper-gold oxide resources constrained within structural corridor
• 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)
• Substantial Australian government & research body funding grant to fund technical feasibility
• ISR techniques have been utilised commercially in South Australia for >15 years – We have the expertise locally
• Proof of Concept established for Kapunda
• Minerals are conducive to leaching – confirmed
• Both Copper and Gold recovered in Leach test work
• Ground conditions allow the flow of leaching fluid through the orebody – confirmed via field testing

THOR

AIDLING PLC

AIM/ASX: THR

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RAGGED RANGE GOLD – 100% THOR

LOCATION

• Pilbara Region Western Australia
• Located in Area of Proven Gold Production and Resource Potential

GEOLOGY

• East Pilbara Granite-Greenstone Terrane, Archean Pilbara Craton
• Proximity to large scale gold deposits in similar geological setting
• Prospective host rocks – Warrawoona Group
• Favourable structural setting - thrust faulted mafic/ultramafic contact

HISTORY

• Three stream sediment and rock chip programs completed
• Consistent gold in pan and assays up to 2.2g/t Au (ASX:THR 1 December2020)
• Airborne Magnetic survey
• Nickel Gossan – approx. 1.5km strike length x 100m width

PROGRAM

• Four chemical/magnetic targets warranting immediate follow up
• Soil, stream and Rock chip sampling programs with geological mapping
• Drilling scheduled early 2021

THOR

AWARDED 2020

AIM/ASX: THR

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RAGGED RANGE - GOLD STRIKE POTENTIAL

13 KILOMETRES OF STRIKE POTENTIAL

• High tenor stream sediment samples draining SW-NE from interpreted Ultramafic /Mafic thrust faulted contact
• Anomalous Gold reported in pan, in BLEG samples and -2mm samples, assayed by aqua regia –up to 2.2g/t Au (20PST51) (ASX:THR 1 December 2020)
• Strong suggestion that structurally hosted gold extends along the 13-kilometer contact zone- gold corridor
• Anomalous results also reported from close to the Archean granite contact and in NE area of the tenement
• Recent acquisition area host some historical small-scale Au & Cu mines
• 100% control of greenstone belt - Kelly greenstone belt (KGB)
• Drilling scheduled early 2021

THOR

AIDIUMO FLC

AIM/ASX: THR

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RAGGED RANGE - MAGNETIC/RADIOMETRIC SURVEY

• Close spaced airborne magnetics survey was flown by MAGSPEC Airborne Surveys Pty Ltd over E46/1190, E46/1262 & E46/1355 (ASX:THR 6 October 2020)
• High resolution airborne magnetics data defines structural contacts and lithological boundaries prospective for gold mineralisation
• Anomalous stream sediment gold assays clearly relate to the structural contact of the Euro Basalt and ultra mafic Dalton Suite, along the 13km gold trend
• Geological Model – Local analogue to Warrawoona Gold Project, Calidus Resources
  MRE: 43.7Mt @ 1.06 g/t Au g/t for 1.5 M oz (Calidus Website)
• Open folding to NE of contact, tight, faulted folding to SW

ASVI (Analytic signal of the vertical integral) image over geology

THOR

AIDIUMO PLOT

AIM/ASX: THR

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RAGGED RANGE - SIMPIFIED GOLD MODELS

THOR

AIM/ASX: THR

16

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US URANIUM & VANADIUM - 100%

LOCATION

• Located SE Utah & SW Colorado USA – Uravan Mineral Belt
• 400km south-west of city of Denver

GEOLOGY

• Sandstone filled paleochannels hosting uranium & vanadium
• Field sampling returned high grade uranium (up to 1.25% U₃O₈) and vanadium (up to 3.4% V₂O₅) (ASX:THR 21 July 2020)

HISTORY

• Colorado claims extensively mined, mainly for uranium through 20th century – historical high-grade uranium & vanadium production
• Utah claims drilled to resource estimate standards of the day during early 1980's, with substantial mineralisation reported

INFRASTRUCTURE

• Nearby processing plant with available capacity has historically taken ore for toll treatment

RESOURCE

• Drilling scheduled April / May 2021

THOR

AIM/ASX: THR

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MOLYHIL TUNGSTEN PROJECT- 100%

LOCATION

• Northern Territory, Australia – 320km east of Alice Springs

GEOLOGY

• Two adjacent magnetite skarn bodies with economic mineralization of
• scheelite and molybdenite

HISTORY

• 2018 DFS demonstrated profitable production with low operating costs and
• early payback of Capex

PERMITTING STATUS

• Fully permitted for development

MINE LIFE

• Ore reserves provides for 7-year Open Pit Life with subsequent underground Extension
• Substantial resources at depth below reserve + outcropping Bonya tungsten deposits nearby

2018 Feasibility Highlights
EBITDA	US$ 177M
Finance Requirement	US$ 43M
Project Payback	18 Months
Opex	US$ 90/mtu
Mine Life (Open Pit Only)	7 Years
Significant Mine Life Upside	☑
Development Period	12 Months

THOR

AIM/ASX: THR

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MOLYHIL HIGH GRADE RESOURCE & RESERVES

HIGH GRADE RESOURCE

• Molyhil is one of the higher-grade open pit tungsten projects in the Western World
• Reserve delivers 7-year Open Pit mine life and favourable project economics

SIGNIFICANT MOLYBDENUM CREDITS

• Improves tungsten equivalent resource grade by ~50%

ORE SORT – PRE-CONCENTRATION

• Improves Mill feed grade by 64%

RESOURCE AT DEPTH BELOW RESERVE

• 3D Resource Modelling and review of depth potential underway

Summary of Molyhil Mineral Resource Estimate (Reported 10 Oct 2019)

