Quarterly Activities and Cash Flow Report
29/04/2025 07:00
RNS Number : 4912G
Thor Energy PLC
29 April 2025
This announcement contains inside information for the purposes of Article 7 of the UK version of Regulation (EU) No 596/2014 which is part of UK law by virtue of the European Union (Withdrawal) Act 2018, as amended ("MAR"). Upon the publication of this announcement via a Regulatory Information Service, this inside information is now considered to be in the public domain.
29 April 2025
Thor Energy PLC
("Thor" or the "Company")
Quarterly Activities and Cash Flow Report
January to March 2025
Thor Energy PLC ("Thor") (AIM, ASX: THR, OTCQB: THORF) is pleased to report on its activities for the Quarterly period January to March 2025.
Andrew Hume - Managing Director, Thor Energy Plc, commented:
"With the acquisition of Go Exploration Pty Ltd completed, our focus shifted to working with sector consultancy group, RISC Advisory, to finalise an assessment of prospective resources for natural hydrogen and helium at our newly renamed HY-Range Project, which comprises RSEL802 (previously PEL120), a granted licence in South Australia. The results of this assessment have already exceeded our expectations and have prompted the Board to seek to fast-track passive on-ground exploration activities in advance of final drill target design. I am delighted to lead these future exploration efforts, and we look forward to a busy quarter ahead."
HY-RANGE PROJECT - RSEL 802 (formerly PEL 120) SOUTH AUSTRALIAN NATURAL HYDROGEN AND HELIUM
On 16 February 2025 (Completion of the Acquisition of Go Exploration Pty Ltd), the Company announced legal and commercial completion of the acquisition of Go Exploration Pty Ltd ("GoX" or "Go Exploration") which holds PEL 120, one of only three granted hydrogen and helium exploration licences in the strategic South Australia hydrogen and helium fairway, adjacent to Adelaide, as well as several high potential application areas, the most advanced of which are PELAs 697 and 709 (Figure 1). Subsequently, on 13 March 2025, it was announced that the South Australian Government - Department of Energy and Mining had offered to convert PEL 120 to RSEL 802 ("Conversion of PEL 120 to Regulated Substance Exploration Licence"). The final approval for conversion to RSEL 802 was received from the Department of Energy and Mining on 27 March 2025, along with a three-month suspension and extension of the current work programme until 1 July 2025. The conversion to RSEL 802 confers full hydrogen and helium exploration rights across the licence (Figure 1).
On 4 December 2024 (Thor Commences Prospective Hydrogen Resource Assessment), Thor announced that it had engaged a leading energy advisory firm, RISC Advisory, to undertake the independent assessment of natural hydrogen and helium resources on certain target areas located on RSEL 802 (formerly PEL 120). On 30 March 2025 (Maiden Natural Hydrogen and Helium Prospective Resource), the results of this study (Figure 2) were released to shareholders, in which the prospective hydrogen and helium estimates were summarised. The significant prospective resources reiterated the potential of RSEL 802 (The Hy-Range Project) to host significant quantities of naturally occurring hydrogen and helium. The Board has resolved to fast-track on the ground passive exploration programmes in advance of final drill hole design later in the year.
Figure 1: Go Exploration Licence and Applications in South Australia[1].
Figure 2: Results of RISC assessment or Prospective Hydrogen and Helium Resources on RSEL 820
(Previously PEL120).
Molyhil, W, Cu, Mo NT, Australia
No work undertaken
Uranium and Vanadium (USA)
No work undertaken
EnviroCopper ("ECL") (via 26.3% equity holding) Kapunda, SA, Australia
No work undertaken
Alford East Cu, Au, SA, Australia
No work undertaken
Ragged Range, Au, Cu, Pilbara region, WA, Australia
No work, with the project being relinquished (refer to the Company's ASX/AIM release dated 28 April 2025, "HY-Range Exploration and Corporate Update").
CORPORATE, FINANCE, AND CASH MOVEMENTS
Corporate
As announced on 4 February 2025 (Appointment of Managing Director), Mr Andrew Hume, a highly experienced global energy-sector executive, joined the Company in the role as the Managing Director, to be based in Perth, Western Australia.
