Thor Energy PLC - Quarterly Activities and Cash Flow Report

This announcement contains inside information for the purposes of Article 7 of the UK version of Regulation (EU) No 596/2014 which is part of UK law by virtue of the European Union (Withdrawal) Act 2018, as amended ("MAR"). Upon the publication of this announcement via a Regulatory Information Service, this inside information is now considered to be in the public domain.

29 April 2025

Thor Energy PLC

("Thor" or the "Company")

Quarterly Activities and Cash Flow Report

January to March 2025

Thor Energy PLC ("Thor") (AIM, ASX: THR, OTCQB: THORF) is pleased to report on its activities for the Quarterly period January to March 2025.

Andrew Hume - Managing Director, Thor Energy Plc, commented:

"With the acquisition of Go Exploration Pty Ltd completed, our focus shifted to working with sector consultancy group, RISC Advisory, to finalise an assessment of prospective resources for natural hydrogen and helium at our newly renamed HY-Range Project, which comprises RSEL802 (previously PEL120), a granted licence in South Australia. The results of this assessment have already exceeded our expectations and have prompted the Board to seek to fast-track passive on-ground exploration activities in advance of final drill target design. I am delighted to lead these future exploration efforts, and we look forward to a busy quarter ahead."

HY-RANGE PROJECT - RSEL 802 (formerly PEL 120) SOUTH AUSTRALIAN NATURAL HYDROGEN AND HELIUM

On 16 February 2025 (Completion of the Acquisition of Go Exploration Pty Ltd), the Company announced legal and commercial completion of the acquisition of Go Exploration Pty Ltd ("GoX" or "Go Exploration") which holds PEL 120, one of only three granted hydrogen and helium exploration licences in the strategic South Australia hydrogen and helium fairway, adjacent to Adelaide, as well as several high potential application areas, the most advanced of which are PELAs 697 and 709 (Figure 1). Subsequently, on 13 March 2025, it was announced that the South Australian Government - Department of Energy and Mining had offered to convert PEL 120 to RSEL 802 ("Conversion of PEL 120 to Regulated Substance Exploration Licence"). The final approval for conversion to RSEL 802 was received from the Department of Energy and Mining on 27 March 2025, along with a three-month suspension and extension of the current work programme until 1 July 2025. The conversion to RSEL 802 confers full hydrogen and helium exploration rights across the licence (Figure 1).

On 4 December 2024 (Thor Commences Prospective Hydrogen Resource Assessment), Thor announced that it had engaged a leading energy advisory firm, RISC Advisory, to undertake the independent assessment of natural hydrogen and helium resources on certain target areas located on RSEL 802 (formerly PEL 120). On 30 March 2025 (Maiden Natural Hydrogen and Helium Prospective Resource), the results of this study (Figure 2) were released to shareholders, in which the prospective hydrogen and helium estimates were summarised. The significant prospective resources reiterated the potential of RSEL 802 (The Hy-Range Project) to host significant quantities of naturally occurring hydrogen and helium. The Board has resolved to fast-track on the ground passive exploration programmes in advance of final drill hole design later in the year.

Figure 1: Go Exploration Licence and Applications in South Australia^[1].

Figure 2: Results of RISC assessment or Prospective Hydrogen and Helium Resources on RSEL 820

(Previously PEL120).

Molyhil, W, Cu, Mo NT, Australia

No work undertaken

Uranium and Vanadium (USA)

No work undertaken

EnviroCopper ("ECL") (via 26.3% equity holding) Kapunda, SA, Australia

No work undertaken

Alford East Cu, Au, SA, Australia

No work undertaken

Ragged Range, Au, Cu, Pilbara region, WA, Australia

No work, with the project being relinquished (refer to the Company's ASX/AIM release dated 28 April 2025, "HY-Range Exploration and Corporate Update").

CORPORATE, FINANCE, AND CASH MOVEMENTS

Corporate

As announced on 4 February 2025 (Appointment of Managing Director), Mr Andrew Hume, a highly experienced global energy-sector executive, joined the Company in the role as the Managing Director, to be based in Perth, Western Australia.

Finance

The Company received a second $50,000 ash payment from Tivan Limited.

Cash Movement

For the Quarter, the Company had total cash inflows of $121,000

▪ Net cash outflows from Operating and Investing activities for the quarter of $239,000, which included outflows of $19,000 directly related to exploration activities.

▪ Cash inflows from financing activities for the quarter were $103,000, largely related to the sale of the balance of the IVR shares held by the Company for total proceeds of $53,000 and the balance of the TIVAN payment of $50,000.

