Thor Energy Plc completes stage 1 earn-in commitment at Molyhil Project

Thor Energy Plc (ASX: $THR) is pleased to announce that ASX-listed Investigator Resources Limited, operating as Fram, has successfully completed the 'Stage 1 Commitment' obligations at the Molyhil and Bonya Projects in the Northern Territory. Fram, a wholly owned subsidiary of IVR, has funded A$1m of exploration activities as per the Heads of Agreement (HoA) signed on 24 November 2022, entitling them to a 25% interest in the Tenements. This achievement marks a significant milestone for Thor Energy Plc and its ongoing partnership with Investigator Resources Limited.

Executive Commentary on Stage 1 Completion and Joint Venture Formation

The Directors are delighted that this Stage 1 Commitment milestone has been met and are excited to move to the next phase of the HoA, working with IVR to complete all JV documentation. The Molyhil/Bonya Earn-in and the JV allow Thor to retain an equity interest in the prospective Molyhil tenements with reduced operational risk. Thor benefits from exploration upside on the Tenements and receives considerations in the form of cash and IVR shares. The Molyhil divestment and Bonya sale support the Company's focus on its priority US uranium assets, where we see the most significant and nearest-term value potential for Thor's shareholders.

Summary of Thor Energy Plc's Stage 1 Completion and Future Prospects

Thor Energy Plc is pleased to confirm the successful completion of the 'Stage 1 Commitment' by ASX-listed Investigator Resources Limited, entitling them to a 25% interest in the Tenements at the Molyhil and Bonya Projects. The formation of the Joint Venture (JV) will allow Thor to focus on its priority USA Uranium assets and Alford East Copper-REE Project while retaining an interest in the Molyhil Project. Thor's Managing Director, Nicole Galloway Warland, expressed delight in achieving this milestone and emphasized the Company's strategic focus on its priority US uranium assets, aiming to deliver significant and nearest-term value potential for its shareholders. With the completion of Stage 1, Thor Energy Plc looks forward to the next phase of the HoA and the potential opportunities it presents for the Company's future growth and development.