Results for the year ended 30 June 2022

RNS Number : 3482B

Thor Mining PLC

30 September 2022

Thor Mining plc

("Thor" or the "Company")

Results for the year ended 30 June 2022

The Directors of Thor Mining PLC (AIM, ASX: THR) are pleased to provide the Company's audited annual financial report for the year ended 30 June 2022.

The Company's annual financial report will also be released pre-market opening tomorrow on the Australian Stock Exchange ("ASX") as required under the listing rules of the ASX.

The annual report will be published and notified in due course.

For further information on the Company, please visit www.thormining.com or contact the following:

Thor Mining PLC
Nicole Galloway Warland, Managing Director Ray Ridge, CFO / Company Secretary	Tel: +61 (8) 7324 1935 Tel: +61 (8) 7324 1935

WH Ireland Limited (Nominated Adviser and Joint Broker)	Tel: +44 (0) 207 220 1666
Antonio Bossi / Darshan Patel / Megan Liddell

SI Capital Limited (Joint Broker)	Tel: +44 (0) 1483 413 500
Nick Emerson

Yellow Jersey (Financial PR)	thor@yellowjerseypr.com
Sarah Hollins / Henry Wilkinson	Tel: +44 (0) 20 3004 9512

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.

About Thor Mining PLC

Thor Mining PLC (AIM, ASX: THR; OTCQB: THORF) is a diversified resource company quoted on the AIM Market of the London Stock Exchange, ASX in Australia and OTCQB Market in the United States.

The Company is advancing its diversified portfolio of precious, base, energy and strategic metal projects across USA and Australia. Its focus is on progressing its copper, gold, uranium and vanadium projects, while seeking investment/JV opportunities to develop its tungsten assets.

Thor owns 100% of the Ragged Range Project, comprising 92 km² of exploration licences with highly encouraging early stage gold and nickel results in the Pilbara region of Western Australia.

At Alford East in South Australia, Thor is earning an 80% interest in copper deposits considered amenable to extraction via In Situ Recovery techniques (ISR). In January 2021, Thor announced an Inferred Mineral Resource Estimate of 177,000 tonnes contained copper & 71,000 oz gold¹.

Thor also holds a 30% interest in 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 and the Alford West copper project, both situated in South Australia, and both considered amenable to recovery by way of ISR.²

Thor holds 100% interest in two private companies with mineral claims in the US states of Colorado and Utah with historical high-grade uranium and vanadium drilling and production results.

Thor holds 100% of the advanced Molyhil tungsten project, including measured, indicated and inferred resources⁴, in the Northern Territory of Australia, which was awarded Major Project Status by the Northern Territory government in July 2020.

Adjacent to Molyhil, at Bonya, Thor holds a 40% interest in deposits of tungsten, copper, and vanadium, including Inferred resource estimates for the Bonya copper deposit, and the White Violet and Samarkand tungsten deposits. ⁵

Notes

¹ www.thormining.com/sites/thormining/media/pdf/asx-announcements/20210127-maiden-copper.gold-estimate-alford-east-sa.pdf

² www.thormining.com/sites/thormining/media/pdf/asx-announcements/20172018/20180222-clarification-kapunda-copper-resource-estimate.pdf

³ www.thormining.com/sites/thormining/media/aim-report/20190815-initial-copper-resource-estimate---moonta-project---rns---london-stock-exchange.pdf

⁴ www.thormining.com/sites/thormining/media/pdf/asx-announcements/20210408-molyhil-mineral-resource-estimate-updated.pdf

⁵ www.thormining.com/sites/thormining/media/pdf/asx-announcements/20200129-mineral-resource-estimates---bonya-tungsten--copper.pdf

2022 ANNUAL FINANCIAL REPORT

REVIEW OF OPERATIONS AND STRATEGIC REPORT

RAGGED RANGE (GOLD, COPPER, LITHIUM & NICKEL) - WESTERN AUSTRALIA

The Ragged Range Project, located in the highly prospective Eastern Pilbara Craton, Western Australia, is 100% owned by Thor Mining - E46/1190, E46/1262, E46/1355, E46/1340, plus the recently granted E46/1393 (Figure 1). The Project is adjacent to significant gold resources, including De Greys Hemi gold project and two of the world's largest and globally significant spodumene deposits at Wodgina (Mineral Resources Ltd) and Pilgangoora (Pilbara Minerals).

Since acquiring the Project, Thor has conducted several geochemical and geophysical programs defining several priority gold, nickel, lithium and copper prospects: including the Sterling Prospect 13km gold corridor, Krona nickel gossan prospect, Kelly's copper-gold prospect and the favourable lithium area to the north around the Split Rock Supersuite (Figure 1).

In December 2021 Thor completed its maiden reverse circulation drilling program at Sterling Prospect, with A$160,000 funding from the Western Australia Government under the EIS Co-funded grants program. A follow up second phase of RC drilling was completed in July 2022 at Sterling Prospect.

Details of the projects may be found on the Thor website via this link: www.thormining.com/projects/ragged-range-pilbara-project

http://www.rns-pdf.londonstockexchange.com/rns/3482B_1-2022-9-30.pdf

Figure 1: Location Map showing Ragged Range and tenement licence area

STERLING PROSPECT

A maiden RC drilling program comprising 41 shallow RC drillholes totalling 2,155m was completed at the Sterling Prospect in December 2021. Drilling was designed to test eight strong gold anomalies at Sterling Central and Sterling South prospects, defined from soil and stream sediment sampling programs associated with the structural controls of the dominant, faulted contact between the Euro Basalt and the Dalton Suite ultramafics (Figure 1).

No significant gold intercepts (max of 0.1g/t Au) were intercepted, although intersections of strong broad zones of quartz veining, sericite, silica alteration, sulphides and fuchsite, characteristic of gold mineralisation in the Pilbara, are positive indicators of close proximity to the gold source. In many of the drill holes close to the fault contact, sericite and silica alteration of the Euro Basalt is strong. This alteration style forms the distal alteration halo around many gold deposits. Sulphide veining with chalcopyrite, pyrite and sphalerite was observed in drill chips.

A second follow up drilling program at Sterling Prospect was completed in July 2022 comprising 48 reverse circulation holes totalling 3,120m, including one drillhole at Krona prospects, Ragged Range Project, Figure 1 (ASX: THR 11 July 2022).

This second phase of drilling tested interpreted dilational zones (potential trap sites for mineralisation and the potential source of the gold anomalies found in stream and soil samples). Surface anomalism is associated with a series of faults and folds, subparallel or at a low angle to the regional thrust faulted contact (Norman Cairns Fault) between the Euro Basalt and the Dalton Suite ultramafics (Figure 1).

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Photo 2: RC drilling at Sterling Prospect

KRONA PROSPECT -Nickel Gossan

The Krona nickel gossan (Figure 1) was initially identified by the Western Australian Geological Survey on the Split Rock 1:100K mapping explanatory notes (Bagas et al., 2004), with Thor undertaking a mapping and sampling program in mid-2020 (THR: ASX 31 July 2020). The gossan extends over 1km x 100m and sits at the base of the Dalton Suite (ultramafic units), adjacent to the older Felsic Volcanics of the Wyman Formation (Figure 1). This position of the gossan at the base of the ultramafic contact is significant from a geological nickel-sulphide model perspective.

A high-powered Fixed Loop Electromagnetics (FLEM) ground geophysics survey was completed over the Krona Prospect in June 2022, covering the full extent of the nickel gossan ( ASX: THR 17 June 2022). The survey over the gossan was designed to detect conductive anomalies at depth that may indicate the presence of massive nickel-copper sulphide mineralisation to constrain initial drill testing.

The single loop FLEM survey over the Krona prospect identified a conductor at the southern end of the gossan (Figure 2). The conductor was modelled as a shallow flat lying feature approximately 100m deep and is consistent with sulphides. The shallow (100m) conductor gave Thor a clear drill target, which was subsequently drill tested in July 2022 as part of RC program at the adjacent Sterling Prospect.

The drillhole intersected 66m @ 0.19% Nickel from 81m however with minimum sulphides, hitting the edge of the FLEM conductor. This hole was cased in preparation for a Downhole Electromagnetic Survey ("DHEM") survey which was completed in August 2022. The DHEM geophysics survey revealed an off-hole conductor at around 85m consistent with sulphides and warrants drill testing to validate.

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Figure 2: Krona Prospect showing Electromagnetic conductor beneath Nickel Gossan and drillhole

Lithium Prospectivity

The Pilbara Craton is highly prospective for lithium-caesium-tantalum ( LCT) enriched pegmatites and hosts two large and globally significant spodumene deposits at Wodgina (Mineral Resources Ltd) and Pilgangoora (Pilbara Minerals).

The lithium-rich pegmatites in the Pilbara are spatially and possibly genetically related to the Split Rock Supersuite (2.85 to 2.83Ma) (Sweetapple, M, 2017) (Figure 3). Within Thor's tenure, the Mondana Monzogranite part of the Split Rock Supersuite, mapped in the northern portion of tenure, is untested for lithium potential (Figure 1).

Thor's exploration strategy is to ground-truth the 10km halo around the Mondana Monzongranite, considered the most favourable position for the spatial zonation of LCT enriched pegmatites.

The current field program, guided by Thor's radiometrics and aster data, has identified several priority areas for mapping and sampling, including:

· Investigation of all small granitic and pegmatitic bodies in the lithium target area. Samples are to be assayed for lithium and key pathfinder elements including Ce, Rb, Sn, Ta and W.

· Reconnaissance soil sampling and prospecting within the 10km halo of the Mondana Monzogranite (E46/1262, E46/1190, E461393 and E46/1340) (Figure 1).

http://www.rns-pdf.londonstockexchange.com/rns/3482B_1-2022-9-30.pdf

Figure 3: Geological map of the units and terranes comprising the North Pilbara Craton (adapted from Sweetapple and Collins, 2002 and Hickman, 2016), highlighting the distribution of the Split Rock Supersuite (~2.85-2.83 Ga) and pegmatite fields and groups of LCT (Li-Cs-Ta), NYF (Nb-Y>F) and mixed (LCT-NYF) petrogenetic families of Cerny and Ercit (2005). Ragged Range tenure is shown covering the southern portion of the Split Rock Supersuite and Corunna Downs Batholith (after Sweetapple., 2017 ).

Kelly's Prospect - Gold -Copper

A new tenement was acquired E46/1393 in the northeast, covers a recently surrendered mining lease M46/171 (Figure 1). This area covers several historic copper-gold and copper-base metals mines and prospects. The copper mineralisation is associated with the dacite Boolina porphyry, close to the margin of the Corunna batholith, and intrudes the Kelly greenstone belt.

At Kelly's Mine, historic production between 1955-1970, although small, was of very high-grade - 610t of ore averaging 19.47% Cu (Figure 1).¹

Historical exploration has been sporadic, with no systematic approach over the Kelly's area. Thor will be targeting areas of mineralisation, zones of alteration, shears/faults and zones of brecciation.

The Ragged Range project is underexplored with Thor progressively proving up targets across the tenure for drill testing focusing on Gold, Nickel, Lithium and Copper.

References:

· Bagas et al., 2004. Geology of the Spilt Roc 1:100,000 Sheet. 1:00,000 Geological Series. Geological Survey of Western Australia

· ¹ https://www.mindat.org/loc-122951.html

URANIUM AND VANADIUM PROJECT - COLORADO AND UTAH, USA

Thor holds a 100% interest in two USA companies with mineral claims in Colorado and Utah, USA. The claims host uranium and vanadium mineralisation within the Uravan Mineral Belt, which has a history of high-grade uranium and vanadium production (Figure 4).

The Projects benefit from easy access and are close to the White Mesa toll treating mill which may be a low hurdle processing option for any production from these projects.

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Figure 4: Location Map of Colorado & Utah projects (left) and Priority Drill Prospects at wedding Bell Project (right)

The uranium-vanadium deposits within the Uravan Mineral Belt (Figure 4), hosted mainly in the Salt Wash member of the Morrison Formation on the Colorado Plateau are classified by the International Atomic Energy Agency (IAEA) as "Saltwash type" sandstone hosted uranium deposits. They are considered unique amongst the sandstone-hosted type of deposits in that they are predominantly vanadium (V₂O₅) with accessory uranium (U₃O₈). They occur as tabular bodies in reduced sequences of highly oxidised, feldspar-rich sandstones that have substantial fossilised plant material. High-grade uranium and vanadium occur together although vanadium has a much larger halo. Based on production figures the vanadium exceeds uranium in ratios ranging from 3:1 to 10:1 with the ratio increasing southward; averaging 5:1 in the Wedding Bell/Groundhog Project area.

Larger deposits are found in paleochannels (braided streams in the Jurassic period) where accumulations of plant material led to more reduced conditions being retained over time. The Salt Wash member consists of interbedded fluvial sandstone and floodplain-type mudstone. The Salt Wash member is gently folded into a shallow dome meaning it is often close to surface or exposed. The sandstone beds form cliffs or rims with the mudstone units forming slopes. The upper most sandstone contains the majority of the ore deposits.

Details of the projects may be found on the Thor website: www.thormining.com/projects/us-uranium-and-vanadium .

Thor's initial exploration focus is on exploring and accessing the Wedding Bell and Radium Mountain project, Colorado.

During the year Thor received full permitting to undertake a small maiden drilling program at the Project. This drilling program commenced in late September 2022.

High-grade assay results from due diligence work completed by Thor returned up to 1.25% U₃O₈ and 3.47% V₂O₅, confirming uranium and vanadium mineralisation within the Salt Wash member of the Morrison Formation (ASX:THR 10 September 2020). This is consistent with and typical of the historical production in the Wedding Bell, Radium Mountain area of the Uravan mineral belt (Figure 4).

Following this work, three priority areas within the Colorado claims were highlighted for drill testing - Section 23, Rim Rock, and Ground Hog (Figure 4).

Section 23 (Figure 4) in the southeast corner of the Wedding Bell claims has been identified by Thor Mining and World Industrial Minerals LLC (US Consulting team) as the highest priority drill target in the Colorado Uranium-Vanadium Project. This area represents the only large area in the claim block with the "Salt Wash" Member precluded from historic prospecting, drilling and mine production. Proposed drillholes for this area are designed to target potential mineralisation in the third sandstone unit estimated to be within 30-40m of surface, stratigraphically, beneath the mapped contact with the overlying upper Brushy Basin Member of the Morrison Formation.

Drilling at Rim Rock and Groundhog Prospects is designed to test extensions to high-grade uranium and vanadium mineralisation sampled within and around historic workings (Photo 3). At the Groundhog prospect there are historic workings within the Brushy Basin shales as well as the Salt Wash sandstone, hence drilling will target both perspective horizons.

In conjunction, a geological evaluation of the Utah claims is underway (Figure 4).

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Photo 3: Historic workings at Rim Rock showing uranium and vanadium mineralisation

COPPER PROJECTS - SOUTH AUSTRALIA

Thor holds direct and indirect interests in over 400,000 tonnes of Inferred copper resources (Tables A, B, & C) in South Australia, via its 80% farm-in interest in the Alford East copper project and its 30% interest in EnviroCopper Ltd (Alford West and Kapunda Projects) (Figure 5). Each of these projects are considered by Thor directors to have significant growth potential, and each are being advanced towards development via low-cost, environmentally friendly In Situ Recovery (ISR) techniques (Figure 6).

For further information on ISR please refer to Thor's website via this link for an informative video: www.youtube.com/watch?v=eG_1ZGD0WIw

http://www.rns-pdf.londonstockexchange.com/rns/3482B_1-2022-9-30.pdf

Figure 5. Alford East, Alford West & Kapunda Location Map Figure 6. Schematic of ISR process

ALFORD EAST COPPER-GOLD PROJECT - SOUTH AUSTRALIA

The Alford East Copper-Gold Project is located on EL6529, where Thor is earning up to an 80% interest from unlisted Australian explorer Spencer Metals Pty Ltd, covering portions of EL6255 and EL6529 (THR:ASX 23 November 2020).

The Project covers the northern extension of the Alford Copper Belt, located on the Yorke Peninsula, SA (Figure 5). The Alford Copper Belt is a semi coherent zone of copper-gold oxide mineralisation, within a structurally controlled, north-south corridor consisting of deeply kaolinised and oxidised troughs within metamorphic units on the edge of the Tickera Granite, Gawler Craton, SA.

Utilising historic drill hole information, Thor completed an inferred Mineral Resource Estimate (MRE), with summaries in Table A (THR:ASX 27 January 2021), consisting of:

§ 125.6Mt @ 0.14% Cu containing 177,000t of contained copper

§ 71,500oz of contained gold

Diamond Drilling Program

Nine diamond drillholes totalling 878m were completed as part of Thor's initial diamond drilling program. This initial program for Thor, focussed only on the northern portion of the Alford East copper-gold deposit around the AE-5 mineralised domain (Figure 7), with drilling targeting areas open at depth and along strike, whilst validating interpreted controlling mineralised structures. AE-5 domain is only one of eight mineralised domains (Figure 7).

Drillhole assay results with significant copper and gold intercepts include (THR:ASX Announcement 31 August 2021):

§ 21AED001 : 108.2m @ 0.17% Cu and 0.1g/t Au from 6.2m, including

32.9m @ 0.4% Cu and 0.31g/t Au from 81.5 m, and

§ 21AED002 : 59.9m @ 0.31% Cu from 21.9m

§ 21AED004 55.9m @ 0.53% Cu from 7m, including

11.7m @ 1.0%Cu from 17.3m including

5.7m @ 1.23% and 0.16g/t Au from 17.3

§ 21AED005 72.7m @ 1.0% Cu and 0.19g/t Au from 6.3m, including

18.2m @ 2.0% Cu and 0.34g/t Au from 15.8m

Note for ISR, Thor is targeting broad copper-gold oxide intervals above the MRE cut-off grade of 0.05% copper.

For ISR purposes, drilling was limited to the deeply weathered lithological profile, testing the extent of the oxide zone and the depth boundary of the Top of Fresh Rock (TOFR). The copper-gold oxide mineralisation is hosted within deeply kaolinised (clay) and metasomatic altered units on the contact between the Olympic Domain Wallaroo Group metasediments and the Hiltaba Suite, Tickera Granite. Copper oxide mineralogy is dominated by malachite and chalcocite.

Drillholes 21AED001, 21AED003 and 21AED005 (Section A-A' 6,256,360mN), were drilled through the central portion of AE-5 MRE Domain (Figure 8), designed to validate the geological model and test areas, open at depth. The high-grade copper and gold intercepts in both 21AED001 and 21AED005 are, significantly above the MRE cut-off and open up the potential for oxide mineralisation at depth. Drillhole 21AED005 highlights the significant grade uplift along the interpreted north-south controlling structure. Copper (predominately malachite) and gold mineralisation in 21AED005 is hosted within residual friable clays.

The continuation of the visual copper mineralisation 100m north of the MRE AE-5 domain envelope, (21AED002, 21AED006 and 21AED007), confirms oxide copper mineralisation remains opens along strike and the potentially links AE-5 to the AE-8 domain (Figure 7).

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Figure 7: MRE Mineralisation Domains (left); Domain AE-5 showing drillhole collars (right)

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Figure 8: Cross section showing 21AED001, 21AED003 and 21AED05

A new robust 3D geological model was generated from recent diamond drilling combined with all available regional geology, structural and geophysics (magnetics and gravity) data (Figure 9).

Key geological outcomes:

§ The best oxide mineralisation seems to occur where a fault has facilitated a more deeply weathered profile

§ Some faults appear to have had minor vertical offset on them post-development of the weathering profile (for example, the north-east trending Netherleigh Park Fault, central to the project area).

