Thor Mining PLC (THR.ASX.L) Result of Placing

The directors of Thor Mining Plc (“Thor” or the “Company”) (AIM, ASX: THR, OTCQB: THORF) are pleased to announce a successful placing of $2.75m (£1.5m), to fund exploration activities at the Company’s project interests, with particular emphasis on the Ragged Range gold and nickel prospects in the Pilbara, Western Australia.

At the Company’s request, trading in the shares of the Company have been halted on the Australian Securities Exchange (“ASX”) from Monday 13 December 2021 while the Company completed the Placing in Australia. Trading on the ASX will resume on Wednesday 15 December.

Highlights:

· The Company has raised gross proceeds of $2.75m (£1.5m) via the placing of 220,000,000 new ordinary shares of 0.01p each (“Ordinary Shares”) (the “Placing Shares”) at a price of $0.0125 (0.67 pence) per Ordinary Share (the “Placing”)

· All placees to receive, two options for each three Placing Shares: one option to subscribe for a further new Ordinary Share at $0.015 per Ordinary Share, valid for one year from the date of issue and another one option to subscribe for a further new Ordinary Share at $0.02 per Ordinary Share, valid for two years from the date of issue (the “Options”). Thor intends to apply for quotation of both classes of these options subject to meeting the ASX’s minimum listing requirements.

· The Placing will not be subject to shareholder approval, falling within the Company’s existing shareholder authorities and placement capacity.

· Strong support was received from existing and new shareholders,addingstrengthtotheCompany’sshareregister. Australian based PAC Partners Pty Ltd and DealAccess Pty Ltd (DealAccess by PAC) acted as lead manager for the Placement.

· As a show of confidence and interest in Thor, PAC Partners and DealAccess have elected to take $90,000 of their fees in new Ordinary shares in the Company at the deemed issued price of $0.0125. PAC Partners and associates will also look to exercise 14,720,000 of their existing options following the capital raise, raising an additional $147,200.

·Funds raised to be utilised for exploration activities at the Ragged Range gold &nickelprojectinthePilbararegionofWestern Australia, and for drilling at the Wedding Bell uranium and vanadium Project, USA and Molyhil Critical Minerals Project, NT, as well as for general working capital purposes.

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

” These funds will allow Thor to maintain its intensive exploration programs at our exciting Ragged Range gold & nickel project, including follow up RC drilling and regional exploration, as well as exploration drilling at Wedding Bell Uranium-Vanadium Project, USA and Molyhil tungsten-molybdenum-copper Project, NT.

We are very pleased to have ongoing support from the Company’s existing shareholders, and welcome new shareholders to our share register, who recognise the significant potential of our diverse commodity portfolio.

We look forward to drilling news flow expected from Ragged Range and Alford East projects over the next few weeks, as well as an update on the drilling status at our uranium and vanadium prospects, USA.”

Capital Raise

The Company has raised gross proceeds of $2.75m (£1.5m) via the placing of 220,000,000 Placing Shares at a price of $0.0125 (0.67 pence) per Placing Share.

Placees to receive two Options for every three Placing Shares subscribed, at one option to subscribe for a further new Ordinary Share at $0.015 per Ordinary Share, valid for one year from the date of issue and another one option to subscribe for a further new Ordinary Share at $0.02 per Ordinary Share, valid for two years from the date of issue.

Thor intends to apply for quotation of both classes of these options subject to meeting the ASX’s minimum listing requirements.

Funds raised to be utilised for exploration activities, including further drilling and regional exploration at Ragged Range gold & nickel project, WA, drilling at Wedding Bell uranium and vanadium Project, USA and exploration drilling at Molyhil tungsten-molybdenum-copper Project, NT.

The Placing price represents a discount of c.17% to the closing share price of $0.015 on 10 December 2021. The Placing Shares being issued represent approximately 12% of the existing issued ordinary share capital of the Company prior to the Placing.

The Company will grant 44,000,000 options to PAC Partners and DealAccess as part consideration for services provided as lead manager for the capital raise (“Broker Options”). These will be of the same class as those classes of options issued to Placement subscribers. 22,000,000 of the Broker Options have an exercise price of A$0.015 and expire one year from grant date and 22,000,000 of the Broker Options have an exercise price of A$0.02 and expire two years from grant date.

Share Issue

The Company will shortly issue 220,000,000 Ordinary Shares and 146,666,667 options, covering the Placement, both utilising the Company’s existing shareholder authorities. Additionally, the Company will issue 7,200,000 Ordinary Shares to the Brokers in lieu of fees.

Settlement and dealings

Application will be made for the Placing Shares to be admitted to trading on AIM (“Admission”) and it is expected that Admission will become effective on or around 21 December 2021. The Placing Shares will rank pari passu with the Company’s existing issued Ordinary Shares.

Total Voting Rights

For the purposes of the Financial Conduct Authority’s Disclosure Guidance and Transparency Rules (“DTRs”), following Admission of the Placing Shares, Thor will have 1,999,621,411 Ordinary Shares in issue with voting rights attached. Thor holds no shares in treasury. The figure of 1,999,621,411 may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in the Company, under the ASX Listing Rules or the DTRs.

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.

For further information on the Company, please visit www.thormining.com or contact the following:

Thor Mining PLC

Nicole Galloway Warland, Managing Director

Ray Ridge, CFO / Company Secretary

Tel: +61 (8) 7324 1935

Tel: +61 (8) 7324 1935


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