warrant

Dear Warrant Holder,
Exercise of UK Warrants
This letter is sent to you as a registered holder of Warrants to subscribe to ordinary shares in
Thor Mining Plc. Those warrants are due to be exercised, on or before the final exercise
date of 31 March 2012, at an exercise price of 1.5 pence per warrant.
Your directors are aware that, in recent months, shares in the company have traded at prices
below that exercise price, generally in the range of 0.95 pence to 1.45 pence.
Your directors remain optimistic as to the future of the company and in particular the three
projects in which we are currently involved, being:
• The Molyhil tungsten and molybdenum project in Northern Territory, Australia
• The Spring Hill gold project, also in Northern Territory, and
• The Dundas project in Western Australia
Further details on these projects, as disclosed to London Stock Exchange (“LSE”), are
available on our website (www.thormining.com).
As also advised to LSE, on 16 January 2012, as an indication of their confidence in the
future of the company, two directors have, prior to the expiry date, exercised Australian CDI
options held by them, as follows:
• Mr Mick Billing (Executive Chairman) 2,040,816 CDI options
• Mr Mick Ashton (Non-Executive Director) 2,050,000 CDI options
The exercise price of those CDI Options was A$0.02625, or approximately 1.75 pence, at
prevailing exchange rates.
Directors, collectively, hold a further 1,449,899 Australian CDI options, and have advised of
their intention to exercise all of those options.
The terms attaching to those CDI options are broadly similar to those attaching to the UK
Warrants.
I look forward to you joining me, and the other directors, in exercising your options, and
taking a part in the continuing development of Thor Mining Plc.