22.12.2023 12:40:18 CET | Thor Medical ASA | Non-regulatory press releases

Oslo, 22 December 2023: Thor Medical ASA has commenced engineering and placed
orders for critical production equipment as it is now moving ahead with the
establishment of a pilot facility for production of thorium-based alpha emitters
at Herøya Industripark.

The facilities will hold a class-B laboratory and enable Thor Medical to verify
its proprietary production technology and products, and to produce customer
samples for qualification already in 2024.

"The combination of research and development activities in the lab and pilot
production will generate essential insights and experience from small-scale
development and manufacturing. These learnings will be crucial as we move
forward towards an investment decision for our first industrial-scale
manufacturing facility in 2025," says Alf Bjørseth, CEO of Thor Medical ASA.

Based on naturally occurring thorium, Thor Medical will supply radioactive alpha
emitters for a rapidly increasing global market for cancer therapies based on
nuclear medicine, and the company has already signed LOIs with several leading
radiopharmaceutical companies for future offtake of Th-228 alpha emitters.

The new lab facilities are expected to be operational already in the second
quarter, with the first product samples to be delivered to customers during the
third quarter 2024. Upon customer qualification Thor Medical expects to convert
LOIs into firm supply contracts.

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/17848634/2825/3938/Download%20announcement
%20as%20PDF.pdf