REG - Thor Energy PLC - Quarterly Activities and Cash Flow Report
31/10/2025 07:00
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RNS Number : 5612F Thor Energy PLC 31 October 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.
31 October 2025
Thor Energy PLC
("Thor" or the "Company")
Quarterly Activities and Cash Flow Report July to September 2025
Thor Energy PLC ("Thor") (AIM, ASX: THR, OTCQB: THORF) is pleased to report
on its activities for the Quarterly period July to September 2025.
Andrew Hume, CEO and Managing Director, Thor Energy Plc, commented:
"This past quarter, covering July through September 2025, has been
fundamentally transformative and strategically important for Thor Energy. We
have successfully achieved several major corporate milestones, sharpening our
focus entirely on high-potential natural hydrogen and helium exploration,
while simultaneously strengthening our balance sheet through the strategic
monetisation of legacy assets.
"Operationally, our flagship HY-Range Project (RSEL 802) in South Australia
produced exceptionally positive results. Following the completion of our
licence-wide geochemical survey, data analysis announced early in the quarter
showed outstanding geochemical results. We recorded a high percentage of
elevated hydrogen values across the licence, locally exceeding 1,000ppm and
reaching up to 3,000ppm at one sampling point, significantly higher than
typical background atmospheric values of 0.5ppm. Crucially, the data yielded
elevated helium readings of up to 27ppm, providing good evidence of a working
helium system. Based on these compelling results, we have successfully
high-graded four principal focus areas - Mallala, Locheil, Crystal, and Mt
Lock - which will guide our future exploration efforts and final drill target
selection.
"In line with our renewed strategic focus, we took decisive steps to
streamline our portfolio to enhance our financial flexibility. We made
significant progress in executing agreements for our non-core assets, starting
with the completion of the sale of 75% of our US uranium assets to Metals One
Plc in August 2025. Furthermore, in September, we successfully signed a
binding term sheet for A$6.6m with Tivan Limited for the sale of our 75%
remaining interest in the Molyhil Tungsten-Molybdenum Project. The resulting
cash inflow expected over the next 12 months and beyond will materially
bolster our capital resources, allowing us to invest significantly more in
advancing HY-Range and thereby reducing the need for shareholder dilution.
Separately, post-quarter-end, our subsidiary, Standard Minerals, advanced its
collaboration in the US, signing a binding term sheet with DISA to potentially
generate revenue from uranium and critical metals recovery from waste dumps
using HPSA technology.
"On the corporate front, I was pleased to formally take on the role of CEO and
Managing Director in July 2025. This planned transition enables Alastair
Clayton to resume the position of Non-Executive Chairman, providing dedicated
executive leadership suitable for the Company's scale.
"In the post-period, EnviroCopper Limited, of which Thor owns 24% secured an
external investment of A$3.5m to help facilitate in-situ recovery at the
Kapunda and Alford copper projects in South Australia.
"The momentum this quarter remains strong. Having concluded the previous
quarter with A$1,459,000 in cash, the subsequent monetisation efforts have led
to an increased quarter-end cash balance of $1,598,000, despite operational
outflows. Further large cash inflows are expected in the coming quarters as
the Molyhil sale is expected to conclude, subject to contractual conditions.
These inflows will be instrumental in funding our planned work programmes. We
are eager to progress swiftly towards exploration drilling at HY-Range in the
coming months, building on these foundational successes and solidifying Thor's
position in the clean energy economy."
HY-RANGE PROJECT - RSEL 802 - SOUTH AUSTRALIAN NATURAL HYDROGEN AND HELIUM
During the quarter, the Company reported outstanding results from a
geochemical sampling programme: "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. It supports the natural origin of these highly elevated readings, as
shown in Figure 1a and 1b. The detection of elevated helium is unambiguous and
demonstrates that a working helium system is in place.
Figure 1a 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 1b illustrates the four priority focus areas (Blue polygons) in the
context of RSEL 802 licence (2(nd) term outline- black polygon).
Molyhil, W, Cu, Mo NT, Australia
A major non-dilutionary funding outcome was achieved through the execution of
a Term Sheet with ASX-listed Tivan Limited (ASX: TVN) ("Tivan") for the sale
of the FRAM Joint Venture (Thor 75%), which holds the Molyhil
Tungsten-Molybdenum-Copper Project in the Northern Territory. The agreement
provides Thor with total consideration of A$6.56 million payable to Thor
through its subsidiary Molyhil Mining Limited, structured through an initial
deposit, completion payment, and three annual deferred payments, payable in
cash or Tivan shares at Tivan's election.