RESOURCE	WO₃			Mo		Cu		Fe
	Mt	Grade %	tonnes	Grade %	tonnes	Grade %	tonnes	Grade %
Indicated	3.78	0.29	11,000	0.14	5,400	0.05	1,800	18.8
Inferred	0.93	0.25	2,300	0.15	1,400	0.04	300	15.2
Total	4.71	0.28	13,300	0.14	6,800	0.05	2,200	18.1

• Thor Mining PLC holds 100% equity in this resource
• 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

Molyhil Open Cut Ore Reserve Statement (Reported 8 Jan 2018)

| CLASSIFICATION | Reserve
'000 Tonnes | WO₃ | | Mo | |
| --- | --- | --- | --- | --- | --- |
| | | Grade % | Tonnes | Grade % | Tonnes |
| Probable | 3,500 | 0.29 | 10,200 | 0.12 | 4,300 |
| Total | 3,500 | 0.29 | 10,200 | 0.12 | 4,300 |

• Thor Mining PLC holds 100% equity in this reserve
• 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 MINING PLC

AIM/ASX: THR

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MOLYHIL UNDERGROUND & BONYA SATELLITE DEPOSITS

BONYA TUNGSTEN RESOURCE ESTIMATES - 29th Jan 2020

	Oxidation		Tonnes	WO₃		Cu
			'000	%	Tonnes	%	Tonnes
Inferred	Oxide	50	0.26	120	0.14	60
		Fresh	690	0.21	1,410	0.08	550
Total			740	0.21	1,530	0.09	610

BONYA COPPER RESOURCE ESTIMATE[26th NOV 2018]

Resource	Tonnes '000	Grade %	Tonnes
Inferred	230	2.0	4,600

Thor Mining PLC holds 40% equity in these resource.

The Company is not aware of any information or data which would materially affect these previously announced resource estimates, and all assumptions and technical parameters relevant to the estimate remain unchanged.

THOR

AIM/ASX: THR

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PILOT MOUNTAIN – 100% THOR

LOCATION

• Located IN Nevada, USA
• 250km south-east of Reno

GEOLOGY

• Tungsten-copper-zinc-silver skarn style mineralization at four primary locations:
• Desert Scheelite, garnet, gunmetal & Good hope deposits

HISTORY

• Explored by Union Carbide Corp – late 1970's – early 1980's
• Four deposits drilled to resource standard of the time
• Subsequent Thor drilling delivered Mineral Resource estimate (JORC) on two deposits
• Metallurgical Testwork to PFS Standard

INFRASTRUCTURE

• Located within close proximity to mains & sealed highway. Ample nearby ground water.
• Proximity to towns for workforce daily commute

RESOURCE

• Inferred & Indicated Mineral Resource Estimate (2018) – 12.53Mt for 34,290 contained tonnes of $\mathrm{WO}_3$
• Largest Tungsten Resource in the USA

THOR

AIDENDE POC

AIM/ASX: THR

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PILOT MOUNTAIN RESOURCE ESTIMATE

The largest Reported Tungsten Resource in USA

Pilot Mountain Resource Estimate (Reported 13 December 2018)

		Resource	WO3		Ag		Cu		Zn
		Mt	Grade %	Contained Metal (t)	Grade %	Contained Metal (t)	Grade %	Contained Metal (t)	Grade %	Contained Metal (t)
Garnet	Indicated		-	-
	Inferred	1.83	0.36	6,590
	Sub Total	1.83	0.36	6,590
Desert Scheelite	Indicated	9.01	0.26	23,400	20.73	187	0.15	13,200	0.41	37,100
	Inferred	1.69	0.25	4,300	12.24	21	0.16	2,800	0.19	3,200
	Sub Total	10.70	0.26	27,700	19.38	207	0.15	16,000	0.38	40,300
Summary	Indicated	9.01	0.26	23,400	Thor Mining PLC holds 100% equity in this resource
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.
	Inferred	3.53	0.31	10,890	Garnet Resource reported 22 May 2017
Pilot Mountain Total		12.53	0.27	34,290

"Tungsten Classified as a Critical Commodity by US Dept of the Interior"
"No domestic primary Tungsten production in USA"

THOR

AIM/ASX: THR

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NEXT STEP EXPLORATION ACTIVITIES

Focussed on copper resources, and gold discoveries...

Alford-East Copper Project, SA
- Inferred Mineral Resource Estimate – 177,000t of contained copper and 71,500oz of contained gold
- MRE Growth potential with minimal drilling

Ragged Range Gold (+copper) Project located in the Pilbara Craton WA
- Four targets area warranting follow up in early 2021
- Soil sampling and geological mapping
- RC Drilling

Kapunda Copper-Gold Project, SA
- Drilling early 2021

Alford West Copper Project, SA
- Drilling early 2021

Wedding Bell-Uranium & Vanadium Project, USA
- Drilling scheduled for May 2021

THOR
AIM/ASX: THR

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INVESTMENT HIGHLIGHTS

• Focussed on copper resources, and gold discoveries...
• Multiple projects with large scale potential in first class jurisdictions
• Experienced management and geological team with track record of success
• Cash in bank
• THOR is Leveraged for Exploration Success in 2021

THOR
AIDADEMIC PLACES
AIM/ASX: THR

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CONTACT DETAILS

• Thor Mining PLC
• 58 Galway Ave, Marleston SA 5033
• P: +61 8 7324 1935
• F: +61 8 8351 5169
• E: corporate@thormining.com
• www.thormining.com
• Twitter: @ThorMining

HOR

AIM/ASX: THR