REG - Thor Energy PLC - Quarterly Activities and Cash Flow Report
31/10/2023 07:00
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RNS Number : 7732R Thor Energy PLC 31 October 2023
31 October 2023
Thor Energy Plc
("Thor" or the "Company")
Quarterly Activities and Cash Flow Report
July to September 2023
Highlights Outlook for next quarter (31 December 2023)
URANIUM & VANADIUM
Wedding Bell & Radium Mountain, Colorado, USA
Vanadium King, Utah, USA
· 4000m RC drilling Program underway, commencing at Section 23, Wedding Bell · Continue drilling program at Rim Rock and Groundhog, with downhole gamma
Project uranium results released regularly throughout program, followed by laboratory
assays for uranium and vanadium
· Uranium spot price reaches a 12-year high of US$73.38/lb
COPPER - RARE EARTH ELEMENTS (REE)
Alford East, SA, Australia
· Commenced Ambient Noise Tomography Surveys ("ANT") in collaboration with · Processing and modelling of ANT results in conjunction with all available
Fleet Space Technologies geological and mineralisation data
Kapunda, SA, Australia
(via 30% equity holding in EnviroCopper Ltd)
· Environmental approvals grant for in-ground lixiviant 'push/pull' trials · Copper-gold recoveries from lixiviant trials
Alford West, SA, Australia
· Modelling of geophysical data including ANT and seismic data · Continuing to assess the amenability of Alford West for In-Situ
Recovery ("ISR")
GOLD/NICKEL
Ragged Range, Pilbara region, WA Australia
· Full review of nickel potential · Seeking divestment or JV partner
Corporate, Finance & Cash Movements
· Capital Share Consolidation
· Equity placement to accelerate USA uranium drilling - limited raise of
AUD$1m at 4.2c
· Cash balance of AUD$2.16m at end of Quarter (including the proceeds of the
equity placement)
Nicole Galloway Warland, Managing Director, Thor Energy Plc, commented:
"During our most recent quarter, we were excited to announce the start of our
2023 drilling program at our US uranium projects, starting at the Section 23
Prospect, followed by the Groundhog and Rim Rock prospects. We will be closely
recording the amount of natural gamma radiation by downhole gamma logging
regularly throughout the program.
"This new development comes as further growth opportunities emerge in the
uranium sector. The uranium spot price is now at a 12-year high, supported by
strong supply and demand fundamentals. This strengthens our strategic focus on
energy metals and our commitment to advancing our USA uranium projects.
"Regarding our Australian projects, a recent highlight was the commencement of
the low-impact ANT geophysics surveys over the Alford East copper-REE Project,
as part of Thor's collaborative partnership with Fleet Space Technologies.
This marks a key step in accelerating our exploration and ISR assessment
strategy for the Project.
"Fleet Space Technologies, utilising its technology, EXOSPHERE BY FLEETâ ,
will integrate the data from the ANT surveys, and in conjunction with Thor's
3D geological model, will produce a revised model to support drill targeting
of higher-grade copper and REE mineralisation along strike of our mineral
resource estimate and in new zones of the Alford Copper Belt.
"The utilisation of both artificial intelligence and machine learning in this
collaboration will enable results from the surveys to become more precise in
our future drilling campaigns, which will help us reduce our environmental
footprint.
"Thor is also pleased that the Government of South Australia awarded a key
environmental approval to advance the Kapunda Copper ISR Project during the
period.
"The in-situ lixiviant "SELT" test being carried out by a JV between
EnviroCopper Ltd and OZ Exploration Pty Ltd is a critical step in the
assessment of the ISR process, determining the copper solubility hence
recovery, as well as hydrogeological parameters at the Kapunda copper
mineralisation.
"We believe this allows the Company's strategy to align with the objectives of
the Government of South Australia to treble copper production by 2030.
"We look forward to updating the market with further developments on all our
projects in due course."
Photo 1: RC Drilling Rig at Section 23, Wedding Bell Project
URANIUM AND VANADIUM PROJECTS (USA)
Thor holds a 100% interest in two US companies with mineral claims in Colorado
and Utah, USA (Figure 1). The claims host uranium and vanadium mineralisation
in an area known as the Uravan Mineral Belt, which has a history of high-grade
uranium and vanadium production.