The transaction represents a significant step in monetising Thor's non-core
assets, significantly strengthening the Company's balance sheet while
providing a non-dilutionary funding pathway for its exploration and
development programs at the HY-Range natural hydrogen and helium project in
South Australia.
Uranium and Vanadium (USA)
During the quarter, the Company announced the execution of a Sale and Purchase
Agreement ("SPA") with London-listed Metals One PLC (AIM: MET1) ("Met1") for
the sale of a 75% interest in its U.S. subsidiaries, Standard Minerals Inc.
("Standard") and Cisco Minerals Inc. ("Cisco"). These subsidiaries hold Thor
Energy's non-core uranium and vanadium projects located in Colorado and Utah,
USA (the "Projects").
Under the terms of the SPA, Met1 acquired a 75% interest in Standard and
Cisco. An exclusivity fee of £100,000 (approximately A$205,000) was paid to
Thor following execution of the initial Term Sheet. On completion of the SPA,
Met1 issued the Company £1,000,000 (approximately A$2,050,000) worth of
ordinary shares, calculated using a 15-day volume-weighted average price
(VWAP) of Met1's shares prior to execution of the SPA.
As part of the agreement, Thor granted Met1 an exclusive 12-month option to
acquire the remaining 25% interest in Standard and Cisco. The purchase price
for this remaining interest will be determined either by mutual agreement or
by an independent third-party valuation. During the 12-month option period,
Met1 will fund all exploration activities across the mineral claims.
Furthermore, a key development this quarter was the execution of a binding
agreement with DISA Technologies Inc. ("DISA"), a U.S.private-equity-backed
materials technology company, to process historically abandoned uranium mine
waste dumps at Thor's Colorado uranium projects. Under the Term Sheet, Thor's
U.S. subsidiary, Standard Minerals Inc., in which Thor now holds a 25%
interest, will receive a gross revenue share from any saleable uranium and
critical minerals concentrates recovered using DISA's patented High-Pressure
Slurry Ablation process. Recently, DISA received its final U.S. Nuclear
Regulatory Commission Service Providers License to remediate abandoned uranium
mine waste. This paves the way for a deployment of DISA's patented technology
on the Colorado Projects in the future.
Importantly, no capital or operating costs are payable by Thor or Standard,
with DISA funding all permitting, evaluation, processing and remediation
activities. The agreement provides Thor a potential non-dilutionary pathway to
near-term revenue from U.S. uranium and critical minerals production, while
also supporting environmental remediation of legacy mine sites.
EnviroCopper (via 24% equity holding) Kapunda, SA, Australia
In the post-period, Thor announced the signing of an agreement for Future
Equity and Collaboration between private company EnviroCopper Limited ("ECL")
in which Thor is the largest individual shareholder at just over 24%, and an
international company ("the Investor") whereby the Investor has agreed to
invest A$3.5m into ECL's Kapunda and Alford ISR Technology and Copper Projects
in South Australia. The Investor may elect to convert the A$3.5m investment
into 972,222 shares in ECL at A$3.60 per share, Thor currently owns 1,157,143
shares in ECL.
Alford East Cu, Au, SA, Australia
No work undertaken
CORPORATE, FINANCE, AND CASH MOVEMENTS
Corporate
During the period, Mr Andrew Hume, the Managing Director, was appointed to the
Chief Executive Officer role and the Executive Chairman, Alastair Clayton,
resumed his previous role as Non-Executive Chairman.
Cash Movement
Net cash outflows from Operating and Investing activities for the quarter of
A$781,000, which included outflows of A$97,000 directly related to exploration
activities. Cash inflows from financing activities for the quarter were
A$943,000, providing an ending cash balance of A$1,598,000.
Cashflows for the quarter include payments of A$201,000 to Directors,
comprising the CEO-Managing Director's salary and the Non-Executive Directors'
salaries.
The Board of Thor Energy Plc has approved this announcement and authorised its
release.
-ENDS-
For further information on the Company, please visit the website
(https://thorenergyplc.com/) or please contact the following:
Thor Energy PLC
Andrew Hume, Managing Director
Alastair Clayton, Non-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 hydrogen and helium exploration, which are crucial
in the shift to a clean energy economy, with a portfolio that also includes
uranium and other energy metals.
