Thomson Resources (ASX: TMZ) (Thomson or the Company) advises that it has completed its due diligence on the Webbs and Conrad silver projects and Silver Mines Limited has completed its due diligence on Thomson and both parties have agreed to proceed to Completion of the sale and purchase of the Webbs and Conrad silver projects.

As a result, the parties have signed and exchanged Definitive Agreements to effect the terms of the sale and purchase as previously documented in a Terms Sheet1.

Thomson will now proceed to call an Extraordinary General Meeting (EGM) of Thomson shareholders to approve the issue of the Share Consideration and the Option Consideration to be issued to Silver Mines at Completion of the acquisition. The Company is currently targeting mid March 2021 for the EGM with final details to be advised once the Notice of Meeting is finalised. Completion of the transaction will then occur shortly after shareholders have approved the issue of the equity consideration.

Thomson has been assisted by Global Ore Discovery consultants throughout the due diligence evaluation and have been working with Thomson to develop its exploration strategy for Webbs and Conrad silver projects. The Company wishes to thank Global Ore Discovery for their assistance throughout this process and for their ongoing support.

Executive Chairman David Williams commented: 'The completion of due diligence on Webbs and Conrad and signing of the definitive agreement has allowed Thomson to progress another step closer to the completion of this transformative acquisition.

Webbs and Conrad represent quality cornerstone assets central to Thomson's strategy to become a significant silver and gold exploration and development company. Webbs and Conrad host multimillion ounce silver deposits and along with Thomson's Horton gold project have considerable exploration potential.

Thomson is building a significant footprint in the region and sees further opportunities to consolidate the company's position in this mineral endowered corner of the New England Orogen. Thompson intends to systematically explore the Webbs and Conrad projects while evaluating the potential for other accretive acquisitions in the region. Planning for the Webbs and Conrad exploration program is already underway. We look forward to finalising the transaction and commencing exploration in the near future.'

Contact:

Tel: +61 2 9906 6225

Email: info@thomsonresources.com.au

Web: www.thomsonresources.com.au

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