26 November 2020

THOR MINING PLC

EXERCISE OF OPTIONS

The Board of Thor Mining Plc ("Thor" or the "Company") (AIM, ASX: THR), is pleased to advise that it has received binding option exercise notices for the conversion of the following options:

· 200,000 ASX listed options at an exercise price of A$0.01, with proceeds of A$2,000 received by the Company; and

· 416,667 unlisted options at an exercise price of £0.01, by a Director, Mr Mark McGeough, with proceeds of £4,166.67 received by the Company.

The required PDMR announcement in relation to the change in Mr McGeough's holding will be provided in due course.

Settlement and dealings

Application will be made to the AIM Market of the London Stock Exchange ("AIM") for 616,667 Thor ordinary shares of 0.01p each ("Ordinary Shares"), pursuant to the options exercised, which rank pari passu with the Company's existing issued Ordinary Shares, to be admitted to trading. Dealings on AIM are expected to commence at 8:00am on or around 2 December 2020 ("Admission").

Total Voting Rights

For the purposes of the Financial Conduct Authority's Disclosure Guidance and Transparency Rules ("DTRs"), following Admission, Thor will have 1,515,968,526 Ordinary Shares in issue with voting rights attached. Thor holds no shares in treasury. This figure of 1,515,968,526 may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in the Company, under the ASX Listing Rules or the DTRs.

Enquiries:

Updates on the Company's activities are regularly posted on Thor's website   w w w.th o r m i n i ng .c o m , which includes a facility to register to receive these updates by email, and on the Company's twitter page @ThorMining.