REG - Thor Energy PLC - Quarterly Activities and Cash Flow Report
30/04/2024 07:00
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RNS Number : 4903M Thor Energy PLC 30 April 2024
30 April 2024
Thor Energy PLC
("Thor" or the "Company")
Quarterly Activities and Cash Flow Report
January to March 2024
Highlights Outlook for next quarter (June 2024)
URANIUM & VANADIUM
Wedding Bell & Radium Mountain, Colorado, USA
Vanadium King, Utah, USA
· RC drilling program at Wedding Bell Project returns high grade assay · Preparation for resource drilling at Groundhog, Rim Rock and Wedding Bell
results of Projects and initial drilling at Vanadium King
· uranium up to 6,250ppm (0.63%) U(3)O(8) and
· vanadium up to 30,348ppm (3.0%) V(2)O(5)
· Uranium downhole gamma results consistent with uranium assay results.
COPPER - RARE EARTH ELEMENTS (REE)
Alford East, SA, Australia
· 3D geological model combining ANT model, provides targeting criteria for · Permitting for drilling and hydrogeological pump testing
extensions to existing copper mineralisation and shows the potential for new
discoveries of oxide copper-gold-REE mineralisation.
EnviroCopper ("ECL") (via 26.3% equity holding)
Alligator Energy completed its initial investment of A$0.9m for a 7.8%
interest in ECL
Kapunda, SA, Australia
· Site Environmental Lixiviant trials ("SELT") underway · Copper-gold recoveries to be reported 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 ISR, including
pump testing
Tungsten-Molybdenum-Copper
Molyhil, NT Australia
· Investigator Resources Ltd ("IVR") have successfully completed their Stage · Gravity and drilling results to be reported
1 Commitment Earn-in by funding A$1m on exploration activities
· Updated Mineral Resource Estimate anticipated in May
GOLD/NICKEL
Ragged Range, Pilbara region, WA Australia
· Seeking divestment or joint venture partner
Nicole Galloway Warland, Managing Director, Thor Energy Plc, commented:
"High-grade uranium and vanadium assay results continue to drive Thor's
resource drilling at our Groundhog, Rim Rock prospects within the Wedding Bell
Project. We were particularly pleased to confirm high-grade uranium up to
0.63% and vanadium up to 3.0% at Groundhog, during the period.
"Uranium spot price remains at its high levels, with continued long-term
demand and persistent threats to near-term supply. These positive fundamentals
are supported by US producers reviving their deposits, including the reopening
of Energy Fuels La Sal Operation in the Uravan Mineral Belt. Given the close
proximity to Thor's assets, it validates the Company's continued optimism in
its green energy metals portfolio.
"We are also progressing well with our copper projects in Australia. We
recently conducted 3D ANT modelling at our Alford East Project, which provided
significant lithological and structural insights. Our exciting new 3D model
now indicates key observations such as that the highest-grade copper oxide
mineralisation is commonly found in metasediments (pelitic and carbonaceous
sediments) and intermediate intrusives. This has allowed us to refine our
targeting strategy and focus on the areas with potential high-grade REE and
oxide copper-gold mineralisation.
"We are delighted that IVR has completed their Stage 1 Earn-in Commitment by
funding A$1m on exploration activities at the Molyhil Project and look forward
to working with them as we move to the next joint venture phase.
"Looking ahead, we are preparing for resource drilling at our uranium and
vanadium assets in our US portfolio, pump testing for ISR assessment in our
Alford Copper Belt portfolio, with ECL continuing copper-gold recoveries from
SELT at Kapunda.
"The Company continues its primary focus on the uranium potential at Wedding
Bell, Radium Mountain and Vanadium King, as well as always continuing to
identify new opportunities to add to the Thor portfolio."
Photo 1: Visible uranium in drill chips
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 may
enable 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:
The recently completed RC drill program at Wedding Bell Project comprised 23
shallow drillholes, totalling 2,737m. It was designed to target uranium and
vanadium mineralisation within the Salt Wash Sandstone Member
(sandstone/mudstone) of the Morrison Formation (Figure 2). This is the primary
lithology for historic uranium and vanadium production in the prolific Uravan
Mineral Belt.
