REG - Thor Energy PLC - Quarterly Activities and Cash Flow Report
30/10/2024 07:30
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RNS Number : 1005K Thor Energy PLC 30 October 2024
30 October 2024
Thor Energy PLC
("Thor" or the "Company")
Quarterly Activities and Cash Flow Report
July - September 2024
Highlights Outlook for next quarter (December 2024)
URANIUM & VANADIUM
Wedding Bell & Radium Mountain, Colorado, USA · Infill and extension reverse circulation drilling program at Rim Rock and
Groundhog mine areas at Wedding Bell and Radium Mountain Projects
Vanadium King, Utah, USA
· Reconnaissance surface geochemical sampling continuing
· On-ground drill site preparations underway at Groundhog and Rim Rock mine
areas
COPPER - RARE EARTH ELEMENTS (REE)
Alford East, SA, Australia
· Permitting for drilling and hydrological assessment approved
EnviroCopper ("ECL") (via 26.3% equity holding)
Kapunda, SA, Australia
· Five spot pattern of wells completed for hydrogeological test work, in · Site Environmental Lixiviant trials ("SELT")
preparation for SELT Circulation trials.
Alford West, SA, Australia
· Three Water bores completed for baseline hydrogeological
characterisation. · Continuing to assess the amenability of Alford West for In-Situ Recovery
("ISR"), including baseline hydrogeological assessment, pump testing and
tracer testing
Tungsten-Molybdenum-Copper
Molyhil, NT, Australia
· Formation of Joint Venture ("JV"), with 25% interest in tenure transferred · Molyhil Heritage Clearance Survey scheduled for late October with the
to Investigator Resources Limited ("IVR") Central Lands Council ("CLC") and Traditional Owners for proposed drilling
program.
· IVR issued Thor A$250k in IVR shares as per Heads of Agreement ("HoA")
GOLD/NICKEL
Ragged Range, Pilbara region, WA, Australia
· Seeking divestment or joint venture partner
Alastair Clayton - Executive Chairman, Thor Energy Plc, commented:
"This quarter, we continued to focus on advancing our US Uranium assets,
whilst also evaluating other opportunities. The global push for clean energy
solutions, coupled with increasing demand for uranium, positions these assets
as key drivers of future growth.
"We successfully announced that drill preparations were underway in Colorado,
with drilling scheduled to commence this month, with the program including
infill and extension holes, seeking to complete a JORC mineral resource
estimation. Drilling is about to commence.
"The divestment of Molyhil and the sale of Bonya (EL29701) in the Northern
Territory reiterates our desire to establish our new core portfolio.
"Additionally, Thor and IVR have now formed a Molyhil Joint Venture (75%/25%)
resulting from the successful completion of Stage 1 of the A$1m exploration
expenditure, with IVR issuing A$250,000 worth of IVR shares to Thor. This JV
structure allows Thor to retain an interest in the Molyhil tungsten-molybdenum
project while reducing the financial commitments of further exploration and
development."
"Separately it was announced this morning that the Company has entered into a
binding agreement for the acquisition of an 80.2% stake in Go Exploration Pty
Ltd."
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/) .
Wedding Bell and Radium Mountain Project, Colorado:
On-ground drill site preparations are now underway for our drilling programs
at Rim Rock and Groundhog mine areas, with drilling scheduled to commence in
October (Figure 1).
The RC program includes infill and extension holes following up on Thor's
successful 2022 and 2023 program, to complete a JORC mineral resource
estimation.
At Groundhog, infill drilling will be centred around high-grade uranium and
vanadium mineralisation intercepted in 23WBRA020 (ASX/AIM: 29 February 2024
(https://www.londonstockexchange.com/news-article/THR/high-grade-uranium-and-vanadium-assays-results/16354166)
), with extension holes up to 300m to the north and east (Figure 3).
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
At Rim Rock, infill drilling will be centred around 23WBRA011, 23WBRA012 and
23WBRA016 (ASX/AIM: 29 February 2024
(https://www.londonstockexchange.com/news-article/THR/high-grade-uranium-and-vanadium-assays-results/16354166)
), with extension drilling toward the open areas to the east and south (Figure
4).
