REG - Thor Energy PLC - Q1 2026 Quarterly Activities and Cash Flow Report
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RNS Number : 2890C Thor Energy PLC 29 April 2026
29 April 2026
Thor Energy PLC
("Thor" or the "Company")
Q1 2026 Quarterly Activities and Cash Flow Report
Thor Energy Plc (AIM, ASX: THR, OTCQB: THORF) is pleased to report on its
activities for the Quarterly period from 1 January 2026 to 31 March 2026.
Andrew Hume, Managing Director of Thor Energy, commented:
"The first quarter of 2026 has been a period of operational excellence and
strategic consolidation for Thor Energy: delivering company transformation,
maximising portfolio value, expanding our core strategic pillars and executing
data collection at our HY-Range project.
"Formal completion of the sale of the Molyhil Tungsten-Molybdenum Project to
Tivan Limited in January concluded the A$6.56m net sale to Thor, with A$2.25m
received on completion and annual payments of A$1.31m to be received each
September for three years. This significant, non-dilutive capital injection
materially bolsters our balance sheet and ensures we have the resources
required to aggressively advance our exploration programmes.
"Whilst we divested the Molyhil asset, we simultaneously reinforced our
strategic interest in In-Situ Recovery of copper (along with potential gold
and rare earth elements). Lincoln Moore, a Non-Executive Director for Thor and
the Company's recommended nomination, became a board member of EnviroCopper
Limited ("ECL") to support ECL's ambitious programme.
"Furthermore, we consolidated our exploration footprint by securing two new
Regulated Substance Exploration Licence Applications (RSELA 810 and 811) in
the onshore Otway Basin, via a 50:50 joint venture with H2EX. This mature,
oilfield-style partnership allows us to pool technical expertise over highly
prospective ground that includes the historic 1915 Robe-1 well, previously
discovering 25% natural hydrogen and 40% methane.
"Operationally, we safely completed our Phase 2 soil air geochemistry survey
at our flagship 80.2%-owned HY-Range Project (RSEL 802). This rigorous,
on-budget programme was designed to confirm and build upon our exceptional
natural hydrogen readings (up to 3,000 ppm) recorded in May 2025. and
effectively eliminates the risk of anthropogenic contamination. We are
currently analysing these results to refine our subsurface models ahead of
planned 2D seismic and exploration drilling.
"Looking ahead, in Q2 2026, Thor will be releasing the results of the Phase-2
Geochemistry survey and expects to be announcing details of our planned 2D
Seismic acquisition."
HY-RANGE PROJECT - "RSEL 802" - SOUTH AUSTRALIAN NATURAL HYDROGEN AND HELIUM
The Company completed its Phase 2 geochemistry survey at the HY-Range Project
during the quarter, following a three-month sampling programme. The survey
builds on Phase 1 (May 2025), which recorded natural hydrogen concentrations
of up to 3,000ppm (approximately 6,000 times background) and associated helium
anomalies.
The programme achieved its core objectives, including infill sampling to
increase coverage and data density across priority areas, with results
supporting Phase 1 outcomes. Enhanced sampling methodologies, developed with
SGS SA, were implemented to mitigate contamination risk and improve data
reliability, while further refining acquisition techniques for future
programmes.
All field operations were completed safely and on budget across the RSEL 802
licence.
Preliminary data analysis is underway, with results expected in the upcoming
quarter. This work will support the refinement of subsurface models for
hydrogen and helium systems.
The Company is also finalising tendering for a 2D seismic survey over key
areas of RSEL 802, planned for later this year, to support future drill
targeting.
OTWAY BASIN - RSELA 810 AND 811 (JOINT VENTURE WITH H2EX)
Concurrently, the Company secured the applications for RSELA 810 and 811 in a
50:50 joint venture with H2EX Ltd, expanding its natural hydrogen portfolio
into the onshore Otway Basin. The applications are progressing through
standard permitting processes before the grant.
The acreage is highly prospective, supported by historical data including the
Robe-1 well (1915), which recorded hydrogen concentrations of 25.4% 1
(#_ftn1) , providing strong evidence of an active hydrogen system. The Otway
Basin's established oil and gas history provides a substantial dataset and
well-understood subsurface framework to support exploration targeting.
The joint venture adopts a collaborative, oilfield-style approach, combining
technical expertise and sharing costs equally. The licences introduce
geological and geographic diversification to the Company's portfolio and
provide an opportunity to apply learnings and methodologies developed at the
HY-Range Project to a new basin setting.
Located in proximity to existing infrastructure and East Coast energy markets,
the licences are considered well-positioned for future development.