Within an economical transport distance is the only uranium and vanadium
processing facility in the region (Energy Fuels White Mesa Mill), which
enables a low-hurdle processing option for any production from these projects.
Details of the projects may be found on the Thor website
(https://thorenergyplc.com/projects/uranium-vanadium-projects-usa/) .
Figure 1: Uravan Mineral Belt showing project locations and nearby White Mesa
processing plant
Wedding Bell and Radium Mountain Project, Colorado:
Drilling has commenced at the Wedding Bell/Radium Mountain Projects (ASX/AIM:
18 October 2023).
The Reverse Circulation (RC) drill program is designed to follow up on the
successful 2022 program, (ASX/AIM: 24 April 2023), targeting the uranium and
vanadium-hosted Salt Wash Member (sandstone/mudstone) of the Morrison
Formation (Figure 2).
At Rim Rock, drilling is designed to vector in on potential high-grade zones
not previously mined, based on the review of georeferenced historic workings
and drill holes.
At Groundhog, drilling will test potential mine extensions defined from
previous drilling and historic mining of high-grade lenses. In addition, the
radiometric survey highlighted uranium anomalies to the south of Groundhog,
which will be tested as part of the drilling program. Groundhog has
mineralisation within both the Brushy Basin shales and the underlying Salt
Wash Sandstones; hence drill holes will be extended through the two geological
units.
The drilling at Section 23 will continue to test extensions to the uranium
mineralisation identified from the first pass drilling program in 2022, as
well as testing a portion of the radiometric anomalies, 2022, as well as
testing a portion of the radiometric anomalies.
The 4000m drill program comprises approximately 25 RC drillholes, to an
average depth of 120m, where each hole will be downhole gamma logged,
(supplying eU3O8 uranium results), with drill chip samples assessed using a
spectrometer for uranium and pXRF for vanadium. Samples from anomalous zones
will be sent to Australian Laboratory Services (ALS) in Canada for analysis.
Photo 2: Drilling at Section 23 with Groundhog in the distance Wedding Bell
Project
Figure 2: Proposed drill Collars at the Wedding Bell and Radium Mountain
Project
Vanadium King Project, Utah:
The Vanadium King Project, within the Thompson uranium district of Utah is a
greenfield exploration project with no historic workings (Figure 1). The
project area is predominantly covered by Cretaceous Mancos Shales, with the
targeted prospective uranium and vanadium lithologies (Brushy Basin and Salt
Wash Sandstone, Morrison Formation) at approximately 100m below the surface
(based on historic oil wells drilled in the project area.
Next Steps:
§ Down hole gamma logging with eU(3)0(8) uranium results released throughout
the program (November)
§ Drilling program is anticipated to take 4-6 weeks (Completion expected in
late November)
§ Uranium and vanadium assay samples to be sent to ALS Canada (Expected in
December 2023 -January 2024)
§ Preparation underway for maiden drilling at Vanadium King Project, Utah
Photo 3: Thor's Geology Team logging drillhole and taking pXRF (V) and
spectrometer (U) readings
Uranium Outlook:
Supply and demand fundamentals continue to grow in the uranium sector, with
the uranium spot price at a 12-year high of US$73.38/lb; representing a 51.88%
increase since the start of 2023 (Figure 3).
Production from world uranium mines has in recent years supplied 90% of the
requirements of power utilities. Primary production from mines is supplemented
by secondary supplies, formerly most from ex-military material, but now the
products of recycling and stockpiles are depleting due to uranium production
decline(( 1 (#_ftn1) )).
From the current 391 gigawatts ("GW") of electricity from operable nuclear
plants, the World Nuclear Association now projects a demand increase of 50% by
2040(( 2 (#_ftn2) )).
Most of the new generating capacity will be in China, which is aggressively
pursuing nuclear energy to replace coal which provides most of the country's
energy. China has 23 reactors under construction, 23 planned and a further 168
proposed to add to its current operating fleet of 53 reactors. Globally, there
are 440 reactors currently in operation and another 59 under construction
(Figure 4)(( 3 (#_ftn3) )).
