REG - Thor Energy PLC - Quarterly Activities and Cash Flow Report Q4 2025
30/01/2026 07:00
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RNS Number : 9681Q Thor Energy PLC 30 January 2026
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.
30 January 2026
Thor Energy PLC
("Thor" or the "Company")
Quarterly Activities and Cash Flow Report October to December 2025
Thor Energy PLC ("Thor") (AIM, ASX: THR, OTCQB: THORF) is pleased to report
on its activities for the Quarterly period October to December 2025.
Andrew Hume, CEO and Managing Director, Thor Energy Plc, commented:
"This final quarter of 2025 has fulfilled a pivotal year of strategic
transformation for Thor Energy. I am delighted to report that we ended the
year with a healthy financial position, having successfully reshaped the
Company to prioritise the high-growth natural hydrogen and helium sector,
whilst simultaneously reinforcing our strategic metals portfolio through
portfolio rationalisation, intelligent monetisation and strong partnerships.
"At our flagship HY-Range Project (Regulated Substance Exploration Licence,
RSEL 802) in South Australia, we continue to progress swiftly from concept to
drill readiness. Following the exceptional results of May 2025's Phase 1
geochemical sampling program, we commenced Phase 2 in November, a design that
is an extended monitoring campaign continuing through Q1 2026. This program
enables rigorous measurement of gas flux over time and proactively
ground-truths our high-grade anomalies. This high-fidelity dataset is a
prerequisite for finalising the design of our major 2D seismic survey
scheduled for mid-2026 and the subsequent drilling campaign.
"Crucially, this committed work program is supported by our successful
non-dilutionary funding strategy. The 75% divestment of our US Uranium assets
to Metals One and the 100% sale of the Molyhil Tungsten Project to Tivan
Limited (completing post-period) simplified our portfolio and crucially
facilitated the working capital necessary to advance our ambitions.
"Simultaneously, we have retained significant upside in our exciting South
Australian copper-gold assets. The strategic investment of A$3.5 million into
our investee company, EnviroCopper Limited, by an international energy
company, validates the quality of these assets. With projects located within
the renowned Copper Coast and historic Kapunda districts, we maintain material
leverage to the region's significant copper and gold endowments. Through our
well-thought-out corporate deal structures, Thor retains upside whilst
ensuring our direct holding costs remain minimal.
"Thor enters 2026 as a focused, well-capitalised clean energy explorer, ready
to unlock value across a curated and strategically diversified portfolio."
HY-RANGE PROJECT - "RSEL 802" - SOUTH AUSTRALIAN NATURAL HYDROGEN AND HELIUM
Building on the outstanding results of the Phase 1 survey reported on 7 July
2025
(https://www.londonstockexchange.com/news-article/THR/outstanding-geochemical-results-at-hy-range/17121159)
-which identified hydrogen up to 3,000ppm and helium up to 27ppm-the Company
commenced Phase 2 fieldwork during the quarter. Unlike standard spot-sampling
or short-period monitoring, Phase 2 is being executed as a comprehensive
monitoring programme which will provide the necessary information to confirm a
consistent and productive natural hydrogen system, determine source to trap
migration mechanism, and identify the specific pathways to aid prospect
identification, maturation and integrated modelling. This campaign began in
November 2025 and is scheduled to extend until March 2026, with work
concentrated on the high prospectivity zones identified in Phase 1 (Figure 1),
with new approaches being deployed which build on the learnings from Phase-1.
Full details of the programme and results will be released when available.
Figure 1A) RSEL 802 (2(nd) term) map illustrating priority areas identified
following the Phase-1 geochemistry survey, and the location of Phase-2 focus
areas
Figure 1B) Preparation of monitor site
Figure 1C) Mid installation process of monitor locations
Data from this ongoing geochemical programme will be integrated with our
robust geological understanding and augmented by ancillary geophysical and
geological studies, which will include core analysis and the interpretation of
reprocessed legacy 2D seismic data.