For further information on Thor Energy Plc and to see an overview of its
projects, please visit the Company's website at www.thorenergyplc.com
(http://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
that the form and context in which the Competent Person's findings are
presented have not been materially modified from the original market
announcements.
TENEMENT SCHEDULE
As of 30 September 2025, the consolidated entity holds an interest in the
following Australian tenements:
Project Tenement Area kms(2) Area ha. Holders 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 Interest
Molyhil * EL22349 228.10 Molyhil Mining Pty Ltd 75%
Molyhil * EL31130 9.51 Molyhil Mining Pty Ltd 75%
Molyhil * ML23825 95.92 Molyhil Mining Pty Ltd 75%
Molyhil * ML24429 91.12 Molyhil Mining Pty Ltd 75%
Molyhil * ML25721 56.2 Molyhil Mining Pty Ltd 75%
Molyhil * AA29732 38.6 Molyhil Mining Pty Ltd 75%
Molyhil * MLS77 16.18 Molyhil Mining Pty Ltd 75%
Molyhil * MLS78 16.18 Molyhil Mining Pty Ltd 75%
Molyhil * MLS79 8.09 Molyhil Mining Pty Ltd 75%
Molyhil * MLS80 16.18 Molyhil Mining Pty Ltd 75%
Molyhil * MLS81 16.18 Molyhil Mining Pty Ltd 75%
Molyhil * MLS82 8.09 Molyhil Mining Pty Ltd 75%
Molyhil * MLS83 16.18 Molyhil Mining Pty Ltd 75%
Molyhil * MLS84 16.18 Molyhil Mining Pty Ltd 75%
Molyhil * MLS85 16.18 Molyhil Mining Pty Ltd 75%
Molyhil * MLS86 8.05 Molyhil Mining Pty Ltd 75%
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
* Tenements to be 100% divested upon completion of the sale of the FRAM Joint
Venture to Tivan Limited as announced 16 September 2025
USA mineral exploration licence portfolio
As of 30 September 2025, the consolidated entity holds 25% interest in the
uranium and vanadium projects in USA States of Colorado and Utah as follows:
Claim Group Serial Number Claim Name Area Holders Interest
Vanadium King (Utah) UMC445103 to UMC445202 VK-001 to VK-100 100 blocks (2,066 acres) Cisco Minerals Inc 25%
Radium Mountain (Colorado) CMC292259 to CMC292357 Radium-001 to Radium-099 99 blocks (2,045 acres) Standard Minerals Inc 25%
Groundhog (Colorado) CMC292159 to CMC292258 Groundhog-001 to Groundhog-100 100 blocks (2,066 acres) Standard Minerals Inc 25%
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 2025
Consolidated statement of cash flows Current quarter Year to date (3 months)
$A'000
$A'000
1. Cash flows from operating activities - -
-
1.1 Receipts from customers
1.2 Payments for
(a) exploration & evaluation (97) (97)
(b) development - -
(c) production - -
(d) staff costs (338) (338)
(e) administration and corporate costs (346) (346)
1.3 Dividends received (see note 3) - -
1.4 Interest received - -
1.5 Interest and other costs of finance paid - -
1.6 Income taxes paid - -
1.7 Government grants and tax incentives - -
1.8 Other - -
1.9 Net cash from / (used in) operating activities (781) (781)
2. Cash flows from investing activities
2.1 Payments to acquire or for:
(a) entities - -
(b) tenements 943 943
(c) property, plant and equipment - -
(d) exploration & evaluation - -
(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 - -
(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 943 943
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 - -
securities
3.5 Proceeds from borrowings - -
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 - -
4. Net increase / (decrease) in cash and cash equivalents for the period 162 162
4.1 Cash and cash equivalents at beginning of period 1,459 1,459
4.2 Net cash from / (used in) operating activities (item 1.9 above) (781) (781)
4.3 Net cash from / (used in) investing activities (item 2.6 above) 943 943
4.4 Net cash from / (used in) financing activities (item 3.10 above) - -
4.5 Effect of movement in exchange rates on cash held (21) (21)
4.6 Cash and cash equivalents at end of period 1,598 1,598
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 1,598 1,459
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) 1,598 1,459
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 201
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) (781)
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) (781)
8.4 Cash and cash equivalents at quarter end (item 4.6) 1,598
8.5 Unused finance facilities available at quarter end (item 7.5) -
8.6 Total available funding (item 8.4 + item 8.5) 1,598
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: 31 October
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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