Thor Medical ASA reports first half 2024 results - Pilot facility progressing as planned and targeting 'fast-track' scale-up to commercial production

30 Aug 2024 07:00 CEST

30.8.2024 07:00:01 CEST | Thor Medical ASA | Half yearly financial reports and
audit reports / limited reviews

Oslo, 30 August 2024: Thor Medical ASA, a leading emerging supplier of
alpha-emitters for next-generation precision cancer treatment, today announced
results for the first half of 2024. The pilot facilities at Herøya Industrial
Park are progressing as planned and the company has started a concept study for
a 'fast-track' plant with the ambition to bring commercial product volumes to
market as soon as possible.

"Thor Medical has progressed the new pilot facilities at Herøya on time and
cost, and we look forward to supplying our customers in the radiotherapeutics
market with quality product samples towards the end of the year. We see a
significant shift in clinical development toward targeted alpha therapies with
lead-212 and radium-224 isotopes. Our existing and prospective customers are
addressing large groups of cancer patients with a huge unmet therapeutic need
and are outlining a large potential demand for thorium-228, radium-224 and
lead-212 as radioactive compounds. We strongly believe that our technology can
be their foundation and that Thor Medical is able to ramp and scale up
production in close synchronization with our customers' clinical development and
commercial launch activities", says CEO Jasper Kurth.

1H'24 highlights:

* Pilot facilities at Herøya progressing on time and cost with completion
targeted by end of Q3 2024 and delivery of customer samples by the end of the
year?
* Received NOK 6m grant from Innovation Norway related to the pilot facilities?
* Received authorization from the Norwegian Radiation and Nuclear Safety
Authority (DSA) for manufacturing, commercial trade, and import and export of
radionuclides?
* Entered cooperation agreement and MoU for feedstock supply with
Steenkampskraal Monazite Mine in South Africa?
* Completed feasibility study and started concept study for 'fast-track' plant
with estimated capital requirement of approximately NOK 250 million

The radiotherapeutics market is facing a sharp growth trajectory as one of the
fastest-growing cancer treatment options, with thorium-derived radioisotopes
showing the greatest potential.

TThe company had no revenues in the first half of 2024, reflecting the
pre-commercial phase of operation, and a loss before tax of NOK 13.1 million.
Net cash flow in the period was negative NOK 12.1 million, and cash available at
end of the first half 2024 was NOK 29.6 million. The pilot phase is fully funded
with limited capital requirements until investment decision for commercial
production scale and the company has runway through first half 2025.?

A presentation of the results, followed by a Q&A session will be held at
Carnegie's offices at Aker Brygge, Fjordalleen 16, today at 08:00 am CEST. You
can also follow the presentation and Q&A session from our website, or this
direct link: Thor Medical 1H 2024 -
https://channel.royalcast.com/hegnarmedia/#!/hegnarmedia/20240830_4 .

DISCLOSURE REGULATION

This information is required to be disclosed under Section 5-12 of the
Securities Trading Act.

CONTACTS

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

ABOUT THOR MEDICAL ASA

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'.

To learn more, visitwww.thormedical.no - https://www.thormedical.no.

ATTACHMENTS

Download announcement as PDF.pdf -
https://kommunikasjon.ntb.no/ir-files/17848634/18219713/4927/Download%20announce
ment%20as%20PDF.pdf

1H 2024 Report.pdf -
https://kommunikasjon.ntb.no/ir-files/17848634/18219713/4924/1H%202024%20Report.
pdf

1H 2024 Presentation.pdf -
https://kommunikasjon.ntb.no/ir-files/17848634/18219713/4925/1H%202024%20Present
ation.pdf

More information:
Access the news on Oslo Bors NewsWeb site

626657_1H 2024 Presentation.pdf
626657_Download announcement as PDF.pdf
626657_1H 2024 Report.pdf