H2EX is a Perth-based energy explorer focused on the emerging natural hydrogen
and helium sector in Australia. The company holds a significant acreage
position in South Australia as well as Western Australia, headlined by PEL 691
in South Australia's Eyre Peninsula, where it has developed a portfolio of
natural hydrogen and helium drilling targets following numerous geotechnical
surveys since the licence award in 2022.
H2EX is distinguished by its collaborative approach to exploration, having
secured Federal Government CRC-P grant funding, working alongside leading
Australian universities and service providers such as CSIRO, Australia's
National Science Agency, to pioneer low-impact, cost-effective and timely
exploration techniques.
Figure 1: Location of RSELA 810 and RSELA 811 in Thor Energy's South
Australian portfolio
ENVIROCOPPER LIMITED - BOARD REPRESENTATION
During the quarter, Thor's recommended nomination, Non-Executive Director,
Lincoln Moore, was appointed to the board of EnviroCopper Limited, of which
Thor holds a 20% interest. ECL is an in-situ recovery copper specialist
advancing the Kapunda and Alford West projects in South Australia. The company
continues to progress low-impact extraction of copper, gold and rare earth
elements, supported by partnerships with research institutions, government
programmes and industry participants, including BHP.
Thor's board representation strengthens oversight of the strategic investment
in ECL and supports closer alignment as ECL progresses development. The
Company also holds an 80% interest in the adjacent Alford East project, with
all projects located within a prospective copper province and considered
amenable to in-situ recovery techniques.
FINANCE, AND CASH MOVEMENTS
Cash Movement:
Net cash outflows from Operating and Investing activities for the quarter of
A$1,689,000, which included outflows of A$150,000 directly related to
exploration activities. Thor ended the quarter with a cash balance of
A$3,314,000.
Cashflows for the quarter include payments of A$176,000 to Directors,
comprising the CEO-Managing Director's salary, the Non-Executive Directors'
salaries and other staff costs.
-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 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 / Liv Highton
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
thor@yellowjerseypr.com
Tel: +44 (0) 20 3004 9512
About Thor Energy Plc
The Company is focused on both hydrogen and helium exploration, along with the
exploration for copper, gold, 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 https://thorenergyplc.com/
(https://thorenergyplc.com/) .
TENEMENT SCHEDULE
As of 31 March 2026, the consolidated entity holds an interest in the
following Australian tenements:
Project Tenement Area kms(2) Area ha. Holders Interest
HY-Range RSEL 802 6332 Go Exploration 80.2%
Geo-Range GSEL 804 2368 Go Exploration 80.2%
Geo-Range GSEL 805 2389 Go Exploration 80.2%
Geo-Range GSEL 806 1558 Go Exploration 80.2%
Project Tenement Area kms(2) Area ha. Holders Interest
Bonya EL32167 74.54 Molyhil Mining Pty Ltd 40%
Alford East EL6529 315.1 Hale Energy Pty Ltd 80% oxide interest
USA mineral exploration licence portfolio
As of 31 March 2026, the consolidated entity holds 25% interest in the uranium
and vanadium projects in the US States of Colorado and Utah, as follows:
Claim Group Serial Number Claim Name Area Holders Interest
Vanadium King (Utah) UMC445103 to UMC445202 VK-001 to VK-100 100 blocks (2,066 acres) Cisco Minerals Inc 25%
Radium Mountain (Colorado) CMC292259 to CMC292357 Radium-001 to Radium-099 99 blocks (2,045 acres) Standard Minerals Inc 25%
Groundhog (Colorado) CMC292159 to CMC292258 Groundhog-001 to Groundhog-100 100 blocks (2,066 acres) Standard Minerals Inc 25%
Appendix 5B
Mining exploration entity or oil and gas exploration entity
quarterly cash flow report
Name of entity
THOR ENERGY PLC
ABN Quarter ended ("current quarter")
121 117 673 31 March 2026
Consolidated statement of cash flows Current quarter Year to date
$A'000
(9 months)
$A'000
1. Cash flows from operating activities - -
-
1.1 Receipts from customers
1.2 Payments for
(a) exploration & evaluation (150) (335)
(b) development - 0
(c) production - 0
(d) staff costs (176) (693)
(e) administration and corporate costs (287) (1,047)
1.3 Dividends received (see note 3) - -
1.4 Interest received - -
1.5 Interest and other costs of finance paid - -
1.6 Income taxes paid - -
1.7 Government grants and tax incentives - -
1.8 Other - -
1.9 Net cash from / (used in) operating activities (613) (2,075)
2. Cash flows from investing activities
2.1 Payments to acquire or for:
(a) entities - -
(b) tenements 2,250 3,937
(c) property, plant and equipment - -
(d) exploration & evaluation - -
(e) equity accounted investments - -
(f) other non-current assets (bonds) 52 52
2.2 Proceeds from the disposal of:
- -
(a) entities
(b) tenements (bond refunds) - -
(c) property, plant and equipment - -
(d) investments - -
(e) other non-current assets - -
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 2,302 3,989
3. Cash flows from financing activities - -