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
Drill contractor Envirotech Drilling LLC and downhole logging contractor Jet
West Geophysical Services LLC have both been secured/contracted.
Figure 1: Wedding Bell and Radium Mountain Projects, showing drilling
locations
Figure 2: Drill collars at Groundhog Mine showing 2024 proposed collars in
blue
Rim Rock mine area showing 2024 proposed collars in blue
COPPER 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 ECL in Kapunda and
Alford West (Figure 3).
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.
Alford East Copper-Gold Project
Environmental approvals were granted for a future diamond drilling program,
and to construct wells and conduct further hydrogeological baseline studies
for ISR assessment at Alford East.
Next Steps:
§ Drill preparations (based on drill targeting from Ambient Noise Tomography
and structural modelling)
§ Pump testing and preparations for push/pull connectivity testing, followed
by Site Environmental Lixiviant Trial
Kapunda and Alford West Copper Projects
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 100% of the Alford West copper project.
Information about ECL and its projects can be found on the EnviroCopper
website (http://www.envirocopper.com.au/) .
Alford West
§ Three water bores were installed with initial hydrogeological baseline
assessment completed (results pending). Subsequent push-pull and tracer
testing were planned as part of the first phase of ISR SELT.
§ If these ISR trials are successful, they will significantly increase the
potential to extract economic copper via ISR along the Alford Copper Belt.
This area of known copper oxide resources extends over 50km along the contact
between the Tickera Granite and the Wallaroo Metasediments.
Kapunda
Five spot ISR pattern of wells installed, with all baseline environmental and
hydrogeological test work completed. Planning for SELT Circulation Trials is
continuing, in conjunction with regulatory approvals.
TUNGSTEN PROJECT (NT)
Molyhil Tungsten - Molybdenum-Copper Project - NT (100% Thor)
The Molyhil tungsten-molybdenum-copper deposit is 100% owned by Thor 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.
The deposit consists of two adjacent outcropping iron-rich skarn bodies, the
northern 'Yacht Club' lode and the 'Southern' lode.
Thor executed an A$8m Farm-in and Funding Agreement through a 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
(https://www.londonstockexchange.com/news-article/THR/farm-in-funding-agreement-molyhil-project/15728495)
).
A full background on the project is available on the Thor website
(https://thorenergyplc.com/projects/molyhil-tungsten-project/) .
Formation of the Joint Venture
Under the execution of the Stage 1 obligations, a JV Agreement was executed
between Fram and Molyhil on 13 August 2024 ("JV Commencement Date"). The
initial JV interests of the parties are 25% Fram and 75% Molyhil in Molyhil,
with the 40% sale of Bonya EL29701 ((Table 1 and 2) (ASX/AIM: 14 August
(https://www.londonstockexchange.com/news-article/THR/farm-in-funding-agreement-molyhil-project/15728495)
2024)).
On the formalisation of Fram's 25% JV interest, IVR has issued Thor 5 million
IVR shares.
25% of Moyhil tenements and Thor's 40% interest in Bonya EL29701 are currently
in the process of being transferred to Fram.
Bonya JV- Jervois Vanadium Projects (40% Thor)
The Bonya copper, tungsten and vanadium deposits are located approximately
30km to the northeast of Molyhil (Figure 7). 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 currently being
divested as part of the Farm-in and Funding Agreement with Investigator
Resources Limited.
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.
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.
CORPORATE, FINANCE, AND CASH MOVEMENTS
Corporate
As announced on 9 October, Alastair Clayton transitioned to the role of
Executive Chairman with immediate effect. This move is aimed at strengthening
the executive capabilities of the Board and driving the corporate strategy of
the Company. In addition, Nicole Galloway Warland has decided to retire as
Managing Director with immediate effect. Nicole will remain as a consultant to
the Company for the foreseeable future to help execute the current drill
programme at our Colorado Uranium Projects in the United States, as well as
oversee our other projects in South Australia.
Finance
Thor was issued 5 million shares in Investigator Resources Limited upon the
formalisation of the Molyhil joint Venture 25% Earn-in.
Cash Movement
For the Quarter, the Company had total net cash outflows of $634,000,
comprising:
§ Net cash outflows from Operating and Investing activities for the quarter
of $543,000 which included outflows of $240,000 directly related to
exploration activities.