§ Mineralisation shows a preference to metasediments.

§ A Sulphidic-Magnetic-Shale (SMS)stratigraphic-alteration unit appears as a marker unit in the regional and more local magnetics images, as well as in the regional 3D magnetics and gravity inversions.

§ The SMS unit was modelled using the information above, showing an overall synformal shape with AE3 sitting in the core or trough of overlying metasediments formed by the synform.

§ Most supergene mineralisation appears to occur in the hanging wall of the SMS, whilst the weathered primary mineralisation (such as in the deeper sections of AE8 and AE5) appears to be associated with major faults, such as the central Netherleigh Park Fault.

http://www.rns-pdf.londonstockexchange.com/rns/3482B_1-2022-9-30.pdf

Figure 9: 3D Geological Model

Hydrogeology

Pump testing for initial hydrogeological baseline work forming part of the 'proof of concept' for ISR, including water characteristics, porosity, and permeability testing was completed in late 2021, with results confirming positive water parameters and permeability for potential ISR at Alford East Project (THR:ASX 18 October 2021).

Key Findings:

§ The copper-gold mineralisation at the test site is saturated below the water table. The water table elevation is approximately 38m Australian Height Datum (AHD). At the test site this equates to a depth to water of 12m below ground surface. For ISR, the mineralised zone needs to be saturated for lixiviant fluids to flow through.

§ Groundwater salinity within 20km of site reports in the range of 15,000 -55,000 milligrams per Litre total dissolved solids (mg/L TDS), with onsite investigation reporting 19,000mg/L. This is classified as saline and precludes agricultural or potable use. The beneficial use category of this high salinity water as defined in the South Australian Environmental Agency (EPA)water quality policy (2015) and the Australian and New Zealand Guidelines for Fresh and Marine Water Quality ANZECC Guidelines (2020) for industrial use only, not suitable for irrigation or livestock.

§ Ground water is alkaline with pH -8.1, this is ideal for the trial lixiviant, glycine. Glycine is a naturally occurring amino acid, and an environmentally friendly reagent in an alkaline carrier.

§ Groundwater is found within the weathered zone (saprolite)of the basement rock, rather than in discrete fractures.

§ The rock hosting the copper and gold mineralisation is moderately permeable.

§ Short term test pumping calculated an aquifer transmissivity (T) of 2 to 3 m2/day. The resultant concomitant bulk hydraulic conductivity is approximately 0.14 m/day. In an ISR setting, wells with 18m long screens can be expected to yield around 0.5L/s. This assumes transmissivity values consistent with results from recent test pumping. This is very positive for ISR production.

Hydrometallurgy

Thor's objective is to identify an in-situ recovery pathway ideally for both the copper and gold mineralisation at the Alford East Project that is socially and environmentally friendly rather than using conventional acid in-situ recovery (ISR). This has led to Thor engaging Mining Processing Solutions (MPS) trialling their alkaline Glycine Leaching Technology (GLT), branded as their GlyCat^TM and GlyLeach^TM processes, that have the capability to selectively leach base and precious metals using glycine as the principal, eco-friendly, reagent. A preliminary 'Discovery' metallurgical test program has been carried out to determine the amenability of the Alford East mineralisation to metal recovery using GLT. The test work has involved two rounds of Diagnostic Leach Tests (DLTs), and one round of Bottle Roll Tests (BRTs) on the two samples from 21AED001. Ground water collected from Alford East was used in the laboratory test work to ensure water characteristic especially pH was tailored to Project conditions.

Initial Findings:

· Based on copper sequential analysis (identifies leachable copper mineralogy) -15% of the copper from the upper zone and up to 50% from the lower zone should be theoretically leachable with GLT.

· Based on the gold diagnostic leach assays, extraction from the lower zone of up to 73.4% should be theoretically leachable with GLT. Upper zone had negligible gold.

§ Diagnostic Leach test-designed to be initial comparison tests to ascertain the response to a range of conditions including a baseline cyanidation test.

§ Bottle Roll tests (6):

§ The composite sample performed very well with GLT, extracting 98.1% of the gold and over 40% of the copper.

§ Lower zone using GLT extracting 78.3% of the gold and 33.5% of the copper, whilst the Lower zone using cyanide extracted 64.1% Au and 48.2% of the copper.

§ The alkaline Glycine Leaching Technology (GLT)has slower leaching dynamics, than cyanidation, so if given more time higher extractions would be expected

This work was co-funded by the SA Government Accelerated Discovery Grant (ADI) of A$300,000.

From the work completed to date Thor believes Alford East Project to be amenable to ISR with further assessment work planned including resource drilling, pump testing and hydrometallurgical work to increase copper recovery.

In conjunction with the technical assessment, Thor will continue ongoing stakeholder and community engagement, and regulatory activities.

ENVIROCOPPER COPPER PROJECTS - SOUTH AUSTRALIA

Thor holds a 30% equity interest in private Australian company, EnviroCopper Limited ("ECL"). In turn, ECL has entered into an agreement to earn, in two stages, up to 75% of the rights over metals which may be recovered via ISR contained in the Kapunda deposit from Australian listed company, Terramin Australia Limited ("Terramin" ASX: "TZN"), and rights to 75% of the Alford West copper project comprising the northern portion of exploration licence EL5984, held by Andromeda Metals Limited (ASX:ADN).

Information about EnviroCopper Limited and its projects can be found on the EnviroCopper website:

www.envirocopper.com.au

ALFORD WEST

Based on substantial historic drilling, a Mineral Resource Estimate (MRE) was completed in 2019 (ASX: THR 15 August 2019) on several of the deposits at Alford West, totalling 66.1 million tonnes (MT) grading 0.17% copper (Cu), containing 114,000 tonnes of contained copper, using a cut-off grade of 0.05% Cu (Table B).

KAPUNDA

The Kapunda ISR Copper-Gold Project is located approximately 90 kilometres north north-east of Adelaide in South Australia (Figure 5). Terramin and ECR have estimated a combined Resource of 47.4 million tonnes at 0.25% copper containing 119,000 tonnes of copper using a 0.05% copper cut off, summaries in Table C. This Resource estimate is only in respect of that part of the Kapunda mineralisation that is considered amendable to ISR (copper oxides and secondary copper sulphides) and only reports mineralisation that is within 100 metres of the surface (ASX:TZN Announcement 12 February 2018).

Test work to date has demonstrated that both copper and gold are recoverable, using a range of lixiviants, from historical drill samples, and that the ground conditions will allow the flow of fluids necessary for ISR production.

In December 2021 ECL completed the installation of test well arrays and commenced in-situ recovery trials ("ISR"), including tracer and push pull test work (Photo 4). These tests are the final hydrometallurgical assessments before ECL commences Site Environmental Lixiviant Trials (SELT).

The purpose of push pull tests or lixiviant trials, is to assess the solubility of copper mineralisation, and therefore copper recovery, using a specially designed solution called a lixiviant under in-situ conditions. The trial is to be undertaken in two stages. The first stage involves injecting and extracting a tracer solution (Sodium Bromide - NaBr) from the same well to demonstrate hydraulic connectivity between the observation and environmental monitor well network. This is followed by injecting and extracting lixiviant from the same well to test copper solubility from the mineralisation.

Key outcomes anticipated from lixiviant trials:

1. Hydraulic connectivity between wells

2. Copper solubility and recovery

3. Establish lixiviant and time parameters for design of the Site Environmental Lixiviant Trials (SELT).

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Photo 4: Push-Pull Tracer Trials Underway at Kapunda

In August 2022, after the reporting period OZ Minerals Limited (ASX:OZL) ("OZL") entered into an agreement to fund technical investigations into In-Situ Recovery technology at the Kapunda copper-gold ISR Project (ASX:THR Announcement 9 September 2022).

OZL's Think & Act Differently innovation team, through OZ Exploration Pty Ltd, a subsidiary of OZL, has committed AUD $2.5 million over 18 months into investigating the potential economic extraction of copper via ISR at the Kapunda Project (the "Research Agreement"). This funding expands on previous work by ECL in cooperation with CSIRO and University of Adelaide under a CRC-P grant (Commonwealth Research Centre Project). Any resulting IP from the Research Agreement will be owned by ECL, and a license will be granted to OZL which will be worldwide, perpetual, assignable, irrevocable and royalty free.

Funding is non-dilutive to Thor's 30% interest in ECL.

MOLYHIL TUNGSTEN PROJECT - NORTHERN TERRITORY

The 100% owned Molyhil tungsten-molybdenum-copper project is located 220 km north-east of Alice Springs (320km by road) within the prospective polymetallic province of the Proterozoic Eastern Arunta Block in the Northern Territory (Figure 10).

Thor Mining PLC acquired this project in 2004 as an advanced exploration opportunity. Since then, the project has been taken to the level where it is substantially permitted for development and, by global standards, is recognised as one of the higher grade open-pittable tungsten projects, with low capital and operating costs per unit of tungsten production. The construction period for the Molyhil development is estimated at 12 months from the time finance is secured, and discussions with various parties in order to secure finance for this purpose are proceeding. Thor is also seeking a potential Joint Venture to assist with moving the Project to development phase.

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Figure 10: Location Map

The deposit consists of two adjacent outcropping iron-rich skarn bodies, the northern 'Yacht Club' lode and the 'Southern' lode. Both lodes are marginal to a granite intrusion; both lodes contain scheelite (CaWO₄) and molybdenite (MoS₂) mineralisation. Both the outlines of the lodes and the banding within the lodes strike approximately north and dip steeply to the east.

A revised Mineral Resource Estimate (MRE) was completed in 2021 comprising Measured, Indicated, and Inferred Mineral Resources, totalling 4.4 million tonnes at 0.27% WO₃ (Tungsten trioxide), 0.10% Mo (Molybdenum), and 0.05% Cu (Copper) using a 0.07% WO₃ cut-off (Table D). The estimation of WO₃ and Mo using Mixed Support Kriging was undertaken by Golder Associates ("Golder"), with the estimation of Fe and Cu by Ordinary Kriging was undertaken by Resource Evaluation Services ("RES")

In conjunction with the Mineral Resource Estimate, 3D geological modelling identified two prominent structures - Yacht Club fault and South Offset fault (Figure 11 left). Based on the geological timing of these faults they may have a significant impact on mineralisation, hence creating targets for potential extensions.

Modelling of the 3D magnetics and the position of the modelled South Offset Fault strongly implies an offset of the magnetic material (magnetite skarn) host to the tungsten-molybdenum mineralisation, identifying a strong magnetic anomaly, south of the fault. Although there are a few drillholes to the south of the South Offset Fault, these have not intersected the magnetic body (Figure 11 right).

Three diamond drillholes (21MHDD001, 21MHDD002, 21MHDD003) totalling 995.4m, completed in late 2021, have successfully tested and confirmed the newly identified 3D magnetic target located along strike to the south of the Molyhil Critical Minerals Project. This magnetic target represents a massive magnetite skarn hosting disseminated tungsten-molybdenum-copper mineralisation.

Both 21MHDD002 and 21MHDD003 intercepted disseminated mineralisation, consisting of low grade scheelite, molybdenite and chalcopyrite within massive magnetite skarn. Drillhole 21MHDD002 intercepted 46m of disseminated mineralisation (Photo 5), whilst 21MHDD003 intercepted two zones of disseminated mineralisation over 29m of magnetite skarn . It appears 21MHDD001 intersected the edges of the magnetite skarn drilling over the top into a granite, with negligible mineralisation.

21MHDD002:

§ 46m @ 0.06% WO₃, 0.05% Mo & 0.04% Cu from 249m, including 11m @ 0.05% WO₃, 0.13% Mo & 0.06 % Cu from 272m

21MHDD003:

§ 4m @ 0.13% WO₃, 0.08% Mo & 0.06% Cu from 255m

Thor Mining was awarded A$110,000 from the Northern Territory Government as part of the Resourcing the Territory, Geophysics and Drilling Collaborations (GDC) program to co-fund the drilling program.

A full background on the project is available on the Thor Mining website: www.thormining.com/projects .

http://www.rns-pdf.londonstockexchange.com/rns/3482B_1-2022-9-30.pdf

Figure 11 (Left): Plan view, looking down at the conceptual pit shell (brown), with the 0.3% WO₃ isosurface in blue, 0.15% Mo isosurface in silver, and modelled 3D magnetics in transparent red. The yellow dashed line shows the location of the long section (right). Interpreted mineralisation model shown in yellow. 21MHDD001, 21MHDD002 and 21MHDD003 hole traces.

Figure 11 (Right): Long section of the Molyhil project looking west-northwest, showing the three holes drilled in 2021 (21MHDD001, 21MHDD002 21MHDD003). Drilled holes 21MHDD002 and 21MHDD003 intercepted tungsten-molybdenum-copper mineralisation within magnetite skarn, whilst 21MHDD001 is interpreted to have drilled just over the top of the mineralised zone. Bar graph to the left of the drillholes shows Fe in magnetic susceptibility readings, indicating magnetite-rich skarn. Mineralisation remains open at depth. The conceptual pit shell is shown in brown, 0.3% WO₃ isosurface in blue, 0.15% Mo isosurface in silver, and modelled 3D magnetics in red (0.175 SI), and as a transparent red envelope (0.15 SI) and a conceptual shape representing the down-plunge mineralised zone in yellow.

http://www.rns-pdf.londonstockexchange.com/rns/3482B_1-2022-9-30.pdf

Photo 5: 21MHDD02- 282-283m (282.4m) - 1m @ 0.02% WO₃, 0.23% Mo & 0.07% Cu - coarse grained visible molybdenite in magnetite skarn

BONYA (TUNGSTEN, COPPER, VANADIUM) - NORTHERN TERRITORY

Adjacent to Molyhil, the Bonya tenements, in which Thor holds a 40% interest, host outcropping tungsten/copper resources, a copper resource and a vanadium deposit (Figure 12).

In March 2020 quarter, the Joint Venture reported a maiden resource estimate for the White Violet and Samarkand deposits (Table E and F).

http://www.rns-pdf.londonstockexchange.com/rns/3482B_1-2022-9-30.pdf
Figure 12: Map showing Bonya prospects in proximity to Molyhil

Details of the projects may be found on the Thor website via this link: www.thormining.com/projects/us-uranium-and-vanadium

PILOT MOUNTAIN TUNGSTEN PROJECT - NEVADA, USA

In September 2021, Thor entered into an Option Agreement with Power Metal Resources Plc to divest the 100% owned Pilot Mountain Project, located in Nevada, USA. The sale agreed value of US$1.8 million.

A full background on the project and recent sale agreement is available on the Thor Mining website: www.thormining.com/projects

SPRING HILL GOLD PROJECT - NORTHERN TERRITORY

In September 2020, the Company announced the A$1.0million sale of its royalty entitlement from the Spring Hill gold project in the Northern Territory. The sale agreement provides for receipt of A$400,000 on completion (received), followed by two production milestone payments of A$300,000 each.

Competent Person's Report

The information in this report that relates to Exploration Results and the Estimation and Reporting of Mineral Resource Estimation is based on information compiled by Nicole Galloway Warland, who holds a BSc Applied geology (HONS) and who is a Member of The Australian Institute of Geoscientists. Ms Galloway Warland is an employee of Thor Mining PLC. She has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which she is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Nicole Galloway Warland consents to the inclusion in the report of the matters based on her information in the form and context in which it appears.

JORC (2012) Compliant Mineral Resources and Reserves

Table A: Alford East Mineral Resource Estimate (Reported 22 January 2021)

Domain	Tonnes (Mt)	Cu %	Au g/t	Contained Cu (t)	Contained Au (oz)
AE_1	24.6	0.12	0.021	30,000	16,000
AE_2	6.8	0.13	0.004	9,000	1,000
AE_3	34.9	0.09	0.022	33,000	25,000
AE_4	8.0	0.11	0.016	8,000	4,000
AE_5	11.0	0.22	0.030	24,000	11,000
AE-8	31.3	0.19	0.008	61,000	8,000
AE-7	7.7	0.14	0.025	10,000	6,000
AE-6	1.3	0.13	0.011	2,000	500
Total	125.6	0.14	0.018	177,000	71,500

Notes:

· Thor is earning up to 80% interest in oxide material from Spencer Metals

· MRE reported on oxide material only, at a cut-off grade of 0.05% copper which is consistent with the assumed In Situ Recovery technique.

· Minor rounding errors may occur in compiled totals.

· The Company is not aware of any information or data which would materially affect this previously announced resource estimate, and all assumptions and technical parameters relevant to the estimate remain unchanged.

Table B: Alford West Copper Mineral Resource Estimate (Reported 15 August 2019)

Resource Classification	COG (Cu %)	Deposit	Volume (Mm3)	Tonnes (Mt)	Cu (%)	Cu metal (tonnes)	Au (g/t)	Au (Oz)
Inferred	0.05	Wombat	20.91	46.5	0.17	80,000
		Bruce	5.51	11.8	0.19	22,000
		Larwood	3.48	7.8	0.15	12,000	0.04	10,000
Total			29.9	66.1	0.17	114,000

Notes:

· EnviroCopper are earning a 75% interest in this resource, and Thor hold 30% equity in EnviroCopper.

· Figures are rounded to reflect appropriate levels of confidence. Apparent differences may occur due to rounding.

· Cut-off grade used of 0.05% Cu.

Table C: Kapunda Resource Summary 2018 (Reported 12 February 2018)

	Resource			Copper
Mineralisation		Classification	MT	Grade %	Contained Cu (t)
Copper Oxide		Inferred	30.3	0.24	73,000
Secondary copper sulphide		Inferred	17.1	0.27	46,000
	Total		47.4	0.25	119,000

Notes:

· EnviroCopper are earning a 75% interest in this resource, and Thor hold 30% equity in EnviroCopper.

· All figures are rounded to reflect appropriate levels of confidence. Apparent differences may occur due to rounding.

· Cut-off of 0.05% Cu.

Table D: Molyhil Mineral Resource Estimate (Reported March 31, 2021)

Classification	'000 Tonnes	WO₃		Mo		Cu		Fe
	'000 Tonnes	Grade %	Tonnes	Grade %	Tonnes	Grade %	Tonnes	Grade %
Measured	464	0.28	1,300	0.13	600	0.06	280	19.12
Indicated	2,932	0.27	7,920	0.09	2,630	0.05	1,470	18.48
Inferred	990	0.26	2,580	0.12	1,170	0.03	300	14.93
Total	4,386	0.27	11,800	0.10	4,400	0.05	2,190	17.75

Notes:

· Figures are rounded to reflect appropriate level of confidence. Apparent differences may occur due to rounding.

· Cut-off of 0.07% WO₃.

· 100% owned by Thor Mining Plc.

· To satisfy the criteria of reasonable prospects for eventual economic extraction, the Mineral Resources have been reported down to 200 m RL which defines material that could be potentially extracted using open pit mining methods.

Table E: Bonya Tungsten Mineral Resources (announced 29 January 2020)

		Oxidation	Tonnes	WO₃		Cu
				%	Tonnes	%	Tonnes
White Violet	Inferred	Oxide	25,000	0.41	90	0.16	40
	Inferred	Fresh	470,000	0.21	980	0.06	260
Sub Total			495,000	0.22	1,070	0.06	300
Samarkand	Inferred	Oxide	25,000	0.11	30	0.07	20
	Inferred	Fresh	220,000	0.20	430	0.13	290
Sub Total			245,000	0.19	460	0.13	310
Combined	Inferred	Oxide	50,000	0.26	120	0.14	60
	Inferred	Fresh	690,000	0.21	1,410	0.08	550
Total			740,000	0.21	1,530	0.09	610

Notes:

· 0.05% WO3 cut-off grade.