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
3.5 Proceeds from borrowings - -
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 - -
4. Net increase / (decrease) in cash and cash equivalents for the period 1,689 1,914
4.1 Cash and cash equivalents at beginning of period 1,661 1,459
4.2 Net cash from / (used in) operating activities (item 1.9 above) (613) (2,075)
4.3 Net cash from / (used in) investing activities (item 2.6 above) 2,302 3,989
4.4 Net cash from / (used in) financing activities (item 3.10 above) - -
4.5 Effect of movement in exchange rates on cash held (36) (59)
4.6 Cash and cash equivalents at end of period 3,314 3,314
5. Reconciliation of cash and cash equivalents Current quarter Previous quarter
at the end of the quarter (as shown in the consolidated statement of cash
$A'000
$A'000
flows) to the related items in the accounts
5.1 Bank balances 3,314 1,661
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) 3,314 1,661
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 137
in item 1
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. Financing facilities Total facility amount at quarter end Amount drawn at quarter end
Note: the term "facility' includes all forms of financing arrangements
$A'000
$A'000
available to the entity.
Add notes as necessary for an understanding of the sources of finance
available to the entity.
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) (613)
8.2 (Payments for exploration & evaluation classified as investing activities) -
(item 2.1(d))
8.3 Total relevant outgoings (item 8.1 + item 8.2) (613)
8.4 Cash and cash equivalents at quarter end (item 4.6) 3,314
8.5 Unused finance facilities available at quarter end (item 7.5) -
8.6 Total available funding (item 8.4 + item 8.5) 3,314
8.7 Estimated quarters of funding available (item 8.6 divided by item 8.3) 5.4
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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.
Compliance statement
1 This statement has been prepared in accordance with accounting
standards and policies which comply with Listing Rule 19.11A.
2 This statement gives a true and fair view of the matters
disclosed.
Date: 29 April
2026...........................................................
Authorised by: the
Board....................................................................
(Name of body or officer authorising release - see note 4)
Notes
1. This quarterly cash flow report and the accompanying
activity report provide a basis for informing the market about the entity's
activities for the past quarter, how they have been financed and the effect
this has had on its cash position. An entity that wishes to disclose
additional information over and above the minimum required under the Listing
Rules is encouraged to do so.
2. If this quarterly cash flow report has been prepared in
accordance with Australian Accounting Standards, the definitions in, and
provisions of, AASB 6: Exploration for and Evaluation of Mineral Resources and
AASB 107: Statement of Cash Flows apply to this report. If this quarterly cash
flow report has been prepared in accordance with other accounting standards
agreed by ASX pursuant to Listing Rule 19.11A, the corresponding equivalent
standards apply to this report.
3. Dividends received may be classified either as cash flows
from operating activities or cash flows from investing activities, depending
on the accounting policy of the entity.
4. If this report has been authorised for release to the
market by your board of directors, you can insert here: "By the board". If it
has been authorised for release to the market by a committee of your board of
directors, you can insert here: "By the [name of board committee - eg Audit
and Risk Committee]". If it has been authorised for release to the market by a
disclosure committee, you can insert here: "By the Disclosure Committee".
5. If this report has been authorised for release to the
market by your board of directors and you wish to hold yourself out as
complying with recommendation 4.2 of the ASX Corporate Governance Council's
Corporate Governance Principles and Recommendations, the board should have
received a declaration from its CEO and CFO that, in their opinion, the
financial records of the entity have been properly maintained, that this
report complies with the appropriate accounting standards and gives a true and
fair view of the cash flows of the entity, and that their opinion has been
formed on the basis of a sound system of risk management and internal control
which is operating effectively.
1 (#_ftnref1) Alexander, E. 2023. Natural hydrogen exploration in South
Australia - update. Government of South Australia, Department for Energy and
Mining. Viewed 19 February 2026. Available at:
https://www.energymining.sa.gov.au/industry/energy-resources/regulation/projects-of-public-interest/natural-hydrogen-exploration
(https://www.energymining.sa.gov.au/industry/energy-resources/regulation/projects-of-public-interest/natural-hydrogen-exploration)
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