5 October 2020THOR MINING PLCAIRBORNE MAGNETICS SURVEY COMMENCES...

5 October 2020

THOR MINING PLC

AIRBORNE MAGNETICS SURVEY COMMENCES AT

PILBARA GOLDFIELDS RAGGED RANGE PROJECT

The directors of Thor Mining Plc ("Thor") (AIM, ASX: THR) are pleased to advise the commencement of a close spaced airborne magnetics survey over the 100% owned Ragged Range Project (E46/1262, E46/1190 and also adjacent application area E45/1355), located in the Pilbara Goldfield tenements, in Western Australia.

The survey is being flown by MAGSPEC Airborne Surveys Pty Ltd on a 50m traverse spacing, with flight lines perpendicular to prospective stratigraphic and structural controls in the area. The survey is anticipated to take approximately 6 days, with Thor anticipating processed and modelled data for release early November.

Highlights:

·High resolution close spaced airborne magnetics survey commences over full tenement package.

·The airborne magnetics survey is designed to map out the underlying mafic/ultramafic greenstones and to identify key prospective structures.

·Next exploration steps to commence immediately following the airborne geophysical survey, include further mapping and infill stream sediment sampling along the 13km gold target zone (THR Announcement 2 September 2020).

Mick Billing, Executive Chairman of Thor Mining, commented:

"Drilling for gold mineralisation at Ragged Range is a key near term objective for Thor, and identified as a priority in the recent capital raising"

"This airborne magnetic survey, along with the next sampling program, also to be conducted during October, is an important part of the process towards selection of targets for drill testing."

In August 2019, Greatland Gold PLC (AIM:GGP) completed an airborne magnetic survey that covered a small part on the western side of E46/1262.

Thor acquired the raw data from Greatland Gold and interpretation is currently underway. The Archaean Euro Basalt (>3335Ma) is interpreted to be thrust SW over the younger Archaean Kelly and Dalton Suite (3060-3315Ma). The magnetic signature of the Euro Basalt and presence of NE striking major Faults can be distinguished. Unfortunately, the magnetic data only covers a small portion of the gold anomalous zone at the thrust contact of the Euro Basalt.

The nickel gossan outline has no distinguishing magnetic character and appears to cross-cut the main magnetic trends. In detail using a black and white 1VD image in close-up, the nickel gossan correlates with a series of weak magnetic highs.

The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.

Enquiries:

Mick Billing +61 (8) 7324 1935 Thor Mining PLC Executive Chairman Ray Ridge +61 (8) 7324 1935 Thor Mining PLC CFO/Company Secretary Samantha Harrison/Niall McDonald +44 (0) 207 383 5100 Grant Thornton UK LLP Nominated Adviser Nick Emerson +44 (0) 1483 413 500 SI Capital Ltd Broker