REG - Thor Energy PLC - Half-year Report
14/03/2023 07:00
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RNS Number : 8170S Thor Energy PLC 14 March 2023
14 March 2023
Thor Energy PLC
("Thor" or the "Company")
Half-year report
The Directors of Thor Energy plc (AIM, ASX: THR) are pleased to announce the
Company's results for the six months ended 31 December 2022.
The Company's Half Year Report was also lodged with the Australian Stock
Exchange ("ASX") as required under the listing rules of the ASX. A copy of
the Half Year Report is available on the Company's website:
https://thorenergyplc.com/ (https://thorenergyplc.com/) .
Key Highlights
Uranium & Vanadium (Colorado & Utah, USA)
· Initial reconnaissance confirms extensive lateral continuity of
uranium hosted sandstones
· Three prospects were tested including Rim Rock, Groundhog and Section
23
· Assay results from drilling are pending
Gold, Lithium, Nickel, Copper-Gold (Ragged Range in the Pilbara region of
Western Australia)
· A small reconnaissance RC drilling program at Kelly's Prospect
highlighted wide zones of intense sericite alteration along with anomalous
copper and gold mineralisation
· Thor now holds a 100% interest in five granted tenements
Copper-Gold (South Australia, Australia)
1) Alford East
· Quarterly hydrogeological testing was completed project to establish
baseline water characterisation and hydrogeology modelling parameters
· Thor is continuing hydrogeological and hydrometallurgical studies to
assess the potential copper and gold recoveries
2) Kapunda and Alford West
· EnviroCopper Ltd (ECL), will complete the lixiviant phase of
Push/pull testing, aiming at recovering copper solution from the deposit once
approved by the Department of Energy and Mines
· A collaborative ISCR Agreement was signed by OZ Minerals in November
2022 to support ISCR research, with AUD$2.5m committed to fund this work
Tungsten-Molybdenum-Copper (Molyhil, Northern Territory, Australia)
· Thor signed a Heads of Agreement on the 24 November 2022 to the value
of AUD$8m to fund the accelerated exploration of Thor's 100% owned Molyhil
tenements in the Northern Territory
· Thor has 40% equity interest in the Bonya project
Nicole Galloway Warland, Managing Director of Thor Energy, commented:
"With the shift to our philosophy to a 'green' energy economy, our business
model is currently going through a position of transition.
We are delighted that the initial drilling program at Wedding Bell Project has
confirmed drilling uranium mineralisation along strike at historical workings
at Rim Rock and Groundhog prospects as well as within the Section 23 prospect.
At Ragged Range, whilst the recent drilling program at Kelly's prospect has
fallen too short to test the targeted contact, beneath the historic Kelly's
copper workings, copper was intercepted with anomalous gold and silver
warranting further review.
Focusing on our copper portfolio, we continue with our quarterly
hydrogeological water bore testing in Alford East to help establish water
characterisation baseline studies and for hydrogeological modelling.
We will also be undertaking a second phase of laboratory scale
hydrometallurgical lixiviant testing prior to further drill testing, to ensure
potential economic copper and gold recoveries suitable for ISR.
At our Kapunda project, a collaborative ISR Agreement was signed with OZ
Minerals Limited in November 2022 to help support ISR research, with $2.5m
committed to fund this work.
In regard to Molyhil, we signed a heads of agreement to the value of A$8M,
with the ASX-listed mineral exploration and development company Investigator
Resources Limited to help fund the accelerated exploration of Thor's
100%-owned Molyhil tenements Northern Territory and the sale of Thor's
interest in the Bonya tenement.
With a strong pipeline of news flow expected for the coming months and project
milestones across the portfolio, we look forward to providing further updates
on our progress in due course."
This announcement is authorised for release to the market by the Board of
Directors.
For further information, please contact:
Thor Energy PLC
Nicole Galloway Warland, Managing Director Tel: +61 (8) 7324 1935
Ray Ridge, CFO / Company Secretary Tel: +61 (8) 7324 1935
WH Ireland Limited (Nominated Adviser and Joint Broker) Tel: +44 (0) 207 220 1666
Antonio Bossi / Darshan Patel
SI Capital Limited (Joint Broker) Tel: +44 (0) 1483 413 500
Nick Emerson
Yellow Jersey (Financial PR) thor@yellowjerseypr.com
Sarah Hollins / Shivantha Thambirajah / Bessie Elliot Tel: +44 (0) 20 3004 9512
Updates on the Company's activities are regularly posted on Thor's
website www.thorEnergy.com (http://www.thormining.com/) , which includes a
facility to register to receive these updates by email, and on the Company's
twitter page @ThorEnergy.
About Thor Energy PLC
The Company is focused on uranium and energy metals that are crucial in the
shift to a 'green' energy economy. Thor has a number of highly prospective
projects that give shareholders exposure to uranium, nickel, copper, lithium
and gold. Our projects are located in Australia and the USA.
Thor holds 100% interest in three uranium and vanadium projects (Wedding Bell,
Radium Mountain and Vanadium King) in the Uravan Belt Colorado and Utah, USA
with historical high-grade uranium and vanadium drilling and production
results.
Thor owns 100% of the Ragged Range Project, comprising 92 km2 of exploration
licences with highly encouraging early-stage gold and nickel results in the
Pilbara region of Western Australia, with follow up drilling planned for 2022.
At Alford East in South Australia, Thor is earning an 80% interest in oxide
copper deposits considered amenable to extraction via In Situ Recovery
techniques (ISR). In January 2021, Thor announced an Inferred Mineral Resource
Estimate.¹ Thor also holds a 30% interest in Australian copper development
company EnviroCopper Limited, which in turn holds rights to earn up to a 75%
interest in the mineral rights and claims over the resource on the portion of
the historic Kapunda copper mine and the Alford West copper project, both
situated in South Australia, and both considered amenable to recovery by way
of ISR.(2&3)
Thor holds 100% of the advanced Molyhil tungsten project, including measured,
indicated and inferred resources⁴, in the Northern Territory of Australia,
which was awarded Major Project Status by the Northern Territory government in
July 2020. Thor executed a $8m Farm-in and Funding Agreement with Investigator
Resources Limited (ASX: IVR) to accelerate exploration at the Molyhil Project
on 24th November 2022.(6)
Adjacent to Molyhil, at Bonya, Thor holds a 40% interest in deposits of
tungsten, copper, and vanadium, including Inferred resource estimates for the
Bonya copper deposit, and the White Violet and Samarkand tungsten deposits.⁵
Thor's interest in the Bonya tenement EL29701 is planned to be divested as
part of the Farm-in and Funding agreement with Investigator Resources
Limited.(6)
Notes
(1)
https://thorenergyplc.com/investor-updates/maiden-copper-gold-mineral-resource-estimate-alford-east-copper-gold-isr-project/
(https://thorenergyplc.com/investor-updates/maiden-copper-gold-mineral-resource-estimate-alford-east-copper-gold-isr-project/)
(2)
www.thorenergyplc.com/sites/thormining/media/pdf/asx-announcements/20172018/20180222-clarification-kapunda-copper-resource-estimate.pdf
(http://www.thorenergyplc.com/sites/thormining/media/pdf/asx-announcements/20172018/20180222-clarification-kapunda-copper-resource-estimate.pdf)
³
www.thorenergyplc.com/sites/thormining/media/aim-report/20190815-initial-copper-resource-estimate---moonta-project---rns---london-stock-exchange.pdf
(http://www.thorenergyplc.com/sites/thormining/media/aim-report/20190815-initial-copper-resource-estimate---moonta-project---rns---london-stock-exchange.pdf)
(4)
https://thorenergyplc.com/investor-updates/molyhil-project-mineral-resource-estimate-updated/
(https://thorenergyplc.com/investor-updates/molyhil-project-mineral-resource-estimate-updated/)
(5)
www.thorenergyplc.com/sites/thormining/media/pdf/asx-announcements/20200129-mineral-resource-estimates---bonya-tungsten--copper.pdf
(http://www.thorenergyplc.com/sites/thormining/media/pdf/asx-announcements/20200129-mineral-resource-estimates---bonya-tungsten--copper.pdf)
(6)
https://thorenergyplc.com/wp-content/uploads/2022/11/20221124-8M-Farm-in-Funding-Agreement.pdf
(https://thorenergyplc.com/wp-content/uploads/2022/11/20221124-8M-Farm-in-Funding-Agreement.pdf)
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.
