Investigator Resources Limited announced that it has entered into a staged agreement with Thor Mining PLC to acquire up to 80% of permitted Molyhil Tungsten Project in Northern Territory though a 3-Stage Earn-In to Joint Venture Agreement. The Molyhil Tungsten Project is located approximately 230km northeast of Alice Springs, just off the Plenty Highway. Comprising two tenement packages ­ Molyhil and Bonya ­ the Molyhil Project has been subject to a number of prior mining activities.

Exploration programs, sometimes supported by NT Government cofounding have advanced the project to completion of a DFS in 2018. 3-Stage Earn-In to Joint Venture with Thor Mining Stage 1: Payment to Thor of $100,000 on execution of Heads of Agreement documentation; Expenditure of $1M over 18 months (includes $100k HoA fee above) to earn a 25% interest in the Molyhil Tungsten Project and associated tenements, and all of Molyhil's 40% interest in the adjacent Bonya tenement (EL29107 in JV with Arafura); If expenditure of $1.0M is not met within 18 months, balance to be paid to Thor; and On formation of the Joint Venture (25:75 IVR:THR) IVR to issue Thor $250,000 in IVR shares (at the higher of 15-day VWAP or $0.05). Stage 2: Expenditure of a further $2M over 3 years to earn a further 26% interest in the Molyhil Project and associated tenements (51:49 IVR:THR).

Stage 3: Expenditure of a further $5M over 3 years to earn a further 29% interest in the Molyhil Project and associated tenements (80:20 IVR:THR); On formation of the 80:20 Joint Venture IVR to issue Thor $250,000 in IVR shares (at the higher of 15-day VWAP or $0.05); and On formation of the 80:20 Joint Venture Thor can elect to fund on a pro-rata basis or dilute. If diluted below 10%, Thor's interest will revert to an NSR. The Molyhil Project is a tungsten/molybdenite deposit hosted within a magnetite skarn and is located approximately 220km northeast of Alice Springs in the Northern Territory, Australia, and accessed via the Plenty Highway. The deposit was first discovered in 1973 by a prospector within layered calc silicate rocks, with 20t of scheelite reported as extracted.

Petrocarb Exploration NL (Petrocarb) acquired the leases in 1978 and upgraded the mining and processing plant at the site and commenced mining in addition to undertaking a major drilling program in 1981. Production records in this period were incomplete, however estimations of approximately 900,000t of ore and waste was extracted from the pit at Molyhil. Mining ceased in 1982 when Chinese mining supply flooded the world scheelite market.

The deposit passed through the hands of a number of explorers during the 1980's and 1990's until 2004 when Hallmark Consolidated purchased the Molyhil tenements. In 2005 the Molyhil tenements were vended into Thor Mining PLC who have undertaken a number of resource estimations and additional engineering and metallurgical work, culminating in the release of a 2018 Definitive Feasibility Study. Most recent work by Thor has included an additional round of resource estimation at Molyhil (2021) and a co-funded exploration program with the Northern Territory Geological Survey in 2021 targeting potential extensions of Molyhil at depth.

The Molyhil deposit comprises two north-south trending magnetite skarn lodes dipping approximately 65 degrees east and plunging 70 degrees to the south. Thor have delineated the lodes to the order of 150m N-S, 20-50m E-W and to a depth of approximately 300m below surface. The skarn bodies are interpreted to have formed by contact metamorphism of Deep Bore metasediments as a result of the intrusion of the Marshall Granite approximately 1720Ma.