REG - Thor Energy PLC - Quarterly Activities and Cash Flow Report
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RNS Number : 4912G Thor Energy PLC 29 April 2025
This announcement contains inside information for the purposes of Article 7 of
the UK version of Regulation (EU) No 596/2014 which is part of UK law by
virtue of the European Union (Withdrawal) Act 2018, as amended ("MAR"). Upon
the publication of this announcement via a Regulatory Information Service,
this inside information is now considered to be in the public domain.
29 April 2025
Thor Energy PLC
("Thor" or the "Company")
Quarterly Activities and Cash Flow Report
January to March 2025
Thor Energy PLC ("Thor") (AIM, ASX: THR, OTCQB: THORF) is pleased to report
on its activities for the Quarterly period January to March 2025.
Andrew Hume - Managing Director, Thor Energy Plc, commented:
"With the acquisition of Go Exploration Pty Ltd completed, our focus shifted
to working with sector consultancy group, RISC Advisory, to finalise an
assessment of prospective resources for natural hydrogen and helium at our
newly renamed HY-Range Project, which comprises RSEL802 (previously PEL120), a
granted licence in South Australia. The results of this assessment have
already exceeded our expectations and have prompted the Board to seek to
fast-track passive on-ground exploration activities in advance of final drill
target design. I am delighted to lead these future exploration efforts, and we
look forward to a busy quarter ahead."
HY-RANGE PROJECT - RSEL 802 (formerly PEL 120) SOUTH AUSTRALIAN NATURAL
HYDROGEN AND HELIUM
On 16 February 2025 (Completion of the Acquisition of Go Exploration Pty Ltd),
(https://www.londonstockexchange.com/news-article/THR/completion-of-acquisition-and-tvr/16901319)
the Company announced legal and commercial completion of the acquisition of Go
Exploration Pty Ltd ("GoX" or "Go Exploration") which holds PEL 120, one of
only three granted hydrogen and helium exploration licences in the strategic
South Australia hydrogen and helium fairway, adjacent to Adelaide, as well as
several high potential application areas, the most advanced of which are PELAs
697 and 709 (Figure 1). Subsequently, on 13 March 2025, it was announced that
the South Australian Government - Department of Energy and Mining had offered
to convert PEL 120 to RSEL 802 ("Conversion of PEL 120 to Regulated Substance
Exploration Licence"). The final approval for conversion to RSEL 802 was
received from the Department of Energy and Mining on 27 March 2025, along with
a three-month suspension and extension of the current work programme until 1
July 2025. The conversion to RSEL 802 confers full hydrogen and helium
exploration rights across the licence (Figure 1).
On 4 December 2024 (Thor Commences Prospective Hydrogen Resource Assessment),
(https://www.londonstockexchange.com/news-article/THR/appointing-risc-advisory-for-hydrogen-assessment/16796610)
Thor announced that it had engaged a leading energy advisory firm, RISC
Advisory, to undertake the independent assessment of natural hydrogen and
helium resources on certain target areas located on RSEL 802 (formerly PEL
120). On 30 March 2025 (Maiden Natural Hydrogen and Helium Prospective
Resource), t
(https://www.londonstockexchange.com/news-article/THR/hy-range-project-maiden-prospective-resource/16964879)
he results of this study (Figure 2) were released to shareholders, in which
the prospective hydrogen and helium estimates were summarised. The significant
prospective resources reiterated the potential of RSEL 802 (The Hy-Range
Project) to host significant quantities of naturally occurring hydrogen and
helium. The Board has resolved to fast-track on the ground passive exploration
programmes in advance of final drill hole design later in the year.
Figure 1: Go Exploration Licence and Applications in South Australia(( 1 )).
Figure 2: Results of RISC assessment or Prospective Hydrogen and Helium
Resources on RSEL 820
(Previously PEL120).
Molyhil, W, Cu, Mo NT, Australia
No work undertaken
Uranium and Vanadium (USA)
No work undertaken
EnviroCopper ("ECL") (via 26.3% equity holding) Kapunda, SA, Australia
No work undertaken
Alford East Cu, Au, SA, Australia
No work undertaken
Ragged Range, Au, Cu, Pilbara region, WA, Australia
No work, with the project being relinquished (refer to the Company's ASX/AIM
release dated 28 April 2025, "HY-Range Exploration and Corporate Update").
CORPORATE, FINANCE, AND CASH MOVEMENTS
Corporate
As announced on 4 February 2025 (Appointment of Managing Director),
(https://www.londonstockexchange.com/news-article/THR/appointment-of-managing-director/16885146)
Mr Andrew Hume, a highly experienced global energy-sector executive, joined
the Company in the role as the Managing Director, to be based in Perth,
Western Australia.
Finance
The Company received a second $50,000 ash payment from Tivan Limited.
Cash Movement
For the Quarter, the Company had total cash inflows of $121,000
▪ Net cash outflows from Operating and Investing activities for the quarter
of $239,000, which included outflows of $19,000 directly related to
exploration activities.
▪ Cash inflows from financing activities for the quarter were $103,000,
largely related to the sale of the balance of the IVR shares held by the
Company for total proceeds of $53,000 and the balance of the TIVAN payment of
$50,000.
