Business model

Thor Medical’s strategy is to supply alpha-emitters for novel cancer therapies, utilizing its proprietary AlphaCycle™ process to separate thorium isotopes with unmatched purity and scalability. The Company sources natural thorium (Thorium-232) from mining operations, processes it into Thorium-228, and subsequently supplies Radium-224 and Lead-212 to radiopharmaceutical customers.

This model enables Thor Medical to address a growing demand for next-generation cancer treatments with minimal environmental impact.

Unlike traditional isotope production methods that rely on irradiation or nuclear reactors, Thor Medical’s approach requires little energy input, generates no radioactive waste, and operates within a closed-loop system, making it scalable and environmentally sustainable.

More details about the business model can be found in the Board of Directors report in the Annual Report.

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Development timeline and sustainability plans

Thor Medical has made significant progress and reached key milestones across operations, commercial partnerships, and financing in 2024.

The company has successfully advanced its pilot production capabilities, secured strategic supply agreements, and strengthened its financial foundation to support future expansion. Looking ahead, Thor Medical is on track to scale up production, with plans to establish a global supply chain for alpha-emitter production.

The key sustainability risks that Thor Medical will be facing are outlined below, along with the corresponding mitigation efforts:

• Environmental risks: Management of radioactive materials and waste is a top priority. Compliance with Norwegian Radiation and Nuclear Safety Authority (DSA) standards ensures safety.

• Health and safety risks: Robust safety protocols, employee training, and continuous monitoring minimize risks associated with handling radioactive materials.

• Supply chain risks: Diversified sourcing agreements to ensure reliability.

The key risks are expected to develop over time as Thor Medical executes its strategic roadmap, as highlighted in the table below:

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Thor Medical policies and standards

‍Code of Conduct

Thor Medical’s Code of Conduct embodies the company’s core principles of ethical business conduct, emphasizing integrity, compliance with laws, and sustainability across all operations.

The Code outlines commitments to human rights, environmental responsibility, fair competition, anti-corruption, and workplace safety, setting clear expectations for employees, managers, and business partners. It integrates global regulatory standards while also maintaining rigorous internal accountability mechanisms, including a zero-tolerance policy for bribery and corruption, responsible resource management, and proactive risk mitigation strategies.

Sustainability is embedded into all business functions, ensuring long-term operational resilience and ethical governance.

For more information, including Thor Medical standards, please visit the Code of Conduct on the Company’s webpage (include hyperlink).

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International principles

Thor Medical adheres to international frameworks, including:

• UN Global Compact Principles – 10 principles covering human rights, labor standards, environmental responsibility, and anti-corruption. These principles ensure that businesses operate ethically, responsibly, and sustainably, which is crucial as Thor Medical scales its industrial operations. By adhering to these principles, Thor Medical demonstrates a commitment to fair labor practices, reducing environmental impact, and maintaining transparency – critical factors in securing partnerships, regulatory

approvals, and investor confidence.

• ISO 14001 for environmental management – the standard for environmental management systems (EMS). It helps companies like Thor Medical minimize environmental risks, ensure regulatory compliance, and continuously improve sustainability performance. As Thor Medical scales production, this certification is vital for managing radioactive materials, reducing emissions, and optimizing resource efficiency, all while reinforcing the company’s commitment to sustainable industrial growth.

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Environmental

Thor Medical is committed to minimizing its environmental impact, reducing waste, and handling materials safely and responsibly.

With the start of pilot facilities in the second half of 2024, Thor Medical has implemented strict environmental and safety measures to ensure compliance with Norwegian regulations and international standards.

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Safe handling of radioactive materials

Thorium-232 is currently supplied by a vendor and delivered in barrels, which are stored in a designated radioactive area at Herøya Industrial Park. This restricted-access area follows safety protocols, ensuring compliance with national radiation protection standards. Once fed into the production process, the material is at all times kept in a closed-loop system, allowing safe operations for personnel.

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Personnel safety measures:

• All staff and visitors must wear dosimeters for continuous radiation exposure tracking.

• Regular monitoring ensures safe exposure levels.

• Strict entry and exit protocols prevent contamination risks.

• Protective gear that may be contaminated is safely managed and disposed of by Norwegian regulations.

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Commitment to sustainability

Thor Medical is dedicated to integrating sustainability into its industrial operations, ensuring responsible waste management, energy efficiency, and emission reductions.

Through proprietary technology, the company minimizes radioactive waste, eliminating long-lived contaminants and ensuring safe disposal in compliance with Norwegian regulations.

As part of its broader sustainability approach, Thor Medical is transitioning to low-energy production processes and optimizing logistics to reduce greenhouse gas emissions. .

Thor Medical upholds its commitment to safe, responsible, and environmentally conscious operations through a minimal-waste process that prioritizes sustainability.

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Social

Attracting, developing, and retaining top talent is key to Thor Medical’s success. The Company is committed to ensuring all employees are treated fairly and with respect in an inclusive work environment free from discrimination or harassment.

The management team has a particular responsibility to lead by example in this regard. A whistleblower policy is in place to encourage reporting of concerns without fear of retaliation.

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Organizational growth and development

By year-end, Thor Medical had 9 employees and employed one contractor, with further recruitment planned for AlphaOne’s production team in 2025.

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Health and safety

Thor Medical prioritizes workplace safety and had no reported injuries in 2024. Employees undergo radiation protection and emergency training, and strict entry and exit protocols are enforced at production facilities. Compliance with Norwegian Radiation and Nuclear Safety Authority (DSA) regulations remains a top priority.

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Supply chain responsibility

Thor Medical maintains a low-risk supply chain, ensuring safe and ethical sourcing of materials, and the Code of Conduct describes fundamental principles that apply in terms of engaging with stakeholders including suppliers. The Company continues to diversify suppliers to enhance stability and sustainability.

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