The program successfully identified shallow (maximum depth is 125m at Section
23 and above 100m at Rim Rock and Groundhog), uranium and vanadium
mineralisation in all holes; drilled at Section 23, Rim Rock Mine and
Groundhog Mine (Figure 2, Table A). Uranium mineralisation is hosted within
reduced sandstones close to the oxidation/reduction contact (redox front)
within the Salt Wash Sandstone (Figure 3 and Photo 2) of the Jurassic Morrison
Formation (Figure 2 and Figure 5). The Salt Wash Sandstone comprises four
distinct massive, laterally continuous, ledge-forming sandstone layers
(locally called "rims"), interbedded by thin siltstone and clay layers. This
is the primary lithology for historic uranium and vanadium production in the
Uravan Mineral Belt.
Significant uranium and vanadium assay results include (ASX/AIM: 29 February
2024):
23WBR020: 4.9m @ 1199ppm
(0.12%) U(3)O(8) and 6306ppm (0.63%) V(2)O(5) from 82m,
Including, 0.6m @ 6250ppm (0.63%) U(3)O(8) and 30348ppm
(3.0%) V(2)O(5) from 82.6m
Including, 1.8m @ 2999ppm (0.3%) U(3)O(8) and 14912ppm
(1.5%) V2O5 from 82m.
23WBR011: 6.1m @ 563ppm (0.06%)
U(3)O(8) and 9100ppm (0.9%) V(2)O(5) from 74.7m
Including, 1.5m @ 1624ppm (0.16%) U(3)O(8) and 19637ppm
(2.0%) V(2)O(5) from 76.2m.
23WBR016: 3m @ 636ppm (0.06%)
U(3)O(8) and 4677ppm (0.5%) V(2)O(5) from 67.0m
Including, 1.5m @ 1044ppm (0.1%) U(3)O(8) and 4677ppm
(0.5%) V(2)O(5) from 67.0m.
23WBR019: 1.2m @ 1112ppm
(0.11%) U(3)O(8) and 3744ppm (0.4%) V(2)O(5) from 90.8m,
The vanadium mineralisation forms extensive broader zones or haloes, adjacent
to the uranium mineralisation. The vanadium-to-uranium ratio averages roughly
10:1, which is typical of the Uravan Mineral Belt. The exploration focus is on
defining high-grade uranium mineralisation, with vanadium as a secondary
endowment.
Copper (Cu), base metals (Pb, Zn), Molybdenum (Mo) and Selenium (Se) are
path-finder elements associated with the uranium and vanadium mineralisation
and can be used to determine the direction of the roll front of the uranium
mineralising system (Figure 3, Figure 4, and Photo 2). Copper values up to
0.82% Cu and silver up to 55ppm Ag, were reported.
Chemical assays reported:
23WBRA015: 0.61m @ 190ppm U(3)O(8), 3963ppm V(2)O(5), 55.2g/t Ag and 8260ppm
Cu from 58.83m
Groundhog Mine area drilling, comprising seven drillholes was designed to test
areas along strike of historic mine workings predominately in the second and
third sandstone rim (above 100m depth). 23WBRA020 returned the highest uranium
and vanadium intercepts of 0.91m @ 0.69% eU(3)O(8) uranium (downhole gamma)
and 0.6m @ 0.62% U(3)O(8) uranium (assay) and 1.8% V(2)O(5) vanadium within a
grey reduced sandstone (Figure 2 and 6). Further work is required to correlate
these results with historic mine working levels and the 2022 drilling.
Chemical assays reported:
23WBR020: 4.9m @ 1199ppm
(0.12%) U(3)O(8) and 6306ppm (0.63%) V(2)O(5) from 82m,
Including, 0.6m @ 6250ppm (0.63%) U(3)O(8) and 30348ppm
(3.0%) V(2)O(5) from 82.6m
Including, 1.8m @ 2999ppm (0.3%) U(3)O(8) and 14912ppm
(1.5%) V(2)O(5) from 82m
Drilling at Rim Rock Mine area (seven drillholes) has identified high-grade
zones of up to 0.32% eU(3)O(8) uranium and up to 1.8% V(2)O(5) vanadium
adjacent to, as well as along strike from the historic workings (Figure 3 and
7). Uranium and vanadium mineralisation appears to be concentrated in the
third sandstone rim of the Salt Wash Sandstone, approximately 60m below
surface. Further work is required to correlate these results with historic
mine workings and the 2022 drilling, to delineate mineral resources.