· Totals may differ from the addition of columns due to rounding.

· Thor Mining PLC holds 40% equity interest in this project.

Table F: Bonya Copper Mineral Resources (announced 26 November 2018)

	Oxidation	Tonnes	Cu
			%	Tonnes
Inferred	Oxide	25,000	1.0	200
Inferred	Fresh	210,000	2.0	4,400
Total		230,000	2.0	4,600

Notes:

· 0.2% Cu cut-off grade.

· Totals may differ from the addition of columns due to rounding.

· Thor Mining PLC holds 40% equity interest in this project

Principal risks and uncertainties

The management of the business and the execution of the Group's strategy are subject to a number of risks. The key business risks affecting the Group are set out below.

Risks are formally reviewed by the Board, and appropriate processes are put in place to monitor and mitigate them. If more than one event occurs, it is possible that the overall effect of such events would compound the possible adverse effects on the Group.

Exploration risks

The exploration and mining business is controlled by a number of global factors, principally supply and demand which in turn is a key driver of global mineral prices; these factors are beyond the control of the Group. Exploration is a high-risk business and there can be no guarantee that any mineralisation discovered will result in proven and probable reserves or go on to be an operating mine. At every stage of the exploration process the projects are rigorously reviewed to determine if the results justify the next stage of exploration expenditure ensuring that funds are only applied to high priority targets.

The principal assets of the Group comprising the mineral exploration licences are subject to certain financial and legal commitments. If these commitments are not fulfilled the licences could be revoked. They are also subject to legislation defined by the Government; if this legislation is changed it could adversely affect the value of the Group's assets.

Dependence on key personnel

The Group and Company is dependent upon its executive management team and various technical consultants. Whilst it has entered into contractual agreements with the aim of securing the services of these personnel, the retention of their services cannot be guaranteed. The development and success of the Group depends on its ability to recruit and retain high quality and experienced staff. The loss of the service of key personnel or the inability to attract additional qualified personnel as the Group grows could have an adverse effect on future business and financial conditions.

Uninsured risk

The Group, as a participant in exploration and development programmes, may become subject to liability for hazards that cannot be insured against or third party claims that exceed the insurance cover. The Group may also be disrupted by a variety of risks and hazards that are beyond control, including geological, geotechnical and seismic factors, environmental hazards, industrial accidents, occupational and health hazards and weather conditions or other acts of God.

Funding risk

The only sources of funding currently available to the Group are through the issue of additional equity capital in the parent company or through bringing in partners to fund exploration and development costs. The Company's ability to raise further funds will depend on the success of the Group's exploration activities and its investment strategy. The Company may not be successful in procuring funds on terms which are attractive and, if such funding is unavailable, the Group may be required to reduce the scope of its exploration activities or relinquish some of the exploration licences held for which it may incur fines or penalties.

Financial risks

The Group's operations expose it to a variety of financial risks that can include market risk (including foreign currency, price and interest rate risk), credit risk, and liquidity risk. The Group has a risk management programme in place that seeks to limit the adverse effects on the financial performance of the Group by monitoring levels of debt finance and the related finance costs. The Group does not use derivative financial instruments to manage interest rate costs and, as such, no hedge accounting is applied.

COVID-19

The COVID-19 virus continues to disrupt supply chains and services. The extent of the effect of the virus, including its long-term impact, remains uncertain. The Group has implemented procedures and contingency arrangements to ensure that they are able to continue to operate.

Section 172(1) Statement - Promotion of the Company for the benefit of the members as a whole

The Directors believe they have acted in the way most likely to promote the success of the Company for the benefit of its members as a whole, as required by s172 of the Companies Act 2006.

The requirements of s172 are for the Directors to:

· Consider the likely consequences of any decision in the long term

· Act fairly between the members of the Company

· Maintain a reputation for high standards of business conduct

· Consider the interests of the Company's employees

· Foster the Company's relationships with suppliers, customers and others

· Consider the impact of the Company's operations on the community and the environment

The Company continues to progress with its portfolio of exploration projects and investments, which are inherently speculative in nature and, without regular income, is dependent upon fund-raising for its continued operation. The pre-revenue nature of the business is important to the understanding of the Company by its members, employees and suppliers, and the Directors are as transparent about the cash position and funding requirements as is allowed under AIM Rules for Companies.

An example of how the Company implemented S172 can be demonstrated from the impact of COVID19 on Thor's operations which have continued to cause some disruption mainly in respect of the following:

• Ensuring the health and safety of our staff and contractors;

• Logistical issues surrounding supporting field operations; and

• Volatility of capital markets and Thor's ability to secure equity capital.

These issues have all been directly addressed. In terms of health of our staff we have standard practices in place to minimise the risk of COVID19 contraction or spread: working from home where appropriate, the use of face masks in public in compliance with local requirements and ensuring the availability of sanitiser and social distance in the office environment. Travel to major population centres is minimised where possible and the company retains a strict policy of staff staying at home if they feel unwell.

As a mining exploration Company with projects in Australia and United States of America, the Board takes seriously its ethical responsibilities to the communities and environment in which it works. Wherever possible, local communities are engaged in the geological operations & support functions required for field operations. The regions in which the Company operates have native title laws. The Company is respectful of native title rights and engages proactively with local communities. In addition, we are careful to manage the environmental obligations of our work, and in particular undertake site rehabilitation programmes, and prepare mine management plans, in accordance with local laws and regulations. Our goal is to meet or exceed standards, in order to ensure we maintain our social licence to operate from the communities with which we interact.

We abide by the local, including relevant UK, Australian and US laws on anti-corruption & bribery.

The interests of our employees are a primary consideration for the Board. Personal development opportunities are supported and health and safety are central to planning for field expeditions.

Other information

Other information that is usually found in the Strategic report has been included in the Directors report.

Directors' Report

The Directors are pleased to present this year's annual report together with the consolidated financial statements for the year ended 30 June 2022.

Review of Operations

The net result of operations for the year was a loss of £1,253,000 (2021 loss: £2,104,000).

A detailed review of the Group's activities is set out in the Review of Operations & Strategic Report.

Directors and Officers

The names and details of the Directors and officers of the company during or since the end of the financial year are:

Alastair Clayton - Non-Executive Chairman (Appointed 5 October 2021)

Alastair is a financier and geologist, has over 25 years' experience in the mining and exploration industry, identifying, financing and developing mineral, energy and materials processing projects in Australia, Europe and Africa. He was previously a Director of ASX100-list Uranium Developer Extract Resources where he represented major shareholder AIM-listed Kalahari Minerals on the Board. He was part of the team responsible for the eventual A$2.2B sale to CGNPC in 2012. He was also Chairman of ASX-listed Uranium Developer Bannerman Resources Limited and was a founding Director of ASX-listed Universal Coal which was sold to Terracom in 2021 for A$175m.

Currently Alastair is an Executive Director of ASX/AIM-listed Gold/Copper explorer Artemis Resources Limited.

Nicole Galloway Warland - Managing Director

Ms Galloway Warland, who graduated from the University of Technology, Sydney with a BSc (Hons) Applied Geology, has had a career spanning more than 25 years in the mining and exploration industry, working across a broad range of jurisdictions and geological provinces in Australia, Eastern Europe and South America.

Nicole's experience spans from grass roots exploration to project evaluation to open cut & underground mining with a commodity focus of gold, copper, nickel, uranium & lithium.

Mark McGeough BSc dual honours Geol/Geog, FAusIMM - Non-Executive Director

Mr McGeough is an experienced geologist who has spent nearly 40 years in Australia exploring for gold, IOCG copper-gold, silver-lead-zinc and uranium. He was involved in the discovery of the White Dam gold deposit in South Australia and the Theseus uranium deposit in WA.

Mark's career includes a variety of small, mid-size and large mining companies including Chinova Resources, Toro Energy, Xstrata Copper, Mount Isa Mines and AGIP Australia. For Chinova Resources, Mark combined the role of General Manager Exploration with technical director roles for subsidiary companies. From 2005 to 2008 Mark was also the Manager of the SA Geological Survey, promoting the PACE program.

Mark Potter - Former Non-Executive Director and Chairman (Resigned 30 June 2022)

Michael Robert Billing CPA, B Bus MAICD - Former Executive Chairman and CEO (Retired as CEO 21 April 2021 and retired as Chairman 3 September 2021)

Ray Ridge - BA(Acc), CA, GIA(cert)

Chief Financial Officer / Joint Company Secretary

Mr Ridge is a chartered accountant with over 25 years accounting and commercial management experience. Previous roles include Senior Audit Manager with Arthur Andersen, Financial Controller and then Divisional CFO with Elders Ltd, and General Manager Commercial & Operations at engineering and construction company Parsons Brinckerhoff. Mr Ridge is company secretary for two other ASX listed companies.

Stephen F Ronaldson - Joint Company Secretary (UK)

Mr Stephen Ronaldson is the joint company secretary as well as a partner of the Company's UK solicitors, Druces LLP.

Mr Ronaldson has an MA from Oriel College Oxford and qualified as a solicitor in 1981. During his career Mr Ronaldson has concentrated on company and commercial fields of practice undertaking all issues relevant to those types of businesses including capital raises, mergers and acquisitions, Financial Services and Markets Act work, placings and admissions to AIM, AQUIS and other regulated markets. Mr Ronaldson is currently company secretary for a number of quoted companies including AIM listed companies.

Executive Director Service contracts

All Directors are appointed under the terms of a Directors letter of appointment. Applicable from October 2020, each appointment provides for annual fees of Australian dollars $50,000 for services as Directors inclusive of the 10.0% as a company contribution to Australian statutory superannuation scheme (10.50% from 1 July 2022). Prior to October 2020, annual Directors' fees were $40,000 inclusive of the 9.5% to Australian statutory superannuation scheme. The agreement allows that any services supplied by the Directors to the Company and any of its subsidiaries in excess of two days in any calendar month, may be invoiced to the Company at market rate, currently at A$1,000 per day for each Director other than Mr Michael Billing who was paid A$1,200 per day.

Principal activities and review of the business

The principal activities of the Group are the exploration for and potential development of gold, copper, uranium, vanadium, tungsten and other mineral deposits.

At the Company's 100% owned Ragged Range Project in the Pilbara region of Western Australia, Thor completed RC drilling of 2,155m, followed by a further 3,120m in July 2022, at its sterling prospect. A high-powered fixed loop electromagnetics ground geophysics was completed at the Krona prospect (Nickel Gossan) and subsequent to 30 June 2022, Thor has undertaken a down hole electromagnetic survey. Additionally, the Pilbara Craton remains highly prospective for lithium-caesium-tantalum (LCT) enriched pegmatites, and the Company is identifying several priority areas for mapping and sampling. A new tenement (E46/1393) was acquired in the northeast.

Thor holds mineral claims in the US states of Colorado and Utah within the Uranvan Mineral Belt, with historical high-grade uranium and vanadium production results. Thor has successfully obtained permits for drilling at the Colorado prospects - Rim Rock, Groundhog and Area 23, within the Wedding Bell and Radium Mountain Projects. The initial drill program of 2,000m has commenced in late September 2022.

At Alford East Copper-Gold Project in South Australia, Thor is earning an 80% interest in copper gold oxide mineralisation considered amenable to extraction via In Situ Recovery techniques (ISR). Alford East has an Inferred Mineral Resource Estimate of 177,000 tonnes contained copper & 71,500 oz of contained gold. Nine drill holes were completed totalling 878m, as part of Thor's maiden drilling program, with assay results announced on 31 August 2021. In late 2021, pump testing for initial hydrogeological baseline work was completed, forming part of the 'proof of concept' for ISR, with results confirming positive water parameters and permeability for potential ISR at Alford East Project. A preliminary metallurgical test program has also been carried out to determine the amenability of the Alford East mineralisation to metal recovery using environmentally friendly Glycine Leaching Technology.

Thor holds 30% of EnviroCopper Limited (ECL). ECL holds 1) an agreement to earn, in two stages, up to 75% of the rights over metals which may be recovered via in-situ recovery (ISR) contained in the Kapunda deposit, from Australian listed company, Terramin Australia Limited (ASX: TZN) and 2) a right to earn up to a 75% interest in the Moonta Copper Project, which comprises the northern section of exploration licence EL5984 held by Andromeda Metals Limited (ASX: ADN). In December 2021, ECL completed the installation of test well arrays and commenced in-situ recovery trials ("ISR"), including tracer and push pull test work. These tests are the final hydrometallurgical assessments before ECL commences Site Environmental Lixiviant Trials. Subsequently in August 2022, OZ Minerals Limited (ASX:OZL) ("OZL") entered into an agreement to provide funding to ECL of $2.5 million over 18 months for further technical investigations into In-Situ Recovery technology at the Kapunda Project.

Thor holds 100% of the advanced Molyhil Tungsten-Molybdenum Project in the Northern Territory of Australia, together with a 40% interest in deposits of tungsten, copper, and vanadium, in two tenements adjacent to Molyhil. In late 2021, three diamond drillholes totalling 995.4m successfully tested and confirmed the previously identified 3D magnetic target located along strike to the south of the Molyhil Critical Minerals Project.

In September 2021, Thor completed the divestment of the Pilot Mountain tungsten project in Nevada USA, (refer Note 7a of the Annual Financial Report).

A detailed review of the Group's activities is set out in the Review of Operations & Strategic Report.

Covid-19

The impact of COVID19 on Thor's operations has reduced with modest business disruption mainly in respect of the following:

• Ensuring the health and safety of our staff and contractors;

• Logistical issues surrounding supporting field operations; and

• Volatility of capital markets and Thor's ability to secure equity capital.

Business Review and future developments

A review of the current and future development of the Group's business is provided in the Review of Operations & Strategic Report.

Results and dividends

The Group incurred a loss after taxation of £1,253,000(2021 loss: £2,104,000). No dividends have been paid or are proposed.

Key Performance Indicators

Given the nature of the business and that the Group is on an exploration and development phase of operations, the Directors are of the opinion that analysis using KPIs is not appropriate for an understanding of the development, performance or position of our businesses at this time.

At this stage, management believe that the carrying value of exploration assets and the management of cash is the main performance indicator which is monitored closely to ensure the group has sufficient funds to advance its exploration assets.

Events occurring after the reporting period

At the date these financial statements were approved, the Directors were not aware of any other significant post balance sheet events other than those set out in note 21 to the financial statements.

Substantial Shareholdings

At 17 September 2022, there were no disclosable interests in 3% or more of the nominal value of the Company's shares.

Directors & Officers Shareholdings

The Directors and Officers who served during the period and their interests in the share capital of the Company at 30 June 2022 or their date of resignation if prior to 30 June 2022, were follows:

	Ordinary Shares/CDIs		Options
	30 June 2022	30 June 2021	30 June 2022	30 June 2021
Alastair Clayton (appointed 5/10/2021)	-	-	8,000,000	-
Nicole Galloway Warland	250,000	250,000	16,000,000	4,000,000
Mark McGeough	1,861,765	1,861,765	8,000,000	-
Mark Potter (retired 30/06/2022)	2,910,831	2,910,831	16,000,000	8,000,000
Michael Billing (retired 3/09/2021)	53,156,490	53,156,490	9,250,000	9,250,000

Directors' Remuneration

The remuneration arrangements in place for directors and other key management personnel of Thor Mining PLC, are outlined below.

The Company remunerates the Directors at a level commensurate with the size of the Company and the experience of its Directors. The Board has reviewed the Directors' remuneration and believes it upholds the objectives of the Company with regard to this issue. Details of the Director emoluments and payments made for professional services rendered are set out in Note 4 to the financial statements.

The Australian based directors are paid on a nominal fee basis of A$50,000 per annum applicable from October 2020 (A$40,000 prior to that date), and UK based directors are paid the GBP equivalent of A$50,000 at an agreed average foreign exchange rate (applicable from October 2020), with the exception of Ms Nicole Galloway Warland who receive a salary in her respective executive role, no further fees were payable Ms Galloway Warland as Executive Director.

Directors and Officers

Summary of amounts paid to Key Management Personnel

The following table discloses the compensation of the Directors and the key management personnel of the Group during the year.

2022	Salary and Fees	Shares issued	Post Employment Super	Total Fees for Services rendered	Short-term employee benefits	Options ⁶	Total Benefit
	£'000	£'000	£'000	£'000	£'000	£'000	£'000
Directors ¹
Alastair Clayton ²	21	-	-	21	21	52	73
Mark Potter ³	29	-	-	29	29	52	81
Nicole Galloway Warland ⁴	127	-	13	140	140	79	219
Mark McGeough	25	-	2	27	27	52	79
Michael Billing ⁵	19	-	1	20	20	-	20
Key Personnel ¹
Ray Ridge	46	-	-	46	46	6	52
2022 Total	267	-	16	283	283	241	524

¹ As at 30 June 2022 amounts of £7,089, £7,089 and £5,257 remained unpaid to Messrs Clayton, McGeough and Ridge respectively.

² Appointed 5 October 2021.

³ Retired 30 June 2022.

⁴ Short term benefits in the table above for Ms Galloway Warland include normal salary of £120,010 and a bonus of £6,546, approved by the Board.

⁵ Retired 3 September 2021.

⁶ Following shareholder approval, 8,000,000 listed options were granted to each of Messrs Clayton, Potter and McGeough and 12,000,000 to Ms Galloway Warland on 22 November 2021 (exercise price $0.013, expiring 22 November 2025). These options were valued at £0.00656 per option using the Black-Scholes method. On 17 May 2022, 2,400,000 unlisted options were granted to Mr Ridge under the Company's Employee Share Option Plan (exercise price $0.025, expiring 12 May 2025). These options were valued at £0.00630 per option using the Black-Scholes method. 800,000 vest immediately and were expensed. 800,000 vest 12 May 2023 and 800,000 vest 12 May 2024 - these options are expensed over their vesting periods.

2021	Salary and Fees	Shares issued ⁴	Post Employment Super	Total Fees for Services rendered	Short-term employee benefits	Options ⁵	Total Benefit
	£'000	£'000	£'000	£'000	£'000	£'000	£'000
Directors ¹
Mark Potter	24	12	-	36	36	14	50
Nicole Galloway Warland ³	82	-	8	90	90	20	110
Mark McGeough	17	6	2	25	25	-	25
Michael Billing	119	6	2	127	127	14	141
Richard Bradey ²	79	-	3	82	82	14	96
Key Personnel ¹
Ray Ridge	50	-	-	50	50	13	63
2021 Total	371	24	15	410	410	75	485

¹ As at 30 June 2021 amounts of £94,328, £6786, £6786 and £7,203, remained unpaid to Messrs Billing, Potter, McGeough and Ridge respectively.

² Retired 29 October 2020.

³ Appointed as Exploration Manager on 1 October 2020 and appointed Managing Director 21 April 2021. Remuneration in the above table for Ms Galloway Warland includes the period as Exploration Manager and Managing Director, as both are considered KMP roles.

⁴ Messrs Billing and McGeough elected to receive 50% of their gross directors' fees for the 6 months to 31 December 2020 by Thor shares in lieu of cash payment. Mr Potter elected to receive 100% of his directors' fees for the 6 months to 31 December 2020 by Thor shares in lieu of cash payment. Following shareholder approval on 25 November 2020, 661,765 ordinary shares were issued on 27 November 2020, to each of Messrs Billing and McGeough in lieu of $11,250 in directors fees owing to each and 1,323,529 ordinary shares were issued to Potter in lieu of $22,500 in directors fees owing.