▪ Providing an ending cash balance of $1,922,000
Cashflows for the Quarter include payments of $117,000 to Directors,
comprising the Managing Director's salary, the Non-Executive Directors'
salaries. The Executive Chairman is continuing to accrue his 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
Andrew Hume, Managing Director
Alastair Clayton, Executive Chairman
Rowan Harland, Company Secretary
Tel: +61 (8) 6555 2950
Zeus Capital Limited (Nominated Adviser and Joint Broker)
Antonio Bossi / Darshan Patel / Gabriella Zwarts
Tel: +44 (0) 203 829 5000
SI Capital Limited (Joint Broker)
Nick Emerson
Tel: +44 (0) 1483 413 500
Yellow Jersey (Financial PR)
Dom Barretto / Shivantha Thambirajah / Bessie Elliot
thor@yellowjerseypr.com
Tel: +44 (0) 20 3004 9512
About Thor Energy Plc:
The Company is focused on uranium, energy metals and recently Hydrogen and
Helium that are crucial in the shift to a clean energy economy.
The Company notes that for the relevant market announcements noted above, it
is not aware of any new information or data that materially affects this
information and that all material assumptions and technical parameters
underpinning any estimates continue to apply and have not materially changed.
For further information on Thor Energy and to see an overview of its projects,
please visit the Company's website at www.thorenergyplc.com
(http://www.thorenergyplc.com) .
Competent Person Statement and Qualified Person for the purposes of the AIM
Note for Mining and Oil & Gas Companies
The information in this report that relates to exploration results and
exploration targets is based on information compiled by Andrew Hume, who holds
a BSc in Geology (Hons). Mr Hume is an employee of Thor Energy PLC. He has
sufficient experience which is relevant to the style of mineralisation and
type of deposit under consideration and to the activity which he 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' and is a qualified person under AIM Rules. Andrew Hume
consents to the inclusion in the report of the matters based on his formation
in the form and context in which it appears.
TENEMENT SCHEDULE
As of 31 March 2025, the consolidated entity holds an interest in the
following Australian tenements:
Project Tenement Area kms2 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%
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 31 March 2025, 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 2025
Consolidated statement of cash flows Current quarter Year to date
$A'000
(9 months)
$A'000
1. Cash flows from operating activities
0 0
1.1 Receipts from customers
1.2 Payments for
(a) exploration & evaluation (19) (41)
(b) development - 0
(c) production - 0
(d) staff costs (113) (386)
(e) administration and corporate costs (228) (868)
1.3 Dividends received (see note 3) - -
1.4 Interest received - -
1.5 Interest and other costs of finance paid - (1)
1.6 Income taxes paid - -
1.7 Government grants and tax incentives - 208
1.8 Other 18 53
1.9 Net cash from / (used in) operating activities (342) (1,035)
2. Cash flows from investing activities
2.1 Payments to acquire or for:
(a) entities -
(b) tenements 103 103
(c) property, plant and equipment - -
(d) exploration & evaluation - (492)
(e) equity accounted investments - -
(f) other non-current assets (bonds) - -
2.2 Proceeds from the disposal of: - -
(a) entities
(b) tenements (bond refunds) - -
(c) property, plant and equipment - -
(d) investments - 5
(e) other non-current assets - 116
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 103 (268)
3. Cash flows from financing activities - 1,964
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 - (262)
securities
3.5 Proceeds from borrowings - (12)
3.6 Repayment of borrowings (lease liability) - -
3.7 Transaction costs related to loans and borrowings - -
3.8 Dividends paid - -
3.9 Other (funds received in advance of a placement) - -
3.10 Net cash from / (used in) financing activities - 1,690
4. Net increase / (decrease) in cash and cash equivalents for the period
4.1 Cash and cash equivalents at beginning of period 2,240 1,535
4.2 Net cash from / (used in) operating activities (item 1.9 above) (342) (1,035)
4.3 Net cash from / (used in) investing activities (item 2.6 above) 103 (268)
4.4 Net cash from / (used in) financing activities (item 3.10 above) - 1,690
4.5 Effect of movement in exchange rates on cash held (79) -
4.6 Cash and cash equivalents at end of period 1,922 1,922
5. Reconciliation of cash and cash equivalents Current quarter Previous quarter
at the end of the quarter (as shown in the consolidated statement of cash
$A'000
$A'000
flows) to the related items in the accounts
5.1 Bank balances 1,922 2,240
5.2 Call deposits - -
5.3 Bank overdrafts - -
5.4 Other (provide details) - -
5.5 Cash and cash equivalents at end of quarter (should equal item 4.6 above) 1,922 2,240
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) (342)
8.2 (Payments for exploration & evaluation classified as investing activities) -
(item 2.1(d))
8.3 Total relevant outgoings (item 8.1 + item 8.2) (342)
8.4 Cash and cash equivalents at quarter end (item 4.6) 1,922
8.5 Unused finance facilities available at quarter end (item 7.5) -
8.6 Total available funding (item 8.4 + item 8.5) 1,922
8.7 Estimated quarters of funding available (item 8.6 divided by item 8.3) 3.2
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8.8 If item 8.7 is less than 2 quarters, please provide answers to the following
questions:
8.8.1 Does the entity expect that it will continue to have the
current level of net operating cash flows for the time being and, if not, why
not?
Answer: N/A
8.8.2 Has the entity taken any steps, or does it propose to take any
steps, to raise further cash to fund its operations and, if so, what are those
steps and how likely does it believe that they will be successful?
Answer: N/A
8.8.3 Does the entity expect to be able to continue its operations
and to meet its business objectives and, if so, on what basis?
Answer: Yes
Note: where item 8.7 is less than 2 quarters, all of questions 8.8.1, 8.8.2
and 8.8.3 above must be answered.
Compliance statement
1 This statement has been prepared in accordance with
accounting standards and policies which comply with Listing Rule 19.11A.
2 This statement gives a true and fair view of the matters
disclosed.
Date: 29 April
2025...........................................................
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 Map Source: Go Exploration Pty Ltd, https://map.sarig.sa.gov.au/ (website
maintained by the Department of Energy and Mining of South Australia)
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