Thor Mining PLC (THR.ASX.L) Strategic Placement

The directors of Thor Mining Plc (“Thor” or the “Company”) (AIM, ASX: THR, OTCQB: THORF) are pleased to announce a private placement financing of UK£800,000, 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.

Highlights:

· The Company has raised gross proceeds of £800,000 via the placing of 123,076,923 new ordinary shares of 0.01p each (“Ordinary Shares”) (the “Placing Shares”) at a price of 0.65 pence per Ordinary Share (the “Placing”)

· Strong support was received from existing and new shareholders, adding strength to the Company’s share register. Existing shareholder, Artemis Resources Limited (ASX:ARV), a company with major gold exploration and development projects in Western Australia’s Pilbara, of which Thor director Mark Potter is Non-Executive Chairman, has invested £118,850 in the private placement

· All placees to receive, one warrant for each two Placing Shares, to subscribe for a further new Ordinary Share at UK 1.3 pence per Ordinary Share (“Warrant”), valid for two years from the date of issue.

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

· Funds raised to be utilised for exploration activities at the Ragged Range gold & nickel project in the Pilbara region of Western Australia, and for exploration drilling at Molyhil tungsten and molybdenum project in the Northern Territory, as well as for general working capital purposes.

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

“This additional capital for Thor Mining will allow us to continue the intensive exploration work program at our exciting Ragged Range gold & nickel project, including RC drilling of priority drill targets, as well as exploration drilling at Molyhil tungsten-molybdenum Project.

We are very pleased to have ongoing support from the Company’s shareholders Artemis Resources Limited, and welcome new shareholders to our share register, who recognise the potential of our Ragged Range and Molyhil Projects .

These funded activities create short- and medium-term value for our shareholders on exploration success .”

Capital Raise

The Company has raised gross proceeds of £800,000 via the placing of 123,076,923 Placing Shares at a price of 0.65 pence per Placing Share.

Placees to receive a one Warrant for every two Placing Shares subscribed, at 1.3 pence per Ordinary Share, valid for two years from the date of issue.

Funds raised to be utilised for exploration activities at the Ragged Range gold & nickel project WA, including RC drilling, and exploration diamond drilling at Molyhil tungsten-molybdenum Project, NT. Both of these Project drilling programs have state government support through co-funding grants.

The Placing price represents a discount of 11% to the closing share price of 0.73 pence on 10 August 2021. The Placing Shares being issued represent approximately 11.6 % of the existing issued ordinary share capital of the Company prior to the Placing.

Share Issue

The Company will shortly issue 123,076,923 Ordinary Shares and 61,538,461 Warrants, covering the Placement, both utilising the Company’s existing shareholder authorities.

Settlement and dealings

Application has been 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 17 August 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 1,748,796,411 Ordinary Shares in issue with voting rights attached. Thor holds no shares in treasury. The figure of 1,748,796,411 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

Mick Billing, Executive Chairman

Ray Ridge, CFO / Company Secretary

Tel: +61 (8) 7324 1935

Tel: +61 (8) 7324 1935

Tel: +61 (8) 7324 1935


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