⁵ Following shareholder approval, 8,000,000 unlisted Options were granted to each of Messrs Potter, Billing and Bradey on 8 July 2020 (exercise price $0.0095, expiring 8 July 2023). These options were valued at £0.00172 per option using the Black-Scholes method. Unlisted options were granted under the Company's Employee Share Option Plan on 29 September 2020 to Ms Galloway Warland (4,000,000 options) and Mr Ridge (2,500,000 options). These options were valued at £0.00509 per option using the Black-Scholes method.

Directors Meetings

The Directors hold meetings on a regular basis and on an as required basis to deal with items of business from time to time. Meetings held and attended by each Director during the year of review were:

2022	Meetings held whilst in Office	Meetings attended
Alastair Clayton (appointed 5 October 2021)	6	6
Nicole Galloway Warland	11	11
Mark McGeough	11	11
Mark Potter (resigned 30 June 2022)	11	11
Michael Billing (retired 3 September 2021)	3	3

Corporate Governance

The Board have chosen to apply the ASX Corporate Governance Principles and Recommendations (ASX Corporate Governance Council, 4^th Edition) as the Company's chosen corporate governance code for the purposes of AIM Rule 26. Consistent with ASX listing rule 4.10.3 and AIM rule 26, this document details the extent to which the Company has followed the recommendations set by the ASX Corporate Governance Council during the reporting period. A separate disclosure is made where the Company has not followed a specific recommendation, together with the reasons and any alternative governance practice, as applicable. This information is reviewed annually.

The Company does not have a formal nomination committee, however it does formally consider board succession issues and whether the board has the appropriate balance of skills, knowledge, experience, and diversity. This evaluation is undertaken collectively by the Board, as part of the annual review of its own performance.

Whilst a separate Remuneration Committee has not been formed, the Company undertakes alternative procedures to ensure a transparent process for setting remuneration for Directors and Senior staff, that is appropriate in the context of the current size and nature of the Company's operations. The full Board fulfils the functions of a Remuneration Committee, and considers and agrees remuneration and conditions as follows:

· All Director Remuneration is set against the market rate for Independent Directors for ASX listed companies of a similar size and nature.

· The financial package for the Managing Director is established by reference to packages prevailing in the employment market for executives of equivalent status both in terms of level of responsibility of the position and their achievement of recognised job qualifications and skills.

The Company does not have a separate Audit Committee, however the Company undertakes alternative procedures to verify and safeguard the integrity of the Company's corporate reporting, that are appropriate in the context of the current size and nature of the Company's operations, including:

· the full Board, in conjunction with the Australian Company Secretary, fulfils the functions of an Audit Committee and is responsible for ensuring that the financial performance of the Group is properly monitored and reported.

· in this regard, the Board is guided by a formal Audit Committee Charter which is available on the Company's website at http://www.thormining.com/aboutus#governance. The Charter includes consideration of the appointment and removal of external auditors, and partner rotation.

Further information on the Company's corporate governance policies is available on the Company's website www.thormining.com .

Environmental Responsibility

The Company is aware of the potential impact that its subsidiary companies may have on the environment. The Company ensures that it and its subsidiaries at a minimum comply with the local regulatory requirements with regard to the environment.

Employment Policies

The Group will be committed to promoting policies which ensure that high calibre employees are attracted, retained and motivated, to ensure the ongoing success for the business. Employees and those who seek to work within the Group are treated equally regardless of gender, age, marital status, creed, colour, race or ethnic origin.

Health and Safety

The Group's aim will be to achieve and maintain a high standard of workplace safety. In order to achieve this objective, the Group will provide training and support to employees and set demanding standards for workplace safety.

Payment to Suppliers

The Group's policy is to agree terms and conditions with suppliers in advance; payment is then made in accordance with the agreement provided the supplier has met the terms and conditions. Under normal operating conditions, suppliers are paid within 60 days of receipt of invoice.

Political Contributions and Charitable Donations

During the period the Group did not make any political contributions or charitable donations.

Annual General Meeting ("AGM")

This report and financial statements will be presented to shareholders for their approval at the AGM. The Notice of the AGM will be distributed to shareholders together with the Annual Report.

Auditors

A resolution to reappoint PKF Littlejohn LLP will be considered at the Company's next Annual General Meeting expected to be held mid to late November 2022.

Statement of disclosure of information to auditors

As at the date of this report the serving Directors confirm that:

· So far as each Director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

· they have taken all the steps that they ought to have taken as Directors in order to make themselves aware of any relevant audit information and to establish that the Company's auditor is aware of that information.

Going Concern

The Directors note the losses that the Group has made for the Year Ended 30 June 2022. The Directors have prepared cash flow forecasts for the period ending 30 September 2023 which take account of the current cost and operational structure of the Group.

The cost structure of the Group comprises a high proportion of discretionary spend and therefore in the event that cash flows become constrained, some costs can be reduced to enable the Group to operate with a lower level of available funding. As a junior exploration company, the Directors are aware that the Company must go to the marketplace to raise cash to meet its exploration and development plans, and/or consider liquidation of its investments and/or assets as is deemed appropriate.

These forecasts demonstrate that the Group has sufficient cash funds available to allow it to continue in business for a period of at least twelve months from the date of approval of these financial statements on the basis of continued ability to raise capital in the marketplace. If additional capital is not obtained, the going concern basis may not be appropriate, with the result that the Group may have to realise its assets and extinguish its liabilities, other than in the ordinary course of business and at amounts different from those stated in the financial report. Accordingly, the financial statements have been prepared on a going concern basis. Further consideration of the Group's Going Concern status is detailed in Note 1 to the financial statements.

Statement of Directors' Responsibilities

The Directors are responsible for preparing the financial statements in accordance with applicable law and regulations.

Company law requires the Directors to prepare financial statements for each financial year. Under that law the Directors have elected to prepare the group and parent company financial statements in accordance with applicable law and UK-adopted international accounting standards in conformity with the requirements of the Companies Act 2006 and as regards the parent company financial statements, as applied in accordance with the provisions of the Companies Act 2006. Under company law the Directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the group and of the profit or loss of the company and the group for that year. In preparing those financial statements, the Directors are required to:

· select suitable accounting policies and then apply them consistently;

· make judgments and estimates that are reasonable and prudent;

· state whether applicable UK-adopted international accounting standards in conformity with the requirements of the Companies Act 2006 have been followed subject to any material departures disclosed and explained in the financial statements; and

· prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group will continue in business.

The Directors confirm that they have complied with the above requirements in preparing the financial statements.

The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company transactions and disclose with reasonable accuracy at any time the financial position of the Company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Electronic communication

The maintenance and integrity of the Company's website is the responsibility of the Directors: the work carried out by the auditors does not involve consideration of these matters and, accordingly, the auditors accept no responsibility for any changes that may have occurred to the financial statements since they were initially presented on the website.

The Company's website is maintained in accordance with AIM Rule 26.

Legislation in the United Kingdom governing the preparation and dissemination of the financial statements may differ from legislation in other jurisdictions.

This report was approved by the Board on 30 September 2022.

Alastair Clayton Ray Ridge

Non-Executive Chairman Chief Financial Officer

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THOR MINING PLC

Opinion

We have audited the financial statements of Thor Mining Plc (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 June 2022 which comprise the Consolidated and Company Statements of Comprehensive Income, the Consolidated and Parent Company Statements of Financial Position, the Consolidated and Company Statements of Cash Flows and the Consolidated and Company Statements of Changes in Equity and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and UK-adopted international accounting standards.

In our opinion, the financial statements:

· give a true and fair view of the state of the group's and of the parent company's affairs as at 30 June 2022 and of the group's and parent company's loss for the year then ended;

· have been properly prepared in accordance with UK-adopted international accounting standards; and

· have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard as applied to listed entities, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. In addition to the matter described in the Material uncertainty related to going concern section we have determined the matters described below to be the key audit matters to be communicated in our report.

Material uncertainty related to going concern

We draw attention to note 1c in the financial statements, which identifies conditions that may cast doubt on the group's and parent company's ability to continue as a going concern. The group incurred a net loss of £1.2m, had operating cash outflows of £0.626m in the year and has cash resources of £1.173m as at the year-end. Based on cash flow forecasts prepared by management, all current cash resources will be used prior to the 12 months period from the date on which these financial statements are approved and thus the group and parent company will be required to raise additional funds.

As stated in note 1c, these events or conditions, along with the other matters as set forth elsewhere, indicate that a material uncertainty exists that may cast significant doubt on the group and parent company's ability to continue as a going concern. Our opinion is not modified in respect of this matter.

In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Our evaluation of the directors' assessment of the company's ability to continue to adopt the going concern basis of accounting included:

· Obtaining management's base case forecast for the period to the 30 September 2023 and testing the mathematical accuracy of the base case forecast;

· Considering the reasonableness of mitigating actions identified by management, which included an assessment of the feasibility and quantification of such measures available to management; and

· Critically assessing the disclosures made within the financial statements for consistency with management's assessment of going concern.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Our application of materiality

The concept of materiality is applied by the auditor both in planning and performing the audit, and in evaluating the effect of identified misstatements on the audit and of uncorrected misstatements on the financial statements and in forming the opinion in the auditor's report. Misstatements, including omissions, are considered to be material if they, individually or in the aggregate, could reasonably be expected to influence the economic decisions of users taken on the basis of the financial statements.

Materiality for the group financial statements as a whole was £148,000 (2021: £139,00) with performance materiality set at £103,600 (2021: £97,300), being 70% (2021: 70%) of group materiality. Materiality for the financial statements as a whole was based upon 1.0% (2021: 1%) of the group's gross assets.

In determining group materiality, we deemed assets to be the main driver of the business as the group is in the exploration stage with no revenue currently being generated. In determining performance materiality, the significant judgements made were our experience with auditing the financial statements of the group in previous years, the number and quantum of identified misstatements in the prior year audit and management's attitude towards correcting misstatements identified.

We agreed with those charged with governance that we would report all individual audit differences identified for the group during the course of our audit in excess of £7,400 together with any other audit misstatements below that threshold that we believe warranted reporting on qualitative grounds.

Materiality applied to the parent company's financial statements was £120,000 with performance materiality set at £84,000, being 70% of the parent company's materiality.

The benchmark for materiality of the parent company was 0.8% of the parent company's gross assets. The significant judgements used by us in determining this were that total assets are the primary measure used by the shareholders in assessing the performance of the parent company. The percentage applied to this benchmark has been selected to bring into scope all significant classes of transactions, account balances and disclosures relevant for the shareholders, and also to ensure that matters that would have a significant impact on the reported profit were appropriately considered.

In determining performance materiality for the parent company, the significant judgements made were our experience with auditing the financial statements of the parent company in previous years based on the number and quantum of identified misstatements in the prior year audit and management's attitude to correcting misstatements identified.

We agreed those charged with governance that we would report all individual audit differences identified for the parent company during the course of our audit in excess of £6,000 together with any other audit misstatements below that threshold that we believe warranted reporting on qualitative grounds.

Our approach to the audit

In designing our audit, we determined materiality and assessed the risks of material misstatement in the financial statements. In particular, we looked at areas involving significant accounting estimates and judgement. In particular we considered future events that are inherently uncertain such as the carrying value of the exploration intangible assets.

As in all of our audits, we also addressed the risk of management override of internal controls, including among other matters consideration of whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud. Exploration and evaluation activities take place within the subsidiaries based in Australia and this is also the location of the accounting function.

Of the group's 8 components, 3 were subject to full scope audits for group purposes. The components not subject to full scope audits contained only balances that eliminated on consolidation, or specific balances material to the financial statements were audited for group purposes where necessary. The parent company was audited separately to the materiality level noted above.

All work with respect to the components has been performed by a component auditor under our instruction. The parent company audit was principally performed in London, conducted by PKF Littlejohn LLP using a team with specific experience of auditing mining exploration entities and publicly listed entities. The Senior Statutory Auditor and other members of the audit team interacted regularly with the component audit teams during all stages of the audit and was responsible for the scope and direction of the audit process. This gave us sufficient and appropriate audit evidence to support the audit opinion of the group and parent company financial statements

Key audit matters

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the financial statements of the current period and include the most significant assessed risks of material misstatement (whether or not due to fraud) we identified, including those which had the greatest effect on: the overall audit strategy, the allocation of resources in the audit; and directing the efforts of the engagement team. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

Key Audit Matter	How our scope addressed this matter
Valuation of intangible fixed assets (refer to Note 7)
The group holds exploration and evaluation assets with a carrying value of £12.3m which relates to the Molyhill Mine and Bonya tenements in the Northern Territory of Australia and the Ragged Range Pilbara Project in Western Australia. The carrying value and recoverability of these assets are tested annually for impairment. The estimated recoverable amount of this balance is subjective due to the inherent uncertainty involved in the assessment of exploration projects. As a result, there is a risk that the valuation of intangible fixed assets is materially incorrect.	Our work included the following: § Obtaining the impairment assessment prepared by management and reviewing for reasonableness; § Obtaining the current exploration licences and ensuring that they remain valid; § Making enquiries of management over the future plans for each license including obtaining cashflow projections where necessary and corroborating to minimum spend requirements attached to licences; § Reviewing for indicators of impairment listed in IFRS 6; § Reviewing the working papers and reporting deliverables of component auditors; § Reviewing the exploration and evaluation expenditures to assess their eligibility for capitalisation under IFRS 6 by corroborating to the original source documentation; and § Reviewing the disclosures presented in the financial statements for accuracy and that they are in accordance with IFRS disclosure requirements.
Valuation of parent company's net investment in subsidiaries (refer Note 8a)
The carrying value of the net investment in subsidiaries is £0.3m and is ultimately dependent on the value of the underlying assets. Many of the underlying assets are exploration projects which are at an early stage of exploration, making it difficult to determine their value. Valuations for these sites are therefore based on judgments and estimates made by the Directors. As a result, there is a risk that the valuation of the net asset investments is materially incorrect.	Our work included: · Reviewing the impairment indicators listed in IFRS 6 including specific consideration regarding the renewal of the exploration licenses; · Obtaining and reviewing available key external reports; · Reviewing the audit working papers of certain components to assess impairment considerations of exploration assets made by their auditors; and · Discussing with management the basis for impairment or non-impairment of investment in subsidiaries and loans receivable from subsidiaries

Other information

The other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the group and parent company financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

· the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

· the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

· adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

· the parent company financial statements are not in agreement with the accounting records and returns; or

· certain disclosures of directors' remuneration specified by law are not made; or

· we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the statement of directors' responsibilities, the directors are responsible for the preparation of the group and parent company financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the group and parent company financial statements, the directors are responsible for assessing the group and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

· We obtained an understanding of the group and parent company and the sector in which they operate to identify laws and regulations that could reasonably be expected to have a direct effect on the financial statements. We obtained our understanding in this regard through discussions with management and our experience of the resource exploration sector.

· We determined the principal laws and regulations relevant to the parent company and group in this regard to be those arising from:

o Companies Act 2006;

o AIM, ASX & OTCQB listing rules;

o ASX corporate governance principles;

o Local laws and regulations in UK, Australia and USA where the group operates; and

· We designed our audit procedures to ensure the audit team considered whether there were any indications of non-compliance by the group and parent company with those laws and regulations. These procedures included, but were not limited to:

o Enquires of management

o Review of Board minutes

o Review of legal expenses

o Review of RNS announcements

· We also identified the risks of material misstatement of the financial statements due to fraud. We considered, in addition to the non-rebuttable presumption of a risk of fraud arising from management override of controls, that there is a potential for management bias in relation to the going concern of the group and the parent company and as noted above, we addressed this by challenging the assumptions and judgements made by management when auditing that significant accounting estimate.

· As in all of our audits, we addressed the risk of fraud arising from management override of controls by performing audit procedures which included, but were not limited to: the testing of journals; reviewing accounting estimates for evidence of bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

· There was regular interaction with the component auditors during all stages of the audit, including procedures designed to identify non-compliance with laws and regulations, including fraud.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities . This description forms part of our auditor's report.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone, other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Zahir Khaki (Senior Statutory Auditor) 15 Westferry Circus

For and on behalf of PKF Littlejohn LLP Canary Wharf

Statutory Auditor London E14 4HD

30 September 2022

Statements of Comprehensive Income for the year ended 30 June 2022

		Consolidated		Company
	Note	£'000	£'000	£'000	£'000
		2022	2021	2022	2021


Administrative expenses		(112)	(94)	(229)	(165)
Corporate expenses		(624)	(635)	(283)	(295)
Share based payments expense		(285)	(126)	(285)	(126)
Realised gain/(loss) on financial assets		77	(2)	80	(5)
Exploration expenses		(27)	(81)	-	-
Net impairment of subsidiary loans		-	-	434	(1,565)
Net impairment of investments		-	-	(116)	(850)
Write off/Impairment of exploration assets	7	-	(1,450)	-	-
Operating Loss	3	(971)	(2,388)	(399)	(3,006)
Interest received		-	-	-	-
Interest paid		(2)	(1)	-	-
Share of profit of associate, accounted for using the equity method	8d	-	22	-	-
Fair value decrement on financial assets FVTPL	8c	(542)	-	(542)	-
Profit on sale of assets	7a	202	222	50	222
Loss on the sale of investments	8e	(11)	-	(11)	-
Sundry income		71	41	41	-
Loss before Taxation		(1,253)	(2,104)	(861)	(2,784)
Taxation	5	-	-	-	-
Loss for the year attributable to the equity holders		(1,253)	(2,104)	(861)	(2,784)

Other comprehensive income:
Items that may be subsequently reclassified to profit or loss:
Exchange differences on translating foreign operations		418	(570)	-	-
Other comprehensive income for the period, net of income tax		418	(570)	-	-
Loss for the year and total comprehensive loss attributable to the equity holders		(835)	(2,674)	(861)	(2,784)

Basic & diluted loss per share attributable to the equity holders	6	(0.06)p	(0.14)p

The accompanying notes form an integral part of these financial statements.