Finance
The Company received a second $50,000 ash payment from Tivan Limited.
Cash Movement
For the Quarter, the Company had total cash inflows of $121,000
▪ Net cash outflows from Operating and Investing activities for the quarter of $239,000, which included outflows of $19,000 directly related to exploration activities.
▪ Cash inflows from financing activities for the quarter were $103,000, largely related to the sale of the balance of the IVR shares held by the Company for total proceeds of $53,000 and the balance of the TIVAN payment of $50,000.
▪ Providing an ending cash balance of $1,922,000
Cashflows for the Quarter include payments of $117,000 to Directors, comprising the Managing Director's salary, the Non-Executive Directors' salaries. The Executive Chairman is continuing to accrue his Executive Directors' fees.
The Board of Thor Energy Plc has approved this announcement and authorised its release.
For further information, please contact:
Thor Energy PLC
Andrew Hume, Managing Director
Alastair Clayton, Executive Chairman
Rowan Harland, Company Secretary
Tel: +61 (8) 6555 2950
Zeus Capital Limited (Nominated Adviser and Joint Broker)
Antonio Bossi / Darshan Patel / Gabriella Zwarts
Tel: +44 (0) 203 829 5000
SI Capital Limited (Joint Broker)
Nick Emerson
Tel: +44 (0) 1483 413 500
Yellow Jersey (Financial PR)
Dom Barretto / Shivantha Thambirajah / Bessie Elliot
thor@yellowjerseypr.com
Tel: +44 (0) 20 3004 9512
About Thor Energy Plc:
The Company is focused on uranium, energy metals and recently Hydrogen and Helium that are crucial in the shift to a clean energy economy.
The Company notes that for the relevant market announcements noted above, it is not aware of any new information or data that materially affects this information and that all material assumptions and technical parameters underpinning any estimates continue to apply and have not materially changed.
For further information on Thor Energy and to see an overview of its projects, please visit the Company's website at www.thorenergyplc.com.
Competent Person Statement and Qualified Person for the purposes of the AIM Note for Mining and Oil & Gas Companies
The information in this report that relates to exploration results and exploration targets is based on information compiled by Andrew Hume, who holds a BSc in Geology (Hons). Mr Hume is an employee of Thor Energy PLC. He has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves' and is a qualified person under AIM Rules. Andrew Hume consents to the inclusion in the report of the matters based on his formation in the form and context in which it appears.
TENEMENT SCHEDULE
As of 31 March 2025, the consolidated entity holds an interest in the following Australian tenements:
| Project | Tenement | Area kms2 | Area ha. | Holders | Company Interest |
| Molyhil * | EL22349 | 228.10 | Molyhil Mining Pty Ltd | 100% | |
| Molyhil * | EL31130 | 9.51 | Molyhil Mining Pty Ltd | 100% | |
| Molyhil * | ML23825 | 95.92 | Molyhil Mining Pty Ltd | 100% | |
| Molyhil * | ML24429 | 91.12 | Molyhil Mining Pty Ltd | 100% | |
| Molyhil * | ML25721 | 56.2 | Molyhil Mining Pty Ltd | 100% | |
| Molyhil * | AA29732 | 38.6 | Molyhil Mining Pty Ltd | 100% | |
| Molyhil * | MLS77 | 16.18 | Molyhil Mining Pty Ltd | 100% | |
| Molyhil * | MLS78 | 16.18 | Molyhil Mining Pty Ltd | 100% | |
| Molyhil * | MLS79 | 8.09 | Molyhil Mining Pty Ltd | 100% | |
| Molyhil * | MLS80 | 16.18 | Molyhil Mining Pty Ltd | 100% | |
| Molyhil * | MLS81 | 16.18 | Molyhil Mining Pty Ltd | 100% | |
| Molyhil * | MLS82 | 8.09 | Molyhil Mining Pty Ltd | 100% | |
| Molyhil * | MLS83 | 16.18 | Molyhil Mining Pty Ltd | 100% | |
