Thor Mining PLC - Exercise of Options

3 November 2020

THOR MINING PLC

EXERCISE OF OPTIONS

The Board of Thor Mining Plc ("Thor" or the "Company") (AIM, ASX: THR), is pleased to advise that it has received binding option exercise notices for the conversion of 1,500,000 ASX listed options at an exercise price of AUD$0.01, resulting in aggregate gross proceeds being receivable by the Company of AUD$15,000.

The Board notes one of the two option holders to have provided an exercise notice is Mr Richard Bradey, a former director of the Company.  Richard retired on 29 October 2020 and notice was received following his retirement.

Settlement and dealings

Application has been made for admission to trading on the AIM Market of the London Stock Exchange ("AIM") for 1,500,000 Thor ordinary shares of 0.01p each ("Ordinary Shares"), pursuant to the options exercised, which rank pari passu with the Company's existing issued Ordinary Shares. Dealings on AIM are expected to commence at 8:00am on or around 5 November 2020 ("Admission").

Total Voting Rights

For the purposes of the Financial Conduct Authority's Disclosure Guidance and Transparency Rules ("DTRs"), following Admission, Thor will have 1,494,704,800 Ordinary Shares in issue with voting rights attached. Thor holds no shares in treasury. This figure of 1,494,704,800 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.

Enquiries:

Updates on the Company's activities are regularly posted on Thor's website  www.thormining.com, which includes a facility to register to receive these updates by email, and on the Company's twitter page @ThorMining.

About Thor Mining PLC

Thor Mining PLC (AIM, ASX: THR) is a resources company quoted on the AIM Market of the London Stock Exchange and on ASX in Australia.

Thor holds 100% of the advanced Molyhil tungsten project in the Northern Territory of Australia, for which an updated feasibility study in August 2018¹ suggested attractive returns.

Adjacent Molyhil, at Bonya, Thor holds a 40% interest in deposits of tungsten, copper, and vanadium, including Inferred Resource estimates for the White Violet and Samarkand tungsten deposits and the Bonya copper deposit².

Thor also holds 100% of the Pilot Mountain tungsten project in Nevada USA which has a JORC 2012 Indicated and Inferred Resources Estimate³ on 2 of the 4 known deposits.  The US Department of the Interior has confirmed that tungsten, the primary resource mineral at Pilot Mountain, has been included in the final list of Critical Minerals 2018.

Thor holds a 25% interest Australian copper development company EnviroCopper Limited (with rights to increase its interest to 30%).  EnviroCopper Limited holds:

·    rights to earn up to a 75% interest in the mineral rights and claims over the resource⁴ on the portion of the historic Kapunda copper mine in South Australia considered recoverable by way of in situ recovery; and

·    rights to earn up to 75% of the Moonta copper project, also in South Australia comprising the northern portion of exploration licence EL5984 and includes a resource estimate⁵ for several deposits considered recoverable by way of in situ recovery.

Notes

¹ Refer ASX and AIM announcement of 23 August 2018

² Refer ASX and AIM announcements of 26 November 2018 and 29 January 2020

³ Refer AIM announcement of 13 December 2018 and ASX announcement of 14 December 2018

⁴ Refer AIM announcement of 10 February 2018 and ASX announcement of 12 February 2018

⁵ Refer ASX and AIM announcement of 15 August 2019