Quarterly Activities and Cash Flow Report
Q4 2024: Go Exploration acquisition progressing, uranium drilling completed, placement of £1m raised.
- Placement raised GBP£1,000,000
- New ordinary shares issued 133,333,316
- Placing price per share 0.75 pence
- Go Exploration stake acquired 80.2%
- RC drillholes completed at Groundhog 9 holes, 979m
- R&D rebate and fluorite sale A$100,000 upfront
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Thor Energy PLC (AIM, ASX: THR, OTCQB: THORF) is pleased to report on its activities for the Quarterly period October to December 2024.
Alastair Clayton - Executive Chairman, Thor Energy Plc, commented:
"This has been a very busy quarter as we continued to focus on the acquisition of Go Exploration Pty Ltd which, when complete, will herald the entry of the Company into the nascent South Australian natural hydrogen and helium exploration industry. In addition to the excellent geological and geographical attributes of the Go portfolio, what makes this acquisition so compelling is the granted status of the large and highly prospective PEL 120 (RSEL 802) licence and the strategic licence applications associated with key infrastructure and where high hydrogen generation potential has already been interpreted.
"Furthermore, we completed a drill programme at our US Uranium assets and made further progress in realising monetary value from the rationalisation of our remaining project portfolio.
"To this end, we had several Board and personnel changes in the Quarter, and I was pleased to welcome Lincoln Moore to the Board and Rowan Harland to the Company Secretarial role. Separately the Company completed a well-supported placement to various sophisticated investors to improve the cash position in advance of an expected ramp-up of exploration activities across its new and existing project portfolio in 2025."
ACQUISITION OF 80.2% OF GO EXPLORATION - SOUTH AUSTRALIAN NATURAL HYDROGEN AND HELIUM
On 29 October 2024 ("Proposed Acquisition & Placement Entry into Australian Natural "White" Hydrogen and Helium Industry") the Company announced the conditional acquisition of 80.2% of white hydrogen and helium explorer Go Exploration. Go Exploration holds one of only 3 granted hydrogen and helium exploration licences in South Australia (PEL 120) and strategic, high potential application areas covered by applications (PELAs 697 and 709), see Figure 1. PEL 120, is located near the notable Gold Hydrogen Limited Ramsay-1 and Ramsay-2 hydrogen and helium discoveries. Go Exploration portfolio is positioned for rapid generation of drill ready targets (PEL 120) and follow up in high generative potential areas (PELAs). The acquisition is in line with Thor strategy to focus on the 'clean' energy economy. On 28 November 2024 ("Results of Meeting") the Company announced that it had received the requisite shareholder approvals for the transaction. Various conditions precedents in the acquisition agreement with Go Exploration shareholders to close the transaction continue to be worked through. On 4 December 2024 ("Thor Commences Prospective Hydrogen Resource Assessment") Thor announced that it had engaged a leading Western Australian energy advisory firm RISC to undertake the independent assessment of natural hydrogen and helium resources on certain target areas located on the granted licence area, PEL120.
Figure 1: Go Exploration Licence and Applications in South Australia[1].
URANIUM AND VANADIUM PROJECTS (USA)
Thor holds a 100% interest in two US companies with mineral claims in Colorado and Utah, USA. 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. During the quarter nine (9) Reverse Circulation ("RC") drillholes totalling 979m were completed at Groundhog Mine Prospect, see Figure 2. Drilling was designed to test areas along strike of uranium and vanadium mineralisation from Thor's successful 2022 and 2023 drilling programs. Results from this program were released to the market on 8 November 2024 "Narrow High-Grade Uranium Extensions at Groundhog".
Highlights:
- Shallow, narrow, high-grade uranium mineralisation intersected with uranium grades from downhole gamma logging up to 0.16% (0.5m @ 1574ppm) eU3O8 in 24WBRA009 at 114m extends the known mineralisation 100m to the North.