Thor Energy PLC
Half-year Report
For the six months ended
31 December 2022
Radium Mountain Uranium Project: Rim Rock historic workings
HIGHLIGHTS
In January 2023, Thor announced its change of name to Thor Energy Plc,
reflecting its changing exploration focus on uranium and energy metal projects
in Australia and USA.
Uranium & Vanadium
Initial reconnaissance drilling at the Wedding Bell and Radium Mountain
Projects in Colorado confirms extensive lateral continuity of uranium hosted
sandstones. Three prospects were tested including Rim Rock, Groundhog and
Section 23. The intersection of uranium mineralisation at all three
prospects highlights the prospectivity of the Project (uranium grades measured
by downhole gamma readings). Assay results from drilling are pending.
Gold, Lithium, Nickel, Copper-Gold
A small reconnaissance reverse circulation (RC) drilling program at Kelly's
Prospect focused on testing the sheared altered contact between the Boobina
felsic porphyry intrusive and the Euro Basalt. The drilling highlighted wide
zones of intense sericite alteration along with anomalous copper and gold
mineralisation, warranting further drilling.
Copper-Gold
Quarterly hydrogeological testing was completed at the Alford East project to
establish baseline water characterisation and hydrogeology modelling
parameters. This work is part of the In-Situ Copper Recovery (ISCR)
amenability assessment.
Thor has a 30% equity interest in EnviroCopper Ltd (ECL), the holder and
operator of the Kapunda and Alford West projects. A collaborative ISCR
Agreement was signed with OZ Minerals Limited in November 2022 to support ISCR
research at the Kapunda Project (only). $2.5m was committed to fund this
work, subject to ongoing progress. The funding is non-dilutive to Thor's 30%
interest in ECL.
Tungsten-Molybdenum-Copper
On 24 November 2022, Thor announced the signing, through its wholly owned
subsidiary Molyhil Mining Pty Ltd ("Molyhil"), of a Heads of Agreement ("HOA")
to the value of A$8M, with ASX-listed mineral exploration and development
company Investigator Resources Limited (ASX: IVR, "IVR") to fund the
accelerated exploration of Thor's 100%-owned Molyhil tenements (the
"Tenements"), in the Northern Territory and the sale of Thor's interest in the
Bonya tenement (EL29701).
OUTLOOK FOR 2023
Uranium & Vanadium
Close spaced airborne magnetics and radiometric survey to be flown over all
three projects in Utah and Colorado.
The Company is planning the next phase of drilling at Wedding Bell and Radium
Mountain projects, focusing on potential extensions to known mineralisation
and continuing to explore new areas including Section 23.
Maiden drilling is planned for the Vanadium King Project, Utah.
Gold, Lithium, Nickel, Copper-Gold
An Induced Polarisation (IP) geophysics survey is scheduled for April over the
Kelly's Prospect.
Regional mapping and geochemical sampling to continue over the project with
the generation of a pipeline of prospects to drill test.
RC drilling to follow up on geochemical and geophysical targets.
Copper
At Alford East Thor is continuing hydrogeological and hydrometallurgical
studies, to assess the potential copper and gold recoveries and ISR viability
in contrast to conventional open cut or underground mining.
Kapunda: Once approval from the Department of Energy and Mines (DEM) is
received, ECL will complete the lixiviant phase of Push/Pull testing, aiming
at recovering copper solution from the deposit. Following on from this work,
approvals will then be submitted for Site Environment Lixiviant Testing (SELT)
work, to be undertaken on Council land funded by OZ Minerals (expected FQ4
2023).
Tungsten-Molybdenum-Copper
IVR to commence drilling activities as part of the Earn-In /JV Agreement.
REVIEW OF OPERATIONS
Commodity Prices (source: Argus Metals, London Metals Exchange (LME))
Uranium and energy metal commodity prices all have favourable outlooks for
2023.
Uranium is on a steady upward trend with February spot prices at US$50.93
/lb. Uranium has bullish fundamentals with surging demand with the
investment in new nuclear reactors from major economies as the world seeks
greener energy and to meet net zero carbon emissions.
Copper LME cash price is currently at US$9066/t. With electrification,
increased electronics, and renewables, a copper supply deficit is expected to
see the copper price steadily rise in the coming years.
Gold is expected to rise in 2023 as the US dollar weakens. Gold prices have
strengthened to around US$1,835/oz, with the price outlook remaining positive
based on the current global macroeconomics and the geopolitical environment
(Ukraine Invasion).
Uranium & Vanadium Projects (Colorado & Utah USA) (100% Thor)
During the reporting period Thor completed its initial drilling program,
comprising 15 shallow, rotary air drillholes. Drilling confirmed uranium
mineralisation along strike of historical workings at Rim Rock and Groundhog
prospects, and within the newly tested Section 23 prospect (ASX/AIM: 22
December 2022).
These priority prospects lie within the Company's 100% owned Wedding Bell and
Radium Mountain Projects located in the historic uranium-vanadium mining
district within the Uravan mineral belt, southwest Colorado, USA.
Uranium mineralisation was intersected at all three prospects confirming the
prospectivity of the Projects by increasing and enhancing the uranium lateral
continuity within the Salt Wash Member of the Morrison Formation.