UxC LLC (http://www.uxc.com/) , one of the nuclear industry's leading market
research and analysis companies projects a £66m (AUD$129m) deficit in the
value of uranium supply vs. demand for 2030.
Key Drivers in uranium and nuclear growth are:
§ Nuclear power becoming accepted as green energy
§ It is widely recognised that using nuclear power for the base load will
help achieve net zero carbon emissions
§ Energy security and domestic supply becoming a major political issue
§ Geopolitical risk such as the Russian invasion of Ukraine and the coup
d'état in Niger
§ The rise of Small Modular Reactors (SMR)
§ De-weaponised stockpiles and inventories are depleting due to uranium
production declining
§ Changes to supply chains can cause supply deficits
Figure 3: Uranium spot price chart hits US$73.38/lb
(Source: https://tradingeconomics.com/commodity/uranium
(https://tradingeconomics.com/commodity/uranium) )
Figure 4: Change in Global Demand for Uranium (Source WNA: BMO Capital
Markets)
COPPER - REE PROJECTS (SA)
Thor holds direct and indirect interest in over 400,000 tonnes of Inferred
copper resources in SA, via its 80% farm-in interest in Alford East
copper-gold Project and its 30% equity interest in EnviroCopper Ltd in Kapunda
and Alford West (Figure 5).
Each of these projects is considered by the Thor directors to have significant
growth potential, and each is being advanced towards development via low-cost,
environmentally friendly ISR techniques.
Figure 5: Location Map - Copper Projects (left) and Tenement Map (right) with
Thor's Alford East Project
Alford East Copper-Gold Project
The Alford East Copper-Gold Project is located on EL6529, where Thor is
earning up to 80% interest from unlisted Australian explorer Spencer Metals
Pty Ltd, covering portions of EL6255 and EL6529 (ASX/AIM: 20 November 2020).
The Project covers the northern extension of the Alford Copper Belt, located
on the Yorke Peninsula, SA (Figure 5). 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.
Utilising historic drill hole information, Thor completed an inferred Mineral
Resource Estimate (MRE) by JORC (2012) classification on 22 January 2021,
reporting for oxide material only, at a cut-off grade of 0.05% Copper which is
consistent with the assumed In Situ Recovery technique, (ASX/AIM: 27 January
2021), consisting of (Figure 6):
§ 125.6Mt @ 0.14% Cu containing 177,000t of contained copper
§ 71, 500oz of contained gold
Maiden Mineral Resources Estimate Release:
(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/)
(
(https://thorenergyplc.com/investor-updates/maiden-copper-gold-mineral-resource-estimate-alford-east-copper-gold-isr-project/)
27 January 2021)
Figure 6: Alford East Inferred Minerals Resource Domains (left) and 2021 Drill
Collar Map (right)
Figure 7: Cross Section 6256360mN showing REE (TREO) intercepts with copper
mineralisation
Fleet Space Technologies ("Fleet") Collaboration
Thor and Fleet have formed a collaborative partnership to accelerate mineral
exploration at Alford East Project, as Thor aims to increase the mineral
resource and progress the assessment of the ISR process. Fleet acquired equity
interest in Thor via a share subscription agreement.
As part of the collaboration, ANT surveys using EXOSPHERE BY FLEET(â) are to
be completed initially over the northern portion of the Alford East project
(Figure 5). This technology is a particularly low-impact form of exploration
and uses natural environmental vibrations in the ground, caused by ocean
waves, weather or traffic, to analyse the earth's composition down to
approximately 2000m depth.
This technology uses compact, battery-powered smart sensors called Geodes to
collect raw data (Photo 5). It can pre-process and deliver data directly via
Fleet's satellite connectivity. This technology means faster collection of
data, and fewer drill holes, hence a much lower environmental impact.