Chemical assays reported:
23WBR011: 6.1m @ 563ppm (0.06%)
U(3)O(8) and 9100ppm (0.9%) V(2)O(5) from 74.7m,
Including, 1.5m @ 1624ppm (0.16%) U(3)O(8) and 19637ppm
(2.0%) V(2)O(5) from 76.2m
Section 23 is an underexplored area with no historic workings. The drilling
(nine drillholes) was designed to test stratigraphic extensions to
mineralisation in the Salt Wash Sandstone, targeting the uranium
mineralisation identified from the first pass drilling program in 2022, as
well as testing a portion of the airborne radiometric anomalies (Figure 8).
The initial data review of the drilling has identified uranium mineralisation
in all four sandstone rims within the Salt Wash Sandstone Member, increasing
the potential for multiple mineralised zones in this area. Pathfinder
geochemistry in 23WBRA009 and 23WBRA005 indicates roll front fluid pathway,
which indicates uranium mineralisation potential to the southwest.
Table 1: Uranium Intercepts above 100ppm U(3)O(8)
(ASX/AIM: 29 February 2024)
Prospect Drill Hole Depth from Depth To m Interval m U(3)O(8) ppm V(2)0(5) ppm
Section 23 23WBRA001 No Significant intercepts
Section 23 23WBRA002 101 102.11 1.52 118 712
Section 23 23WBRA003 99 99.67 0.61 60 666
Section 23 23WBRA004 101 102.41 1.22 176 1550
Section 23 including 101.19 101.80 0.61 248 2169
Section 23 23WBRA005 101.19 101.80 0.61 565 1350
Section 23 23WBRA006 121.92 125.27 3.35 79 1513
Section 23 23WBRA007 121.92 123.44 1.52 69 843
Section 23 and 124.05 124.66 0.61 94 766
Section 23 23WBRA008 No significant intercepts
Section 23 23WBRA009 123.44 126.49 3 303 2371
Rim Rock 23WBRA0010 51.82 54.86 3 163 1148
Rim Rock including 53.34 54.86 1.5 212 1316
Rim Rock 23WBRA0011 73.15 80.77 7.6 463 7404
Prospect Drill Hole Depth from Depth To m Interval m U(3)O(8) ppm V(2)0(5) ppm
Rim Rock including 74.68 80.77 6.1 563 9100
Rim Rock including 76.20 77.72 1.5 1621 19637
Rim Rock 23WBRA0012 62.48 65.84 3.4 514 454
Rim Rock including 62.48 64.01 1.5 952 98
Rim Rock and 65.23 65.84 0.6 100 2392
Rim Rock 23WBRA0013 60.96 62.48 1.5 745 1392
Rim Rock and 65.23 66.45 1.2 241 1861
Rim Rock 23WBRA0014 56.39 59.74 3.4 250 1801
Rim Rock including 58.52 59.13 0.6 522 5124
Rim Rock 23WBRA0015 57.61 59.44 1.8 218 3371
Rim Rock 23WBRA0016 67.06 70.1 3.0 636 4677
Rim Rock including 67.06 68.58 1.5 1044 7141
Groundhog 23WBRA0017 88.39 91.44 3.0 154 586
Groundhog 23WBRA0018 89.61 90.22 0.6 1179 8426
Groundhog and 90.83 91.44 0.6 38 3071
Groundhog 23WBRA0019 90.83 92.05 1.2 1112 3744
Groundhog 23WBRA0020 81.99 86.87 4.9 1199 6306
Groundhog including 81.99 83.82 1.8 2999 1,4912
Groundhog including 82.60 83.21 0.6 6250 30,348
Groundhog 23WBRA0021 80.77 82.60 1.2 90 503
Groundhog 23WBRA0022 82.30 88.39 6.1 280 3866
Groundhog including 83.82 86.87 3.0 466 5945
Groundhog 23WBRA0023 Not sampled
Next Steps:
§ Detailed mineralisation and geological interpretations are underway
combining the 2022 and 2023 drilling results.