Statements of Financial Position at 30 June 2022 Co No: 05276414

		Consolidated		Company
	Note	£'000	£'000	£'000	£'000
		2022	2021	2022	2021
ASSETS
Non-current assets
Intangible assets - deferred exploration costs	7	12,329	10,120	-	-
Assets held for sale	7a	-	1,050	-	-
Investment in subsidiaries	8a	-	-	318	448
Loans to subsidiaries	8b	-	-	12,650	11,252
Financial assets at fair value through profit or loss	8c	395	-	395	-
Investments accounted for using the equity method	8d	589	564	-	-
Deposits	9	68	41	-	-
Right of use asset	10	-	10	-	-
Plant and equipment	11	62	7	-	-
Total non-current assets		13,443	11,792	13,363	11,700
Current assets
Cash and cash equivalents	17	1,173	783	1,096	663
Trade receivables & other assets	12	236	60	11	22
Total current assets		1,409	843	1,107	685
Total assets		14,852	12,635	14,470	12,385

LIABILITIES
Current liabilities
Trade and other payables	13	(397)	(306)	(30)	(33)
Employee annual leave provision		(32)	(10)	-	-
Lease Liability	14	-	(10)	-	-
Total current liabilities		(429)	(326)	(30)	(33)

Non Current Liabilities
Lease Liability	14	-	-	-	-
Total non-current liabilities		-	-	-	-

Total liabilities		(429)	(326)	(30)	(33)

Net assets		14,423	12,309	14,440	12,352

Equity
Issued share capital	15	3,812	3,773	3,812	3,773
Share premium		26,632	24,379	26,632	24,379
Foreign exchange reserve		2,092	1,674	-	-
Merger reserve		405	405	405	405
Share based payments reserve	16	866	314	866	314
Retained losses		(19,384)	(18,236)	(17,275)	(16,519)

Total shareholders equity		14,423	12,309	14,440	12,352

The accompanying notes form part of these financial statements. These Financial Statements were approved by the Board of Directors on 30 September 2022 and were signed on its behalf by:

Alastair Clayton Ray Ridge

Non-Executive Chairman Chief Financial Officer

Statements of Cash Flows for the year ended 30 June 2022

	Consolidated		Company
Note	£'000	£'000	£'000	£'000
	2022	2021	2022	2021
Cash flows from operating activities
Operating Loss	(971)	(2,388)	(399)	(3,045)
Sundry income	71	41	32	-
Decrease/(increase) in trade and other receivables	(26)	4	11	27
(Decrease)/increase in trade and other payables	10	(51)	(4)	-
Depreciation	15	38	-	-
Write off/Impairment of exploration assets	-	1,450	-	-
Impairment subsidiary loans	-	-	(434)	1,604
Impairment investments in subsidiaries	-	-	116	850
Share based payment expense	285	126	285	126
Exclusivity fee received in shares	(10)	-	-	-
Directors Fees settled by share issue	-	23	-	-
Net cash outflow from operating activities	(626)	(757)	(393)	(438)

Cash flows from investing activities
Interest paid	(2)	(1)	-	-
R&D Grants for exploration expenditure	216	98	-	-
Payments for exploration expenditure	(1,634)	(706)	-	-
Payments for bonds	(25)	-	-	-
Investment in associated entity	-	(170)	-	-
Purchase of property, plant & equipment	(60)	(8)	-	-
Proceeds from sale of assets	135	222	135	222
Proceeds from the sale of investments	58	-	58	-
Net cash in/(out)flow from investing activities	(1,312)	(565)	193	222

Cash flows from financing activities
Finance lease repaid	(10)	(30)	-	-
Loans to controlled entities	-	-	(1,701)	(1,252)
Net issue of ordinary share capital	2,334	1,902	2,334	1,902
Net cash inflow from financing activities	2,324	1,872	633	650

Net increase in cash and cash equivalents	386	550	433	434
Exchange gain on cash and cash equivalents	4	-	-	-
Cash and cash equivalents at beginning of period	783	233	663	229
Cash and cash equivalents at end of period	1,173	783	1,096	663

Major non-cash transactions

The Company has issued shares with a value of £128,000 and share options with a value of £202,000 as consideration for completion of the Stage 1 earn-in to acquire an interest in the oxide mineral rights from Spencer Metals Pty Ltd (Spencer).

Statements of Changes in Equity For the year ended 30 June 2022

Consolidated	Issued share capital	Share premium	Retained losses	Foreign Currency Translation Reserve	Merger Reserve	Share Based Payment Reserve	Total
	£'000	£'000	£'000	£'000	£'000	£'000	£'000
Balance at 1 July 2020	3,733	22,288	(16,339)	2,244	405	275	12,606
Loss for the period	-	-	(2,104)	-	-	-	(2,104)
Foreign currency translation reserve	-	-	-	(570)	-	-	(570)
Total comprehensive (loss) for the period	-	-	(2,104)	(570)	-	-	(2,674)
Transactions with owners in their capacity as owners
Shares issued	40	2,337	-	-	-	-	2,377
Cost of shares issued	-	(246)	-	-	-	-	(246)
Options exercised/lapsed	-	-	207	-	-	(207)	-
Options issued		-	-	-	-	246	246
At 30 June 2021	3,773	24,379	(18,236)	1,674	405	314	12,309
Balance at 1 July 2021	3,773	24,379	(18,236)	1,674	405	314	12,309
Loss for the period	-	-	(1,253)	-	-	-	(1,253)
Foreign currency translation reserve	-	-	-	418	-	-	418
Total comprehensive (loss) for the period	-	-	(1,253)	418	-	-	(835)
Transactions with owners in their capacity as owners
Shares issued	39	2,536	-	-	-	-	2,575
Cost of shares issued	-	(283)	-	-	-	-	(283)
Options exercised/lapsed	-	-	105	-	-	(105)
Options issued	-	-	-	-	-	657	657
At 30 June 2022	3,812	26,632	(19,384)	2,092	405	866	14,423
Company
Balance at 1 July 2020	3,733	22,288	(13,942)	-	405	275	12,759
Loss for the period	-	-	(2,784)	-	-	-	(2,784)
Total comprehensive (loss) for the period	-	-	(2,784)	-	-	-	(2,784)
Transactions with owners in their capacity as owners
Shares issued	40	2,337	-	-	-	-	2,377
Cost of shares issued	-	(246)	-	-	-	-	(246)
Options exercised/lapsed	-	-	207	-	-	(207)	-
Options issued	-	-	-	-	-	246	246
At 30 June 2021	3,773	24,379	(16,519)	-	405	314	12,352
Balance at 1 July 2021	3,773	24,379	(16,519)	-	405	314	12,352
Loss for the period			(861)				(861)
Total comprehensive (loss) for the period			(861)	-			(861)
Transactions with owners in their capacity as owners
Shares issued	39	2,536	-	-	-	-	2,575
Cost of shares issued	-	(283)	-	-	-	-	(283)
Options exercised/lapsed	-	-	105	-	-	(105)	-
Options issued	-	-	-	-	-	657	657
At 30 June 2022	3,812	26,632	(17,275)	-	405	866	14,440

Notes to the Accounts for the year ended 30 June 2022

1 Principal accounting policies

a) Authorisation of financial statements

The Group financial statements of Thor Mining PLC for the year ended 30 June 2022 were authorised for issue by the Board on 30 September 2022 and the Statements of Financial Position signed on the Board's behalf by Alastair Clayton and Ray Ridge. The Company's ordinary shares are traded on the AIM Market operated by the London Stock Exchange, on the Australian Securities Exchange and on the OTCQB market in the United States .

b) Statement of compliance with IFRS

The Consolidated Financial Statements of Thor Mining Plc (the "Group") have been prepared in accordance with UK-adopted International Accounting Standards ("IAS") in conformity with the requirements of the Companies Act 2006. These accounting policies comply with each IAS that is mandatory for accounting periods ending on 30 June 2022.

c) Basis of preparation and Going Concern

The consolidated financial statements have been prepared on the historical cost basis, except for the measurement of assets and financial instruments to fair value as described in the accounting policies below, and on a going concern basis.

The financial report is presented in Sterling and all values are rounded to the nearest thousand pounds ("£'000") unless otherwise stated.

The consolidated entity incurred a net loss before tax of £1,253,000 during the period ended 30 June 2022, and had a net cash outflow of £1,938,000 from operating and investing activities. The consolidated entity continues to be reliant upon capital raisings for continued operations and the provision of working capital.

The Group's cash flow forecast for the 12 months ending 30 September 2023, highlight the fact that the Company is expected to continue to generate negative cash flow over that period, inclusive of the discretionary exploration spend. The Board of Directors are of the view that the injection of funds into the Group during the next 12 months (refer Note 21) need to be raised, and are confident that any further necessary funds will be raised in order for the Group to remain cash positive for the whole period. If additional capital is not obtained, the going concern basis may not be appropriate, with the result that the Group may have to realise its assets and extinguish its liabilities, other than in the ordinary course of business and at amounts different from those stated in the financial report.

For the above detailed reasons, the Directors believe there is a material uncertainty over the Company's status as a going concern. However, the Directors have a reasonable expectation that the Company will be able to raise sufficient funding to allow it to cover its working capital for a period of twelve months from the date of approval of the financial statements. It is for this reason the financial statements have been prepared on a going concern basis, with no adjustments in respect of the concerns of the Group's ability to continue to operate under that assumption.

d) Basis of consolidation

The consolidated financial statements comprise the financial statements of Thor Mining PLC and its controlled entities. The financial statements of controlled entities are included in the consolidated financial statements from the date control commences until the date control ceases.

The Group applies the acquisition method of accounting to account for business combinations where the acquisition meets the definition of a business combination under IFRS 3. The consideration transferred for the acquisition of a subsidiary is the fair values of the assets transferred, the liabilities incurred to the former owners of the acquiree and the equity interests issued by the Group. The consideration transferred includes the fair value of any asset or liability resulting from a contingent consideration arrangement. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date.

Acquisition-related costs are expensed as incurred unless they result from the issuance of shares, in which case they are offset against the premium on those shares within equity.

The financial statements of subsidiaries are prepared for the same reporting period as the parent company, using consistent accounting policies.

All intercompany balances and transactions have been eliminated in full.

e) Intangible assets - deferred exploration costs

Exploration, evaluation and development expenditure incurred is accumulated in respect of each identifiable area of interest. These costs are only carried forward to the extent that they are expected to be recouped through the successful development of the area or where activities in the area have not yet reached a stage which permits reasonable assessment of the existence of economically recoverable reserves.

Exploration, evaluation and development expenditure are not amortised, as all areas of interest remain in the pre-production phase.

Accumulated costs in relation to an abandoned area are written off in full against the income statement in the year in which the decision to abandon the area is made.

A review is undertaken of each area of interest to determine the appropriateness of continuing to carry forward costs in relation to that area of interest.

Restoration, rehabilitation and environmental costs necessitated by exploration and evaluation activities are expensed as incurred and treated as exploration and evaluation expenditure.

Exploration and evaluation assets recorded at fair-value on acquisition

Exploration assets which are acquired are recognised at fair value. When an acquisition of an entity whose only significant assets are its exploration asset and/or rights to explore, the Directors consider that the fair value of the exploration assets is equal to the consideration. Any excess of the consideration over the capitalised exploration asset is attributed to the fair value of the exploration asset.

f) Interest Revenue

Interest revenue is recognised as it accrues using the effective interest rate method.

g) Deferred taxation

Deferred income tax is provided on all temporary differences at the balance sheet date between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes.

Deferred income tax assets are recognised for all deductible temporary differences, carry-forward of unused tax assets and unused tax losses, to the extent that it is probable that taxable profit will be available against which the deductible temporary differences and the carry-forward of unused tax credits and unused tax losses can be utilised.

Unrecognised deferred income tax assets are reassessed at each balance sheet date and are recognised to the extent that it has become probable that future taxable profit will allow the deferred tax asset to be recovered.

Deferred income tax assets and liabilities are measured at the tax rates that are expected to apply to the year when the asset is realised or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the Balance Sheet date.

The amount of any claim received during the year from the Australian Government for eligible exploration expenditure claimed as a Research & Development Tax Incentive and other grants are treated as an offset or reduction of the deferred exploration costs. The amounts received in the year ended 30 June 2022 was A$406,000 (£216,000) (30 June 2021 was A$171,000 (£98,000)).

h) Financial liabilities

Financial liabilities are classified, at initial recognition, as financial liabilities at fair value through profit or loss, loans and borrowings, payables, or as derivatives designated as hedging instruments in an effective hedge, as appropriate. All financial liabilities are recognised initially at fair value and, in the case of loans and borrowings and payables, net of directly attributable transaction costs. The Group's financial liabilities include trade and other payables.

Subsequent measurement

The measurement of financial liabilities depends on their classification, as described below:

Financial liabilities at fair value through profit or loss

Financial liabilities at fair value through profit or loss include financial liabilities held for trading and financial liabilities designated upon initial recognition as at fair value through profit or loss. Financial liabilities are classified as held for trading if they are incurred for the purpose of repurchasing in the near term. This category also includes derivative financial instruments entered into by the Group that are not designated as hedging instruments in hedge relationships as defined by IFRS 9. Separated embedded derivatives are also classified as held for trading unless they are designated as effective hedging instruments. Gains or losses on liabilities held for trading are recognised in the statement of profit or loss and other comprehensive income.

Trade and other payables

After initial recognition, trade and other payables are subsequently measured at amortised cost using the EIR method. Gains and losses are recognised in the statement of profit or loss and other comprehensive income when the liabilities are derecognised, as well as through the EIR amortisation process.

Derecognition

A financial liability is derecognised when the associated obligation is discharged or cancelled or expires.

The Company's functional currency is Sterling ("£"). Each entity in the Group determines its own functional currency and items included in the financial statements of each entity are measured using that functional currency. As at the reporting date the assets and liabilities of these subsidiaries are translated into the presentation currency of Thor Mining PLC at the rate of exchange ruling at the Balance Sheet date and their Income Statements are translated at the average exchange rate for the year. The exchange differences arising on the translation are taken directly to a separate component of equity.

i) Foreign currencies

All other differences are taken to the Income Statement with the exception of differences on foreign currency borrowings, which, to the extent that they are used to finance or provide a hedge against foreign equity investments, are taken directly to reserves to the extent of the exchange difference arising on the net investment in these enterprises. Tax charges or credits that are directly and solely attributable to such exchange differences are also taken to reserves.

j) Share based payments

During the year the Group has provided share-based remuneration to service providers, in the form of share options. For further information refer to Note 16.

The cost of equity-settled transactions is measured by reference to the fair value of the services provided. If a reliable estimate cannot be made, the fair value of the Options granted is based on the Black-Scholes model.

In valuing equity-settled transactions, no account is taken of any performance conditions, other than conditions linked to the price of the shares of Thor Mining PLC (market conditions) if applicable.

The cost of equity-settled transactions is recognised, together with a corresponding increase in equity, over the period in which the performance and/or service conditions are fulfilled, ending on the date on which the relevant holders become fully entitled to the award (the vesting period).

The cumulative expense recognised for equity-settled transactions at each reporting date until vesting date reflects (i) the extent to which the vesting period has expired and (ii) the Group's best estimate of the number of equity instruments that will ultimately vest. No adjustment is made for the likelihood of market performance conditions being met as the effect of these conditions is included in the determination of fair value at grant date. The Income Statement charge or credit for a period represents the movement in cumulative expense recognised as at the beginning and end of that period.

No expense is recognised for awards that do not ultimately vest, except for awards where vesting is only conditional upon a market condition.

If the terms of an equity-settled award are modified, as a minimum an expense is recognised as if the terms had not been modified. In addition, an expense is recognised for any modification that increases the total fair value of the share-based payment arrangement, or is otherwise beneficial to the holder, as measured at the date of modification.

If an equity-settled award is cancelled, it is treated as if it had vested on the date of cancellation, and any expense not yet recognised for the award is recognised immediately. However, if a new award is substituted for the cancelled award and designated as a replacement award on the date that it is granted, the cancelled and new award are treated as if they were a modification of the original award, as described in the previous paragraph.

k) Share based payments reserve

This reserve is used to record the value of equity benefits provided to employees, consultants and directors as part of their remuneration and provided to consultants and advisors hired by the Group from time to time as part of the consideration paid. The reserve is reduced by the value of equity benefits which have lapsed during the year.

l) Cash and cash equivalents

Cash and short-term deposits in the Balance Sheet comprise cash at bank and in hand and short-term deposits with an original maturity of three months or less.

For the purposes of the Cash Flow Statement, cash and cash equivalents consist of cash and cash equivalents as defined above, net of outstanding bank overdrafts.

m) Fair value measurement

IFRS 13 establishes a single source of guidance for all fair value measurements. IFRS 13 does not change when an entity is required to use fair value, but rather provides guidance on how to measure fair value under IFRS when fair value is required or permitted. IFRS 13 mainly impacts the disclosures of the Company. It requires specific disclosures about fair value measurements and disclosures of fair values.

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes place either:

o In the principal market for the asset or liability; or

o In the absence of a principal market, in the most advantageous market for the asset or liability

The principal or the most advantageous market must be accessible by the Group.

The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset or liability, assuming that market participants act in their economic best interest.

A fair value measurement of a non-financial asset takes into account a market participant's ability to generate economic benefits by using the asset in its highest and best use or by selling it to another market participant that would use the asset in its highest and best use.

The Company uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximising the use of relevant observable inputs and minimising the use of unobservable inputs.

All assets and liabilities for which fair value is measured or disclosed in the financial statements are categorised within the fair value hierarchy, described as follows, based on the lowest level input that is significant to the fair value measurement as a whole:

Level 1 - Quoted (unadjusted) market prices in active markets for identical assets or liabilities

Level 2 - Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or indirectly observable

Level 3 - Valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable

For assets and liabilities that are recognised in the financial statements on a recurring basis, the Company determines whether transfers have occurred between levels in the hierarchy by re-assessing categorisation (based on the lowest level input that is significant to the fair value measurement as a whole) at the end of each reporting period.

For the purpose of fair value disclosures, the Company has determined classes of assets and liabilities on the basis of the nature, characteristics and risks of the asset or liability and the level of the fair value hierarchy, as explained above.

n) Financial assets

(i) Classification

The Group classifies its financial assets at amortised cost and at fair value through the profit or loss. The classification depends on the purpose for which the financial assets were acquired. Management determines the classification of its financial assets at initial recognition.

(ii) Recognition and measurement

Amortised cost

Regular purchases and sales of financial assets are recognised on the trade date at cost - the date on which the Group commits to purchasing or selling the asset. Financial assets are derecognized when the rights to receive cash flows from the assets have expired or have been transferred, and the Group has transferred substantially all of the risks and rewards of ownership.

Fair value through the profit or loss

Financial assets that do not meet the criteria for being measured at amortised cost or FVTOCI are measured at FVTPL.The Group holds equity instruments that are classified as FVTPL as these were acquired principally for the purpose of selling in the near term.

Financial assets at FTVPL, are measured at fair value at the end of each reporting period, with any fair value gains or losses recognised in profit or loss. Fair value is determined by using market observable inputs and data as far as possible. Inputs used in determining fair value measurements are categorised into different levels based on how observable the inputs used in the valuation technique utilised are (the 'fair value hierarchy'):

- Level 1: Quoted prices in active markets for identical items (unadjusted)

- Level 2: Observable direct or indirect inputs other than Level 1 inputs

- Level 3: Unobservable inputs (i.e. not derived from market data).

The classification of an item into the above levels is based on the lowest level of the inputs used that has a significant effect on the fair value measurement of the item. Transfers of items between levels are recognised in the period they occur.

The Group measures its investments in quoted shares using the quoted market price.

(iii) Impairment of financial assets

The Group recognises an allowance for expected credit losses (ECLs) for all debt instruments not held at fair value through profit or loss. ECLs are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Group expects to receive, discounted at an approximation of the original EIR. The expected cash flows will include cash flows from the sale of collateral held or other credit enhancements that are integral to the contractual terms.

At each reporting date, the Group assesses whether financial assets carried at amortised cost are credit impaired. A financial asset is credit-impaired when one or more events that have a detrimental impact on the estimated future cash flows of the financial asset have occurred.

(iv) Derecognition

The Group derecognises a financial asset only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership of the asset to another entity.

On derecognition of a financial asset measured at amortised cost, the difference between the asset's carrying amount and the sum of the consideration received and receivable is recognised in profit or loss. This is the same treatment for a financial asset measured at FVTPL.

o) Investments

Investments in subsidiary undertakings are stated at cost less any provision for impairment in value, prior to their elimination on consolidation.

