REG - Thor Energy PLC - Quarterly Activities and Cash Flow Report
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RNS Number : 0573T Thor Energy PLC 30 July 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.
30 July 2025
Thor Energy PLC
("Thor" or the "Company")
Quarterly Activities and Cash Flow Report
April to June 2025
Thor Energy PLC ("Thor") (AIM, ASX: THR, OTCQB: THORF) is pleased to report
on its activities for the Quarterly period April to June 2025.
Andrew Hume, CEO and Managing Director, Thor Energy Plc, commented:
"This past quarter has been one of significant progress and strategic
consolidation for Thor Energy. Our work at Project HY-Range has advanced
exceptionally well as we completed a licence-wide geochemical survey, which
delivered overwhelmingly positive data to prove working natural hydrogen and
helium systems. These results enabled high grading of the most prospective
areas to position Thor to efficiently target future exploration drilling.
"Beyond HY-Range, we have continued to strategically consolidate our unique
natural hydrogen and helium offering, including the award of Gas Storage
Exploration Licences adjacent to Adelaide, a strong synergy that substantially
augments our existing South Australian footprint and facilitates natural
hydrogen commerciality. Internally, we have remained steadfast in our
commitment to lowering costs and streamlining our operations. I am also
delighted earlier this month that I assumed the position of CEO, with
Executive Chairman Alastair Clayton reverting to his previous role as
Non-Executive Chairman.
"In the post-period, our work across the current quarter has continued to
strengthen our strategic approach, as we have recorded prolific hydrogen and
helium systems at our HY-Range Project whilst agreeing a term sheet to sell
75% of our US uranium assets. As we progress our operational developments for
the rest of the quarter, we enter an exciting period for the Company in the
upcoming months."
HY-RANGE PROJECT - RSEL 802 - SOUTH AUSTRALIAN NATURAL HYDROGEN AND HELIUM
The key focus of our exploration efforts at the HY Range natural hydrogen and
helium project was the successful completion of a full-licence geochemical
sampling programme, designed to provide a further suite of data to prove
working natural hydrogen and helium systems, and initiate high grading of our
acreage to increase focus on drill targeting and as an aid to final drill
design. As announced on 29 May, "HY-Range Hydrogen/Helium Geochemical Survey
Completed"
(https://www.londonstockexchange.com/news-article/THR/hydrogen-helium-geochemical-survey-completed/17058820)
, the planned programme was upsized to include several new step-out locations,
resulting in a total of 103 sample locations. Thor deployed field-based gas
chromatography equipment, which we understand to be the first deployment of
its kind for natural hydrogen and helium exploration in Australia, see Figure
1.
Figure 1: Field operations in the southern flinders area, collecting soil air
geochemical analysis at Project HY-Range, May 2025.
The excellent results of the geochemical sampling programme were announced
post period on 7 July, "Outstanding Geochemical Results at HY-Range Project".
(https://www.londonstockexchange.com/news-article/THR/outstanding-geochemical-results-at-hy-range/17121159)
Analysis of the data yielded very positive results, with a high percentage of
elevated hydrogen values in numerous areas of the licence, locally exceeding
1,000ppm in several locations, and up to 3,000ppm at one sample point
(compared to typical background atmospheric values of 0.5ppm). Locally
elevated helium readings were also recorded up to 27ppm (compared to typical
background atmospheric values of 5ppm). Whilst soil gas sampling can be
inherently prone to anthropogenic hydrogen contamination and sample bias, the
distribution of the values strongly correlates with mapped geological features
and supports the natural origin of these highly elevated readings, as shown in
Figure 2a and 2b. The detection of elevated helium is unambiguous and
demonstrates a working helium system.
Figure 2a illustrates the location of RSEL 802 (HY-Range) in the context of
nearby Petroleum Exploration Licences (PELs) and licence applications
(PELA's), as well as nearby down-hole hydrogen/helium occurrences.
Figure 2b illustrates the four priority focus areas (Blue polygons) in the
context of RSEL 802 licence (2(nd) term outline- black polygon).
On 16 June, the Company announced "Gas Storage Exploration Licences, South
Australia"
(https://www.londonstockexchange.com/news-article/THR/gas-storage-exploration-licences-south-australia/17086468)
that its subsidiary, Go Exploration Pty Ltd had received an offer from the
South Australian Department for Energy and Mining to grant three Gas Storage
Exploration Licences: GSEL 804, GSEL 805, and GSEL 806, as indicated in Figure
3. Go Exploration Pty Ltd duly accepted the offer, and the GSELs provide the
exclusive right to explore for and develop underground gas storage facilities
within the licence areas. The licences are now granted under the Energy
Resources Act 2000 (SA).
Figure 3 GSEL 804, 805, 806 Location map
Molyhil, W, Cu, Mo NT, Australia
No work undertaken, under joint venture with Investigator Resources (IVR.ASX)
Uranium and Vanadium (USA)
No work undertaken other than rehabilitation inspections of 2024 drill sites.
Post-period, the Company announced its intention to sell the US Uranium
claims. Further described below and in the announcement on 25 July 2025.
EnviroCopper (via 26.3% equity holding) Kapunda, SA, Australia
No work undertaken
Alford East Cu, Au, SA, Australia
No work undertaken
CORPORATE, FINANCE, AND CASH MOVEMENTS
Corporate
Post-period as announced on 7 July, "Outstanding Geochemical Results at
HY-Range Project",
(https://www.londonstockexchange.com/news-article/THR/outstanding-geochemical-results-at-hy-range/17121159)
Mr Andrew Hume, the Managing Director was also appointed the Chief Executive
Officer role and the Executive Chairman, Alastair Clayton, resumed his
previous role as Non-executive Chairman.