| Molyhil * | MLS84 | 16.18 | Molyhil Mining Pty Ltd | 100% | |
| Molyhil * | MLS85 | 16.18 | Molyhil Mining Pty Ltd | 100% | |
| Molyhil * | MLS86 | 8.05 | Molyhil Mining Pty Ltd | 100% | |
| Bonya * | EL29701 | 204.5 | Molyhil Mining Pty Ltd | 40% | |
| Bonya | EL32167 | 74.54 | Molyhil Mining Pty Ltd | 40% | |
| Alford East | EL6529 | 315.1 | Hale Energy Pty Ltd | 80% oxide interest |
| Claim Group | Serial Number | Claim Name | Area | Holders | Company Interest |
| Vanadium King (Utah) | UMC445103 to UMC445202 | VK-001 to VK-100 | 100 blocks (2,066 acres) | Cisco Minerals Inc | 100% |
| Radium Mountain (Colorado) | CMC292259 to CMC292357 | Radium-001 to Radium-099 | 99 blocks (2,045 acres) | Standard Minerals Inc | 100% |
| Groundhog (Colorado) | CMC292159 to CMC292258 | Groundhog-001 to Groundhog-100 | 100 blocks (2,066 acres) | Standard Minerals Inc | 100% |
| Name of entity | ||
| THOR ENERGY PLC | ||
| ABN | Quarter ended ("current quarter") | |
| 121 117 673 | 31 March 2025 | |
| Consolidated statement of cash flows | Current quarter $A'000 | Year to date (9 months) $A'000 | |
| 1. | Cash flows from operating activities | 0 | 0 |
| 1.1 | Receipts from customers | ||
| 1.2 | Payments for | ||
| (a) exploration & evaluation | (19) | (41) | |
| (b) development | - | 0 | |
| (c) production | - | 0 | |
| (d) staff costs | (113) | (386) | |
| (e) administration and corporate costs | (228) | (868) | |
| 1.3 | Dividends received (see note 3) | - | - |
| 1.4 | Interest received | - | - |
| 1.5 | Interest and other costs of finance paid | - | (1) |
| 1.6 | Income taxes paid | - | - |
| 1.7 | Government grants and tax incentives | - | 208 |
| 1.8 | Other | 18 | 53 |
| 1.9 | Net cash from / (used in) operating activities | (342) | (1,035) |
| 2. | Cash flows from investing activities | ||
| 2.1 | Payments to acquire or for: | ||
| (a) entities | - | ||
| (b) tenements | 103 | 103 | |
| (c) property, plant and equipment | - | - | |
| (d) exploration & evaluation | - | (492) | |
| (e) equity accounted investments | - | - | |
| (f) other non-current assets (bonds) | - | - | |
| 2.2 | Proceeds from the disposal of: | - | - |
| (a) entities | |||
| (b) tenements (bond refunds) | - | - | |
| (c) property, plant and equipment | - | - | |
| (d) investments | - | 5 | |
| (e) other non-current assets | - | 116 | |
| 2.3 | Cash flows from loans to other entities | - | - |
| 2.4 | Dividends received (see note 3) | - | - |
| 2.5 | Other (Government grants) | - | - |
| 2.6 | Net cash from / (used in) investing activities | 103 | (268) |
| 3. | Cash flows from financing activities | - | 1,964 |
| 3.1 | Proceeds from issues of equity securities (excluding convertible debt securities) | ||
| 3.2 | Proceeds from issue of convertible debt securities | - | - |
| 3.3 | Proceeds from exercise of options | - | - |
| 3.4 | Transaction costs related to issues of equity securities or convertible debt securities | - | (262) |
| 3.5 | Proceeds from borrowings | - | (12) |
| 3.6 | Repayment of borrowings (lease liability) | - | - |
| 3.7 | Transaction costs related to loans and borrowings | - | - |
| 3.8 | Dividends paid | - | - |
| 3.9 | Other (funds received in advance of a placement) | - | - |
| 3.10 | Net cash from / (used in) financing activities | - | 1,690 |
| 4. | Net increase / (decrease) in cash and cash equivalents for the period | ||
| 4.1 | Cash and cash equivalents at beginning of period | 2,240 | 1,535 |
| 4.2 | Net cash from / (used in) operating activities (item 1.9 above) | (342) | (1,035) |
| 4.3 | Net cash from / (used in) investing activities (item 2.6 above) | 103 | (268) |
| 4.4 | Net cash from / (used in) financing activities (item 3.10 above) | - | 1,690 |
