Thor Mining : 12/10/2016 Appendix 3B

Name of entity

Thor Mining PLC

ABN

121 117 673

1

+Class of+securities issued or to be issued

1. Ordinary shares / CDIs

2. Ordinary Shares

3. Unlisted Options (termed warrants in the UK)

4. Unlisted Options (termed warrants in the UK)

5. Unlisted Options (termed warrants in the UK)

2

Number of +securities issued or to be issued (if known) or maximum number which may be issued

1. Transfers of nil to ASX listed CDI's from AIM listed shares on the AIM Market of the London Stock Exchange, during the period 7 October 2016 to 10 October 2016.

2. Issue of 346,000,000 Ordinary Shares on 11 October 2016 (in UK business hours), to two Directors and a former Director to convert amounts owed to them into securities on the same basis as the recent placement of 7 October 2016.

3. Issue of 346,000,000 unlisted options to two Directors and a former Director, on the basis of one free option for every one Ordinary Share issued under (b). These terms are consistent with the recent Placement of 7 October 2016.

4. Issue of 500,000,000 unlisted options to Directors and former Directors.

5. Issue of 250,000,000 unlisted options to a Director in lieu of Directors fees for the next year, commencing 2 September 2016.

Thereby increasing the total number of securities, listed on both AIM and ASX, to 7,482,387,510 as at 11 October 2016.

3

Principal terms of the +securities (eg, if options, exercise price and expiry date; if partly paid

+securities, the amount outstanding and due dates for payment; if+convertible securities, the conversion price and dates for conversion)

This represents:

1. Transfers of nil to ASX listed CDI's from AIM listed shares on the AIM Market of the London Stock Exchange, during the period 7 October 2016 to 10 October 2016.

2. Issue of 346,000,000 ordinary shares at an price of £0.00025 (0.025 pence) per share, in lieu of cash payments of A$150,000 owed to two Directors and a former Director, as announced to the ASX on 2 September 2016.

3. Issue of 346,000,000 unlisted options on the basis of one free option per one share subscribed for under (b). Each option is exercisable for £0.0005 (0.05 pence) for one share, with an expiry date of 11 April 2019.

4. Issue of 500,000,000 unlisted options). Each option is exercisable for £0.0005 (0.05 pence) for one share, with an expiry date of 26 July 2019.

5. Issue of 250,000,000 unlisted options. Each option is exercisable for £0.0005 (0.05 pence) for one share, with an expiry date of 2 September 2019.

4

Do the +securities rank equally in all respects from the date of allotment with an existing +class of quoted +securities?

If the additional securities do not rank equally, please state:

• the date from which they do

• the extent to which they participate for the next dividend, (in the case of a trust, distribution) or interest payment

• the extent to which they do not rank equally, other than in relation to the next dividend, distribution or interest payment

1. Yes.

2. Yes.

3. No. The securities will rank equally with ordinary shares upon exercise of the options (if the option holders elect to do so).

4. No. The securities will rank equally with ordinary shares upon exercise of the options (if the option holders elect to do so).

5. No. The securities will rank equally with ordinary shares upon exercise of the options (if the option holders elect to do so).

5

Issue price or consideration

1. N/A

2. Ordinary shares £0.00025 (0.025 pence) per share, in lieu of cash payments of A$150,000 owed to two Directors and a former Director.

3. Unlisted options Nil consideration. Issued on the basis of one free option per one share issued under (b). Consistent with the recent placement on 7 October 2016.

4. Unlisted options Nil consideration. Issued to three existing Directors and two former Directors (who remain in a key consulting capacity).

5. Unlisted options Nil consideration. Issued to one Director in lieu of cash payments of A$40,000 for annual Directors fees payable for one year commencing 2 Septemeber 2016.

6

Purpose of the issue

(If issued as consideration for the acquisition of assets, clearly identify those assets)

No funds will be raised from the issue of the securities in a) to e) above.

However, a number of the above issues of securities are made in lieu of cash amounts payable to Directors, or former Directors, which will assist to conserve cash for other operational priorities.

6a

Is the entity an +eligible entity that has obtained security holder approval under rule 7.1A?

If Yes, complete sections 6b - 6hin relation to the +securities the subject of this Appendix 3B, and comply with section 6i

Yes

6b

The date the security holder resolution under rule 7.1A was passed

26 November 2015

6c

Number of +securities issued without security holder approval under rule 7.1

N/A

6d

Number of +securities issued with security holder approval under rule 7.1A

N/A

6e

Number of +securities issued with security holder approval under rule 7.3, or another specific security holder approval (specify date of meeting)

1. N/A

2. 346,000,000 Ordinary shares.

3. 346,000,000 Unlisted options.

4. 500,000,000 Unlisted options.

5. 250,000,000 Unlisted options.

Meeting date 6 October 2016.

6f

Number of securities issued under an exception in rule 7.2

N/A

6g

If securities issued under rule 7.1A, was issue price at least 75% of 15 day VWAP as calculated under rule 7.1A.3? Include the issue date and both values. Include the source of the VWAP calculation.

N/A

6h

If securities were issued under rule 7.1A for non-cash consideration, state date on which valuation of consideration was released to ASX Market Announcements.

N/A

6i

Calculate the entity's remaining issue capacity under rule 7.1 and rule 7.1A - complete Annexure 1 and release to ASX Market Announcements

Refer attached Annexure 1