Thor Mining : A$222,000 R & D Receipt

ASX Code: "THR"

15 August 2019

THOR MINING PLC

Registered Numbers:

United Kingdom 05276 414

Australia 121 117 673

Registered Office:

58 Galway Avenue

MARLESTON, SA, 5035

Australia

Ph: [phone]

Fx: [phone]

Email: [e-mail]

Website:

www.thormining.com

Twitter @ThorMining

Enquiries:

Mick Billing Executive Chairman Thor Mining PLC [phone]

Nominated Advisor Colin Aaronson Grant Thornton

[phone]

AIM & ASX Listings:

Shares: THR

Directors:

Michael Billing

David Thomas

Paul Johnson

Alastair Middleton

Richard Bradey

Key Projects:

• Tungsten Molyhil NT
  Pilot Mountain USA
• Copper Kapunda SA

Company Announcements Office

ASX Securities Limited,

20, Bridge Street,

Sydney, N.S.W. 2000

RECEIPT OF RESEARCH AND DEVELOPMENT TAX INCENTIVE OF A$222,0000

The Board of Thor Mining Plc ("Thor" or the "Company") (AIM, ASX: THR), is pleased to announce the receipt of A$222,512.51 by way of a Research & Development Tax Incentive refund from the Australian Government, Department of Industry, Innovation and Science.

The refund covers a portion of expenditure during the 2018/19 fiscal year on eligible research activities on Australian projects.

Mick Billing, Executive Chairman, commented:

"We are very pleased to have our cash reserves boosted by this R & D refund."

"We are proceeding with all scheduled 2019 activities with the confidence that they are fully funded."

For further information, please contact:

THOR MINING PLC

Mick Billing Executive Chairman

[phone]

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.

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ASX Code: "THR"

15 August 2019

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 an Inferred resource for 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 ⁶2018.

Thor is also acquiring up to a 30% interest Australian copper development company EnviroCopper Limited, which in turn holds rights to earn up to a 75% interest in the mineral rights and claims over the resource on the portion of the historic Kapunda copper mine in South Australia recoverable by way of in situ recovery⁴, and also holds rights to earn a 75% interest in portion of the Moonta Copper project also in South Australia, and is considered amenable to recovery by way of in situ recovery⁵.

Thor has an interest in Hawkstone Mining Limited, an Australian ASX listed company with a 100% Interest in a Lithium project in Arizona, USA.

Finally, Thor also holds a production royalty entitlement from the Spring Hill Gold project⁶ of:

• A$6 per ounce of gold produced from the Spring Hill tenements, sold for up to A$1,500 per ounce; and
• A$14 per ounce of gold produced from the Spring Hill tenements, sold for amounts over A$1,500 per ounce. Notes
  ¹ Refer ASX and AIM announcement of 23 August 2018
  ² Refer ASX and AIM announcement of 26 November 2018
  ³ Refer AIM announcement of 13 December 2018 and ASX announcement of 14 December 2018 ⁴ Refer AIM announcement of 10 February 2016 and ASX announcement of 12 February 2018 ⁵Refer AIM announcement of 5 March 2019 and ASX announcement of 6 March 2019
  ⁶Refer AIM announcement of 26 February 2016 and ASX announcement of 29 February 2016

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