| 4.5 | Effect of movement in exchange rates on cash held | (79) | - |
| 4.6 | Cash and cash equivalents at end of period | 1,922 | 1,922 |
| 5. | Reconciliation of cash and cash equivalentsat the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts | Current quarter $A'000 | Previous quarter $A'000 |
| 5.1 | Bank balances | 1,922 | 2,240 |
| 5.2 | Call deposits | - | - |
| 5.3 | Bank overdrafts | - | - |
| 5.4 | Other (provide details) | - | - |
| 5.5 | Cash and cash equivalents at end of quarter (should equal item 4.6 above) | 1,922 | 2,240 |
| 6. | Payments to related parties of the entity and their associates | Current quarter $A'000 |
| 6.1 | Aggregate amount of payments to related parties and their associates included in item 1 | 95 |
| 6.2 | Aggregate amount of payments to related parties and their associates included in item 2 | - |
| Note: if any amounts are shown in items 6.1 or 6.2, your quarterly activity report must include a description of, and an explanation for, such payments. The amount at item 6.1 above represents fees paid to Non-Executive Directors, and remuneration paid to the Managing Director. | ||
| 7. | FinancingfacilitiesNote: the term "facility' includes all forms of financing arrangements available to the entity. Add notes as necessary for an understanding of the sources of finance available to the entity. | Total facility amount at quarter end $A'000 | Amount drawn at quarter end $A'000 |
| 7.1 | Loan facilities | - | - |
| 7.2 | Credit standby arrangements | - | - |
| 7.3 | Other (please specify) | - | - |
| 7.4 | Total financing facilities | - | - |
| 7.5 | Unused financing facilities available at quarter end | - | |
| 7.6 | Include in the box below a description of each facility above, including the lender, interest rate, maturity date and whether it is secured or unsecured. If any additional financing facilities have been entered into or are proposed to be entered into after quarter end, include a note providing details of those facilities as well. | ||
| 8. | Estimated cash available for future operating activities | $A'000 |
| 8.1 | Net cash from / (used in) operating activities (item 1.9) | (342) |
| 8.2 | (Payments forexploration & evaluation classified as investing activities)(item 2.1(d)) | - |
| 8.3 | Total relevant outgoings (item 8.1 + item 8.2) | (342) |
| 8.4 | Cash and cash equivalents at quarter end (item 4.6) | 1,922 |
| 8.5 | Unused finance facilities available at quarter end (item 7.5) | - |
| 8.6 | Total available funding (item 8.4 + item 8.5) | 1,922 |
| 8.7 | Estimated quarters of funding available (item 8.6 divided by item 8.3) | 3.2 |
| Note: if the entity has reported positive relevant outgoings (ie a net cash inflow) in item 8.3, answer item 8.7 as "N/A". Otherwise, a figure for the estimated quarters of funding available must be included in item 8.7. | ||
| 8.8 | If item 8.7 is less than 2 quarters, please provide answers to the following questions: | |
| 8.8.1 Does the entity expect that it will continue to have the current level of net operating cash flows for the time being and, if not, why not? | ||
| Answer: N/A | ||
| 8.8.2 Has the entity taken any steps, or does it propose to take any steps, to raise further cash to fund its operations and, if so, what are those steps and how likely does it believe that they will be successful? | ||
| Answer: N/A | ||
| 8.8.3 Does the entity expect to be able to continue its operations and to meet its business objectives and, if so, on what basis? | ||
| Answer: Yes | ||
| Note: where item 8.7 is less than 2 quarters, all of questions 8.8.1, 8.8.2 and 8.8.3 above must be answered. | ||