The Fleet team will integrate the subsurface ANT results with Thor's existing
3D geological model, which was generated from all available geophysics data
sets, surface geochemistry and all available drillhole data. Modelling of the
combined information using Artificial Intelligence ("AI") and Machine Learning
("ML") will result in a revised 3D model delineating structural and potential
lithological controls on the mineralisation within the Alford Copper belt and
identifying drill targets with potential for higher-grade oxide copper-gold
mineralisation.
Geophysics Survey
EXOSPHERE BY FLEETâ scans the ground using an advanced ANT seismic tomography
technique. This technique consists of laying an array of approximately 100
lightweight, battery-powered surface sensors called Geodes (Photo 4 and Photo
5) at a spacing of approximately 150m, to measure faint, naturally occurring
environmental seismic vibrations in the ground (caused by ocean waves,
weather, and traffic) in near real-time, over a seven-day period. The data
is transmitted through satellites and then can be processed rapidly and ready
for interpretation.
A series of surveys over the Alford East Project will be completed to
successfully delineate the low-velocity, weathered 'troughs' that host the
oxide copper-REE mineralisation within the Alford Copper Belt (Figure 5).
Known copper-oxide copper mineralisation within the Alford Copper Belt is
associated with rocks that are significantly less dense with lower seismic
velocity than the surrounding fresh units.
The survey will compare and integrate the subsurface ANT results with
geological information (surface geochemistry, drilling, and historic
geophysics) that has been compiled by Thor. The resultant 3D model will
provide a refined targeted strategy, focusing future drilling in areas with
potential high-grade oxide copper-REE mineralisation.
Photo 4: Exosphere used by Fleet Space® for ANT surveying
Photo 5: Deployment of Exosphere by Fleetâ geodes for ANT Surveys, at Alford
East Project
Next Steps:
§ Modelling of ANT results, incorporating Thor's 3D model and using AI to
extrapolate controlling structures along the Alford Copper Belt
§ Target generation from the final 3D Model (November)
§ Drill preparations and Drilling (Early 2024)
§ To continue to review the geochemical REE data, with selected historic
samples submitted to the Bureau Veritas laboratory for analysis, for a
supplementary REE package; along with mineralogy and preliminary metallurgical
work to determine the potential ionic nature of the REE
§ Hydrogeology water characterisation sampling continues on a quarterly
basis, to develop baseline data for ISR assessment and development approvals
§ Thor has engaged Drasloka® to undertake 6 diagnostic mini-column leach
tests to determine copper and gold recoveries using a glycine lixiviant;
copper recovery curves to date are positive and results from these studies are
anticipated in November 2023
Kapunda and Alford West Copper Projects
Thor holds a 30% equity interest in private Australian company, EnviroCopper
Limited ("ECL"). In turn, ECL has entered into an agreement to earn, in two
stages, up to 75% of the rights over metals which may be recovered via ISR
contained in the Kapunda deposit from Australian listed company, Terramin
Australia Limited ("Terramin" ASX: "TZN"), and rights to 75% of the Alford
West copper project comprising the northern portion of exploration licence
EL5984 held by Andromeda Metals Limited (ASX: ADN).
Information about EnviroCopper Limited and its projects can be found on the
EnviroCopper website (http://www.envirocopper.com.au/) :
Kapunda
The Government of South Australia has approved the first stage of
in-groundwork on the Kapunda copper ISR Project, South Australia (Figure 5).
This phase of work - Site Environmental Lixiviant Test ("SELT") will be a
Push/Pull trial, involving mixing a biodegradable solution called a
"Lixiviant" with groundwater for placement within the copper orebody. The
lixiviant will reside in-situ for a period while being sampled and monitored,
it will then be extracted, and the site rehabilitated.
The SELT will provide key information on the ISR assessment including copper
dissolution, copper recovery, hydrogeological parameters, and rehabilitation
data to identify the next major stage of fieldwork to be conducted, which will
be a circulation trial scheduled for the early stages of 2024.
Photo 6: Well house and bores for push/pull tests, Kapunda
GOLD/COPPER PROJECT
Ragged Range Project (WA)
The Ragged Range Project, located in the prospective Eastern Pilbara Craton,
Western Australia is 100% owned by Thor - E46/1190, E46/1262, E46/1355,
E46/1340 and E46/1393 (Figure 8).
