REG - Thor Energy PLC - HY-Range Seismic, Geochemistry & Portfolio Update

Thor EnergyAnnouncement

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RNS Number : 0273M  Thor Energy PLC  18 December 2025

18 December 2025

 

Thor Energy PLC

 

("Thor" or the "Company")

 

HY-Range Seismic, Geochemistry & Portfolio Adjustment Update

 

Thor Energy PLC ("Thor" or "the Company") (AIM, ASX: THR, OTCQB: THORF),
well-funded specialists in Hydrogen and Helium exploration, is pleased to
provide a comprehensive update on current and planned exploration activities
at its flagship HY-Range Project (RSEL 802) in South Australia, alongside a
corporate update highlighting a highly successful year of portfolio
rationalisation and value generation.

 

HIGHLIGHTS:

HY-Range - Exploration and Planning

·    Line layout completed for a major 2D seismic survey covering several
hundred line-kilometres to identify drilling targets.

·    Request for Quote ("RFQ") to be released shortly, survey expected
mid-2026, with exploration drilling targeted for 2026 or thereafter.

·    A Phase-2 Geochemistry survey is currently underway to bolster models
for hydrogen and helium migration, enriching the body of integrated data and
evidence alongside reprocessed legacy seismic data, remote sensing, and offset
well data.

 

Portfolio Rationalisation - Significant Cash Inflows expected in early 2026

·    Strategic portfolio consolidation delivering significant,
non-dilutive funding to execute the RSEL 802 work.

·   Australia - Molyhil Divestment: Sale of Thor's interest to Tivan
Limited proceeding through final conditions precedents, including submission
of approvals to the transaction to the Territory Government. Thor has already
received A$375,000 with a further A$2.25 million anticipated in the new year
upon successful completion, followed by three annual payments of A$1.3125
million in the Septembers of 2026, 2027, and 2028.

·    US Uranium: Deal completed for divestment of 75% equity in the URAVAN
portfolio to Metals One PLC completed in cash and non-restricted shares, plus
a separate binding revenue-sharing agreement signed with DISA Technologies.
Thor retains a carried 25% interest in these Projects and looks forward to
DISA tabling the 2026 evaluation and extraction plans.

 

Andrew Hume, Managing Director and CEO, commented:

"We are delighted to report excellent progress in prosecuting our work plan
for the HY-Range project (RSEL 802). The decision to prioritise a 2D seismic
survey represents a significant step change in our exploration maturity,
allowing us to transition from surface anomalies to defined subsurface
drilling targets. With the RFQ process commencing shortly, we anticipate
acquiring the survey by mid-2026 and are on a clear pathway toward drilling,
potentially as early as 2026, should all permitting requirements be met in a
timely fashion.

 

"The divestments of our non-core US Uranium and Molyhil assets have simplified
and focused Thor's portfolio, significantly reduced our cost base, and
facilitated the working capital necessary to proactively prosecute our RSEL
802 without immediate recourse to shareholders."

 

HY-RANGE PROJECT (RSEL 802) PROGRESS

2D Seismic Survey & Drilling Timeline

The Company is progressing at pace towards the acquisition of 2D seismic data
in 2026, with plans to shoot several hundred-line kilometres of 2D seismic
data over our primary prospective areas within RSEL 802.

 

This seismic survey will be the fundamental keystone of our pre-drill
investigations, delivering unprecedented insights into the subsurface,
identifying and refining prospectivity, delivering further insights into the
natural hydrogen/helium systems (Source, Migration, Enrichment, and Trapping)
to a depth of several kilometres, and ultimately allowing for the selection
and necessary data to underpin successful exploration drilling.

 

The Company is shortly going to market with an RFQ for seismic acquisition and
processing. The survey is expected to occur in mid-2026 to enable exploration
drilling as soon as practical, depending on seismic results and well
permitting requirements.

 

Phase 2 Geochemistry

Following the excellent results of the Phase 1 Geochemistry survey undertaken
in May 2025, Thor is currently conducting a second phase to bolster its
understanding of natural hydrogen and helium flow. This data is designed to
fully integrate with our Phase 1 geochemical data, our licence-wide geological
understanding, and our seismic datasets. In Phase 2, we are building on the
innovative and highly successful Phase 1 survey by sampling additional
locations, developing long-term monitoring at several sites, and implementing
new approaches to borehole creation and sampling.

 

The survey is progressing on plan, and as expected, with the results
consolidating our understanding, and generating innovative methodologies and
IP for Thor to deploy in the future, across our portfolio.

 

2026 Data integration and other data sources

Whilst progressing our geochemical acquisition and 2D seismic planning, Thor
has also initiated exploration well planning, is undertaking seismic
reprocessing of legacy data on RSEL 802, is evaluating core material from
several on-licence offset wells, and continues to integrate the benefits of
its Phase-1 geochemistry results into our licence-wide and regional
understanding of natural hydrogen and helium potential.