- Shallow, narrow, high-grade uranium mineralisation intersected with uranium grades from downhole gamma logging up to 0.06% (0.6m @ 643ppm) eU3O8 in 24WBRA007 at 109m extends the known mineralisation 300m to the East.
- Shallow, narrow, high-grade uranium mineralisation intersected with uranium grades from downhole gamma logging up to 0.11% (0.3m @ 1062ppm) eU3O8 in 24WBRA001 at 83m.
- Drill programme halted due to heavy early-season snow. Thor has permits to continue drilling across the Wedding Bell Project in 2025, including Rimrock Mine Prospect, Groundhog and Section 23 prospects.
Figure 2: Groundhog Drillhole Location Plan. Extensional holes highlighted in green.
CORPORATE, FINANCE, AND CASH MOVEMENTS
Corporate
As announced on 9 October 2024 ("Appointment of Executive Chairman, managing Director Retires") 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, on 9 October 2024 Nicole Galloway-Warland retired as Managing Director with immediate effect. On 3 December 2024 ("Directorate Change and Appointment of Company Secretary") both Mark McGeough and Ray Ridge resigned and Lincoln Moore and Rowan Harland joined the Company.
Finance
As announced on 24 November 2024 ("R&D Rebate Received and Fluorite Sale") Thor received a A$100,000 up-front cash consideration as part of a potential total A$200,000 sale of certain non-core mineral rights over the Molyhil JV area to ASX-listed Tivan Limited (ASX.TVN).
The Company raised, in aggregate, gross proceeds of GBP£1,000,000 (~A$1,958,097) via the placing of 133,333,316 new ordinary shares of 0.1p each at a placing price of 0.75 pence (approx. A$0.015) per Ordinary Share. This capital raise comprised approximately GBP£709,894 (~A$1,390,041) by means of a firm placing to certain institutional and sophisticated investors of 94,652,516 new ordinary shares and approximately GBP£290,106 (~A$568,056) by means of a conditional placing of 38,680,800 new ordinary shares at the Placing Price ("Proposed Acquisition & Placement"). The conditional placing obtained the requisite approvals from shareholders at a General Meeting held 28 November 2024 ("Results of Meeting").
Cash Movement
For the Quarter, the Company had total net cash inflows of A$1,331,000 comprising of:
- Net cash outflows from Operating and Investing activities for the quarter of A$521,000 which
included outflows of A$272,000 directly related to exploration activities.
- Cash inflows from financing activities for the quarter were A$1,781,000 largely related to the capital raise completed in December.
- Providing an ending cash balance of A$2,240,000.
In addition to the ending cash balance at the end of the Quarter, Thor also held 2.5 million Shares in ASX listed Investigator Resources Ltd (ASX: IVR) from an original balance of 5.0 million shares. During the Quarter Thor sold 2.5 million IVR shares for proceeds of ~A$120,000 and the remaining 2.5 million shares have a market value of A$57,500 (based on the ASX closing price of A$0.023 per share on 23 January 2025). Thor received an R&D Tax Incentive claim during the Quarter related to the F24 year of A$208,000.
Cashflows for the Quarter include payments of A$117,000 to Directors, comprising the Managing Directors salary and certain provisions for her resignation, an October payment to the Executive Chairman who is now accruing to April 2025 and Non-Executive Directors' fees.
The Board of Thor Energy Plc has approved this announcement and authorised its release.
