28.2.2024 07:00:01 CET | Thor Medical ASA | Half yearly financial reports and
audit reports / limited reviews

Thor Medical ASA, an emerging supplier of alpha-emitters for next-generation
precision cancer treatment, today announced results for the second half and full
year 2023. Thor Medical is in a pre-commercial stage with the current focus on
establishing pilot plant production and on securing commercial agreements as the
company is advancing towards a final investment decision for an industrial-scale
plant for production of alpha-emitters in 2025.

The pilot plant is currently under construction at Herøya and will be
commissioned for operation in the second half of 2024, enabling verification of
products and processes and production of samples for customer qualification. 

The company signed LOIs with three radiopharmaceutical companies for future
supply of alpha-emitters during the second half 2023. Provided successful
outcomes of these customers' clinical trials, the estimated demand from these
three customers alone exceeds the initial production capacity of Thor Medical's
first planned industrial-scale manufacturing facility. 

-Cancer accounts for around 10 million deaths annually and represents a large
unmet market for new and innovative therapies. Our target is to transform cancer
treatment with industrial-scale supply of alpha-emitters for next-generation
precision treatment, says CEO Alf Bjørseth.

-We made considerable progress in the second half of 2023, both commercially,
operationally, and organizationally, and our new pilot plant will enable us to
progress fast towards a final investment decision for an industrial-scale plant
in 2025, adds Bjørseth.

After the end of the year, the Board of Directors appointed Mr Jasper Kurth as
new CEO starting in September 2024, with Bjørseth continuing as SVP and
Strategic Adviser. Kurth joins the company from Bayer Pharmaceuticals.

Thor Medical did not recognize any revenue in 2023 and reported a loss before
tax of NOK 5.6 million for the continuing business for the second half and a
loss of NOK 5.6 million for the full year. Discontinued operations relating to
Nordic Nanovector reported a profit after tax of NOK 5.5 million for the second
half, explained by recognition of public grants (Skattefunn) and agio on cash
balances in foreign currencies in the period, and a loss of NOK 21.0 million for
the full year.

The acquisition of Thor Medica AS by Nordic Nanovector ASA was completed on 3
July 2023, after which the company changed its name to Thor Medical ASA and
revised its mission statement. The "Nanovector Patents' were transferred to
NucliThera AS in the second half of 2023.

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/17848634/2940/4127/Download%20announcement
%20as%20PDF.pdf

Q4 and 2H 2023 Report.pdf -
https://kommunikasjon.ntb.no/ir-files/17848634/2940/4125/Q4%20and%202H%202023%20
Report.pdf

Q4 and 2H 2023 Presentation.pdf -
https://kommunikasjon.ntb.no/ir-files/17848634/2940/4126/Q4%20and%202H%202023%20
Presentation.pdf