 

The net effect of all this work will be a robust, rapid maturation programme
optimised for high-value exploration drilling on RSEL-802.

 

CORPORATE UPDATE: PORTFOLIO RATIONALISATION & FUNDING

The Company has had a successful and value-generating year in the deal space,
executing a strategy to simplify and focus Thor's portfolio whilst funding
capital from non-core assets.

 

Molyhil Project Divestment

The divestiture of Thor's interest in the Molyhil Tungsten Project to Tivan
Limited (ASX: TVN) is continuing across the final condition precedents. This
transaction is structured to provide substantial cash inflows to Thor:

• Received: Thor has already received A$375,000 in non-refundable
exclusivity payments.

• Anticipated: A Cash Completion Payment of A$2,250,000 is anticipated in
the new year.

• Deferred: Three subsequent annual payments of A$1,312,500 are scheduled
for September 2026, 2027, and 2028.

 

US Uranium Divestment & DISA Partnership

Thor completed the divestiture of 75% equity in its USA URAVAN Uranium
portfolio to Metals One PLC (AIM: MET1) in August 2025. This transaction
included a cash exclusivity fee and significant equity.

 

Furthermore, Thor executed a binding agreement with DISA Technologies, Inc. to
potentially generate revenue from legacy waste dumps at the US projects via a
gross revenue-sharing arrangement, requiring no capital or operating
expenditures from Thor. The project is particularly appealing, as it enables
new technology development and provides a line of sight to a potential revenue
stream, whilst delivering meaningful environmental and human benefits through
the removal of surface radioactive material.

 

Collectively, these deals have simplified Thor's portfolio, reduced the
Company's cost base to only minor costs and workload associated with non-core
assets, and ultimately allocated working capital to proceed with the RSEL 802
programme.

 

2025 Portfolio, cost, and revenue

The below infographic (Figure 1) provides a snapshot of Thor's evolving
portfolio from a relatively high-cost diverse metals portfolio in December
2024 to our current, more focused, virtually zero-cost poly-metallic portfolio
in December 2025, whilst Figure 2 provides a snapshot of Thor's South
Australia natural hydrogen and helium portfolio, acquired in 2025.

 

With the relinquishment of Western Australian licences, the sale of 75% of our
USA portfolio and full carry of our 25% equity, and the full divestiture of
Molyhil, we are left with a valuable, low- to no-cost metals portfolio in
South Australia, the Northern Territory, and the USA.

 

Thor's focus is now on our South Australian (Figure 2) natural hydrogen and
helium portfolio consisting of the key HY-Range project, a portfolio of future
licences working through native title negotiations, and the unique,
complementary, Gas Storage Exploration Licences (GSEL 804, 805, and 806),
collocated with HY-Range offering potential for value-added hydrogen, natural
gas or CO(2) storage.

 

Figure 1: Infographic illustrating portfolio rationalisation,
value-generation, and the establishment of a low-cost, largely carried
poly-metals portfolio. Map callouts: grey callouts represent fully divested
projects; light blue represents current operated assets, and dark blue
represents current indirect projects (via shareholding in Enviro-Copper
Limited). Upper right chart: 2024 project equity (grey), current direct equity
(light blue), and current indirect equity (dark blue). Lower right chart:
relative cost/effort for 2024 projects (red) and current portfolio (green).

 

Figure 2: Current South Australian natural hydrogen, helium, and gas storage
exploration portfolio. Bright blue is the Second term licence of RSEL 802
(HY-Range), light grey blues represent Petroleum Exploration Licence
Applications (PELAS), progressing toward full licence award and leading to the
expansion of Thor's natural hydrogen and helium portfolio, and dark blues
illustrate Gas Storage Exploration Licences (GSEL) 804, 805, and 806,
collocated with RSEL 802.

 

-ENDS-

 

The Board of Thor Energy Plc has approved this announcement and authorised its
release.

 

For further information on the Company, please visit the website
(https://thorenergyplc.com/) , or please contact us at the following:

 

Thor Energy PLC

Andrew Hume, Managing Director

Alastair Clayton, Non-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 PR (Financial PR)

Dom Barretto / Shivantha Thambirajah

thor@yellowjerseypr.com

Tel: +44 (0) 20 3004 9512

 

Competent Person Statement

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) and is a Fellow of the Geological Society of
London. 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.

 

About Thor Energy Plc

The Company is focused on Hydrogen and Helium exploration, which are crucial
in the shift to a clean energy economy, with a portfolio that also includes
uranium, and other energy metals.

 

For further information on Thor Energy and to see an overview of its projects,
please visit the Company's website at www.thorenergyplc.com
(http://www.thorenergyplc.com)

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