Since the acquisition, Thor has conducted several programs of stream sediment
and soil sampling to delineate drill targets. Thor has also flown an airborne
magnetics survey over the tenement area to better define the structural
features of the area.
Details of the projects may be found on the Thor website
(https://thorenergyplc.com/projects/ragged-range-project/) .
Figure 8: Ragged Range Project Location map (left) and Tenement Map (right)
showing priority targets
Whilst the Company initially took ownership of this asset due to the potential
for gold, copper-gold, lithium, and nickel, Thor is now focusing its
priorities on its uranium and energy metal projects, with a divestment or
joint venture partner opportunity currently being assessed for the Ragged
Range Project. The change in focus of Thor Energy towards critical minerals in
the energy and green economy has led this group of tenements to be no longer
considered core in Thor's exploration portfolio.
TUNGSTEN PROJECT
Molyhil Tungsten - Molybdenum-Copper Project - NT (100% Thor)
The Molyhil tungsten-molybdenum-copper deposit is 100% owned by Thor Energy Figure 9: Molyhil Project Location map
Plc and is located 220km north-east of Alice Springs (320km by road) within
the prospective polymetallic province of the Proterozoic Eastern Arunta Block
in the Northern Territory (Figure 9).
The deposit consists of two adjacent outcropping iron-rich skarn bodies, the
northern 'Yacht Club' lode and the 'Southern' lode. Both lodes are marginal to
a granite intrusion; both lodes contain scheelite (CaWO(4)) and molybdenite
(MoS(2)) mineralisation. Both the outlines of the lodes and the banding within
the lodes strike approximately north and dip steeply to the east.
Thor executed an AUD$8m Farm-in and Funding Agreement with Investigator
Resources Limited (ASX: IVR) to accelerate exploration at the Molyhil Project
on 24 November 2022 and the sale of Thor's interest in the Bonya tenement
(EL29701) (ASX/AIM: 24 November 2022).
A full background on the project is available on the Thor website
(https://thorenergyplc.com/projects/molyhil-tungsten-project/) .
Bonya JV- Jervois Vanadium Projects (40% Thor)
The Bonya copper, tungsten and vanadium deposits are located approximately
30km to the northeast of Molyhil (Figure 10). Thor in a joint venture with
Arafura holds a 40% equity interest in the resources. Thor's interest in the
Bonya tenement EL29701 (copper and tungsten deposit) is planned to be divested
as part of the Farm-in and Funding agreement with Investigator Resources
Limited.
Figure 10: Molyhil Project location showing adjacent Bonya tenements.
Corporate, Finance & Cash Movements
Following shareholder approval on 23 August 2023, the Company implemented a
share capital consolidation for its listed securities on 31 August 2023.
Under the share capital consolidation, the Company has reduced the number of
its Ordinary Shares by way of a consolidation on the basis of 10 Ordinary
Shares into one new ordinary share of 0.01p each ("New Ordinary Share").
Accordingly, holdings in the Company's CDIs, quoted on the ASX, have also been
reduced by way of a consolidation on the basis of 10 CDIs into one new CDI
("New CDI") (collectively the "Consolidation"). Pursuant to the Consolidation,
the number of options has also been consolidated in the same ratio as the
Ordinary Shares and the exercise price has been amended in inverse proportion
to that ratio.
Thor completed a strategic small placement on 20 September 2023
(https://www.londonstockexchange.com/news-article/THR/equity-placing-to-accelerate-uranium-drilling/16131311)
, raising gross proceeds of AUD$1m via the placing of 23,809,524 Placing
Shares at a price of AUD$0.042 per Placing Share.
All placees received one option for each Placing Shares subscribed, being a
total of 23,809,524 options (the "Placement Options"). All Placement Options
will be issued under the existing ASX listed options (ASX: THROD) which are
exercisable at AUD$0.09 (9 cents) and expire in January 2025.
The Placing price represents a discount of 6.67% to the last ASX-traded price
of AUD$0.045 on 15 September 23 but is a 9.38% premium to the VWAP of the last
15 trading days, prior to that date.