Investments in associates are initially recognised at cost and subsequently accounted for using the equity method "Equity accounted investments". Any goodwill or fair value adjustment attributable to the Group's share in the associate is not recognised separately and is included in the amount recognised as investment in associate. The carrying amount of the investment in associates is increased or decreased to recognise the Group's share of the profit or loss and other comprehensive income of the associate, adjusted where necessary to ensure consistency with the accounting policies of the Group. Unrealised gains and losses on transactions between the Group and its associates are eliminated to the extent of the Group's interest in those entities. Where unrealised losses are eliminated, the underlying asset is also tested for impairment.

p) Merger reserve

The difference between the fair value of an acquisition and the nominal value of the shares allotted in a share exchange have been credited to a merger reserve account, in accordance with the merger relief provisions of the Companies Act 2006 and accordingly no share premium for such transactions is set-up. Where the assets acquired are impaired, the merger reserve value is reversed to retained earnings to the extent of the impairment.

q) Property, plant and equipment

Plant and equipment are stated at cost less accumulated depreciation and any accumulated impairment losses. Land is measured at fair value less any impairment losses recognised after the date of revaluation.

Depreciation is provided on all tangible assets to write off the cost less estimated residual value of each asset over its expected useful economic life on a straight-line basis at the following annual rates:

Land (including option costs) - Nil

Plant and Equipment - between 5% and 25%

All assets are subject to annual impairment reviews.

r) Impairment of assets

The Group assesses at each reporting date whether there is an indication that an asset may be impaired. If any such indication exists, or when annual impairment testing for an asset is required, the Group makes an estimate of the asset's recoverable amount. An asset's recoverable amount is the higher of its fair value less costs to sell and its value in use and is determined for an individual asset, unless the asset does not generate cash inflows that are largely independent of those from other assets or Groups of assets and the asset's value in use cannot be estimated to be close to its fair value. In such cases the asset is tested for impairment as part of the cash-generating unit to which it belongs. When the carrying amount of an asset or cash-generating unit exceeds its recoverable amount, the asset or cash-generating unit is considered impaired and is written down to its recoverable amount.

In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. Impairment losses relating to continuing operations are recognised in those expense categories consistent with the function of the impaired asset unless the asset is carried at its revalued amount (in which case the impairment loss is treated as a revaluation decrease).

An assessment is also made at each reporting date as to whether there is any indication that previously recognised impairment losses may no longer exist or may have decreased. If such indication exists, the recoverable amount is estimated. A previously recognised impairment loss is reversed only if there has been a change in the estimates used to determine the asset's recoverable amount since the last impairment loss was recognised. If that is the case the carrying amount of the asset is increased to its recoverable amount.

That increased amount cannot exceed the carrying amount that would have been determined, net of depreciation, had no impairment loss been recognised for the asset in prior years. Such reversal is recognised in the Income Statement unless the asset is carried at its revalued amount, in which case the reversal is treated as a revaluation increase. After such a reversal the depreciation charge is adjusted in future periods to allocate the asset's revised carrying amount, less any residual value, on a systematic basis over its remaining useful life.

s) Provisions

Provisions are recognised when the Group has a present obligation (legal or constructive) as a result of a past event, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation.

When the Group expects some or all of a provision to be reimbursed, for example under an insurance contract, the reimbursement is recognised as a separate asset but only when the reimbursement is virtually certain. The expense relating to any provision is presented in the Income Statement net of any reimbursement.

If the effect of the time value of money is material, provisions are discounted using a current pre-tax rate that reflects the risks specific to the liability.

t) Loss per share

Basic loss per share is calculated as loss for the financial year attributable to members of the parent, adjusted to exclude any costs of servicing equity (other than dividends) and preference share dividends, divided by the weighted average number of ordinary shares, adjusted for any bonus element.

Diluted loss per share is calculated as loss for the financial year attributable to members of the parent, adjusted for:

· costs of servicing equity (other than dividends) and preference share dividends;

· the after tax effect of dividends and interest associated with dilutive potential ordinary shares that have been recognised as expenses; and

· other non-discretionary changes in revenues or expenses during the period that would result from the dilution of potential ordinary shares;

divided by the weighted average number of ordinary shares and dilutive potential ordinary shares, adjusted for any bonus element.

u) Share based payments reserve

v) Foreign currency translation reserve

The foreign currency translation reserve is used to record exchange differences arising from the translation of the financial statements of foreign subsidiaries.

w) Lease accounting

The Company as Lessee

At the inception of a contract, the Group assesses if the contract is a lease or contains a lease. If there is a lease present, a right-of-use asset and a corresponding lease liability are recognised by the Group where the Group is a lessee. However, all contracts that are classified as short-term leases (ie a lease with a term of 12 months or less) and leases of low-value assets are recognised as an operating expense on a straight-line basis over the term of the lease.

Initially the lease liability is measured at the present value of the lease payments still to be paid at the commencement date. The lease payments are discounted at the interest rate implicit in the lease. If this rate cannot be readily determined, the Group uses the incremental borrowing rate.

Lease payments included in the measurement of the lease liability are as follows:

· fixed lease payments less any lease incentives;

· variable lease payments that depend on an index or rate, initially measured using the index or rate at the commencement date;

· the amount expected to be payable by the lessee under residual value guarantees;

· the exercise price of purchase options, if the lessee is reasonably certain to exercise the options;

· lease payments under extension options, if the lessee is reasonably certain to exercise the options; and

· payments of penalties for terminating the lease, if the lease term reflects the exercise of an option to terminate the lease.

The right-of-use assets comprise the initial measurement of the corresponding lease liability, any lease payments made at or before the commencement date and any initial direct costs. The subsequent measurement of the right-of-use assets is at cost less accumulated depreciation and impairment losses.

Right-of-use assets are depreciated over the lease term or useful life of the underlying asset, whichever is the shortest.

Where a lease transfers ownership of the underlying asset or the cost of the right-of-use asset reflects that the Group anticipates to exercise a purchase option, the specific asset is depreciated over the useful life of the underlying asset.

The Company's weighted average incremental borrowing rate applied to the lease liabilities is 4.58%.

The Company as Lessor

As the Group has no contracts as a lessor, the provisions of IFRS 16 relating accounting for lease contracts as a lessor are not applicable.

x) Held for sale assets

Non-current assets classified as held for sale are presented separately and measured at the lower of their carrying amounts immediately prior to their classification as held for sale and their fair value less costs to sell.

However, some held for sale assets such as financial assets or deferred tax assets, continue to be measured in accordance with the Group's relevant accounting policy for those assets. Once classified as held for sale, the assets are not subject to depreciation or amortisation. Any profit or loss arising from the sale of a discontinued operation or its remeasurement to fair value less costs to sell is presented as part of a single line item, profit or loss from discontinued operations.

y) New standards, amendments and interpretations not yet adopted

At the date on which these Financial Statements were authorised, there were no Standards, Interpretations and Amendments which had been issued but were not effective for the year ended 30 June 2022 that are expected to materially impact the Group's Financial Statements.

z) Critical accounting estimates and judgements

The preparation of the Financial Statements in conformity with IFRS requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amount of expenses during the period. Actual results may vary from the estimates used to produce these Financial Statements.

Estimates and judgements are regularly evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Items subject to such estimates and assumptions, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial years, include but are not limited to:

· Impairment of intangible assets - exploration and evaluation costs (Note 7)

The group assesses impairment at each reporting date by evaluating conditions specific to the group that may lead to impairment of exploration and evaluation assets. Where an impairment trigger exists, the recoverable amount of the asset is determined.

The group capitalises expenditure relating to exploration and evaluation where it is considered likely to be recoverable or where the activities have not reached a stage which permits a reasonable assessment of the existence of reserves. While there are certain areas of interest from which no reserves have been extracted, the Directors are of the continued belief that such expenditure should not be written off since feasibility studies in such areas have not yet concluded.

· Share based payment transactions

The Group awards options and warrants over its unissued share capital to certain Directors as part of their remuneration package. Certain warrants have also been issued to shareholders as part of their subscription for shares and suppliers for various services received.

The valuation of these options and warrants involves making a number of critical estimates relating to price volatility, future dividend yields, expected life of the options and forfeiture rates. These assumptions have been described in more detail in Note 16.

· Impairment of investments

The Company assesses impairment of each investment with respect to the net asset position of each investment. Any impairment charge recorded does not automatically indicate that the underlying assets of the Group need to be impaired as well. Exploration assets are tested separately as part of Note 7.

2. Segmental analysis - Group

Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision-maker. The chief operating decision-maker, who is responsible for allocating resources and assessing performance of the operating segments, has been identified as the Board of Directors that makes strategic decisions.

The Group's operations are located Australia and the United States of America, with the head office located in the United Kingdom. The main tangible assets of the Group, cash and cash equivalents, are held in the United States of America and Australia. The Board ensures that adequate amounts are transferred internally to allow all companies to carry out their operational on a timely basis.

The Directors are of the opinion that the Group is engaged in a single segment of business being the exploration for commodities. The Group currently has two geographical reportable segments - United States of America and Australia.

	£'000	£'000	£'000	£'000
Year ended 30 June 2022	Head office/ Unallocated	Australia	United States	Consolidated
Revenue
Sundry Income & Equity Accounting	71	-	-	71
Profit/(loss) on sale investments	202	-	-	202
Total Segment Expenditure	(695)	(800)	(31)	(1,526)
(Loss) from Ordinary Activities before Income Tax	(422)	(800)	(31)	(1,253)
Income Tax (Expense)	-	-	-	-
Retained (loss)	(422)	(800)	(31)	(1,253)

Assets and Liabilities
Segment assets	-	13,745	-	13,745
Corporate assets	1,107	-	-	1,107
Total Assets	1,107	13,745	-	14,852

Segment liabilities	-	(402)	-	(402)
Corporate liabilities	(27)	-	-	(27)
Total Liabilities	(27)	(402)	-	(429)

Net Assets	1,080	13,343	-	14,423


	£'000	£'000	£'000	£'000
Year ended 30 June 2021	Head office/ Unallocated	Australia	United States	Consolidated
Revenue
Sundry Income & Equity Accounting	63	-	-	63
Profit/(loss) on sale investments	222	-	-	222
Total Segment Expenditure	(650)	(303)	(1,436)	(2,389)
(Loss) from Ordinary Activities before Income Tax	(365)	(303)	(1,436)	(2,104)
Income Tax (Expense)	-	-	-	-
Retained (loss)	(365)	(303)	(1,436)	(2,104)

Assets and Liabilities
Segment assets	-	10,900	1,050	11,950
Corporate assets	685	-	-	685
Total Assets	685	10,900	1,050	12,635

Segment liabilities	-	(293)	-	(293)
Corporate liabilities	(33)	-	-	(33)
Total Liabilities	(33)	(293)	-	(326)
Net Assets
	652	10,607	1,050	12,309

3. Expenses by nature

	2022	2021
	£'000	£'000
Items of expenditure not otherwise disclosed on the Statement of Comprehensive Income:
Depreciation	15	38
Auditors' remuneration - audit services	45	35
Auditors' remuneration - non audit services	-	-
Directors emoluments - fees and salaries	237	360
Other employee and contractor costs	346	248
Director and employees costed to exploration	(343)	(199)
Listing costs (ASX, AIM, registry, investor relations)	343	320
Legal costs	33	20

Auditors' remuneration for audit services above includes £34,376 (2021: £28,200) to PKF Littlejohn for the audit of the Company and Group. Remuneration to BDO for the audit of the Australian subsidiaries was £10,637 (2021: £11,788) .

4. Directors and executive disclosures - Group

All Directors are appointed under the terms of a Directors letter of appointment. Each appointment, with the exception of Ms Nicole Galloway Warland, provides for annual fees of Australian dollars $40,000 for services as Directors. This annual fee increased to $50,000 from 1 October 2020. In the case of Australian base Directors this annual fee is inclusive of 10.0% (10.50% from 1 July 2022) as a company contribution to Australian statutory superannuation schemes. The agreement allows for any services supplied by any Directors, other than Ms Nicole Galloway Warland, to the Company and any of its subsidiaries in excess of two days in any calendar month, can be invoiced to the Company at market rate, currently at A$1,000 per day, other than Mr Michael Billing whose rate was A$1,200 per day.

Ms Galloway Warland receives an annual full-time salary of $220,000 plus $22,000 in superannuation benefits in her role as Managing Director. Ms Galloway Warland does not receive additional remuneration as a Director.

(a) Details of Key Management Personnel (KMP) during the year ended 30 June 2022

(i) Chairman
Alastair Clayton	Non-executive Chairman (Appointed 5 October 2021)
Michael Billing	Executive Chairman and Chief Executive Officer (Retired as CEO 21 April 2021, and retired as a Director 3 September 2021)
(ii) Directors
Nicole Galloway Warland	Managing Director
Mark McGeough	Non-Executive Director
Mark Potter	Non-Executive Director (Resigned 30 June 2022)
(iii) Executives
Ray Ridge	CFO/Company Secretary (Australia)
Stephen Ronaldson	Company Secretary (UK)

(b) Compensation of Key Management Personnel

Compensation Policy

The compensation policy is to provide a fixed remuneration component and a specific equity related component. There is no separation of remuneration between short term incentives and long-term incentives. The Board believes that this compensation policy is appropriate given the stage of development of the Company and the activities which it undertakes and is appropriate in aligning director and executive objectives with shareholder and businesses objectives.

The compensation policy, setting the terms and conditions for the executive Directors and other executives, has been developed by the Board after seeking professional advice and taking into account market conditions and comparable salary levels for companies of a similar size and operating in similar sectors. Executive Directors and executives receive either a salary or provide their services via a consultancy arrangement. Directors and executives do not receive any retirement benefits other than compulsory Superannuation contributions where the individuals are directly employed by the Company or its subsidiaries in Australia. All compensation paid to Directors and executives is valued at cost to the Company and expensed.

The Board policy is to compensate non-executive Directors at market rates for comparable companies for time, commitment and responsibilities. The Board determines payments to the non-executive Directors and reviews their compensation annually, based on market practice, duties and accountability. Independent external advice is sought when required. The maximum aggregate amount of fees that can be paid to Directors is subject to approval by shareholders at a General Meeting. Fees for non-executive Directors are not linked to the performance of the economic entity. However, to align Directors' interests with shareholder interests, the Directors are encouraged to hold shares in the Company and may receive options.

	Paid/Payable in cash	Shares	Total Salary & Fees	Options ⁶	Total
30 June 2022	£'000	£'000	£'000	£'000	£'000
Directors: ¹
Alastair Clayton ²	21	-	21	52	73
Mark Potter ³	29	-	29	52	81
Nicole Galloway Warland ⁴	140	-	140	79	219
Mark McGeough	27	-	27	52	79
Michael Billing ⁵	20	-	20	-	20
Key Personnel: ¹
Ray Ridge	46	-	46	6	52

¹ As at 30 June 2022 amounts of £7,089, £7,089 and £5,257 remained unpaid to Messrs Clayton, McGeough and Ridge respectively.

² Appointed 5 October 2021.

³ Resigned 30 June 2022.

⁴ Short term benefits in the table above for Ms Galloway Warland include normal salary of £120,010, a bonus of £6,546, approved by the Board, as well as postemployment superannuation of £12,656.

⁵ Retired 3 September 2021.

	Paid/Payable in cash	Shares ⁴	Total Salary & Fees	Options ⁵	Total
30 June 2021	£'000	£'000	£'000	£'000	£'000
Directors: ¹
Mark Potter	24	12	36	14	50
Nicole Galloway Warland ³	90	-	90	20	110
Mark McGeough	19	6	25	-	25
Michael Billing	121	6	127	14	141
Richard Bradey ²	82	-	82	14	96
Key Personnel: ¹
Ray Ridge	50	-	50	13	63

¹ As at 30 June 2021 amounts of £94,328, £6786, £6786 and £7,203, remained unpaid to Messrs Billing, Potter, McGeough and Ridge respectively.

² Retired 29 October 2020.

(c) Compensation by category		Group
	2022		2021
	£'000		£'000
Key Management Personnel
Short-term (cash)	267		371
Short-term (shares)	-		24
Share Option charges	241		75
Post-employment	16		15
	524		485

(d) Equity and rights over equity instruments granted as remuneration

Following shareholder approval, 8,000,000 listed options were granted to each of Messrs Clayton, Potter and McGeough and 12,000,000 to Ms Galloway Warland on 22 November 2021 (exercise price $0.013, expiring 22 November 2025). These options were valued at £0.00656 per option using the Black-Scholes method.

On 17 May 2022, 2,400,000 unlisted options were granted to Mr Ridge under the Company's Employee Share Option Plan. These options were valued at £0.00630 per option using the Black-Scholes method. 800,000 vest immediately and were expensed. 800,000 vest 12 May 2023 and 800,000 vest 12 May 2024 - these options are expensed over their vesting periods.

(e) Options holdings of Key Management Personnel

The movement during the reporting period in the number of options over ordinary shares in Thor Mining PLC held, directly, indirectly or beneficially, by key management personnel, including their personally related entities, is as follows:

Key Management Personnel	Held at 30/6/21 or appointment date	Options Granted (Note A)	Options Granted (Note B)	Held at 30/6/22 or retirement date	Vested and exercisable at 30/6/22
Alastair Clayton		-	-
Nicole Galloway Warland	4,000,000	12,000,000	-	16,000,000	16,000,000
Mark Potter	8,000,000	8,000,000	-	16,000,000	16,000,000
Mark McGeough	-	8,000,000	-	8,000,000	8,000,000
Michael Billing	9,250,000	-	-	9,250,000	9,250,000
Ray Ridge	2,500,000	-	2,400,000	4,900,000	3,300,000

Notes:

A. Options granted to Directors on 22 November 2021.

B. Options issued under the Company's Employee Share Option Plan on 17 May 2022.

Key Management Personnel	Held at 30/6/20 or appointment date	Options Granted (Note A)	Options Granted (Note B)	Options Granted (Note C)	Options Lapsed	Options Exercised (Note D)	Held at 30/6/21 or retirement date	Vested and exercisable at 30/6/21
Michael Billing	4,500,000	8,000,000	2,250,000	-	(4,500,000)	(1,000,000)	9,250,000	9,250,000
Nicole Galloway Warland	-	-	-	4,000,000	-	-	4,000,000	4,000,000
Mark Potter	-	8,000,000	-	-	-	-	8,000,000	8,000,000
Mark McGeough	-	-	416,667	-	-	(416,667)	-	-
Richard Bradey	8,000,000	8,000,000	1,000,000	-	-	-	17,000,000	17,000,000
Ray Ridge	-	-	-	2,500,000	-	-	2,500,000	2,500,000

Notes:

A. Options granted to Directors on 8 July 2020.

B. Options granted as participation in capital raisings on the same terms as external placees. 1,000,000 listed options to Mr Billing and 1,000,000 listed options to Mr Bradey on 8 July 2020. 1,250,000 unlisted options to Mr Billing and 416,667 unlisted options to Mr McGeough on 23 October 2020.

C. Options issued under the Company's Employee Share Option Plan on 29 September 2020.

D. Mr Billing exercised 1,000,000 listed options on 28 May 2021. Mr McGeough exercised 416,667 listed options on 2 December 2020. The exercise price of both options was £0.01 per share.

(f) Other transactions and balances with related parties

Specified Directors	Transaction	Note	2022	2021
			£'000	£'000
Michael Billing	Consulting Fees	(i)	13	101
Mark Potter	Consulting Fees	(ii)	-	10

(i) The Group used the consulting services of MBB Trading Pty Ltd a company of which Mr Michael Billing is a shareholder and Director. Services were provided as Executive Chairman.

(ii) In the year ended 30 June 2021, Mark Potter provided additional consulting fees through Kiran Capital.

Amounts were billed based on normal market rates for such services and were due and payable under normal payment terms. These amounts paid to related parties of Directors are included as Salary & Fees in Note 4(b).