§ Preparation for 2024 resource - infill and extension - drilling at Rim Rock
and Groundhog mine areas, plus continuing brownfield exploration drilling
across tenure.
COPPER - REE PROJECTS (SA)
Thor holds direct and indirect interest in over 400,000 tonnes of Inferred
copper resources in South Australia, via its 80% farm-in interest in Alford
East copper-gold Project and its 26.3% equity interest in EnviroCopper Ltd in
Kapunda and Alford West (Figure 9).
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 9: Location Map -Copper Projects (left) and Tenement Map (right) with
Thor's Alford East Project
Alford East Copper-Gold Project
Next Steps:
§ Drill preparations (based on drill targeting from ANT and structural
modelling)
§ Pump testing and preparations for push/pull connectivity testing, followed
by Site Environmental Lixiviant Trial
3D Structural and ANT Model:
After the acquisition of ANT data by Fleet across the northern part of the
Alford East Project in 2023 (Figure 10), Thor engaged with the consultant,
Doreen Mikitiuk, DXplorer to review and update the current Alford East
structural model and geological interpretation of the survey areas.
In preparation for the new structural interpretation, historical logging codes
were simplified and grouped using information acquired from reports, core
photos and Hylogger data. Lithology groups were based on the lithogeochemical
assessment of multi-element assays of the 2021 diamond core drillholes and
reassay of selected historic core, which was completed in 2023.
The 3D ANT survey provided a clearer understanding of the structural setting
of the Alford East area (Figure 11). With improved knowledge of geology and
weathering through the review of lithological information, the ANT results
mapped localising faults and intrusives at depth. Deeply weathered troughs in
areas of sedimentary rocks were found to be associated with zones of faulting,
deep oxidation and intrusives at depth.
With the newly gained understanding of the geological and structural setting,
targeting criteria for primary copper and oxide mineralisation were developed
providing excellent opportunities for the discovery of new copper and REE
mineralisation, which may have been missed by previous explorers.
Key observations from the 3D Modelling include:
1) The highest-grade copper oxide mineralisation is commonly hosted in
pelitic and carbonaceous sediments and intermediate intrusives, within faults
facilitating deeper weathering and alteration. For example, MRE Domain Area 6,
7 and 8 (Figure 11, 12 and 13)
2) Mineralisation in Area 5 is predominantly adjacent to fault
zones within dioritic and/or felsic intrusives and pelitic sediments. Host
rocks are more competent and brittle and may have concentrated oxide
mineralisation to brecciated zones along faults/shears. Lower grade copper
intersected towards the base of drillholes is found within shears in more
competent diorite.
3) Psammites seem to be less favourable host rocks for copper
oxide mineralisation.
4) The ANT surveys confirm the significance of the prominent
north-northeast (NNE) structure associated with copper oxide mineralisation
(Figure 12 and 13).
5) Mineralised features are subsequently offset by regional scale
east-northeast (ENE) dextral strike slip faults and associated northwest (NW)
trending faults.
6) Zones of low velocity at shallow depths (approx. 70m)
correlate with pelitic sediments in trough-like structures which are closely
related to higher velocity intrusives at depth (Figure 14 and 15). These
higher velocities suggest intermediate, rather than felsic composition.
ANT Geophysics Surveys:
Two comprehensive ANT surveys were executed at the Alford East Project,
covering the northern portion of the Mineral Resource Estimate Domains (Figure
9). The surveys were designed to delineate the low-velocity, weathered
'troughs' that are known to host the oxide copper-gold and REE mineralisation
within the Alford Copper Belt (Figure 10). The oxide copper-gold and REE
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 data collected from these two surveys was subject to extensive processing,
leading to the development of a high-resolution 3D seismic velocity model of
the subsurface. This model has revealed key features, such as regions with
lower velocity within a high-velocity basement, inferring a 3D geometry of the
interpreted variably weathered trough and a sheared metasedimentary basement,
which is expected to host mineralisation (Figure 11).
Figure 14: Cross Section through MRE Domain AE8 highlighting the ANT-defined
trough of increased weathering and oxidation hosting copper mineralisation
Figure 15: Cross Section through MRE Domain AE8 highlighting controlling NNE
fault and the associated weathered trough hosting oxide copper-REE
mineralisation
Background:
The Alford East Copper-Gold Project is located on EL6529, where Thor has 80%
interest with unlisted Australian explorer Spencer Metals Pty Ltd, covering
portions EL6529 (ASX/AIM: 20 November 2020).