For the Quarter, the Company had total net cash inflows of $447,000,
comprising:
· Net cash outflows from Operating and Investing activities for the
quarter of $722,000 which included an inflow of $229,000 from the sale of
Thor's remaining shares held in Power Metal Resources plc (AIM: POW), and
outflows of $683,000 related to exploration activities.
· Net cash inflows from Financing activities for the quarter were
$1,172,000, reflecting 1) a $1,000,000 placement through the issue of
23,809,524 Ordinary Shares at $0.042 per Share, together with 23,809,524
listed Options on the basis of one Option for every Ordinary Share and 2) a
$250,000 strategic investment from an investment fund associated with Fleet
Space Technologies (Fleet). Fleet are undertaking the Ambient Noise
Tomography surveys to advance Thor's understanding of the Alford East
Copper-Ree Project in South Australia.
· Providing an ending cash balance of $2,158,000
Cashflows for the quarter include payments of $103,000 to Directors,
comprising the Managing Director's salary, and Non-Executive Directors'
fees.
The Board of Thor Energy Plc has approved this announcement and authorised its
release.
For further information, please contact:
Thor Energy PLC
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 / Isaac Hooper
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
Competent Person's Report
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.
Updates on the Company's activities are regularly posted on Thor's website
(https://thorenergyplc.com/) which includes a facility to register to receive
these updates by email, and on the Company's X page @thorenergyplc
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 km(2) of exploration
licences with highly encouraging early-stage gold, copper and nickel results
in the Pilbara region of Western Australia.
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
Estimate¹. 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.²³
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 an AUD$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 deposits⁵.
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/
(2)
www.thorenergyplc.com/sites/thormining/media/pdf/asx-announcements/20172018/20180222-clarification-kapunda-copper-resource-estimate.pdf
(http://www.thormining.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.thormining.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/
(5)
www.thorenergyplc.com/sites/thormining/media/pdf/asx-announcements/20200129-mineral-resource-estimates---bonya-tungsten--copper.pdf
(http://www.thormining.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)
TENEMENT SCHEDULE
At 30 September 2023, the consolidated entity holds an interest in the
following Australian tenements:
Project Tenement Area kms(2) Area ha. Holders Company Interest
Molyhil EL22349 228.10 Molyhil Mining Pty Ltd 100%
Molyhil EL31130 9.51 Molyhil Mining Pty Ltd 100%
Molyhil ML23825 95.92 Molyhil Mining Pty Ltd 100%
Molyhil ML24429 91.12 Molyhil Mining Pty Ltd 100%
Molyhil ML25721 56.2 Molyhil Mining Pty Ltd 100%
Molyhil AA29732 38.6 Molyhil Mining Pty Ltd 100%
Molyhil MLS77 16.18 Molyhil Mining Pty Ltd 100%
Molyhil MLS78 16.18 Molyhil Mining Pty Ltd 100%
Molyhil MLS79 8.09 Molyhil Mining Pty Ltd 100%
Molyhil MLS80 16.18 Molyhil Mining Pty Ltd 100%
Molyhil MLS81 16.18 Molyhil Mining Pty Ltd 100%
Molyhil MLS82 8.09 Molyhil Mining Pty Ltd 100%
Molyhil MLS83 16.18 Molyhil Mining Pty Ltd 100%
Molyhil MLS84 16.18 Molyhil Mining Pty Ltd 100%
Molyhil MLS85 16.18 Molyhil Mining Pty Ltd 100%
Molyhil MLS86 8.05 Molyhil Mining Pty Ltd 100%
Bonya EL29701 204.5 Molyhil Mining Pty Ltd 40%
Bonya EL32167 74.54 Molyhil Mining Pty Ltd 40%
Panorama E46/1190 35.03 Pilbara Goldfields Pty Ltd 100%
Ragged Range E46/1262 57.3 Pilbara Goldfields Pty Ltd 100%
Corunna Downs E46/1340 48 Pilbara Goldfields Pty Ltd 100%
Bonney Downs E46/1355 38 Pilbara Goldfields Pty Ltd 100%
Hamersley Range E46/1393 11 Pilbara Goldfields Pty Ltd 100%
On 30 September 2023, the consolidated entity holds 100% interest in the
uranium and vanadium projects in USA States of Colorado and Utah as follows:
Claim Group Serial Number Claim Name Area Holders Company Interest