Key grade intersections include (eU(3)O(8) denotes that the uranium grade has
been determined by downhole gamma logging):
Groundhog
· 2.1m @ 0.036% (360ppm) eU(3)O(8) from 85m (22WBRA012A), including
· 0.3m @ 0.14% (1400ppm) eU(3)O(8)
· 1.2m @ 0.034% (340ppm) eU(3)O(8) from 78m (22WBRA013), including
· 0.5m @ 0.5% (5000ppm) eU(3)O(8)
Rim Rock
· 0.3m @ 0.072% (720ppm) eU(3)O(8) from 59.7m (22WBRA014)
Section 23
· 0.5m @ 0.051% (510ppm) eU(3)O(8) from 102.6m (22WBRA002)
· 0.6m @ 0.021% (210ppm) eU(3)O(8) from 92.4m (22WBRA011), and
· 0.5m @ 0.03% (300ppm) eU(3)O(8) from 100m
The uranium grades and thicknesses reported are determined by gamma downhole
logging. Physical samples have been collected within these mineralised zones
for laboratory testing. The analyses will test for uranium and vanadium, as
well as multi-element analysis. These results are anticipated in FQ3 2023.
Douglas Exploration LLC undertook the drilling program, with Jet West
Geophysical Services completing the downhole gamma probe logging.
Thor is currently planning a closed spaced magnetics and radiometrics survey
over all three project - Wedding Bell and Radium Mountain, Colorado and
Vanadium King, Utah.
Based on the positive intersection of uranium mineralisation further drilling
is planned for Wedding Bell and Radium Mountain Projects. Concurrent to this
drilling Thor is planning its maiden drilling program at Vanadium King
Project, Utah
Ragged Range Gold, Lithium, Nickel, Copper-Gold Project (Pilbara, Western
Australia) (100% Thor)
Thor now holds a 100% interest in five granted tenements in the Pilbara region
of Western Australia, approximately 40km west of the township of Nullagine.
During the reporting period, Thor completed a small reconnaissance drilling
program at Kellys Prospect located in the North-eastern corner of the
tenure. Drilling was designed to test below the high-grade rock chips,
returning up to 15g/t Au and 535g/t Ag along the 1km silicified ridge at the
contact between the Boobina Porphyry and Euro Basalt, as well as testing below
and along strike of the historic drillhole (DDHK2(1)) that intersected 1.5m @
22.97g/t gold, located at the porphyry-basalt contact.
The recent drillholes appear to have stopped too short to fully test the
targeted contact, with follow-up drilling proposed angled from the west to
east.
Beneath the historic Kelly's copper workings, copper was intercepted with
anomalous gold and silver warranting further review.
At the Kelly's NE Prospect, high-grade gold (up to 7.2g/t Au) and copper (up
to 13.6 % Cu) identified in rock chips (ASX/RNS 7 December 2022) was tested by
two drillholes, 22RRRC057 and 22RRC058. Wide intersections of low-grade copper
were intersected in the first hole from shallow depth with moderate grade
intercepts in the second hole both at surface and at depth.
Significant results received to date include (ASX/AIM: 15 December 2022):
Kelly's Ridge
· 22RRRC049: 1m @ 0.91 g/t Au
from 40m
· 22RRRC052: 1m @ 0.15g/t Au and
1.6% Zn from 196m
Kelly's Mine
· 22RRRC056: 8m @ 1.31% Cu and
0.1g/t Au from 4m (22RRRC056), including
3m @
2.9% Cu, 0.17g/t Au and 39g/t Ag from 7m
Kelly's NE
· 22RRRC057: 4m @ 0.13% Cu from
20m
· 22RRRC058: 19m @ 0.15% Cu
from 8m, including
3m @
0.24% Cu from 24m, and
3m @
0.29% Cu, 0.12g/t Au, 8.5g/t Ag, 1.1% Pb, and 0.25% Zn from 133m
Prior to further drilling at the Kelly's Prospect an IP geophysical survey
will be completed to assist with further drill targeting.
Regional exploration will focus on mapping and geochemical stream and soil
sampling to generate a pipeline of drill targets for testing.
Copper Portfolio (South Australia)
Alford East
The Alford East Copper-Gold Project is located on EL6529, where Thor is
earning up to 80% interest (currently a 51% interest) from unlisted Australian
explorer Spencer Metals Pty Ltd, covering portions of EL6255 and EL6529 (ASX:
THR Announcement 23 November 2020). The Alford East Project covers the
northern extension of the Alford Copper Belt, located on the Yorke Peninsula,
SA. The Alford Copper Belt is a semi-coherent zone of copper-gold oxide
mineralisation, within a structurally controlled, north-south corridor
consisting of deeply kaolinised and oxidised troughs within metamorphic units
on the edge of the Tickera Granite, Gawler Craton, SA.
10 diamond drill holes have been designed and permitted to test potential
high-grade zones along strike and at depth from Area 5 drilled in 2021.
Quarterly hydrogeological water bore testing is ongoing to establish water
characterisation baseline studies and for hydrogeological modelling. These
studies are essential for the assessment of ISR copper recovery.
Prior to further drill testing, a second phase of laboratory scale
hydrometallurgical lixiviant testing (column testing) is to be undertaken to
ensure potential economic copper and gold recoveries suitable for ISR.
EnviroCopper Limited
Thor holds a 30% interest in Australian private company EnviroCopper Limited
(ECL). ECL is earning a 75% effective interest, in two stages, on rights over
metals which may be recovered via in-situ recovery ("ISCR") contained in the
Kapunda deposit from Australian listed company Terramin Australia Limited
("Terramin", ASX: TZN), and up to 75% of the Alford West copper project,
comprising the northern portion of exploration licence EL5984, held by
Andromeda Metals Limited (ASX: ADN).
Kapunda Project
A collaborative ISR Agreement was signed with OZ Minerals Limited in November
2022 to support ISR research at the Kapunda Project. $2.5m committed to fund
this work, subject to ongoing progress. The funding is non-dilutive to Thor's
30% interest in ECL. (ASX/AIM: 9 August 2022).
Ongoing regulatory negotiations are continuing with the South Australia
government especially in relation to Ground Water Management of ISCR
activities.
The Local Council, Light Regional extended ECL's access agreement for the next
2 years, under SA Mining Act.
ECL commenced final stage of commercialisation of the Vesi® Sensors by CSIRO.
EnviroCopper is again at the forefront of investigating low impact,
environmentally friendly exploration techniques in the Copper ISR space.
Vesi™, is a multi-sensor system for in-situ monitoring of water quality,
replacing current manual sampling systems that provide only limited and
intermittent data. The sensors are being trialed over a 12-month period at
Kapunda to measure, in real time parameters; water levels, pH, salinity,
Oxidation Reduction Potential (ORP) and temperature. This will give a more
accurate indicator to communities, regulators and ISR operators of any
immediate changes for groundwater management.
Once approval from the Department of Energy and Mines is received (expected
FQ3 2023), ECL will complete Push/Pull testing. Following on from this work,
approvals will then be submitted for SELT work to be undertaken on Council
land funded by OZ Minerals (expected FQ4 2023).
Alford West
Regulatory approvals were received to start hydro pump testing.
At the time of reporting (March 2023) an Ambient Noise Tomography (ANT)
geophysics survey with FLEET Space is ongoing as part of an Accelerating
Discovery Initiative (ADI) Grant (received July 2022). Results anticipated
late March. (ASX/AIM: 1 March 2023)
Molyhil Tungsten/Molybdenum project (NT, Australia) (100% Thor)
The Molyhil project is located 220 km north-east of Alice Springs (320 km by
road).