The Project covers the northern extension of the Alford Copper Belt, located
on the Yorke Peninsula, SA (Figure 9). 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 as at 22 January 2021
(Figure 10), reporting for oxide material only, at a cut-off grade of 0.05%
Copper which is consistent with the assumed ISR technique, (ASX/AIM: 27
January 2021), consisting of:
§ 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/)
27 January 2021)
KAPUNDA and ALFORD WEST COPPER PROJECTS (Figure 9)
Thor holds a 26.3% equity interest in the private Australian company,
EnviroCopper Limited. In turn, ECL has agreed 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/) :
Strategic Investment
Alligator Energy Limited ("Alligator") in January 2024 completed its initial
strategic investment into EnviroCopper Ltd to further develop ISR copper
projects.
Investment Highlights (AIM/ASX: 25 January 2024):
§ Alligator completed an initial investment of A$0.9m for 7.8% of ECL, with
the exclusive option to make further staged strategic investments to increase
its ownership in ECL to 50.1%
§ ECL is currently advancing ISR trials for environmentally sustainable
copper extraction at its flagship Kapunda copper project and has similar plans
at its Alford West copper project to help meet copper demand for the green
energy transition (Figure 9)
§ BHP Ltd (previously OZ Minerals) continues to fund part of ECL's field
investigations, including a Site Environmental Lixiviant Trial ("SELT") of
Copper ISR at Kapunda (AIM/ASX: 9 August 2022)
§ ISR has been successfully (and economically) used to extract copper in
several projects both in Australia and the US. It offers distinct economic
advantages and environmental benefits over conventional open pit/crush/heap
leach for shallow oxide copper projects.
§ A technical advisory committee formed, enabling Alligator to assist ECL
with its planned In-Situ trial work across all projects and an ability to
jointly apply any intellectual property ("IP") that is developed.
Based on Alligator initial investment of A$0.9m for 7.8% interest in ECL, this
values Thor's 26.3% equity interest at A$3.1m
Kapunda
The first phase of the Site Environmental Lixiviant Trial ("SELT") is
underway, 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 (Photo 3), it
will then be extracted, and the site rehabilitated.
The results are expected to be announced in Q2 2024.
Photo 3: ECL Managing Director, Leon Faulkner with copper sample from current
test work at 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 16).
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.
As Thor focuses on its Uranium and Energy Metal projects, a divestment or
joint venture partner is being sought for the Ragged Range Project. This
project has potential for gold, copper-gold, lithium, and nickel. With the
change in focus of Thor Energy towards critical minerals in the energy and
green economy, this group of tenements is 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 and is Figure 17: Molyhil Project Location map
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 17).
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 (Figure 12). Both the outlines of the lodes and the
banding within the lodes strike approximately north and dip steeply to the
east.
Thor executed an A$8m Farm-in and Funding Agreement through a Heads of
Agreement ("HoA") with Investigator Resources Limited operating as Fram Ltd
(Fram) (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/) .
Post the end of the Quarter, Fram completed the "Stage 1 Commitment"
obligations by funding A$1m of exploration activities ((ASX/AIM: 24 April
2024) (geophysics and drilling - results pending)), as per the HoA (ASX/AIM:
(https://www.londonstockexchange.com/news-article/THR/farm-in-funding-agreement-molyhil-project/15728495)
(https://www.londonstockexchange.com/news-article/THR/farm-in-funding-agreement-molyhil-project/15728495)
24 November 2022
(https://www.londonstockexchange.com/news-article/THR/farm-in-funding-agreement-molyhil-project/15728495)
).
Under the HoA, Fram is now entitled to a 25% interest in the Tenements (25%
Fram and 75% Molyhil) and 40% in the Bonya tenement (EL29107). By electing to
transfer a 25% interest in the Tenements, a Joint Venture ("JV") will become
effective.
IVR as per the HoA is to issue Thor A$250,000 worth of IVR shares upon
formalising Fram's 25% JV interest.
Fram can opt to continue to earn up to 80% interest in the Tenements via a
three-stage process.