§ Cash outflows from financing activities for the quarter were $91,000,
largely being the payment of costs associated with the capital raise completed
in June.
§ Providing an ending cash balance of $909,000.
In addition to the ending cash balance at the end of the Quarter, Thor also
held 5 million Shares in ASX listed Investigator Resources Ltd (ASX: IVR) - as
at 23 October 2024, Thor has sold 2.5 million IVR shares for proceeds of
$120,000 and the remaining 2.5 million shares have a market value of $130,000
(based on the ASX closing price of $0.052 per share on 24 October 2024).
Thor is also preparing to lodge an R&D Tax Incentive claim related to the
F24 year of approximately A$190,000.
Cashflows for the Quarter include payments of $95,000 to Directors, comprising
the Managing Director's salary, and Non-Executive Directors' fees.
Subsequent to the end of the Quarter, the Company announced on 29 October
2024, a $1,958,097 placement. $1,390,041 has been completed utilising
available ASX placement capacity whilst the remaining $568,056 will be subject
to shareholder approval (AGM expected to be held on or around 28 November
2024).
The Board of Thor Energy Plc has approved this announcement and authorised its
release.
For further information, please contact:
Thor Energy PLC
Alastair Clayton, Executive Chairman
Ray Ridge, CFO / Company Secretary Tel: +61 (8) 7324 1935
Zeus Capital Limited (Nominated Adviser and Joint Broker) Tel: +44 (0) 203 829 5000
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
Dom Barretto / 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.
TENEMENT SCHEDULE
As of 30 September 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
* Following formalisation of a Joint Venture Agreement ("JV"), the Company is
transferring 25% of its 100% interest in the above Molyhil tenements holds and
all of its 40% interest in one of the Bonya tenements (EL29701).
As of 30 September 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 30 September 2024
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 (20) (20)
(a) exploration & evaluation
(b) development
(c) production
(d) staff costs (54) (54)
(e) administration and corporate costs (218) (218)
1.3 Dividends received (see note 3)
1.4 Interest received 5 5
1.5 Interest and other costs of finance paid (1) (1)
1.6 Income taxes paid
1.7 Government grants and tax incentives
1.8 Other 19 19
1.9 Net cash from / (used in) operating activities (269) (269)
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 (220) (220)
(e) equity accounted investments
(f) other non-current assets (bonds) (54) (54)
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 (274) (274)
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 (79) (79)
securities
3.5 Proceeds from borrowings
3.6 Repayment of borrowings (lease liability) (12) (12)
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 (91) (91)
4. Net increase / (decrease) in cash and cash equivalents for the period
4.1 Cash and cash equivalents at beginning of period 1,535 1,535
4.2 Net cash from / (used in) operating activities (item 1.9 above) (269) (269)
4.3 Net cash from / (used in) investing activities (item 2.6 above) (274) (274)
4.4 Net cash from / (used in) financing activities (item 3.10 above) (91) (91)
4.5 Effect of movement in exchange rates on cash held 8 8
4.6 Cash and cash equivalents at end of period 909 909
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 909 1,535
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) 909 1,535
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 95
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) (269)
8.2 (Payments for exploration & evaluation classified as investing activities) (220)
(item 2.1(d))
8.3 Total relevant outgoings (item 8.1 + item 8.2) (489)
8.4 Cash and cash equivalents at quarter end (item 4.6) 909
8.5 Unused finance facilities available at quarter end (item 7.5) -
8.6 Total available funding (item 8.4 + item 8.5) 909
8.7 Estimated quarters of funding available (item 8.6 divided by item 8.3) 1.9
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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: Yes.
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: On 29 October 2024, the Company announced a $1,958,097 placement.
$1,390,041 has been completed utilising available ASX placement capacity
whilst the remaining $568,056 will be subject to shareholder approval (AGM
expected to be held on or around 28 November 2024).
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 the Company expects to be able to continue its operations and to
meet its business objectives on the basis of 1) available cash of $909,000, 2)
shares held in an ASX company with an approximate value of $258,000, 3) an
expected R&D Tax Incentive claim of approximately $190,000, and 4) the
approximate $1,958,097 placement referred to above.
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 October
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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