On 24 November 2022, Thor announced the signing, through its wholly owned
subsidiary Molyhil Mining Pty Ltd ("Molyhil"), of a Heads of Agreement ("HOA")
with ASX-listed mineral exploration and development company Investigator
Resources Limited (ASX: IVR, "IVR") to fund the accelerated exploration of
Thor's 100%-owned Molyhil tenements (the "Tenements"), in the Northern
Territory and the sale of Thor's interest in the Bonya tenement (EL29701).
The Earn-in/JV Agreement to the value of $8M is via a 3-stage process, to earn
80% interest in the Tenements and acquire Thor's 40% interest in the Bonya
tenement (EL29701).
Bonya (Tungsten, Copper, Vanadium) (40% Thor)
The Bonya project comprising EL29701 and EL 32167, sits approximately 30 km
east of Molyhil and holds tungsten and copper resources which are expected to
complement the Molyhil project. Thor, in joint venture with Arafura, holds 40%
equity interest in the resources.
A full background on the project is available on the Thor Energy website:
https://thorenergyplc.com/projects/ (https://thorenergyplc.com/projects/)
Capital Raisings
In December 2022, the Company raised gross proceeds of A$2.65m (£1.47m) via
the placement of 378,571,429 Ordinary Shares at a price of A$0.007 (0.7 cents)
per Ordinary Share. Following shareholder approval on 4 January 2023,
participants in the placement received 283,928,593 options, being three
options for every four Ordinary Shares subscribed, and the lead broker
received 94,642,858 options, being one option for every four Ordinary Shares
issued under the placement. The options are ASX listed (ASX:THROD), have an
exercise price of $0.009 and expire on 5 January 2025.
The Board believes that these capital raisings put the Company in a strong
position to deliver on our 2023 drill programmes and project developments.
Comprehensive Income
The comprehensive income statement records a comprehensive loss of £126,000
(2021: £1,004,000 loss) after taking into account unrealised exchange loss of
£118,000 (2021: £221,000 loss).
Nicole Galloway Warland
Managing Director
13 March 2023
Competent Person's statements
The information in this report that relates to exploration results is based on
information compiled by Nicole Galloway Warland, who holds a BSc Applied
geology (HONS) and who is a Member of The Australian Institute of
Geoscientists. Ms Galloway Warland is an employee of Thor Energy PLC. She has
sufficient experience which is relevant to the style of mineralisation and
type of deposit under consideration and to the activity which she 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'. Nicole Galloway Warland consents to the inclusion in the
report of the matters based on her information in the form and context in
which it appears.
The Company confirms that it is not aware of any new information or data that
materially affects the information included in the original market
announcements and, in the case of estimates of Mineral Resources or Ore
Reserves, that all material assumptions and technical parameters underpinning
the estimates in the relevant market announcement continue to apply and have
not materially changed. The Company confirms that the form and context in
which the Competent Person's findings are presented have not been materially
modified from the original market announcement
Condensed Consolidated Statement of Comprehensive Income
For the 6 months ended 31 December 2022
Note £'000 £'000 £'000
6 months ended 6 months ended Year
31 December 2022 31 December 2021 ended
30 June
2022
Unaudited Unaudited Audited
Administrative expenses (46) (58) (112)
Corporate expenses (292) (347) (624)
Share-based payments expense 7 (21) (245) (285)
Realised gain/loss on financial assets 28 (1) 77
Exploration expenses - (26) (27)
Operating Loss (331) (677) (971)
Interest Paid - (1) (2)
Share of (loss)/profit of associate, accounted for using the equity method 5 (38) (36) -
Fair value decrement on financial assets FVTPL 134 (204) (542)
Profit on sale of assets 166 - 202
Profit/(loss) on Sale of Investments - 93 (11)
Sundry income 61 42 71
Loss before Taxation (8) (783) (1,253)
Taxation - - -
Loss for the period (8) (783) (1,253)
Other comprehensive income:
Items that may be subsequently reclassified to profit or loss:
Exchange differences on translating foreign operations (118) (221) 418
Other comprehensive income for the period, net of income tax (118) (221) 418
Loss for the year and total comprehensive loss attributable to the equity (126) (1,004) (835)
holders
Basic earnings per share 2 (0.00)p (0.05)p (0.06)p
Condensed Consolidated Statement of Financial Position
For the 6 months ended 31 December 2022
Note £'000 £'000 £'000
31 December 2022 31 December 2021 30 June
2022
Unaudited Unaudited Audited
ASSETS
Non-current assets
Intangible assets (deferred exploration costs) 3 13,280 11,359 12,329
Financial assets 4 324 744 395
Investments accounted for using the equity method 5 547 523 589
Deposits to support performance bonds 109 42 68
Right of use asset 76 - -
Plant and equipment 58 14 62
Total non-current assets 14,394 12,682 13,443
Current assets
Cash and cash equivalents 1,513 1,579 1,173
Trade receivables and other assets 94 124 236
Total current assets 1,607 1,703 1,409
Total assets 16,001 14,385 14,852
LIABILITIES
Current liabilities
Trade and other payables (192) (206) (397)
Employee annual leave provision (38) (22) (32)
Lease liability (25) - -
Total current liabilities (255) (228) (429)
Non-current liabilities
Lease liability (51) - -
Total non-current liabilities (51) - -
Total liabilities (306) (228) (429)
Net assets 15,695 14,157 14,423
Equity
Issued share capital 6 3,850 3,811 3,812
Share premium 27,971 26,576 26,632
Foreign exchange reserve 1,974 1,453 2,092
Merger reserve 405 405 405
Share based payments reserve 7 769 911 866
Retained earnings (19,274) (18,999) (19,384)
Total equity 15,695 14,157 14,423
Condensed Consolidated Statement of Change in Equity
For the 6 months ended 31 December 2022
£'000 £'000 £'000 £'000 £'000 £'000 £'000
Issued share capital Share premium Retained losses Foreign Currency Translation Reserve Merger Reserve Share Based Payment Reserve Total
Balance at 1 July 2021 3,773 24,379 (18,236) 1,674 405 314 12,309
Loss for the period - - (783) - - - (783)
Foreign currency translation reserve - - - (221) - - (221)
Total comprehensive loss for the period - - (783) (221) - - (1,004)
Transactions with owners in their capacity as owners
Shares issued 38 2,480 - - - - 2,518
Cost of shares issued - (283) - - - - (283)
Share options lapsed - - 20 - - (20) -
Share options issued - - - - - 617 617
At 31 December 2021 3,811 26,576 (18,999) 1,453 405 911 14,157
Balance at 1 July 2021 3,773 24,379 (18,236) 1,674 405 314 12,309
Loss for the period - - (1,253) - - - (1,253)
Foreign currency translation reserve - - - 418 - - 418
Total comprehensive (loss) for the period - - (1,253) 418 - - (835)
Transactions with owners in their capacity as owners
Shares issued 39 2,536 - - - - 2,575
Cost of shares issued - (283) - - - - (283)
Share options exercised - - 105 - - (105) -
Share options issued - - - - - 657 657
At 30 June 2022 3,812 26,632 (19,384) 2,092 405 866 14,423
Balance at 1 July 2022 3,812 26,632 (19,384) 2,092 405 866 14,423
Loss for the period - - (8) - - - (8)
Foreign currency translation reserve - - - (118) - - (118)
Total comprehensive loss for the period - - (8) (118) - - (126)
Transactions with owners in their capacity as owners
Shares issued 38 1,433 - - - - 1,471
Cost of shares issued - (94) - - - - (94)
Share options lapsed - - 118 - - (118) -
Share options issued - - - - - 21 21