5. Taxation - Group

	2022	2021
	£'000	£'000
Analysis of charge in year	-	-
Tax on profit on ordinary activities	-	-

Factors affecting tax charge for year

The differences between the tax assessed for the year and the standard rate of corporation tax are explained as follows:

	2022	2021
	£'000	£'000
Loss on ordinary activities before tax	( 1,253)	(2,104)
Effective rate of corporation tax in the UK	19.0%	24.4%

Loss on ordinary activities multiplied by the standard rate of corporation tax	(238)	(513)
Effects of:
Future tax benefit not brought to account	238	513
Current tax charge for year	-	-

No deferred tax asset has been recognised because there is insufficient evidence of the timing of suitable future profits against which they can be recovered.

6. Loss per share

	2022	2021
Loss for the year (£ 000's)	(1,253)	(2,104)

Weighted average number of Ordinary shares in issue	2,014,341,411	1,497,215,458
Loss per share (pence) - basic	(0.06)p	(0.14)p

The basic loss per share is derived by dividing the loss for the period attributable to ordinary shareholders by the weighted average number of shares in issue.

As the inclusions of the potential Ordinary Shares would result in a decrease in the loss per share they are considered to be anti-dilutive and as such not included.

7. Intangible fixed assets - Group

Deferred exploration costs

	£'000	£'000
	2022	2021
Cost
At 1 July	10,120	12,252
Exploration expenditure	1,354	612
Acquisitions ¹	330	310
Exchange gain/(loss)	525	(554)
Exploration written off	-	(1,450)
Transfers to held for sale assets (note 7a)	-	(1,050)
At 30 June	12,329	10,120

The Directors undertook an assessment of the following areas and circumstances that could indicate the existence of impairment:

· The Group's right to explore in an area has expired, or will expire in the near future without renewal;

· No further exploration or evaluation is planned or budgeted for;

· A decision has been taken by the Board to discontinue exploration and evaluation in an area due to the absence of a commercial level of reserves; or

· Sufficient data exists to indicate that the book value will not be fully recovered from future development and production.

In the year ended 30 June 2022, this impairment assessment resulted in an impairment expense of Nil (2021: Nil), and Nil in deferred exploration costs written off (2021: $1,450,000).

¹ Acquisitions

During the year ended 30 June 2022, the Group paid consideration of £330,000 for completion of the Stage 1 earn-in under the binding term sheet for Thor to acquire an interest in the oxide mineral rights from Spencer Metals Pty Ltd (Spencer) over the Alford East copper-gold project, located on the Yorke Peninsula, South Australia. Under the term sheet, Thor is to acquire an interest of 80% directly in the project, over two stages:

Stage 1: Thor has earned a 51% interest by funding A$500,000 expenditure over the 2 years to 11 November 2022, with the £330,000 consideration comprising:

· £128,000 fair value of 15,625,000 Thor Ordinary Shares issued on 26 November 2021. The fair value was based on the closing price of Thor Ordinary Shares of £0.0082 (0.82 pence) on the AIM market of the London Stock Exchange on 10 November 2021 (being the day prior to shareholder approval of the issuance of the Ordinary Shares); and

· £202,000 fair value of 31,250,000 unlisted options to acquire Thor Ordinary Shares at an exercise price of A$0.03 (3 cents) at any time through to the expiry date of 25 November 2026. The fair value was estimated using a Black Scholes model (refer Note 8).

Stage 2: Thor may earn a further 29% interest (80% in total) by funding an additional A$750,000 of expenditure over a subsequent 2 years to 11 November 2024 and for additional consideration of A$250,000 in fully paid Thor shares, issued at the 5 day ASX VWAP on the date immediately prior to allotment and two free attaching options per share issued, exercisable at $0.03 within years from the date of issue (stage 2 expenditure). If Thor does not proceed with the Stage 2 earn-in, then its interest in the project is relinquished in full.

Upon Thor completing the acquisition of an 80% interest in the project, Spencer will hold a free carried 20% interest in the project, until a decision to mine.

The parties have agreed to use reasonable commercial endeavours to negotiate and execute a formal Joint Venture agreement for the development and operation of a mine and associated facilities within 60 days from the end of Stage 2. The Directors have concluded that the transaction was an asset acquisition and not a business combination. The fair value adjustment to the deemed exploration intangible assets of £330,000 represents over the excess of the net assets acquired of £Nil.

7a. Held for sale assets

	£'000	£'000
	2022	2021
Opening Balance	1,050	-
Transfers from exploration and evaluation assets	-	1,050
Asset divested	(1,050)	-
	-	1,050

On 31 August 2021, Thor Mining Plc announced the execution of an Option Agreement with AIM listed Power Metal Resources Plc (AIM: POW) ("Power Metal"), for the divestment of Thor's Pilot Mountain Tungsten Project in Nevada in line with their focus on core copper and gold projects. Accordingly, the carrying value of the investment at 30 June 2021 was reclassified in the Statement of Financial Position from 'Intangible assets - deferred exploration costs; to 'Held for sale assets'. Thor received an exclusivity fee of 500,000 Power Metal Ordinary Shares with an estimated fair value of £9,750.

The divestment was successfully completed on 29 October 2021 with consideration of £1,024,000 received by Thor, comprising:

· £85,000 in cash (being US$115,000 at the exchange rate on 29 October 2021 of 0.7389); and

· £939,000 fair value of 48,118,920 Ordinary Shares in Power Metal. The fair value was determined by the closing price of £0.0195 for Power Metal Ordinary Shares on the London Stock Exchange on 31 August 2021 (being the day prior to execution of the Option Agreement).

As part of the divestment Thor was also entitled to receive a milestone payment of US$500,000, payable in Power Metal Ordinary Shares, if Golden Metal publishes a JORC or 43-101 compliant resource at Pilot Mountain increasing the existing declared levels by 25% across the total indicated and inferred categories, within two years. In January 2022, Thor agreed to relinquish this milestone entitlement in return for consideration of £107,000, comprising £50,000 in cash and 4,000,000 Ordinary Shares in Power Metal (estimated fair value of the POW Shares was £57,000 based on the closing price of Power Metal Ordinary Shares on the London Stock Exchange of £0.0143 (1.43 pence) on 21 January 2022, being the last trading day prior to execution of the variation agreement).

The total consideration of £1,131,000, resulted in a gain of £81,000 compared to the book value of £1,050,000. The gain was recognised as a (£121,000) loss through Other Comprehensive Income as a reversal of the foreign currency translation reserve and a £202,000 gain through the Profit or Loss.

In addition, Power Metal granted Thor 12.5 million unlisted warrants to subscribe for Power Metal Ordinary Shares with an exercise price of £0.04 (4 pence) per Ordinary Share at any time through to the expiry date of 29 October 2024, subject to an acceleration clause if the Power Metal Ordinary Share price is above £0.10 (10 pence) for five consecutive days. Any warrants exercised by 29 October 2022 receive replacement warrants with an exercise price at £0.08 (8 pence) for a further 3 years to the expiry date. These options have not been recognised in the financial statements.

In the prior year ended 30 June 2021, Thor divested its Spring Hill gold project royalty entitlement to AIM quoted Trident Royalties Plc (Trident), for total consideration of A$1.0 as follows:

· A$400,000 (£222,000) cash which has been received and recognised as consideration during the year ended 30 June 2021;

· the remaining $600,000 (approximately £333,000) is linked to production milestones and will be recognised in Thor's financial statements as and when received;

o First production milestone payment of A$300,000 upon cumulative sales reaching 25,000 ounces of gold;

o Second production milestone payment of A$300,000 upon cumulative sakes reaching 50,000 ounces of gold.

The two milestone payments above may, at the election of Trident, be made via the issue to Thor of Trident ordinary shares at an issue price equivalent to the volume weighted average price of Trident shares on the AIM Market over the 5 business days prior to Trident's election to make such payment in shares. Any Trident shares issued will not be subject to a minimum hold period.

8. Investments

The Company holds 20% or more of the share capital of the following companies:

Company	Country of registration or incorporation			Shares held Class		%
Molyhil Mining Pty Ltd ¹	Australia			Ordinary		100
Hale Energy Limited	Australia			Ordinary		100
Hamersley Metals Pty Ltd ²	Australia			Ordinary		100
Pilbara Goldfields Pty Ltd ³	Australia			Ordinary		100
EnviroCopper Limited ⁴	Australia			Ordinary		30
American Vanadium Pty Ltd ⁵	Australia			Ordinary		100
Standard Minerals Inc ⁶	United States			Ordinary		100
Cisco Minerals Inc ⁷	United States			Ordinary		100
The registered office for each of the above companies incorporated in Australia is 58 Galway Avenue, Marleston, South Australia 5033. The registered office of Standard Minerals Inc and Cisco Minerals Inc is 3500 Washington Avenue, Ste 200, Houston, TX 77007, United States.
¹ Molyhil Mining Pty Ltd is engaged in exploration and evaluation activities focused at the Molyhil project in the Northern Territory of Australia. ² Hamersley Metals Pty Ltd was acquired on 27 March 2019. The company holds tenements in the Northern Territory of Australia. ³ Pilbara Goldfields Pty Ltd was acquired on 27 March 2019. The company holds a number of exploration tenements, in Western Australia. ⁴ EnviroCopper Ltd. On the 11 November 2020, the Company announced that it had increased its investment in ECR through the payment of A$300,000 (£170,000) to increase its ownership interest to 30% and continues to be accounted for using the equity method. ⁵ American Vanadium Pty Ltd (AV) was acquired on the 15^th September 2020. AVU holds 100% interest in two US subsidiaries Standard Minerals Inc and Cisco Minerals Inc. As part of AVU acquisition agreement, two further payments are required through the issue of up to 84 million Ordinary Shares in Thor at an agreed price of A$0.006 per Ordinary Share, subject to the achievement of the following project milestones: · A$252,000 through the issue of 42,000,000 Ordinary Shares on drilling ore grade intercepts from at least three holes from any deposits within the licences, at a product of grade and thickness of >= 0.4% U3O8, or equivalent. For example, 4 million tonnes@ 1,000ppm U3O8 or 1 million tonnes @ 4,000ppm U3O8. · A$252,000 through the issue of 42,000,000 Ordinary Shares on reporting a mineral resource in either the inferred, indicated or measured category (reported in accordance with the JORC Code, 2012 Edition) of, or equivalent* to 5 million tonnes @ >= 0.1% U3O8, or 1.0% V2O5, or equivalent. These milestones have yet to be achieved and have been excluded from any investment value of American Vanadium. ⁶ Standard Minerals Inc is a 100% owned subsidiary of AV and holds 199 claims in the US State of Colorado. ⁷ Cisco Minerals Inc is a 100% owned subsidiary of AV and holds 100 claims in the US State of Utah. With the exception of EnviroCopper Limited, Ms Galloway Warland and Mr McGeough are Directors of each of the above companies and Mr Billing retired as a Director on 3 September 2021. Mr McGeough is a Director of EnviroCopper Limited.
		Consolidated			Company
		£'000	£'000		£'000		£'000
		2022	2021		2022		2021
(a) Investments Subsidiary companies:
Molyhil Mining Pty Ltd		-	-		700		700
Less: Impairment provision against investment		-	-		(700)		(700)
Hale Energy Limited		-	-		1,277		1,277
Less: Impairment provision against investment		-	-		(1,277)		(1,277)
Black Fire Industrial Minerals Pty Ltd		-	-		-		688
Less: Impairment provision against investment		-	-		-		(673)
Hamersley Metals		-	-		170		170
Less: Impairment provision against investment		-	-		(170)		(170)
Pilbara Goldfields		-	-		349		349
Less: Impairment provision against investment		-	-		(124)		-
American Vanadium		-	-		141		140
Less: Impairment provision against investment		-	-		(48)		(56)

		-	-		318		448

(b) Loans to s ubsidiaries:
Molyhil Mining Pty Ltd	-	-	11,221	10,813
Less: Impairment provision against loan	-	-	(1,648)	(2,060)
Hale Energy Limited	-	-	2,582	2,098
Less: Impairment provision against loan	-	-	(1,306)	(1,324)
Black Fire Industrial Minerals Pty Ltd	-	-	-	1,035
Pilot Metals Inc	-	-	-	1,204
Less: Impairment provision against loan	-	-	-	(1,204)
Hamersley Metals	-	-	10	15
Less: Impairment provision against loan	-	-	(10)	(14)
Pilbara Goldfields	-	-	1,608	616
American Vanadium	-	-	193	73

	-	-	12,650	11,252

The loans to subsidiaries are non-interest bearing, unsecured and are repayable upon reasonable notice having regard to the financial stability of the company.

	Consolidated		Company
	£'000	£'000	£'000	£'000
	2022	2021	2022	2021
(c) Financial assets at fair value through profit or loss:
Investment in Power Metal Resources Plc	395	-	395	-
	395	-	395	-

The initial investment comprised 48,618,920 Power Metal Resources Plc Ordinary shares (POW Shares) being the 500,000 POW Shares received as part of the exclusivity fee under the Option Agreement for the sale of the Pilot Mountain project and 48,118,920 POW Shares received upon completion of the divestment on 29 October 2021. (Refer Note 7a)

Owing to its listing on the London Stock Exchange, Power Metal Resources Plc is categorised as a Level 1 investment within the fair value hierarchy in IFRS 13. The 48,618,920 POW shares were initially recognised at £948,000 being valued at the closing price of £0.0195 for POW Shares on the London Stock Exchange on 31 August 2021 (being the day prior to execution of the Option Agreement).

The POW Shares were then revalued to fair value at 31 December 2021 of £744,000, based on the closing price of £0.0153 for Power Metal Ordinary Shares on that date. The revaluation decrement of (£204,000) was recognised as a fair value adjustment through the Company's Profit or Loss (FVTPL).

A further 4,000,000 POW Shares were received (along with £50,000 cash) for relinquishing a milestone entitlement that had been part of the Pilot Mountain Sale Agreement. The 4,000,000 POW Shares were recognised at fair value of £57,000 (refer Note 7a).

4,500,000 POW shares were sold on market (refer Note 8(e)).

The remaining 48,118,920 POW Shares were revalued to fair value as of 30 June 2022 at £395,000, being revalued at LSE closing price of £0.0082 for POW Shares on that date. A further revaluation decrement of (£338,000) was recognised as a fair value adjustment through the Company's Profit or Loss (FVTPL). The total revaluation decrement recognised at 31 December 2021 and 30 June 2022 was (£542,000).

Of the 48,118,920 POW Shares held at 30 June 2022, 12,029,730 are freely tradeable with the remainder subject to a voluntary escrow. A further 12,029,730 becomes tradeable at each of the following dates: 31 July 2022, 31 October 2022 and 31 January 2023.

	Consolidated		Company
	£'000	£'000	£'000	£'000
	2022	2021	2022	2021
(d) Investments accounted for using the equity method:
A reconciliation of the carrying amount of the investments in the company is set out below:
EnviroCopper Ltd
Conversion of loan to equity	391	391	-	-
Additional investment	170	170	-	-
Initial cost of the equity accounted investment	561	561	-	-
Share of profit of associate, accounted for using the equity method	21	22	-	-
Share of foreign currency translation reserve	7	(19)	-	-
	589	564	-	-

EnviroCopper Limited (EnviroCopper), via its subsidiary Environmental Copper Recovery SA Pty Ltd (ECR), holds an agreement to earn, in two stages, up to 75% of the rights over metals which may be recovered via in-situ recovery (ISR) contained in the Kapunda deposit, from Australian listed company, Terramin Australia Limited (ASX: TZN). Another subsidiary of EnviroCopper, Environmental Metals Recovery Pty Ltd (EMR) has a right to earn up to a 75% interest in the Moonta Copper Project, which comprises the northern section of exploration licence EL5984 held by Andromeda Metals Limited (ASX: ADN).

Prior to 30 July 2020, Thor had been investing in EnviroCopper's subsidiary ECR through convertible notes. On 30 July 2020, Thor announced the conversion of $700,000 (£391,000) of its convertible loan to a 25% interest in EnviroCopper Limited (ECL) and exercised its right to nominate a Board representative. Accordingly, the investment commenced accounted for using the equity method from the date of loan conversion to equity. On the 11 November 2020, the Company further announced that it had increased its investment in ECR through the payment of A$300,000 (£170,000) to increase its ownership interest to 30%.

The tables below provide summarised consolidated financial information for EnviroCopper Limited and its wholly owned subsidiaries Environmental Copper Recovery SA Pty Ltd and Environmental Metals Recovery Pty Ltd. The information disclosed reflects the amounts presented in the financial statements of the relevant associate and not Thor's share of those amounts. They have been amended to reflect adjustments made by Thor when using the equity method, including modifications for differences in accounting policies.

Summarised financial information for EnviroCopper Ltd
	Audited		Audited
	£'000		£'000
	2022		2021
Summarised statement of financial position:
ASSETS
Current assets
Cash and cash equivalents	155		648
Other current assets	102		13
Provision for income tax	89		133
Total current assets	346		794
Non current assets
Plant and equipment	32		31
Right-of-use assets	19		28
Total non current assets	51		59
TOTAL ASSETS	397		853
LIABILITIES
Current liabilities
Trade and other payables	12		66
Contract liabilities	-		434
Current lease liabilities	11		10
Total current liabilities	23		510
Non current liabilities
Deferred tax liability	27		-
Non current lease liability	8		18
Total non current liabilities	35		18
TOTAL LIABILITIES	58		528

NET ASSETS	339		325

Summarised statement of comprehensive income:
Total income		707	795
Less expenses		(606)	(602)
Net profit before tax		101	193
Tax expense		(102)	(122)
Net profit/(loss) after tax		(1)	71
Thor's Share of Net profit/(loss)		-	22

(e) Profit or loss on the sale of investments:

4,500,000 POW shares were sold on market for £0.013 per share for proceeds of £58,000 and a loss on sale of (£11,000) - for further details refer Note 8(c).

9. Deposits

	Consolidated		Company
	£'000	£'000	£'000	£'000
	2022	2021	2022	2021
Deposits with banks and Government agencies	68	41	-	-
	68	41	-	-

10. Right of use asset

The Company's Right of use assets relates to leased office space. The lease has been fully extinguished during the year and has not been renewed.

Options to extend or terminate

The Company's lease contains no option to extend.

Variable lease payments

The company does not have any variable lease payments.

	Consolidated		Company
	£'000	£'000	£'000	£'000
	2022	2021	2022	2021
(i) IFRS 16 related amounts recognised in the Statement of Financial Position
Leased building	10	70	-	-
Less: accumulated depreciation	(10)	(60)	-	-
Right of use asset	-	10	-	-

Movements in Carrying Amount
Opening balance	10	41	-	-
Recognised on initial application of IFRS16 (previously classified as an operating lease)	-	-	-	-
Depreciation expense	(10)	(31)	-	-
	-	10	-	-

(ii) IFRS 16 related amounts recognised in the Statement of Comprehensive Income/(Loss)
Depreciation charge related to right of use asset	(10)	(31)	-	-
Interest expense on lease liabilities	-	(1)	-	-
Short term lease expenses	(24)	-	-	-
				-
(iii) Total Full Year cash out flows for leases	(10)	(30)	-	-

11. Property, plant and equipment		Consolidated			Company
	£'000		£'000	£'000		£'000
Plant and Equipment:	2022		2021	2022		2021
At cost	128		60	-		-
Accumulated depreciation	(66)		(53)	-		-
Total Property, Plant and Equipment	62		7	-		-

Movements in Carrying Amounts

Movement in the carrying amounts for each class of property, plant and equipment between the beginning and the end of the current financial year.

