Q1 2026 Quarterly Activities and Cash Flow Report
Thor Energy PLC reported its Q1 2026 activities, highlighting the completion of the A$6.56 million sale of the Molyhil Tungsten-Molybdenum Project, with A$2.25 million received and annual payments of A$1.31 million for three years. The company also secured two new exploration licence applications in the Otway Basin via a joint venture and completed a soil geochemistry survey at its HY-Range Project, which showed exceptional natural hydrogen readings. Thor Energy ended the quarter with a cash balance of A$3.314 million, following net cash outflows of A$1.689 million from operating and investing activities.
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Thor Energy Plc (AIM, ASX: THR, OTCQB: THORF) is pleased to report on its activities for the Quarterly period from 1 January 2026 to 31 March 2026.
Andrew Hume, Managing Director of Thor Energy, commented:
"The first quarter of 2026 has been a period of operational excellence and strategic consolidation for Thor Energy: delivering company transformation, maximising portfolio value, expanding our core strategic pillars and executing data collection at our HY-Range project.
"Formal completion of the sale of the Molyhil Tungsten-Molybdenum Project to Tivan Limited in January concluded the A$6.56m net sale to Thor, with A$2.25m received on completion and annual payments of A$1.31m to be received each September for three years. This significant, non-dilutive capital injection materially bolsters our balance sheet and ensures we have the resources required to aggressively advance our exploration programmes.
"Whilst we divested the Molyhil asset, we simultaneously reinforced our strategic interest in In-Situ Recovery of copper (along with potential gold and rare earth elements). Lincoln Moore, a Non-Executive Director for Thor and the Company's recommended nomination, became a board member of EnviroCopper Limited ("ECL") to support ECL's ambitious programme.
"Furthermore, we consolidated our exploration footprint by securing two new Regulated Substance Exploration Licence Applications (RSELA 810 and 811) in the onshore Otway Basin, via a 50:50 joint venture with H2EX. This mature, oilfield-style partnership allows us to pool technical expertise over highly prospective ground that includes the historic 1915 Robe-1 well, previously discovering 25% natural hydrogen and 40% methane.
"Operationally, we safely completed our Phase 2 soil air geochemistry survey at our flagship 80.2%-owned HY-Range Project (RSEL 802). This rigorous, on-budget programme was designed to confirm and build upon our exceptional natural hydrogen readings (up to 3,000 ppm) recorded in May 2025. and effectively eliminates the risk of anthropogenic contamination. We are currently analysing these results to refine our subsurface models ahead of planned 2D seismic and exploration drilling.
"Looking ahead, in Q2 2026, Thor will be releasing the results of the Phase-2 Geochemistry survey and expects to be announcing details of our planned 2D Seismic acquisition."
HY-RANGE PROJECT - "RSEL 802" - SOUTH AUSTRALIAN NATURAL HYDROGEN AND HELIUM
The Company completed its Phase 2 geochemistry survey at the HY-Range Project during the quarter, following a three-month sampling programme. The survey builds on Phase 1 (May 2025), which recorded natural hydrogen concentrations of up to 3,000ppm (approximately 6,000 times background) and associated helium anomalies.
The programme achieved its core objectives, including infill sampling to increase coverage and data density across priority areas, with results supporting Phase 1 outcomes. Enhanced sampling methodologies, developed with SGS SA, were implemented to mitigate contamination risk and improve data reliability, while further refining acquisition techniques for future programmes.
All field operations were completed safely and on budget across the RSEL 802 licence.
Preliminary data analysis is underway, with results expected in the upcoming quarter. This work will support the refinement of subsurface models for hydrogen and helium systems.
The Company is also finalising tendering for a 2D seismic survey over key areas of RSEL 802, planned for later this year, to support future drill targeting.
OTWAY BASIN - RSELA 810 AND 811 (JOINT VENTURE WITH H2EX)
Concurrently, the Company secured the applications for RSELA 810 and 811 in a 50:50 joint venture with H2EX Ltd, expanding its natural hydrogen portfolio into the onshore Otway Basin. The applications are progressing through standard permitting processes before the grant.
The acreage is highly prospective, supported by historical data including the Robe-1 well (1915), which recorded hydrogen concentrations of 25.4%[1], providing strong evidence of an active hydrogen system. The Otway Basin's established oil and gas history provides a substantial dataset and well-understood subsurface framework to support exploration targeting.
The joint venture adopts a collaborative, oilfield-style approach, combining technical expertise and sharing costs equally. The licences introduce geological and geographic diversification to the Company's portfolio and provide an opportunity to apply learnings and methodologies developed at the HY-Range Project to a new basin setting.
Located in proximity to existing infrastructure and East Coast energy markets, the licences are considered well-positioned for future development.
H2EX is a Perth-based energy explorer focused on the emerging natural hydrogen and helium sector in Australia. The company holds a significant acreage position in South Australia as well as Western Australia, headlined by PEL 691 in South Australia's Eyre Peninsula, where it has developed a portfolio of natural hydrogen and helium drilling targets following numerous geotechnical surveys since the licence award in 2022.