At 31 December 2022 3,850 27,971 (19,274) 1,974 405 769 15,695
Condensed Consolidated Statement of Cash Flow
For the 6 months ended 31 December 2022
£'000 £'000 £'000
6 months ended 6 months ended Year
31 December 2022 31 December 2021 ended
30 June
2022
Unaudited Unaudited Audited
Cash flows from operating activities
Operating loss (331) (677) (971)
Sundry income 61 33 71
(Increase)/decrease in trade and other receivables (16) (47) (26)
Increase/(decrease) in trade and other payables 20 7 10
Increase/(decrease) in provisions 6 11 -
Depreciation 10 11 15
Share-based payments 21 245 285
Exclusivity fee received in shares - - (10)
Net cash outflow from operating activities (229) (417) (626)
Cash flows from investing activities
Interest paid - (1) (2)
Tenement Bond (42) (1) (25)
Purchase of property, plant & equipment (4) (9) (60)
Payments for exploration expenditure (1,303) (1,124) (1,634)
R&D Grants for exploration expenditure 173 - 216
Proceeds from sale of assets 371 84 135
Proceeds from the sale of investments - - 58
Net cash outflow from investing activities (805) (1,051) (1,312)
Cash flows from financing activities
Lease liability repayments (2) (10) (10)
Net issue of ordinary share capital 1,377 2,276 2,334
Net cash inflow from financing activities 1,375 2,266 2,324
Net decrease in cash and cash equivalents 341 798 386
Non-cash exchange changes (1) (2) 4
Cash and cash equivalents at beginning of period 1,173 783 783
Cash and cash equivalents at end of period 1,513 1,579 1,173
Notes to the Half-year Report
For the 6 months ending 31 December 2022
1. PRINCIPAL ACCOUNTING POLICIES
(a) Presentation of Half-year results
The half-year results have not been audited but were the subject of an
independent review carried out by the Company's auditors, PKF Littlejohn
LLP. Their review confirmed that the figures were prepared using applicable
accounting policies and practices consistent with those adopted in the 2022
annual report and to be adopted in the 2023 annual report. The financial
information contained in this half-year report does not constitute statutory
accounts as defined by Section 435 of the Companies Act 2006.
The half-year report has been prepared under the historical cost convention.
The Directors acknowledge their responsibility for the half-year report and
confirm that, to the best of their knowledge, the interim consolidated
financial statements for the six months ended 31 December 2022 have been
prepared in accordance with UK adopted international accounting standards,
including IAS 34 "Interim Financial Statements", and complies with the
requirements for companies with securities admitted to trading on the AIM
Market of the London Stock Exchange. This half-year report does not include
all the notes of the type normally included in an annual financial report.
Accordingly, this report should be read in conjunction with the annual report
for the year ended 30 June 2022.
The Directors are of the opinion that on-going evaluations of the Company's
interests indicate that preparation of the accounts on a going concern basis
is appropriate. Refer Note 10 for further information.
(b) Basis of consolidation
The consolidated financial statements comprise the financial statements of
Thor Energy PLC and its controlled entities. The financial statements of
controlled entities are included in the consolidated financial statements from
the date control commences until the date control ceases. All inter-company
balances and transactions have been eliminated in full.
The financial statements of subsidiaries are prepared for the same reporting
period as the parent Company, using consistent accounting policies.
(c) Investments in Associates
Investments in associate companies are recognised in the financial statements
by applying the equity method of accounting. The equity method of accounting
recognises the Group's share of post-acquisition reserves of its associates.
Where there has been a change recognised directly in an associate's equity,
the Group recognises its share of any changes and discloses this in the
statement of profit of loss and other comprehensive income. The reporting
dates of the associates and the Group are identical and the associates
accounting policies conform to those used by the Group for like transactions
and events in similar circumstances.
(d) Risks and uncertainties
The Board continuously assesses and monitors the key risks of the business.
The key risks that could affect the Company's medium term performance and the
factors that mitigate those risks have not substantially changed from those
set out in the Company's 2022 Annual Report and Financial Statements. The key
financial risks are liquidity risk, credit risk, interest rate risk and fair
value estimation.
(e) Critical accounting estimates
The preparation of condensed interim financial statements requires management
to make estimates and assumptions that affect the reported amounts of assets
and liabilities at the end of the reporting period. Significant items subject
to such estimates are set out in the Company's 2022 Annual Report and
Financial Statements. The nature and amounts of such estimates have not
changed significantly during the interim period.
Notes to the Half-year Report
For the 6 months ending 31 December 2022
2. EARNINGS PER SHARE
No diluted earnings per share is presented for the six months ended 31
December 2022 as the effect on the exercise of share options would be to
decrease the loss per share.
£'000 £'000 £'000
6 months ended 6 months ended Year
31 December 2022 31 December 2021 ended
30 June
2022
Unaudited Unaudited Audited
Loss for the period (8) (783) (1,253)
Weighted average number of Ordinary shares in issue 2,065,777,746 1,724,133,775 2,014,341,411
Loss per share - basic
(0.00)p (0.05)p (0.06)p
3. DEFERRED EXPLORATION COSTS
£'000 £'000 £'000
31 December 2022 31 December 2021 30 June
2022
Cost Audited Audited Audited
At commencement 12,329 10,120 10,120
Net additions 1,062 989 1,354
Acquired through acquisition - 330 330
Exchange gain/(loss) (111) (80) 525
At period end 13,280 11,359 12,329
Molyhil Project Earn-in Agreement
The exploration asset at 31 December 2022 of £13,280,000 includes the
carrying value of £9,547,000 for the Molyhil Project in the Northern
Territory, Australia. On 24 November 2022, the Company announced the signing
of a binding Heads of Agreement ("HOA") with ASX-listed mineral exploration
and development company Investigator Resources Limited (ASX: IVR, "IVR"), to
fund the accelerated exploration of Thor's 100%-owned Molyhil tenements (the
"Tenements"), in the Northern Territory. IVR paid Thor an upfront cash payment
of A$100,000 upon execution of the agreement. Under the agreement, Fram
Resources Pty Ltd ("Fram"), a wholly-owned subsidiary of IVR, has the right to
earn, via a three-stage process, 80% interest in the Tenements as follows:
· Stage 1. Following exploration expenditure of A$1m within 18
months of execution of the HOA, Fram will be entitled to a 25% interest in the
Tenements and to receive Thor's 40% interest in the nearby Bonya tenement
(EL29107). Upon the Fram's exercise of this right, a joint venture will come
into effect, with the initial interests being 25% Fram and 75% Thor. If Fram
does not exercise its right, Fram will be deemed to have withdrawn from the
HOA without earning any equity in the Tenements. On the formalisation of
Fram's 25% joint venture interest, IVR will issue Thor A$250,0000 of IVR
shares at a deemed price equal to the higher of the Volume Weighted Average
Price for the 15-day trading period immediately preceding the 25% earn-in
date, or A$0.05 per share.