As part of the exploration funding, Fram completed a 13-hole diamond drilling
program at Molyhil Project to verify and update the Mineral Resource Estimate
("MRE"). A gravity survey was also conducted, with results from the
exploration activities and revised MRE anticipated in May 2024.
Bonya JV- Jervois Vanadium Projects (40% Thor)
The Bonya copper, tungsten and vanadium deposits are located approximately
30km to the northeast of Molyhil (Figure 18). 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 18: Molyhil Project location showing adjacent Bonya tenements.
CORPORATE, FINANCE, AND CASH MOVEMENTS
For the Quarter, the Company had total net cash outflows of $479,000,
comprising:
§ Net cash outflows from Operating and Investing activities for the quarter
of $479,000 which included outflows of $193,000 directly related to
exploration activities.
§ Cash outflows from financing activities for the quarter were $12,000,
related to lease payments. This was offset by the effect of currency exchange
rate movements on cash held in British pounds.
§ Providing an ending cash balance of $499,000.
Cashflows for the Quarter include payments of $88,000 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 (https://thorenergyplc.com) which includes a
facility to register to receive these updates by email, and on the Company's
twitter 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.
At Alford East in South Australia, Thor has earnt 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 26.3% 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 a $A8m Farm-in and Funding Agreement with
Investigator Resources Limited (ASX: IVR) to accelerate exploration at the
Molyhil Project on 24 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)
Thor owns 100% of the Ragged Range Project, comprising 92 km(2) of exploration
licences with highly encouraging early-stage gold, copper, lithium and nickel
results in the Pilbara region of Western Australia. Thor is now looking for a
JV partner or divestment of these group of tenements.
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
As of 31 March 2024, 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%
Alford East EL6529 315.1 Hale Energy Pty Ltd 80% oxide interest
As of 31 March 2024, 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 31 MARCH 2024
Consolidated statement of cash flows Current quarter Year to date (9 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 (53) (133)
(e) administration and corporate costs (238) (801)
1.3 Dividends received (see note 3)
1.4 Interest received 6 33
1.5 Interest and other costs of finance paid (6) (12)
1.6 Income taxes paid
1.7 Government grants and tax incentives
1.8 Other 5 14
1.9 Net cash from / (used in) operating activities (286) (899)
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 (193) (1,758)
(e) equity accounted investments
(f) other non-current assets (bonds) - (29)
2.2 Proceeds from the disposal of:
(a) entities
(b) tenements (bond refunds) - 36
(c) property, plant and equipment
(d) investments - 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) - 87
2.6 Net cash from / (used in) investing activities (193) (1,435)
3. Cash flows from financing activities - 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 - (97)
securities
3.5 Proceeds from borrowings
3.6 Repayment of borrowings (lease liability) (12) (35)
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 (12) 1,118
4. Net increase / (decrease) in cash and cash equivalents for the period
4.1 Cash and cash equivalents at beginning of period 978 1,711
4.2 Net cash from / (used in) operating activities (item 1.9 above) (286) (899)
4.3 Net cash from / (used in) investing activities (item 2.6 above) (193) (1,435)
4.4 Net cash from / (used in) financing activities (item 3.10 above) (12) 1,118
4.5 Effect of movement in exchange rates on cash held 12 4
4.6 Cash and cash equivalents at end of period 499 499
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 499 978
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) 499 978
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 88
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) (286)
8.2 (Payments for exploration & evaluation classified as investing activities) (193)
(item 2.1(d))
8.3 Total relevant outgoings (item 8.1 + item 8.2) (479)
8.4 Cash and cash equivalents at quarter end (item 4.6) 499
8.5 Unused finance facilities available at quarter end (item 7.5) -
8.6 Total available funding (item 8.4 + item 8.5) 499
8.7 Estimated quarters of funding available (item 8.6 divided by item 8.3) 1.0
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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: The Company has minimised costs wherever possible and paused all
non-discretionary expenditure. Accordingly, the Company expects to have
lower cash outflows in the next quarter.
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: The Company regularly monitors cashflow needs against available cash
and seeks to raise capital through equity placements as and when needed. The
Company has a history of successful capital raising.
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, on the basis of available cash of $0.5m, reduced spending
commitments in the coming quarter, together with capital raising alternatives.
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 April
2024...........................................................
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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