15.11.2023 08:30:01 CET | Thor Medical ASA | Non-regulatory press releases

Oslo, 15 November 2023: Thor Medical ASA has signed Letters of Intent (LOI) with
three radiopharmaceutical companies for future supply of alpha emitters.

The LOI's signed to date are with radiopharmaceutical companies developing novel
cancer therapies, one US-based and two Scandinavian companies. All companies
have advanced to clinical trials for their products.

Given the successful outcome of the clinical trials, which will bring the drugs
to market, the estimated future demand for alpha emitters from these potential
customers exceeds the initial planned production capacity of Thor Medical's
first industrial-scale manufacturing facility.

"The partnership with these companies demonstrates the market maturity in this
industry and for our products and supports bringing alpha emitters to market at
scale quickly. We will target to develop the agreements into concrete delivery
contracts as part of the work to make a final investment decision for our first
industrial-scale manufacturing facility in 2025", says Alf Bjørseth, CEO of Thor
Medical ASA.

Thor Medical will continue to develop relationships with other potential
customers of alpha emitters in the radiopharmaceutical industry going forward.

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/17848634/2749/3850/Download%20announcement
%20as%20PDF.pdf