· Stage 2. If Fram spend an additional A$2m on exploration on or
before the third anniversary of the JV commencement date, Fram will be
entitled to earn an additional 26% JV interest (taking Fram's total JV
interest to 51%).
Notes to the Half-year Report
For the 6 months ending 31 December 2022
· Stage 3. If Fram spend a further A$5m on exploration (being in
addition to the Stage 1 and Stage 2 expenditure commitments) on or before the
sixth anniversary of the JV commencement date, Fram will be entitled to earn a
further 29% interest in the Tenements (taking Fram's total JV interest to
80%). On formalisation of Fram's 80% joint venture interest, IVR shall issue
Thor A$250,000 of IVR shares at a deemed price equal to the higher of the
Volume Weighted Average Price for the 15-day trading period immediately
preceding the 80% earn-in date, or A$0.05 per share.
30 June 2022: Acquired through acquisition
During the year ended 30 June 2022, the Group paid consideration of £330,000
for completion of the Stage 1 (51%) earn-in under the binding term sheet for
Thor to acquire an interest in the oxide mineral rights from Spencer Metals
Pty Ltd (Spencer) over the Alford East copper-gold project, located on the
Yorke Peninsula, South Australia. Under the term sheet, Thor may earn a
further 29% interest (80% in total) by funding an additional A$750,000 of
expenditure by 11 November 2024 and for additional consideration of A$250,000
in fully paid Thor shares and two free attaching options per share issued. If
Thor does not proceed with the Stage 2 earn-in, then its interest in the
project is relinquished in full. Upon Thor completing the acquisition of an
80% interest in the project, Spencer will hold a free carried 20% interest in
the project, until a decision to mine.
4. FINANCIAL ASSETS
£'000 £'000 £'000
31 December 2022 31 December 2021 30 June
2022
Unaudited Unaudited Audited
Investment in Power Metal Resources Plc 324 744 395
324 744 395
The initial investment comprised 52,618,920 Power Metal Resources Plc Ordinary
shares (POW Shares) being the 500,000 POW Shares received as part of the
exclusivity fee under the Option Agreement for the sale of the Pilot Mountain
project, 48,118,920 POW Shares received upon completion of the divestment on
29 October 2021, and 4,000,000 POW Shares were received (along with £50,000
cash) for relinquishing a milestone entitlement that had been part of the
Pilot Mountain Sale Agreement.
Owing to its listing on the London Stock Exchange, Power Metal Resources Plc
is categorised as a Level 1 investment within the fair value hierarchy in IFRS
13.
In the year ended 30 June 2022, 4,500,000 POW shares were sold on market. The
remaining 48,118,920 POW Shares were revalued to fair value as of 30 June 2022
at £395,000, being revalued at LSE closing price of £0.0082 for POW Shares
on that date. A revaluation decrement of (£338,000) was recognised as a fair
value adjustment through the Company's Profit or Loss (FVTPL). The total
revaluation decrement recognised at 31 December 2021 and 30 June 2022 was
(£542,000).
During the period ended 31 December 2022, a further 25,000,000 POW shares were
sold on market. The remaining 23,118,920 POW Shares were revalued to fair
value as of 31 December 2022 at £324,000, being revalued at LSE closing price
of £0.0140 for POW Shares on that date. A gain on revaluation of £134,000
was recognised as a fair value adjustment through the Company's Profit or Loss
(FVTPL).
Of the 23,118,920 POW Shares held at 31 December 2022, 11,089,190 are freely
tradeable, with the remaining 12,029,730 subject to voluntary escrow until 31
January 2023.
Notes to the Half-year Report
For the 6 months ending 31 December 2022
5. INVESTMENTS ACCOUNTED FOR USING THE EQUITY METHOD £'000 £'000 £'000
31 December 2022 31 December 2021 30 June 2022
Unaudited Unaudited Audited
A reconciliation of the carrying amount of the investments in the company is
set out below:
EnviroCopper Limited
Conversion of loan to equity 391 391 391
Additional investment 170 170 170
Initial cost of investment 561 561 561
Cumulative share of (loss)/profit of associate, accounted for using the equity (17) (14) 21
method
Share of foreign currency translation reserve 3 (24) 7
547 523 589
EnviroCopper Limited (EnviroCopper), via its subsidiary Environmental Copper
Recovery SA Pty Ltd (ECR), holds an agreement to earn, in two stages, up to
75% of the rights over metals which may be recovered via in-situ recovery
(ISR) contained in the Kapunda deposit, from Australian listed company,
Terramin Australia Limited (ASX: TZN). Another subsidiary of EnviroCopper,
Environmental Metals Recovery Pty Ltd (EMR) has a right to earn up to a 75%
interest in the Moonta Copper Project, which comprises the northern section of
exploration licence EL5984 held by Andromeda Metals Limited (ASX: ADN).
Prior to 30 July 2020, Thor had been investing in EnviroCopper's subsidiary
ECR through convertible notes. On 30 July 2020, Thor announced the
conversion of $700,000 (£391,000) of its convertible loan to a 25% interest
in EnviroCopper Limited (ECL) and exercised its right to nominate a Board
representative. Accordingly, the investment commenced accounted for using
the equity method from the date of loan conversion to equity. On the 11
November 2020, the Company further announced that it had increased its
investment in ECR through the payment of A$300,000 (£170,000) to increase its
ownership interest to 30%.
The tables below provide summarised consolidated financial information for
EnviroCopper Limited and its wholly owned subsidiaries Environmental Copper
Recovery SA Pty Ltd and Environmental Metals Recovery Pty Ltd. The information
disclosed reflects the amounts presented in the financial statements of the
relevant associate and not Thor's share of those amounts. They have been
amended to reflect adjustments made by Thor when using the equity method,
including modifications for differences in accounting policies.
