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September 4, 2023

Fleet Space Technologies takes stake in Thor Energy underpinning long-term commitment to revolutionising mineral exploration at Alford East project

Thor Energy and Fleet Space Technologies Partnership

"This partnership between Thor Energy and Fleet Space Technologies is further testament to what is possible when we fuse world-class exploration expertise with cutting-edge space technology. This has been an extraordinary period of growth for Fleet Space Technologies. We are proud to work with an increasing number of the world’s most progressive exploration companies to deliver faster, more accurate and ultimately less impactful exploration practices. By taking an equity stake in Thor Energy we signal our long-term commitment to redefining how minerals are found at their Alford East Project and beyond.” 

Federico Tata-Nardini, Chief Financial Officer and Financial Strategy & Investment Officer of Fleet Space Technologies

Fleet Space Technologies ("Fleet") is delighted to announce a ground-breaking collaboration with Thor Energy Plc("Thor"), to redefine their mineral exploration approach through cutting-edge space-enabled technology.

This partnership will leverage ExoSphereby Fleet® technology and Thor's expertise to revolutionise the understanding of the Alford East Copper-REE Project in South Australia, underpinning more precise drilling to realise the site’s potential faster and with less impact. The collaboration has also seen Fleet Space Technologies take an equity stake in Thor Energy, signifying both parties' long-term commitment to the project.

This latest major commitment for Fleet follows the successful completion of the company’s institutional Series C fundraising round and the signing of landmark contracts with the world’s largest and most innovative exploration companies including Rio Tinto and Barrick Gold.

Space Technology Enabling Faster Mineral Exploration

Fleet's state-of-the-art technology, paired with Thor's expertise, will pave the way for more precise and efficient drilling campaigns. The Alford East Project will serve as the first step in a long-term, transformative partnership, combining space technology with mineral exploration. The collaboration will drive ANT surveys using ExoSphere by Fleet® technology initially over the northern part of the Alford East Project.

This low-impact exploration technique harnesses natural environmental vibrations to analyse the Earth's composition at significant depths. The integration of this data with Thor's existing 3D geological model will lead to a comprehensive understanding of structural and lithological controls on mineralization, facilitating the identification of high-potential drill targets. Data is collected using portable Geodes devices which capture subtle vibrations from both natural and human sources. The data collected is then promptly processed and efficiently transmitted through Fleet's network of low earth orbit satellites.

The collaboration between Thor and Fleet will empower the accurate delineation of low velocity, weathered troughs housing oxide copper-REE mineralization. This partnership will also pioneer the targeting of higher-grade oxide copper-gold mineralization by employing Artificial Intelligence (AI) and Machine Learning (ML) methodologies.

Long Term Partners In Innovation

As a testament to the partnership's strength, Fleet Space Technologies will earn an equity interest in Thor through a strategic share subscription. This underlines the commitment to jointly accelerate mineral exploration and leverage technology to redefine industry standards.

"This partnership signals Fleet Space Technology and Thor Energy’s shared commitment to innovation. The satellite-enabled exploration approach made possible by Fleet’s ExoSphere by Fleet® technology is driving greater efficiency and accuracy across the industry. We are delighted that Fleet has signalled its intent for a long-term collaboration at Alford East by taking a stake in Thor Energy that see us become partners in innovation as we work together to redefine exploration practices for the better.”

Nicole Galloway Warland, Managing Director of Thor Energy

The Alford East Copper-REE Project, located on the Yorke Peninsula, SA, is a significant area of focus for Thor Energy. The collaboration with Fleet Space Technologies promises to revolutionise exploration methodologies, resulting in more informed decision-making and streamlined drilling campaigns.

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