H2EX is distinguished by its collaborative approach to exploration, having secured Federal Government CRC-P grant funding, working alongside leading Australian universities and service providers such as CSIRO, Australia's National Science Agency, to pioneer low-impact, cost-effective and timely exploration techniques.
Figure 1: Location of RSELA 810 and RSELA 811 in Thor Energy's South Australian portfolio
ENVIROCOPPER LIMITED - BOARD REPRESENTATION
During the quarter, Thor's recommended nomination, Non-Executive Director, Lincoln Moore, was appointed to the board of EnviroCopper Limited, of which Thor holds a 20% interest. ECL is an in-situ recovery copper specialist advancing the Kapunda and Alford West projects in South Australia. The company continues to progress low-impact extraction of copper, gold and rare earth elements, supported by partnerships with research institutions, government programmes and industry participants, including BHP.
Thor's board representation strengthens oversight of the strategic investment in ECL and supports closer alignment as ECL progresses development. The Company also holds an 80% interest in the adjacent Alford East project, with all projects located within a prospective copper province and considered amenable to in-situ recovery techniques.
FINANCE, AND CASH MOVEMENTS
Cash Movement:
Net cash outflows from Operating and Investing activities for the quarter of A$1,689,000, which included outflows of A$150,000 directly related to exploration activities. Thor ended the quarter with a cash balance of A$3,314,000.
Cashflows for the quarter include payments of A$176,000 to Directors, comprising the CEO-Managing Director's salary, the Non-Executive Directors' salaries and other staff costs.
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
Andrew Hume, Managing Director
Alastair Clayton, Non-Executive Chairman
Rowan Harland, Company Secretary
Zeus Capital Limited (Nominated Adviser and Joint Broker)
Antonio Bossi / Darshan Patel / Liv Highton
SI Capital Limited (Joint Broker)
Nick Emerson
Yellow Jersey (Financial PR)
Dom Barretto / Shivantha Thambirajah
TENEMENT SCHEDULE
As of 31 March 2026, 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 |
| Bonya | EL32167 | 74.54 | Molyhil Mining Pty Ltd | 40% | |
| Alford East | EL6529 | 315.1 | Hale Energy Pty Ltd | 80% oxide interest |
USA mineral exploration licence portfolio
As of 31 March 2026, the consolidated entity holds 25% interest in the uranium and vanadium projects in the US 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 | 31 March 2026 | ||
| Consolidated statement of cash flows | Current quarter $A'000 | Year to date (9 months) $A'000 | |
| 1. | Cash flows from operating activities | - - | - |
| 1.1 | Receipts from customers | ||
| 1.2 | Payments for | ||
| (a) exploration & evaluation | (150) | (335) | |
| (b) development | - | 0 | |
| (c) production | - | 0 | |
| (d) staff costs | (176) | (693) | |
| (e) administration and corporate costs | (287) | (1,047) | |
| 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 | (613) | (2,075) |
| 2. | Cash flows from investing activities | ||
| 2.1 | Payments to acquire or for: | ||
| (a) entities | - | - | |
| (b) tenements | 2,250 | 3,937 | |
| (c) property, plant and equipment | - | - | |
| (d) exploration & evaluation | - | - | |
| (e) equity accounted investments | - | - | |
| (f) other non-current assets (bonds) | 52 | 52 | |
| 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 | 2,302 | 3,989 |
| 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 | - | |
| 3.5 | 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 | 1,689 | 1,914 |
| 4.1 | Cash and cash equivalents at beginning of period | 1,661 | 1,459 |
| 4.2 | Net cash from / (used in) operating activities (item 1.9 above) | (613) | (2,075) |
| 4.3 | Net cash from / (used in) investing activities (item 2.6 above) | 2,302 | 3,989 |
| 4.4 | Net cash from / (used in) financing activities (item 3.10 above) | - | - |
| 4.5 | Effect of movement in exchange rates on cash held | (36) | (59) |
| 4.6 | Cash and cash equivalents at end of period | 3,314 | 3,314 |
| 5.1 | Bank balances | 3,314 | 1,661 |
| 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) | 3,314 | 1,661 |
| 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 | 137 | |
| 6.2 | Aggregate amount of payments to related parties and their associates included in item 2 | - | |
| 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) | (613) | |
| 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) | (613) | |
| 8.4 | Cash and cash equivalents at quarter end (item 4.6) | 3,314 | |
| 8.5 | Unused finance facilities available at quarter end (item 7.5) | - | |
| 8.6 | Total available funding (item 8.4 + item 8.5) | 3,314 | |
| 8.7 | Estimated quarters of funding available (item 8.6 divided by item 8.3) | 5.4 | |
| 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: Yes
Compliance statement
2 This statement gives a true and fair view of the matters disclosed.
Date: 29 April 2026...........................................................
Authorised by: the Board....................................................................
(Name of body or officer authorising release - see note 4)
Notes
[1] Alexander, E. 2023. Natural hydrogen exploration in South Australia - update. Government of South Australia, Department for Energy and Mining. Viewed 19 February 2026. Available at: https://www.energymining.sa.gov.au/industry/energy-resources/regulation/projects-of-public-interest/natural-hydrogen-exploration
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