Notes to the Half-year Report
For the 6 months ending 31 December 2022
5. INVESTMENTS ACCOUNTED FOR USING THE EQUITY METHOD (continued)
Summarised financial information for EnviroCopper Ltd
£'000 £'000 £'000
31 December 2022 31 December 2021 30 June 2022
Unaudited Unaudited Audited
Summarised balance sheet:
Current Assets
Cash and cash equivalents 131 43 155
Other current assets 306 119 102
Provision for income tax 132 89
Total current assets 437 295 346
Non-current Assets
Plant & Equipment 29 44 32
Right-of-use assets 19 - 19
Total non-current assets 48 44 51
Total assets 485 339 397
Current Liabilities
Trade and other payables 17 91 12
210 - -
Current lease liabilities 11 10 11
Total current liabilities 238 101 23
Non-current Liabilities
Deferred tax liability 27 17 27
Non current lease liability 8 17 8
Total non-current liabilities 35 34 35
Total Liabilities 273 135 58
Net Assets 212 204 339
Summarised statement of comprehensive income:
Total income 118 616 707
Less expenses 245 (734) (708)
Net profit (127) (118) (1)
Notes to the Half-year Report
For the 6 months ending 31 December 2022
6. SHARE CAPITAL £'000 £'000 £'000
31 December 2022 31 December 2021 30 June 2022
Unaudited Unaudited Audited
Issued fully paid (Nominal Value)
982,870,766 'Deferred Shares' of £0.0029 each 2,850 2,850 2,850
7,928,958,483 'A Deferred Shares' of £0.000096 each 761 761 761
Ordinary shares of £0.0001 each 239 200 201
3,850 3,811 3,812
Number Number Number
31 December 2022 31 December 2021 30 June 2022
Unaudited Unaudited Audited
Movement in share capital
Ordinary Shares of 0.01 pence
At commencement 2,014,341,411 1,625,719,488 1,625,719,488
Shares issued for cash(1) 378,571,429 343,076,923 343,076,923
Warrants exercised - 11,800,000 22,720,000
Shares issued to service providers - 7,200,000 7,200,000
Shares issued for acquisition - 15,625,000 15,625,000
At period end 2,392,912,840 2,003,421,411 2,014,341,411
( )
(1) On 6 December 2022, the Company issued 378,571,429 of Ordinary Shares at a
price of A$0.007 (0.7 cents) per Ordinary Share.
£'000 £'000 £'000
31 December 2022 31 December 2021 30 June 2022
Nominal Value Unaudited Unaudited Audited
At commencement 3,812 3,773 3,773
Issued for cash 38 34 34
Warrants exercised - 1 -
Shares issued to Directors in lieu of cash payment for Directors fees - - 2
Issued to service providers - 1 1
Issued for acquisition - 2 2
At period end 3,850 3,811 3,812
Notes to the Half-year Report
For the 6 months ending 31 December 2022
7. SHARE BASED PAYMENTS RESERVE
Options are valued at an estimate of the cost of the services provided. Where
the fair value of the services provided cannot be estimated, the value
unlisted options granted are calculated using the Black-Scholes model taking
into account the terms and conditions upon which the options are granted.
£'000 £'000
31 December 2022 30 June 2022
Unaudited Audited
Opening balance at 1 July 866 314
Lapsed 8,333,000 @ £0.00393 (33) -
Lapsed 5,000,000 @ £0.00362 (18) -
Lapsed 22,000,000 @ £0.00306 (67) -
Exercised 14,720,000 service provider options @ £ 0.00156 - (23)
Exercised 8,000,000 options @ £0.001720 - (14)
Lapsed 26,500,000 options @ £ 0.002582 - (68)
36,000,000 options issued @ £0.00656 - 236
5,000,000 options to a service provider @ £0.003620 - 9
Issued 14,400,000 ESOP @ £0.006300 (1) 21 40
Issued 22,000,000 to a service provider @ £ 0.00466 - 102
Issued 22,000,000 to a service provider @ £ 0.00306 - 68
31,250,000 options issued @ £0.00646 - 202
Closing balance 769 866
(1) 4,800,000 of 14,400,000 options vested immediately and were expensed when
issued in the year ended 30 June 2022 (valued at £0.00630); 9,600,000 of the
options are being expensed over their vesting periods (4,800,000 through to
May 2023 and 4,800,000 through to May 2024).
The following table lists the inputs used for the calculation of share options
granted as Share Based Payments during the half year ended 31 December 2022.
14,400,000 granted under an ESOP on 17 May 2022
Dividend yield 0.00%
Underlying Security spot price A$0.016
Exercise price A$0.025
Standard deviation of returns 128%
Risk free rate 2.51%
Expiration period 3yrs
Black Scholes valuation per option £0.00630
Fair value expensed as a share-based payment*
4,800,000 Options vested immediately and were fully expensed when granted.
4,800,000 Options vest 12 May 2023 and are being expensed over their vesting
period.
4,800,000 Options vest 12 May 2024 and are being expensed over their vesting
period.
* The total value of options expensed as share-based payments during the half
year ended 31 December 2022 is £21,000 for relating to the 9,600,000 of these
14,400,000 options that are being expensed over their vesting periods.
Notes to the Half-year Report
For the 6 months ending 31 December 2022
7. SHARE BASED PAYMENTS RESERVE (continued)
8,333,000 lapsed (granted for acquisition 20 January 2021)
Dividend yield 0.00%
Underlying Security spot price £0.00998
Exercise price A$0.030
Standard deviation of returns 108%
Risk free rate 0.08%
Expiration period 1.72yrs
Black Scholes valuation per option £0.00393
5,000,000 lapsed (granted to service provider 25 June 2021)
Dividend yield 0.00%
Underlying Security spot price £0.00925
Exercise price USD$0.0175
Standard deviation of returns 102%
Risk free rate 0.030%
Expiration period 1.5 yrs
Black Scholes valuation per option £0.00362
Fair Value recognised as part of the cost of the capital raising.
22,000,000 lapsed (granted to service provider on 20 December 2021)
Dividend yield 0.00%
Underlying Security spot price A$0.015
Exercise price A$0.015
Standard deviation of returns 98%
Risk free rate 0.53%
Expiration period 1yr
Black Scholes valuation per option £0.00306
8. TURNOVER AND SEGMENTAL ANALYSIS - GROUP
Operating segments are reported in a manner consistent with the internal
reporting provided to the chief operating decision-maker. The chief operating
decision-maker, who is responsible for allocating resources and assessing
performance of the operating segments, has been identified as the Board of
Directors that makes strategic decisions.
The Group's operations are located Australia and the United States of America,
with the registered office located in the United Kingdom. The main tangible
assets of the Group, cash and cash equivalents, are held in the United States
of America and Australia. The Board ensures that adequate amounts are
transferred internally to allow all companies to carry out their operational
on a timely basis.
The Directors are of the opinion that the Group is engaged in a single segment
of business being the exploration for commodities. The Group currently has two
geographical reportable segments - United States of America and Australia.