Post-period, the Company announced on 25 July, "Term sheet to sell 75% of US
Uranium Claims"
(https://www.londonstockexchange.com/news-article/THR/term-sheet-to-sell-75-of-us-uranium-claims/17151409)
, had been signed with Metals One PLC, an AIM-listed uranium and metals
explorer whereby Metals Once PLC would seek to acquire a 75% interest in the
Standard Minerals and Cisco, subsidiary companies that own Thor's US uranium
projects. Consideration includes an upfront signing fee of £100,000
(~$205,000) and upon completion of a full Sale and Purchase Agreement, the
issuance of £1,000,000 (~$2,050,000) in Metals One PLC stock. An option has
also been granted to Metals One PLC, a 12-month option to acquire the
remaining 25% in standard Minerals and Cisco for an amount to be mutually
agreed and/or determined by an independent third-party valuation.
Cash Movement
For the quarter, the Company had no cash inflows.
▪ Net cash outflows from Operating and Investing activities for the quarter
of $548,000, which included outflows of $59,000 directly related to
exploration activities.
▪ Cash inflows from financing activities for the quarter were $1,000.
▪ Providing an ending cash balance of $1,459,000.
Cashflows for the quarter include payments of $95,000 to Directors, comprising
the CEO-Managing Director's salary, the Non-Executive Directors' salaries. The
Chairman is continuing to accrue his 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
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.
For further information on Thor Energy and to see an overview of its projects,
please visit the Company's website at www.thorenergyplc.com.
The Company confirms that it is not aware of any new information or data that
materially affects the previously disclosed exploration results referenced in
this announcement. Information included in the original market announcements
dated 29 May 2025, 16 June 2025 and 7 July 2025 is that the form and context
in which the Competent Person's findings are presented have not been
materially modified from the original market announcements.
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 30 June 2025, the consolidated entity holds an interest in the following
Australian tenements:
Go Exploration, natural hydrogen, helium and coincident gas storage portfolio
Project Tenement Area kms(2) Area ha. Holders Company Interest
HY-Range RSEL 802 * 6332 Go Exploration 80.2%
Geo-Range GSEL 804 2368 Go Exploration 80.2%
Geo-Range GSEL 805 2389 Go Exploration 80.2%
Geo-Range GSEL 806 1558 Go Exploration 80.2%
Project Tenement Area kms(2) Area ha. Holders 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).
USA mineral exploration licence portfolio
As of 30 June 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 30 June 2025
Consolidated statement of cash flows Current quarter Year to date (12 months)
$A'000
$A'000
1. Cash flows from operating activities -
-
1.1 Receipts from customers
1.2 Payments for - -
(a) exploration & evaluation (8) (41)
(b) development - (8)
(c) production - -
(d) staff costs (83) (458)
(e) administration and corporate costs (407) (1,293)
1.3 Dividends received (see note 3) - -
1.4 Interest received 1 -
1.5 Interest and other costs of finance paid - 8
1.6 Income taxes paid - (1)
1.7 Government grants and tax incentives - 208
1.8 Other - 53
1.9 Net cash from / (used in) operating activities (497) (1532)
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 (51) (544)
(e) equity accounted investments - -
(f) other non-current assets (bonds) - -
2.2 Proceeds from the disposal of: - -
- -
(a) entities
(b) tenements (bond refunds) - 109
(c) property, plant and equipment - -
(d) investments - -
(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 (51) (319)
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 - -
3.6 Repayment of borrowings (lease liability) - (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 - 1,690
4. Net increase / (decrease) in cash and cash equivalents for the period (548) (161)
4.1 Cash and cash equivalents at beginning of period 1,987 1,535
4.2 Net cash from / (used in) operating activities (item 1.9 above) (497) (1532)
4.3 Net cash from / (used in) investing activities (item 2.6 above) (51) (319)
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 20 85
4.6 Cash and cash equivalents at end of period 1,459 1,459
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 1,459 1,987
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) 1,459 1,987
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) (497)
8.2 (Payments for exploration & evaluation classified as investing activities) (51)
(item 2.1(d))
8.3 Total relevant outgoings (item 8.1 + item 8.2) (548)
8.4 Cash and cash equivalents at quarter end (item 4.6) 1,459
8.5 Unused finance facilities available at quarter end (item 7.5) -
8.6 Total available funding (item 8.4 + item 8.5) 1,459
8.7 Estimated quarters of funding available (item 8.6 divided by item 8.3) 2.8
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8.8 If item 8.7 is less than 2 quarters, please provide answers to the following
questions:
8.8.1 Does the entity expect that it will continue to have the current
level of net operating cash flows for the time being and, if not, why not?
Answer: N/A
8.8.2 Has the entity taken any steps, or does it propose to take any
steps, to raise further cash to fund its operations and, if so, what are those
steps and how likely does it believe that they will be successful?
Answer: N/A
8.8.3 Does the entity expect to be able to continue its operations and
to meet its business objectives and, if so, on what basis?
Answer: Yes
Note: where item 8.7 is less than 2 quarters, all of questions 8.8.1, 8.8.2
and 8.8.3 above must be answered.
Compliance statement
1 This statement has been prepared in accordance with accounting
standards and policies which comply with Listing Rule 19.11A.
2 This statement gives a true and fair view of the matters
disclosed.
Date: 30 July
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.
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