Thor Medical signs Memorandum of Understanding for feedstock supply and technology cooperation

06 Jun 2024 08:00 CEST

6.6.2024 08:00:01 CEST | Thor Medical ASA | Non-regulatory press releases

Oslo, Norway, 6 June 2024: Thor Medical and Steenkampskraal Holdings Limited in
South Africa have signed a Memorandum of Understanding for feedstock supply and
technology cooperation. The ambition is to enter into a long-term partnership
agreement for supply of feedstock as part of the Thor Medical's strategy of
developing multiple feedstock suppliers.

The Steenkampskraal Monazite Mine in the Western Cape is considered to have
among the highest concentration of rare earth elements and thorium globally. The
mine's abundant resources of natural thorium are sufficient to meet the global
demand for medical isotopes from its decay for the foreseeable future. The plan
is to leverage Thor Medical's expertise to efficiently produce valuable
alpha-emitters for use in next generation cancer treatment from feedstock from
Steenkampskraal's mineral resources.

"The cooperation with Steenkampskraal can support Thor Medical's ambitions for
the planned industrial-scale production to meet the growing demand for medical
isotopes globally. We look forward to developing partnership agreements with
Steenkampskraal as we build our network of suppliers," says Alf Bjørseth, CEO of
Thor Medical.

The Steenkampskraal Monazite Mine is a fully licensed to operate mining project
and is compliant with all necessary regulatory requirements from, inter alia the
Department of Mineral Resources and Energy, the National Nuclear Regulator, and
the Department of Water and Sanitation. The mine has already commenced with
refurbishment and the start-up of the construction is targeted by end of 2024.
Production of thorium is targeted by end of 2025.



About Thor Medical

Thor Medical is an emerging supplier of radionuclides, primarily alpha particle
emitters, from naturally occurring thorium. Its proprietary production process
requires no irradiation or use of nuclear reactors, and provides reliable,
environmentally friendly, cost-efficient supply of alpha-emitters for the
radiopharmaceutical industry. Thor Medical is headquartered in Oslo, Norway and
listed on the Oslo Stock Exchange under the ticker symbol 'TRMED'.

About Steenkampskraal

Steenkampskraal Monazite Mine aims to become a leading producer of rare earth
elements (REEs) and thorium, specifically focusing on monazite extraction.
Located in South Africa, the mine boasts significant deposits of monazite, a
mineral rich in REEs essential for various industries such as electronics,
renewable energy, and defense. Steenkampskraal's business strategy emphasizes
sustainable mining practices, technological innovation, and strategic
partnerships to ensure long-term success.

CONTACTS

* Brede Ellingsæter, CFO, Thor Medical ASA, +47 472 38 440,
brede.ellingseter@thormedical.no

ATTACHMENTS

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