▪ Providing an ending cash balance of $1,922,000

Cashflows for the Quarter include payments of $117,000 to Directors, comprising the Managing Director's salary, the Non-Executive Directors' salaries. The Executive Chairman is continuing to accrue his Executive Directors' fees.

The Board of Thor Energy Plc has approved this announcement and authorised its release.

For further information, please contact:

Thor Energy PLC

Andrew Hume, Managing Director

Alastair Clayton, Executive Chairman

Rowan Harland, Company Secretary

Tel: +61 (8) 6555 2950

Zeus Capital Limited (Nominated Adviser and Joint Broker)

Antonio Bossi / Darshan Patel / Gabriella Zwarts

Tel: +44 (0) 203 829 5000

SI Capital Limited (Joint Broker)

Nick Emerson

Tel: +44 (0) 1483 413 500

Yellow Jersey (Financial PR)

Dom Barretto / Shivantha Thambirajah / Bessie Elliot

thor@yellowjerseypr.com

Tel: +44 (0) 20 3004 9512

About Thor Energy Plc:

The Company is focused on uranium, energy metals and recently Hydrogen and Helium that are crucial in the shift to a clean energy economy.

The Company notes that for the relevant market announcements noted above, it is not aware of any new information or data that materially affects this information and that all material assumptions and technical parameters underpinning any estimates continue to apply and have not materially changed.

For further information on Thor Energy and to see an overview of its projects, please visit the Company's website at www.thorenergyplc.com.

Competent Person Statement and Qualified Person for the purposes of the AIM Note for Mining and Oil & Gas Companies

The information in this report that relates to exploration results and exploration targets is based on information compiled by Andrew Hume, who holds a BSc in Geology (Hons). Mr Hume is an employee of Thor Energy PLC. He has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he 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' and is a qualified person under AIM Rules. Andrew Hume consents to the inclusion in the report of the matters based on his formation in the form and context in which it appears.

TENEMENT SCHEDULE

As of 31 March 2025, the consolidated entity holds an interest in the following Australian tenements:

* Following formalisation of a Joint Venture Agreement ("JV"), the Company is transferring 25% of its 100% interest in the above Molyhil tenements holds and all of its 40% interest in one of the Bonya tenements (EL29701).

As of 31 March 2025, the consolidated entity holds 100% interest in the uranium and vanadium projects in USA States of Colorado and Utah as follows:

Appendix 5B

Mining exploration entity or oil and gas exploration entity
quarterly cash flow report

Compliance statement

1          This statement has been prepared in accordance with accounting standards and policies which comply with Listing Rule 19.11A.

2          This statement gives a true and fair view of the matters disclosed.

Date:                     29 April 2025...........................................................

Authorised by:  the Board....................................................................

(Name of body or officer authorising release - see note 4)

Notes

1.         This quarterly cash flow report and the accompanying activity report provide a basis for informing the market about the entity's activities for the past quarter, how they have been financed and the effect this has had on its cash position. An entity that wishes to disclose additional information over and above the minimum required under the Listing Rules is encouraged to do so.

2.         If this quarterly cash flow report has been prepared in accordance with Australian Accounting Standards, the definitions in, and provisions of, AASB 6: Exploration for and Evaluation of Mineral Resources and AASB 107: Statement of Cash Flows apply to this report. If this quarterly cash flow report has been prepared in accordance with other accounting standards agreed by ASX pursuant to Listing Rule 19.11A, the corresponding equivalent standards apply to this report.

3.         Dividends received may be classified either as cash flows from operating activities or cash flows from investing activities, depending on the accounting policy of the entity.

4.         If this report has been authorised for release to the market by your board of directors, you can insert here: "By the board". If it has been authorised for release to the market by a committee of your board of directors, you can insert here: "By the [name of board committee - eg Audit and Risk Committee]". If it has been authorised for release to the market by a disclosure committee, you can insert here: "By the Disclosure Committee".

5.         If this report has been authorised for release to the market by your board of directors and you wish to hold yourself out as complying with recommendation 4.2 of the ASX Corporate Governance Council's Corporate Governance Principles and Recommendations, the board should have received a declaration from its CEO and CFO that, in their opinion, the financial records of the entity have been properly maintained, that this report complies with the appropriate accounting standards and gives a true and fair view of the cash flows of the entity, and that their opinion has been formed on the basis of a sound system of risk management and internal control which is operating effectively.