Odin's lost eye continues to reveal more secret history to Thor. Siegfried does battle with Fafnir and slays the monster. He gains possession of the Ring of the Nibelung. Mime attempts to kill him, but Siegfried is too clever. Odin lures Siegfried to the area where he has kept Brunnhilda. Siegfried overcomes the heat and the fire to reach Brunnhilda. They fall in love.
Aside from Thor and the Eye of Odin, all characters appear in flashback.
Much of this issue is based on Richard Wagner's opera tetralogy, "Der Ring des Nibelungen" ("The Ring of the Nibelung"). This issue specifically concludes "Siegfried," the third opera. A splash page credit reads "Based on the opera 'Siegfried' by Richard Wagner as adapted by Roy Thomas."