Quarterly Activities and Cash Flow Report Q2 2026

(ASX:THR, OTCQB:THORF) Thor Energy PLC reported a strong balance sheet with a cash position of A$2,815,000 at June 30, 2026. The company recorded natural hydrogen concentrations of up to 3% during its Phase-2 geochemistry survey at the HY-Range Project, which is approximately 60,000 times background levels. Thor signed a Letter of Award with Velseis Pty Ltd for a 464 line-kilometre 2D seismic survey, with acquisition expected between Q3 and Q4 2026, fully funded by existing cash reserves. Net cash outflows from operating and investing activities for the quarter were $501,000, including $66,000 directly related to exploration activities, and payments of $138,500 to Directors. Thor is due to receive the first of three annual deferred completion payments of A$1,312,500 on 1 September 2026 from the sale of its 75% interest in the FRAM Joint Venture to Tivan Limited for A$8,750,000. The company holds a 25% interest in uranium and vanadium projects in the US States of Colorado and Utah. Management states that the company expects to continue its operations and to meet its business objectives.

Award of Major 2D Seismic Acquisition Contract

(ASX: THR, OTCQB: THORF) Thor Energy PLC has signed a Letter of Award for an onshore 2D seismic acquisition survey at its 80.2%-owned HY-Range Project, Regulated Substance Exploration Licence RSEL 802, in South Australia. The Programme will acquire approximately 464 line-kilometres of 2D seismic data across the HY-Range project, with acquisition expected between Q3 and Q4 2026. The contract has been awarded to Velseis Pty Ltd., a leading Australian seismic contractor headquartered in Queensland. The Programme is fully funded from existing cash reserves following a series of non-core asset divestments. The seismic data will be linked with Thor's existing subsurface models, gravity, magnetic, and passive datasets, as well as Phase-2 geochemistry results which recorded natural hydrogen readings of up to 3%. The Programme is designed to provide depth control, reveal the nature of the hydrogen- and helium-generating basement rocks, map pervasive faulting, confirm existing leads, and identify new prospects for definitive exploration drilling. Thor Energy PLC will move to a full contract within the coming weeks and will provide further timing updates to the market once all approvals and detailed planning have been completed.

Q1 2026 Quarterly Activities and Cash Flow Report

Thor Energy PLC reported operational progress and financial results for Q1 2026, covering the period from 1 January 2026 to 31 March 2026. The company completed the sale of the Molyhil Tungsten-Molybdenum Project for A$6.56m, with A$2.25m received on completion and annual payments of A$1.31m for three years. Thor ended the quarter with a cash balance of A$3,314,000, after net cash outflows from operating and investing activities of A$1,689,000. The company advanced its HY-Range Project with a Phase 2 geochemistry survey and expanded its exploration footprint through a joint venture in the Otway Basin. These developments strengthen Thor's balance sheet and support ongoing exploration activities.

Thermon Group Holdings, Inc.