29.5.2026 07:00:02 CEST | Thor Medical ASA | Non-regulatory press releases

Thor Medical ASA, a leading emerging supplier of alpha-emitters for
next-generation precision cancer treatment, today signed a collaboration and
supply agreement with Minerva Imaging, a Scandinavian integrated contract
research organization (CRO) and contract development and manufacturing
organization (CDMO) specialized in targeted radionuclide therapies.

Under the terms of the agreement, Thor Medical will supply lead-212 (Pb-212) to
Minerva Imaging for preclinical use in radiopharmaceutical research and
development activities. The collaboration reflects a shared ambition to support
broader access to lead-212-based therapies in the European market as interest in
targeted alpha therapies continues to grow.

Lead-212 is increasingly recognized as a promising isotope for targeted cancer
treatment due to its favorable properties for theranostic applications and
precision delivery of alpha radiation. The growing number of companies
developing lead-212-based therapies is driving increased demand for reliable
isotope supply and related manufacturing capabilities.

"We are seeing growing interest in lead-212 from CDMOs and radiopharmaceutical
developers globally, reflecting the increasing importance of this isotope in the
future of targeted cancer treatment," said Jasper C. Kurth, Chief Executive
Officer of Thor Medical ASA. "We are pleased to work with Minerva Imaging to
further enable and strengthen access to lead-212, lowering the barrier for
development programs across Europe to work with this isotope."

Thor Medical's technology platform has been developed and validated through
pilot operations at Herøya Industrial Park since early 2024 with product sales
and delivery to leading industry players since 2025. Thor Medical is currently
commissioning its first commercial production facility, AlphaOne, which is
expected to commence production in the third quarter of 2026.

"This agreement brings together two Scandinavian companies with complementary
capabilities within radiopharmaceutical development and isotope supply. Thor
Medical has established strong capabilities within lead-212 production, and we
are responding to increasing requests from our customers to implement lead 212
capability at our facility. By collaborating with Thor Medical, we can better
support this demand and contribute to the growing lead-212 ecosystem," said
Carsten H. Nielsen, Chief Executive Officer of Minerva Imaging

Minerva Imaging provides fully integrated radiopharmaceutical research,
development and manufacturing services, supporting clients from early discovery
through clinical production. Its capabilities include advanced in vivo models
within oncology, as well as GMP-compliant manufacturing services. The company
operates from a state-of-the-art facility in Denmark and builds on more than two
decades of research conducted at the University of Copenhagen and
Rigshospitalet.

ABOUT THOR MEDICAL ASA

Thor Medical is an emerging supplier of alpha particle emitters produced from
naturally occurring thorium, a key component of next-generation targeted cancer
treatment. Its proprietary production process requires no irradiation or use of
nuclear reactors, and provides a reliable, environmentally friendly and
cost-efficient supply of alpha emitters to the radiopharmaceutical industry.
Guided by its vision to become a world-leading enabler for targeted cancer
therapies, Thor Medical is committed to improving millions of lives by fueling
next-generation cancer therapies with high-purity isotopes. Thor Medical is
headquartered in Oslo, Norway, and listed on the Oslo Stock Exchange under the
ticker symbol TRMED. For more information, visit www.thormedical.com. -
http://www.thormedical.com

For further information, please contact:

Thor Medical ASA

Mathias Nilsen Reierth, Head of Communications and Corporate Affairs

+47 988 05 724, mathias.reierth@thormedical.com

Contact Minerva

Ian Andrew Wilson, Head of Partnering & Business Strategy

+45 20 69 52 19, iaw@minervaimaging.com



ATTACHMENTS

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