Thor's integrated understanding forms the basis of design for our proprietary
2D exploration seismic acquisition campaign, targeted for mid-2026, with
contract award expected during 2025 Q1. The results of this bespoke 2D seismic
program will be pivotal for our natural hydrogen/helium project as we aim to
integrate our findings, finalise prospect selection, and define drilling
targets for fast-tracked exploration drilling. As a further benefit, the
co-located Gas Storage Exploration Licences ("GSEL"), 804, 805 and 806 will
also benefit from this work by helping to determine if suitable geological
conditions could occur for the underground storage of hydrogen, natural gas or
long-term sequestration of greenhouse gases.
STRATEGIC METALS PORTFOLIO - INTELLIGENT MONETISATION
US Uranium - Binding Agreement with DISA:
On 23 October 2025
(https://www.londonstockexchange.com/news-article/THR/binding-agreement-signed-with-disa-technologies/17291601)
, Thor executed a full binding agreement with DISA Technologies, Inc.
("DISA"). This agreement allows DISA to evaluate and treat historically
abandoned uranium mine waste dumps at Thor's Colorado projects using its
patented High-Pressure Slurry Ablation ("HPSA") technology. Thor is entitled
to a gross revenue share (sliding scale 2.5% to 4.0%) from the sale of
recovered uranium and critical minerals, with no capital or operating
expenditure required from Thor. Significantly, DISA received its final U.S.
Nuclear Regulatory Commission ("NRC") Service Providers License during the
quarter, paving the way for future deployment.
Molyhil Divestment:
Work continued during the quarter to satisfy conditions precedent regarding
the sale of the Molyhil Tungsten Project ("FRAM JV") to Tivan Limited for a
total consideration of A$6.56 million. This process was subsequently completed
post-period on 19 January 2026, accompanied by a payment of A$2.25 million and
capturing three equal annual payments of A$1,312,500 (totalling A$3,937,500),
commencing September 2026.
RETAINING UPSIDE IN SOUTH AUSTRALIAN COPPER-GOLD & REE ASSETS
Whilst the Company has successfully monetised non-core metal exploration
assets, we have strategically maintained significant exposure to copper-gold
and critical rare earth elements ("REEs"), as essential components of the
energy transition, aligned with Thor's fundamental strategic purpose.
Furthermore, these assets host significant gold mineralisation, adding
substantial value to the portfolio. This retention strategy is focused on our
equity holding in EnviroCopper Limited ("ECL") and our direct 80% interest in
the Alford East Copper-Gold Project.
On 27 October 2025, Thor announced that ECL had entered into a binding
agreement with a large international energy company for a A$3.5 million
investment to rapidly advance the Alford West and Kapunda projects. Thor's
position in ECL continues to represent a strategic holding (20% post-period)
with this investment ensuring that the Company maintains material upside
exposure to these assets without the associated funding requirements.
These assets are located within South Australia's historic copper districts
(Figure 2). The Alford West (held by ECL) and Alford East (Thor Energy, 80%
and Operator) projects are situated within the world-famous Copper Coast area
on the Yorke Peninsula, forming part of the prodigious Olympic Copper-Gold
Province, with deposits interpreted as metasomatised IOCG systems with
significant supergene enrichment. The Kapunda Project (held by ECL) represents
a separate historic mining centre, characterised as a hybrid
sedimentary-hydrothermal system with intense supergene enrichment. Both
geological settings host oxide mineralisation, potentially amenable to
low-impact In-Situ Recovery techniques.
Since these high-quality assets host significant recoverable copper, gold and
REE mineralisation, Thor continues to maintain access to critical metals
projects with minimal direct holding costs and the potential of timely
pathways to commercialisation.
Figure 2A) Location of Thor South Australian metals assets. The Alford West
and East projects are located within the southern portion of the Olympic
Copper-Gold Province. The shaded area (red) represents the Olympic domain as
defined by Tom Wise (2019), 'Prospectivity modelling of the Olympic Cu-Au
Province', MESA Journal, vol. 90, no. 2, pp. 36-41
Figure 2B) Map zoomed to the Alford West / Alford East area of the northern
Yorke Peninsula, illustrating overlap of the Alford Copper Belt (Green)
FINANCE, AND CASH MOVEMENTS
Cash Movement
Net cash outflows from Operating and Investing activities for the quarter of
$63,000, which included outflows of $88,000 directly related to exploration
activities. Thor ended the quarter with a cash balance of $1,660,000. Post
period end, a further A$2,250,000 was received as a completion payment from
Tivan (as announced on 19 January 2026).