At 1 July	7	7	-	-
Additions	60	8	-	-
Foreign exchange impact, net	-	-	-	-
Depreciation expense	(5)	(8)	-	-
At 30 June	62	7	-	-

12. Trade receivables and other assets

	Consolidated		Company
	£'000	£'000	£'000	£'000
Current	2022	2021	2022	2021
Trade and other receivables	196	36	9	22
Prepayments	40	24	2	-
	236	60	11	22

At 30 June 2022 all trade and other receivables were fully performing. No ageing analysis is considered necessary as the Group has no significant trade receivable receivables which would require such an analysis to be disclosed under the requirements of IFRS 9.

The above trade receivables and other assets are held predominantly in Australian Dollars.

The maximum exposure to credit risk at the reporting date is the carrying value of each class of receivable mentioned above. The Group does not hold any collateral as security.

13. Current trade and other payables

		Consolidated			Company
			£'000	£'000	£'000	£'000
			2022	2021	2022	2021

Trade payables	(332)			(201)	(14)	(33)
Other payables	(65)			(105)	(16)	-
	(397)			(306)	(30)	(33)

The carrying amounts of the Group and Company's trade and other payables are denominated in the following currencies:

UK Pounds	(30)	(33)	(30)	(33)
Australian Dollars	(367)	(273)	-	-
	(397)	(306)	(30)	(33)

14. Lease liability
	Consolidated					Company
			£'000	£'000		£'000	£'000
			2022	2021		2022	2021
Lease Liability is represented by:
Current		-			10	-		-
Non Current		-			-	-		-
Total Lease Liability		-			10	-		-

15. Issued share capital

				2022	2021
				£'000	£'000
Issued up and fully paid :
982,870,766 'Deferred Shares' of £0.0029 each ⁽¹⁾				2,850	2,850
7,928,958,500 'A Deferred Shares' of £0.000096 each ⁽²⁾				761	761
2,014,341,411 Ordinary shares of £0.0001 each				201	162
(2021: 982,870,766 'Deferred Shares' of £0.0029 each, 7,928,958,500 'A Deferred Shares' of £0.000096 each and 1,625,719,488 ordinary shares of £0.0001 each)
				3,812	3,773
Movement in share capital
	2022		2021
Ordinary shares of £0.0001	Number	£'000	Number		£'000

At 1 July	1,625,719,488	3,773	1,224,996,863		3,733
Shares issued for cash	343,076,923	34	319,818,629		32
Shares issued in lieu of Directors fees	-	-	5,821,663		1
Shares issued for acquisitions	15,625,000	2	54,500,000		5
Shares issued to service providers	7,200,000	1	8,015,666		1
Warrants Exercised	22,720,000	2	12,566,667		1
At 30 June	2,014,341,411	3,812	1,625,719,488		3,773

Nominal Value

(1) The nominal value of shares in the company was originally 0.3 pence. At a shareholders meeting in September 2013, the Company's shareholders approved a re-organisation of the company's shares which resulted in the creation of two classes of shares, being:

· Ordinary shares with a nominal value of 0.01 pence, which continued as the company's listed securities, and

· 'Deferred Shares' with a nominal value of 0.29 pence which, subject to the provisions of the Companies Act 2006, may be cancelled by the company, or bought back for £1 and then cancelled. These deferred shares are not quoted and carry no rights whatsoever.

(2) At a shareholders meeting in November 2016, the Company's shareholders approved a re-organisation of the company's shares which, on the 1 December 2016, resulted in the existing Ordinary Shares of 0.01 pence being further split as follows:

· Ordinary shares with a nominal value of 0.0004 pence, and

· 'A Deferred Shares' with a nominal value of 0.0096 pence which, subject to the provisions of the Companies Act 2006, may be cancelled by the company, or bought back for £1 and then cancelled. These deferred shares are not quoted and carry no rights whatsoever.

Warrants and Options on issue

The following warrants (UK terminology) and options (Australian terminology) have been granted by the Company and have not been exercised as at 30 June 2022:

Number	Grant Date	Expiry Date	Exercise Price
61,875,000 ⁴	28 Sep 2020	28 Sep 2022	GBP£0.01
26,500,000 ⁶	23 Oct 2020	23 Oct 2022	GBP£0.01
8,333,000 ⁸	20 Jan 2021	10 Nov 2022	AUD$0.03
5,000,000 ¹²	25 Jun 2021	4 Dec 2022	USD$0.0175
44,117,648 ⁹	27 Jan 2021	27 Jan 2023	GBP£0.016
20,280,000 ¹	8 Jul 2020	8 Jul 2023	AUD$0.01
94,300,000²	8 Jul 2020	8 Jul 2023	AUD$0.01
16,000,000 ³	8 Jul 2020	8 Jul 2023	AUD$0.0095
7,500,000 ⁵	29 Sep 2020	28 Sep 2023	AUD$0.026
4,000,000 ⁷	23 Oct 2020	23 Oct 2023	GBP£0.0054
5,647,058 ¹⁰	27 Jan 2021	27 Jan 2024	GBP£0.0085
2,433,526 ¹¹	28 May 2021	4 Mar 2024	GBP£0.010273
36,000,000¹³	22 Nov 2021	22 Nov 2025	GBP£0.13
31,250,000¹⁴	26 Nov 2021	25 Nov 2026	AUD$0.03
95,333,333¹⁵	22 Dec 2021	20 Dec 2023	AUD$0.015
95,333,333¹⁶	22 Dec 2021	20 Dec 2023	AUD$0.02
14,400,000¹⁷	17 May 2022	12 May 2025	AUD$0.025
53,846,153¹⁸	17 Aug 2021	17 Aug 2023	GBP£0.013
7,692,308¹⁹	20 Aug 2021	17 Aug 2023	GBP£0.013
629,841,359 Total outstanding

Share options (termed warrants in the UK) carry no rights to dividends and no voting rights.

¹ ASX listed options granted to lead broker of a capital raise.

² ASX listed options granted to investors as part of a capital raise.

³ Options were granted to Directors of the Company, as approved by shareholders.

⁴ Granted to investors as part of a capital raise 28 September 2020.

⁵ Options granted to employees under the terms of the company's shareholder approved employees share option plan.

⁶ Granted to investors as part of a capital raise.

⁷ Granted to lead broker of a capital raise.

⁸ Options granted as part of the consideration for the acquisition of additional Ragged Range tenements.

⁹ Granted to investors as part of a capital raise.

¹⁰ Options granted to lead investor of placement.

¹¹ Options granted to a service provider.

¹² Options granted to a service provider. The Options vest at the rate of 1,000,000 per month commencing June 2021.

¹³ Options were granted to Directors of the Company, as approved by shareholders.

¹⁴ Options granted as part of the consideration for an acquisition.

¹⁵ Granted to investors as part of a capital raise.

¹⁶ Granted to investors as part of a capital raise.

¹⁷ Options granted to employees under the terms of the Company's shareholder approved employees share option plan.

¹⁸ Granted to investors as part of a capital raise.

¹⁹ Granted to investors as part of a capital raise.

The following reconciles the outstanding warrants and options at the beginning and end of the financial year

Number	Number of Warrants	Weighted Average Exercise Price (GBP)
Balance at the beginning of the year	393,265,055	0.0120
Granted during the year	333,855,127	0.0111
Lapsed during the year	(74,558,823)	0.0130
Exercised during the year	(22,720,000)	0.0056
Balance at the end of the year	629,841,359	0.0103

The options outstanding at 30 June 2022 had a weighted average remaining number of days until expiry of 370 (2021: 575 days).

16. Share based payments reserve

	2022	2021
	£'000	£'000

At 1 July	314	275

Options exercised or lapsed
Exercised 14,720,000 service provider options @ £ 0.00156	(23)	-
Exercised 8,000,000 options @ £0.001720	(14)	-
Lapsed 26,500,000 options @ £ 0.002582	(68)	-
Exercised 9,450,000 options @ £0.0013	-	(12)
Lapsed 10,000,000 @ £0.0098	-	(98)
Lapsed 5,000,000 @ £0.0034	-	(17)
Lapsed 15,000,000 @ £0.0053	-	(80)
	(105)	(207)
Options expensed through the Statement of comprehensive income
36,000,000 options issued @ £0.00656	236	-
5,000,000 options to a service provider @ £0.003620 ¹	9	-
Issued 14,400,000 ESOP @ £0.006300 ²	40	-
Issued 24,000,000 to Directors @ £0.00170	-	41
Issued 7,500,000 ESOP @ £0.0051	-	38
Issued 4,000,000 to service provider @ £0.0066	-	27
Issued 6,000,000 to a service provider @ £0.0036	-	9
Issued 2,433,526 to service a provider @ £0.0045	-	11
	285	126
Options recognised as capital raising costs
Issued 22,000,000 to a service provider @ £ 0.00466	102
Issued 22,000,000 to a service provider @ £ 0.00306	68
Issued 5,647,058 to a service provider @ £0.0058	-	32
Issued 35,000,000 to a service provider @ £0.0016	-	55
	170	87

Options issued for an acquisition
31,250,000 options issued @ £0.00646	202
Issued 8,333,000 for tenements acquired @ £0.0039	-	33
	202	33

At 30 June	866	314

¹ In June 2021, 6,000,000 options were issued to a service provider. The options vested at 1,000,000 per month. The fair value of the options was being expensed over their vesting periods. 1,000,000 of the options were relinquished prior to vesting.

² 4,800,000 of 14,400,000 options valued at £0.006300; 9,600,000 options are to be expensed over their vesting period.

Options are valued at an estimate of the cost of the services provided. Where the fair value of the services provided cannot be estimated, the value of the options granted is calculated using the Black-Scholes model taking into account the terms and conditions upon which the options are granted. The following table lists the inputs to the model used for the share options in the balance of the Share Based Payments Reserve as at 30 June 2022 or lapsed during the year ended 30 June 2022.

(i) Options comprising the share-based payments reserve at 30 June 2022

20,280,000 granted to a broker on 8 July 2020
Dividend yield	0.00%
Underlying Security spot price	£0.0035
Exercise price	A$0.010
Standard deviation of returns	93%
Risk free rate	2.7%
Expiration period	3 yrs
Black Scholes valuation per option	£0.0016

16,000,000 granted to directors 8 July 2020
Dividend yield	0.00%
Underlying Security spot price	£0.0035
Exercise price	A$0.0095
Standard deviation of returns	93%
Risk free rate	2.7%
Expiration period	3 yrs
Black Scholes valuation per option	£0.0017

4,000,000 granted to a service provider 23 October 2020
Dividend yield	0.00%
Underlying Security spot price	£0.0093
Exercise price	£0.0054
Standard deviation of returns	100%
Risk free rate	0.13%
Expiration period	3 yrs
Black Scholes valuation per option	£0.0066

7,500,000 granted ESOP 29 September 2020
Dividend yield	0.00%
Underlying Security spot price	£0.0095
Exercise price	A$0.0260
Standard deviation of returns	100%
Risk free rate	0.17%
Expiration period	3 yrs
Black Scholes valuation per option	£0.0051
8,333,000 granted for an acquisition 20 January 2021
Dividend yield	0.00%
Underlying Security spot price	£0.00998
Exercise price	A$0.030
Standard deviation of returns	108%
Risk free rate	0.08%
Expiration period	1.72yrs
Black Scholes valuation per option	£0.0039

5,000,000 granted to a service provider 25 June 2021
Dividend yield	0.00%
Underlying Security spot price	£0.00925
Exercise price	USD$0.0175
Standard deviation of returns	102%
Risk free rate	0.030%
Expiration period	1.5 yrs
Black Scholes valuation per option	£0.0036
5,647,058 granted to service provider 27 January 2021
Dividend yield	0.00%
Underlying Security spot price	£0.00925
Exercise price	£0.0085
Standard deviation of returns	98%
Risk free rate	0.110%
Expiration period	3yrs
Black Scholes valuation per option	£0.0058

2,433,526 granted to service provider 28 May 2021
Dividend yield	0.00%
Underlying Security spot price	£0.0083
Exercise price	£0.010273
Standard deviation of returns	96%
Risk free rate	0.130%
Expiration period	3yrs
Black Scholes valuation per option	£0.0045

36,000,000 granted to Directors on 22 November 2021
Dividend yield	0.00%
Underlying Security spot price	£0.0087
Exercise price	£0.0130
Standard deviation of returns	126%
Risk free rate	0.87%
Expiration period	4yrs
Black Scholes valuation per option	£0.00656
Fair value expensed as a share-based payment
31,250,000 granted for acquisition 26 November 2021
Dividend yield	0.00%
Underlying Security spot price	A$0.015
Exercise price	A$0.030
Standard deviation of returns	126%
Risk free rate	1.44%
Expiration period	5yrs
Black Scholes valuation per option	£0.00646
Fair value capitalised as part of the cost of acquisition (refer Note 7)
22,000,000 granted to a service provider on 20 December 2021
Dividend yield	0.00%
Underlying Security spot price	A$0.015
Exercise price	A$0.02
Standard deviation of returns	126%
Risk free rate	0.53%
Expiration period	2yrs
Black Scholes valuation per option	£0.00466
Fair Value recognised as part of the cost of the capital raising.
22,000,000 granted to a service provider on 20 December 2021
Dividend yield	0.00%
Underlying Security spot price	A$0.015
Exercise price	A$0.015
Standard deviation of returns	98%
Risk free rate	0.53%
Expiration period	1yr
Black Scholes valuation per option	£0.00306
Fair Value recognised as part of the cost of the capital raising.
14,400,000 granted under an ESOP on 17 May 2022
Dividend yield	0.00%
Underlying Security spot price	A$0.016
Exercise price	A$0.025
Standard deviation of returns	128%
Risk free rate	2.51%
Expiration period	3yrs
Black Scholes valuation per option	£0.0063
4,800,000 Options vested immediately and were fully expensed when granted. 4,800,000 Options vest 12 May 2023 and are being expensed over their vesting period. 4,800,000 Options vest 12 May 2024 and are being expensed over their vesting period.

(ii) Options exercised or lapsed in the year ended 30 June 2022

26,500,000 lapsed (granted for an acquisition on 23 May 2019)
Dividend yield	0.00%
Underlying Security spot price	£0.0085
Exercise price	£0.013
Standard deviation of returns	60%
Risk free rate	2.23%
Expiration period	3.16yrs
Black Scholes valuation per option	£0.0026
14,720,000 exercised (granted to service provider on 8 July 2020)
Dividend yield	0.00%
Underlying Security spot price	£0.0035
Exercise price	A$0.010
Standard deviation of returns	93%
Risk free rate	2.7%
Expiration period	3 yrs
Black Scholes valuation per option	£0.0016
8,000,000 exercised (granted to directors 8 July 2020)
Dividend yield	0.00%
Underlying Security spot price	£0.0035
Exercise price	A$0.0095
Standard deviation of returns	93%
Risk free rate	2.7%
Expiration period	3 yrs
Black Scholes valuation per option	£0.0017

17. Analysis of changes in net cash and cash equivalents

	1 July 2021	Cash flows	Non-cash changes	30 June 2022
	£'000	£'000	£'000	£'000
Cash at bank and in hand - Group	783	385	5	1,173

18. Contingent liabilities and commitments

a) Exploration commitments

Ongoing exploration expenditure is required to maintain title to the Group mineral exploration permits. The Group's total annual exploration commitments, including rent, at 30 June 2022 were £293,000 (2021: £297,000). No provision has been made in the financial statements for these amounts as the expenditure is expected to be fulfilled in the normal course of the operations of the Group.

b) Claims of native title

The Directors are aware of native title claims which cover certain tenements in the Northern Territory. The Group's policy is to operate in a mode that takes into account the interests of all stakeholders including traditional owners' requirements and environmental requirements. At the present date no claims for native title have seriously affected exploration by the Company.

c) Contingent Liability

As at 30 June 2022, the Group had no contingent liabilities.

19. Financial instruments

The Group uses financial instruments comprising cash, liquid resources and debtors/creditors that arise from its operations.

The Group's exposure to currency and liquidity risk is not considered significant. The Group's cash balances are held in Pounds Sterling and in Australian Dollars, the latter being the currency in which the significant operating expenses are incurred.

To date the Group has relied upon equity funding to finance operations. The Directors are confident that they will be able to raise additional equity capital to finance operations to commercial exploitation but controls over expenditure are carefully managed.

The net fair value of financial assets and liabilities approximates the carrying values disclosed in the financial statements. The currency and interest rate profile of the Group's financial assets is as follows:

	2022	2021
	£'000	£'000


Sterling	145	663
Australian Dollars	1,028	120
	1,173	783

The financial assets comprise interest earning bank deposits and a bank operating account.

Set out below is a comparison by category of carrying amounts and fair values of all of the Group's financial instruments recognised in the financial statements, including those classified under discontinued operations. The fair value of cash and cash equivalents, trade receivables and payables approximate to book value due to their short-term maturity.

The fair values of derivatives and borrowings have been calculated by discounting the expected future cash flows at prevailing interest rates. The fair values of loan notes and other financial assets have been calculated using market interest rates.

For investments in listed shares, the fair values have been determined based on closing quoted bid prices at the end of the reporting period.

For investments in unlisted shares, the fair values have been determined using the most recently observed purchase price. Investments held (refer to note 8) are classified as level 1 and level 3 assets on the fair-value hierarchy with regards to value.

	2022		2021
	Carrying Amount £'000	Fair Value £'000	Carrying Amount £'000	Fair Value £'000
Financial assets measured at fair value:
Investment in Power Metal Resources Plc (level 1)	395	395	-	-

Financial assets not measured at fair value:
Cash and cash equivalents	1,173	1,173	783	783
Trade & other receivables	236	236	60	60
Deposits supporting performance guarantees	68	68	41	41

Financial liabilities:
Trade and other payables	397	397	306	306

The following table sets out the carrying amount, by maturity, of the financial instruments exposed to interest rate risk:

	Effective Interest Rate %	Maturing			Total
30-June 2022 - Group	Effective Interest Rate %	< 1 year	>1 to <2 Years	>2 to <5 Years
		£'000	£'000	£'000	£'000
Financial Assets
Fixed rate
At call Account - AUD	0%	1,028	-	-	1,028
At call Account - STG	0.00%	145	-	-	145
		1,173	-	-	1,173
Financial Liabilities
Fixed Rate
Interest bearing liabilities		-	-	-	-

30-June 2021 - Group

Financial Assets
Fixed rate
At call Account - AUD	0%	120	-	-	120
At call Account - STG	0.05%	663	-	-	663
		783	-	-	783
Financial Liabilities
Fixed Rate
Interest bearing liabilities		-	-	-	-

20. Related party transactions

There is no ultimate controlling party.

Thor has lent funds to its wholly owned subsidiaries to enable those companies to carry out their operations. At 30 June 2022, the estimated recoverable amount converted to £12,672 (refer Note 8(b)).

Thor Mining PLC engages the services of Druces LLP Solicitors, a company in which Mr Stephen Ronaldson is a Partner. Mr Ronaldson is the UK based Company Secretary of Thor. During the year £26,066 was paid to Druces LLP Solicitors (2021: £16,402) on normal commercial terms.

Transactions with Directors and Director related entities are disclosed in Note 4.

21. Subsequent events

There were no material events arising subsequent to 30 June 2022 to the date of this report which may significantly affect the operations of the Group or Company, the results of those operations and the state of affairs of the Group or Company in the future.

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