For further information on the Company, please visit the website or please contact the following:
Thor Energy PLC
Alastair Clayton, Executive Chairman
Rowan Harland, Company Secretary
Zeus Capital Limited (Nominated Adviser and Joint Broker)
Antonio Bossi / Darshan Patel
SI Capital Limited (Joint Broker)
Nick Emerson
Yellow Jersey (Financial PR)
Dom Barretto / Shivantha Thambirajah / Bessie Elliot
TENEMENT SCHEDULE
As of 31 December 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 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 | 31 December 2024 | ||
| Consolidated statement of cash flows | Current quarter $A'000 | Year to date (6 months) $A'000 | |
| 1. | Cash flows from operating activities | 0 | 0 |
| 1.1 | Receipts from customers | ||
| 1.2 | Payments for | (2) | (22) |
| (a) exploration & evaluation | |||
| (b) development | 0 | 0 | |
| (c) production | 0 | 0 | |
| (d) staff costs | (422) | (640) | |
| (e) administration and corporate costs | (225) | (279) | |
| 1.3 | Dividends received (see note 3) | 0 | 0 |
| 1.4 | Interest received | 1 | 6 |
| 1.5 | Interest and other costs of finance paid | 0 | (1) |
| 1.6 | Income taxes paid | 0 | 0 |
| 1.7 | Government grants and tax incentives | 208 | 208 |
| 1.8 | Other | 16 | 35 |
| 1.9 | Net cash from / (used in) operating activities | (424) | (693) |
| 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 | (272) | (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 | 59 | 5 | |
| (e) other non-current assets | 116 | 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 | (97) | (371) |
| 3. | Cash flows from financing activities | 1,964 | 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 securities | (183) | (262) |
| 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 | 1,781 | 1,690 |
| 4. | Net increase / (decrease) in cash and cash equivalents for the period | ||
| 4.1 | Cash and cash equivalents at beginning of period | 909 | 1,535 |
| 4.2 | Net cash from / (used in) operating activities (item 1.9 above) | (424) | (693) |
| 4.3 | Net cash from / (used in) investing activities (item 2.6 above) | (97) | (371) |
| 4.4 | Net cash from / (used in) financing activities (item 3.10 above) | 1,781 | 1,690 |
| 4.5 | Effect of movement in exchange rates on cash held | 71 | 79 |
| 4.6 | Cash and cash equivalents at end of period | 2,240 | 2,240 |
| 5. | Reconciliation of cash and cash equivalents at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts | Current quarter $A'000 | Previous quarter $A'000 |
| 5.1 | Bank balances | 2,240 | 909 |
| 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) | 2,240 | 909 |
| 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 in item 1 | (117) | |
| 6.2 | Aggregate amount of payments to related parties and their associates included in item 2 | - | |
| 7. | Financing facilities Note: the term "facility' includes all forms of financing arrangements available to the entity. Add notes as necessary for an understanding of the sources of finance available to the entity. | Total facility amount at quarter end $A'000 | Amount drawn at quarter end $A'000 |
| 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 | - | |
| 8. | Estimated cash available for future operating activities | $A'000 | |
| 8.1 | Net cash from / (used in) operating activities (item 1.9) | (424) | |
| 8.2 | (Payments for exploration & evaluation classified as investing activities) (item 2.1(d)) | (272) | |
| 8.3 | Total relevant outgoings (item 8.1 + item 8.2) | (696) | |
| 8.4 | Cash and cash equivalents at quarter end (item 4.6) | 2,240 | |
| 8.5 | Unused finance facilities available at quarter end (item 7.5) | - | |
| 8.6 | Total available funding (item 8.4 + item 8.5) | 2,240 | |
| 8.7 | Estimated quarters of funding available (item 8.6 divided by item 8.3) | 3.2 | |
| 8.8 | If item 8.7 is less than 2 quarters, please provide answers to the following questions: | ||
Answer: N/A
Answer: N/A
Answer: N/A
Compliance statement
2 This statement gives a true and fair view of the matters disclosed.
Date: 28 January 2025...........................................................
Authorised by: the Board....................................................................
(Name of body or officer authorising release - see note 4)
Notes
[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) and Gold Hydrogen Limited presentation https://www.goldhydrogen.com.au/wp/wp-content/uploads/2024.10.21-AGM-Presentation.pdf and Gold Hydrogen Limited announcement dated 27 May 2024.
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.