23.12.2025 08:00:00 CET | Thor Medical ASA | Non-regulatory press releases

Oslo, 23 December 2025 - Thor Medical, a leading emerging supplier of
alpha-emitters for next-generation precision cancer treatment, has now started
equipment installation at the AlphaOne plant, its first commercial-scale isotope
production facility under construction at Herøya Industrial Park, Norway.

Thor Medical has officially taken over the new laboratory and associated
infrastructure at Herøya and completed the first equipment installations
starting with large tanks for the storage of thorium raw material.

This represents a key milestone in the build-out of the plant's core production
infrastructure.

"This milestone at our AlphaOne project reflects the exceptional dedication of
our team and marks an important step toward enabling global radiopharmaceutical
pipelines. By building reliable industrial scale production of alpha emitters,
we are laying the foundation for pharmaceutical partners worldwide to advance
their clinical programs and bring transformative cancer therapies to patients
world-wide." says Jasper C. Kurth, CEO of Thor Medical.

 Work on the building infrastructure will continue during the first half of
2026, in parallel with the instalment of processing equipment, electrical
equipment and instrumentation, and hot cells for handling and processing high
activity radioactive material.

"We are on track with our roadmap towards mechanical completion of the plant in
the second quarter 2026 and production start in the third quarter. The progress
demonstrates strong collaboration with our partners, who delivered safely, on
time and on budget," says Brede Ellingsæter, CFO and COO of Thor Medical.

AlphaOne has a planned capacity of 21,000 patient doses in the first phase,
increasing to around 60,000 doses after ten years of operation. The facility is
fully funded, with profitable operations expected toward the end of 2027.

A timelapse video of the installation of thorium storage tanks is available
here: Thorium Tank Installation - Timelapse on Vimeo -
https://vimeo.com/1147996206?share=copy&fl=sv&fe=ci

CONTACTS

Brede Ellingsæter, CFO and COO, Thor Medical ASA, +47 472 38 440, 
brede.ellingseter@thormedical.com

About Thor Medical

Thor Medical is an emerging supplier of alpha particle emitters produced 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'.

ATTACHMENTS

Download announcement as PDF.pdf -
https://kommunikasjon.ntb.no/ir-files/17848634/18761624/6664/Download%20announce
ment%20as%20PDF.pdf