Vanadium King (Utah) UMC445103 to UMC445202 VK-001 to VK-100 100 blocks (2,066 acres) Cisco Minerals Inc 100%
Radium Mountain (Colorado) CMC292259 to CMC292357 Radium-001 to Radium-099 99 blocks (2,045 acres) Standard Minerals Inc 100%
Groundhog (Colorado) CMC292159 to CMC292258 Groundhog-001 to Groundhog-100 100 blocks (2,066 acres) Standard Minerals Inc 100%
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 30 SEPTEMBER 2023
Consolidated statement of cash flows Current quarter Year to date (3 months)
$A'000
$A'000
1. Cash flows from operating activities
1.1 Receipts from customers
1.2 Payments for
(a) exploration & evaluation
(b) development
(c) production
(d) staff costs (47) (47)
(e) administration and corporate costs (209) (209)
1.3 Dividends received (see note 3)
1.4 Interest received 16 16
1.5 Interest and other costs of finance paid (2) (2)
1.6 Income taxes paid
1.7 Government grants and tax incentives
1.8 Other 3 3
1.9 Net cash from / (used in) operating activities (239) (239)
2. Cash flows from investing activities
2.1 Payments to acquire or for:
(a) entities
(b) tenements
(c) property, plant and equipment
(d) exploration & evaluation (683) (683)
(e) equity accounted investments
(f) other non-current assets (bonds) (29) (29)
Consolidated statement of cash flows Current quarter Year to date
$A'000 (3 months)
$A'000
2.2 Proceeds from the disposal of:
(a) entities
(b) tenements
(c) property, plant and equipment
(d) investments 229 229
(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 (483) (483)
3. Cash flows from financing activities 1,250 1,250
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 (67) (67)
securities
3.5 Proceeds from borrowings
3.6 Repayment of borrowings (lease liability) (11) (11)
3.7 Transaction costs related to loans and borrowings
3.8 Dividends paid
3.9 Other (funds received in advance of a placement)
3.10 Net cash from / (used in) financing activities 1,172 1,172
4. Net increase / (decrease) in cash and cash equivalents for the period
4.1 Cash and cash equivalents at beginning of period 1,711 1,711
4.2 Net cash from / (used in) operating activities (item 1.9 above) (239) (239)
4.3 Net cash from / (used in) investing activities (item 2.6 above) (483) (483)
4.4 Net cash from / (used in) financing activities (item 3.10 above) 1,172 1,172
Consolidated statement of cash flows Current quarter Year to date
$A'000 (3 months)
$A'000
4.5 Effect of movement in exchange rates on cash held (3) (3)
4.6 Cash and cash equivalents at end of period 2,158 2,158
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 flows) to the related items in the accounts
$A'000
$A'000
5.1 Bank balances 2,158 1,711
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) 2,158 1,711
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 103
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 available to the entity.
$A'000
$A'000
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) (239)
8.2 (Payments for exploration & evaluation classified as investing activities) (683)
(item 2.1(d))
8.3 Total relevant outgoings (item 8.1 + item 8.2) (922)
8.4 Cash and cash equivalents at quarter end (item 4.6) 2,158
8.5 Unused finance facilities available at quarter end (item 7.5) -
8.6 Total available funding (item 8.4 + item 8.5) 2,158
8.7 Estimated quarters of funding available (item 8.6 divided by item 8.3) 2.3
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7.
8.8 If item 8.7 is less than 2 quarters, please provide answers to the following
questions:
8.8.1 Does the entity expect that it will continue to have the current
level of net operating cash flows for the time being and, if not, why not?
Answer:
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:
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:
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: 31 October
2023...........................................................
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) World Nuclear Association, The Nuclear Fuel Report
2 International Energy Agency, World Energy Outlook
3 World Nuclear Association, The Nuclear Fuel Report
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