Notes to the Half-year Report
For the 6 months ending 31 December 2022
8. TURNOVER AND SEGMENTAL ANALYSIS - GROUP (continued)
£'000 £'000 £'000 £'000
Half Year ended 31/12/2022 Head office/ Unallocated Australia United States Consolidated
Total Segment Expenditure (125) (182) (1) (308)
Non-operational items 300 - - 300
175 (182) (1) (8)
Loss from Ordinary Activities before Income Tax
Income Tax Benefit/(Expense) - - - -
Retained (loss) 175 (182) (1) (8)
As at 31/12/2022 Head office/ Unallocated Australia United States Consolidated
Assets and Liabilities
Segment assets - 13,947 613 14,560
Corporate assets 1,441 - - 1,441
Total Assets 1,441 13,947 613 16,001
Segment liabilities - (276) - (276)
Corporate liabilities (30) - - (30)
Total Liabilities (30) (276) - (306)
Net Assets 1,411 13,671 613 15,695
Half Year ended 31/12/2021 Head office/ Unallocated Australia United States Consolidated
Total Segment Expenditure (399) (248) (30) (677)
Non-operational items (70) (36) - (106)
Loss from Ordinary Activities before Income Tax (469) (284) (30) (783)
Income Tax Benefit/(Expense) - - - -
Retained (loss) (469) (284) (30) (783)
Notes to the Half-year Report
For the 6 months ending 31 December 2022
8. TURNOVER AND SEGMENTAL ANALYSIS - GROUP (continued)
£'000 £'000 £'000 £'000
As at 31/12/2021 Head office/ Unallocated Australia United States Consolidated
Assets and Liabilities
Segment assets - 11,933 218 12,151
Corporate assets 2,234 - - 2,234
Total Assets 2,234 11,933 218 14,385
Segment liabilities - (202) - (202)
Corporate liabilities (26) - - (26)
Total Liabilities (26) (202) - (228)
Net Assets 2,208 11,731 218 14,157
9. POST BALANCE SHEET EVENTS
Following shareholder approval at a general meeting of shareholders held on 4
January 2023, participants in the December 2022 placement received 283,928,593
options, being three options for every four Ordinary Shares subscribed, and
the lead broker received 94,642,858 options, being one option for every four
Ordinary Shares issued under the placement. The options are ASX listed
(THROD), have an exercise price of $0.009 and expire on 5 January 2025.
At the same general meeting held 4 January 2023, shareholders approved the
change of the Company's name from Thor Mining PLC to Thor Energy PLC. The
name change reflects the Company's exploration focus on its uranium and energy
metals projects in Australia and the United States.
Other than the above there were no other material events arising subsequent to
31 December 2022 to the date of this report which may significantly affect the
operations of the Group, the results of those operations and the state of
affairs of the Group in the future.
10. GOING CONCERN BASIS OF ACCOUNTING
The financial report has been prepared on the going concern basis of
accounting.
The Group incurred a net profit after tax from continuing operations of
£8,000 for the half year ended 31 December 2022, and net cash outflows of
£1,034,000 from operating and investing activities. The Group is reliant upon
completion of asset sales or a capital raising to fund continued operations
and the provision of working capital.
In this regard, the Company notes a cash balance of £1,513,000 as at 31
December 2022. Additionally, the Company holds 23,118,920 POW Shares with a
fair value as of 31 December 2022 of £324,000, being the LSE closing price of
£0.0140 for POW Shares on that date.
If additional capital is not obtained, the going concern basis of accounting
may not be appropriate, with the result that the Group may have to realise its
assets and extinguish its liabilities, other than in the ordinary course of
business and at amounts different from those stated in the financial report.
No allowance for such circumstances has been made in the financial report.
DIRECTORS, SECRETARY AND ADVISERS
Directors Alastair Clayton (Non-executive Chairman)
Nicole Galloway Warland (Managing Director)
Mark McGeough (Non-executive Director)
In UK In Australia
Registered Office and Directors' business address Salisbury House 6 The Parade
London Wall Norwood, South Australia
London, EC2M 5PS Australia 5067
United Kingdom
Company Secretaries Stephen Frank Ronaldson Ray Ridge
Website www.thorenergyplc.com (http://www.thorenergyplc.com) www.thorenergyplc.com (http://www.thorenergyplc.com)
Nominated Adviser to WH Ireland Limited
the Company 24 Martin Lane
London,
EC4R 0DR
Auditors to the Company PKF Littlejohn LLP
15 Westferry Circus
Canary Wharf
London, E14 4HD
Solicitors to the Company Druces LLP
Salisbury House
London Wall
London, EC2M 5PS
United Kingdom
Registrars Computershare Investor Services Plc Computershare Investor Services Pty Ltd
The Pavilions Level 5, 115 St Grenfell St
Bridgewater Road Adelaide, South Australia 5000
Bristol BS99 6ZY
United Kingdom
INDEPENDENT REVIEW REPORT TO THOR ENERGY PLC
Conclusion
We have been engaged by the group to review the condensed set of financial
statements in the half-yearly financial report for the six months ended 31
December 2022 which comprise the consolidated income statement, consolidated
balance sheet, consolidated statement of changes in equity, consolidated cash
flow statement and related notes. We have read the other information contained
in the half-yearly financial report and considered whether it contains any
apparent misstatements or material inconsistencies with the information in the
condensed set of financial statements.
Based on our review, nothing has come to our attention that causes us to
believe that the condensed set of financial statements in the half-yearly
financial report for the six months ended 31 December 2022 is not prepared, in
all material respects, in accordance with UK adopted International Accounting
Standard 34 and the AIM Rules for Companies.
Basis for conclusion
We conducted our review in accordance with International Standard on Review
Engagements (UK) 2410, "Review of Interim Financial Information Performed by
the Independent Auditor of the Entity", issued for use in the United Kingdom.
A review of interim financial information consists of making enquiries,
primarily of persons responsible for financial and accounting matters, and
applying analytical and other review procedures. A review is substantially
less in scope than an audit conducted in accordance with International
Standards on Auditing (UK) and consequently does not enable us to obtain
assurance that we would become aware of all significant matters that might be
identified in an audit. Accordingly, we do not express an audit opinion.
As disclosed in note 1a, the annual financial statements of the group are
prepared in accordance with UK adopted IASs. The condensed set of financial
statements included in this half-yearly financial report has been prepared in
accordance with UK adopted International Accounting Standard 34, "Interim
Financial Reporting".
Conclusions relating to going concern
Based on our review procedures, which are less extensive than those performed
in an audit as described in the Basis for conclusion section of this report,
nothing has come to our attention to suggest that management have
inappropriately adopted the going concern basis of accounting or that
management have identified material uncertainties relating to going concern
that are not appropriately disclosed.
This conclusion is based on the review procedures performed in accordance with
ISRE (UK) 2410, however future events or conditions may cause the group to
cease to continue as a going concern.
Responsibilities of directors
The directors are responsible for preparing the half-yearly financial report
in accordance with the AIM Rules for Companies.
In preparing the half-yearly financial report, the directors are responsible
for assessing the group's ability to continue as a going concern, disclosing,
as applicable, matters related to going concern and using the going concern
basis of accounting unless the directors either intend to liquidate the group
or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the review of financial information
In reviewing the half-yearly report, we are responsible for expressing to the
group a conclusion on the condensed set of financial statements in the
half-yearly financial report. Our conclusion, including our Conclusions
relating to going concern, are based on procedures that are less extensive
than audit procedures, as described in the Basis for conclusion paragraph of
this report.
Use of our report
This report is made solely to the company's directors, as a body, in
accordance with the terms of our engagement letter dated 17 February 2023.
Our review has been undertaken so that we might state to the company's
directors those matters we have agreed to state to them in a reviewer's report
and for no other purpose. To the fullest extent permitted by law, we do not
accept or assume responsibility to anyone, other than the company and the
company's directors as a body, for our work, for this report, or for the
conclusions we have formed.
Statutory Auditor
PKF Littlejohn
LLP
15 Westferry Circus
Canary
Wharf
London E14 4HD
13 March 2023
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