Cashflows for the quarter include payments of $134,000 to Directors,
comprising the CEO-Managing Director's salary and the Non-Executive Directors'
salaries.
-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 natural Hydrogen, Helium and energy metals that are
crucial in the shift to a clean energy economy, combined with portfolio
exposure to precious 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/) .
The Company confirms that it is not aware of any new information or data that
materially affects the previously disclosed exploration results referenced in
this announcement. Information included in the original market announcements
that the form and context in which the Competent Person's findings are
presented have not been materially modified from the original market
announcements.
TENEMENT SCHEDULE
As of 31 December 2025, 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
Molyhil * EL22349 228.10 Molyhil Mining Pty Ltd 75%
Molyhil * EL31130 9.51 Molyhil Mining Pty Ltd 75%
Molyhil * ML23825 95.92 Molyhil Mining Pty Ltd 75%
Molyhil * ML24429 91.12 Molyhil Mining Pty Ltd 75%
Molyhil * ML25721 56.2 Molyhil Mining Pty Ltd 75%
Molyhil * AA29732 38.6 Molyhil Mining Pty Ltd 75%
Molyhil * MLS77 16.18 Molyhil Mining Pty Ltd 75%
Molyhil * MLS78 16.18 Molyhil Mining Pty Ltd 75%
Molyhil * MLS79 8.09 Molyhil Mining Pty Ltd 75%
Molyhil * MLS80 16.18 Molyhil Mining Pty Ltd 75%
Molyhil * MLS81 16.18 Molyhil Mining Pty Ltd 75%
Molyhil * MLS82 8.09 Molyhil Mining Pty Ltd 75%
Molyhil * MLS83 16.18 Molyhil Mining Pty Ltd 75%
Molyhil * MLS84 16.18 Molyhil Mining Pty Ltd 75%
Molyhil * MLS85 16.18 Molyhil Mining Pty Ltd 75%
Molyhil * MLS86 8.05 Molyhil Mining Pty Ltd 75%
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
* Transfer of tenements to Tivan Limited completed post period.
USA mineral exploration licence portfolio
As of 31 December 2025, the consolidated entity holds 25% interest in the
uranium and vanadium projects in USA 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 December 2025
Consolidated statement of cash flows Current quarter Year to date (6 months)
$A'000
$A'000
1. Cash flows from operating activities - -
-
1.1 Receipts from customers
1.2 Payments for
(a) exploration & evaluation (88) (185)
(b) development - 0
(c) production - 0
(d) staff costs (179) (517)
(e) administration and corporate costs (415) (760)
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 (682) (1,462)
2. Cash flows from investing activities
2.1 Payments to acquire or for:
(a) entities - -
(b) tenements 744 1,687
(c) property, plant and equipment - -
(d) exploration & evaluation - -
(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 - -
(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 744 1,687
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 63 225
4.1 Cash and cash equivalents at beginning of period 1,598 1,459
4.2 Net cash from / (used in) operating activities (item 1.9 above) (682) (1,463)
4.3 Net cash from / (used in) investing activities (item 2.6 above) 744 1,687
4.4 Net cash from / (used in) financing activities (item 3.10 above) - -
4.5 Effect of movement in exchange rates on cash held - (23)
4.6 Cash and cash equivalents at end of period 1,660 1,660
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 1,660 1,598
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) 1,660 1,598
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 134
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) (682)
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) (682)
8.4 Cash and cash equivalents at quarter end (item 4.6) 1,660
8.5 Unused finance facilities available at quarter end (item 7.5) -
8.6 Total available funding (item 8.4 + item 8.5) 1,660
8.7 Estimated quarters of funding available (item 8.6 divided by item 8.3) 2.4
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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: 30 January
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.
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