Thor Mining - Nickel and copper indicators in early sampling work on Dundas gold project, Western Australia

Thor Mining Nickel and copper indicators in early sampling work on Dundas gold project, Western Australia Primary focus is negotiating off take and finance agreements for the Molyhil tungsten and molybdenum project which first production from concentrates could be in early 2014 The updated resource estimate on Thor’s 80%-owned Spring Hill gold project was announced in November 2012 which revealed an Indicated Resource of 10 million tonnes at 1.4g/t gold for 450,000 contained ounces of gold, and the team is investigating economic options for a profitable mine development. It’s not hard to place a valuation of £32 million on the combination of Molyhil tungsten and molybdenum project which has already been brought to the brink of the production decision and the two gold projects at Spring Hill and Dundas both have multi-million ounce potential. This equates to a target price of 3.5p. Click to Download Full Report Table: Financial overview Year to 30th June 2010A 2011A 2012A 2013E Revenue (£m) 0.00 0.00 0.00 0.00 PBT(£m) (1,762) (2,852) (959) (1,200) EPS (p) (0.79) (0.65) (0.15) (0.16) Dividend (p) 0.00 0.00 0.00 0.00 Yield (%) 0.00 0.00 0.00 0.00 Source: GECR and company Buy Target price 3.5p Key data Share Price 0.63p 52 week high/low 2.28p / 0.63p Primary exchange AIM EPIC THR Shares in issue 903.43m Market Cap £5.65m Sector Mining Valuation EV/EBITDA N/A P/E N/A NAV/Share 1.16p TNAV/Share 0.05p Future event Drilling at Dundas commences in 2013 Analyst details Dr Michael Green +44 (0)207 562 3370 Michael.green@gecr.co.uk Affiliations: None Important: All disclaimer information can be found on the last page of the document

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