Thor Energy plc (LON:THR, TSX: THR) has announced the Company’s results for the six months ended 31 December 2024.
The Company’s Half Year Report was also lodged with the Australian Stock Exchange as required under the listing rules of the ASX.
Chairman’s Message
Dear Shareholders,
On behalf of the Board of Thor Energy plc, I am pleased to report on the activities of the Company for the half year ended 31 December 2024. Much of the focus of the period has been on rationalising and de-risking our portfolio of assets as well as further exploration and undertaking the now completed Go Exploration acquisition which marks Thor’s entry into the natural Hydrogen space.
We also saw several changes to the Board with the resignation of the Managing Director and retirement of a Non-Executive Director. To this end I have taken up the role of Executive Chairman and Mr Lincoln Moore joined the Board as a Non-Executive. Post Period Mr Andrew Hume was appointed as Managing Director.
In a process that began in 2023 the Board made the decision to significantly optimise the portfolio via farm-outs and assets sales with a view to, over time, becoming significantly more focused on the energy side of the mining industry as opposed to precious, base and specialty metals.
During the period the Company sought and received shareholder approval for its proposed acquisition of 80.2% of Go Exploration. To this end the Company retained RISC, a leading consultancy group to undertake an assessment of natural hydrogen and helium prospective resources across the Go Exploration granted licence in South Australia, PEL120. Post-period the Go Exploration transaction was completed and the Company looks forward to releasing the results of the prospective resource assessment once finalised.
Despite some recent volatility the Board believe Uranium is at the beginning of a long-cycle demand upswing and as such all our drilling expenditure during the period has been at our US uranium assets. Results of this work were underwhelming, and the Board has therefore decided to do more detailed evaluation work on the US Uranium assets before the next work programmes are devised.
Elsewhere we have made significant progress at the Molyhil Tungsten-Molybdenum Project where drilling by our JV farm-in partner ASX-listed Investigator Minerals has led to the publication of a new JORC-compliant mineral resource statement and during the period the formalisation of the Joint Venture by both parties and the issuance of the Stage 1 share equity payment to Thor. Furthermore, the Company sold certain rights to ASX-listed fluorite developer Tivan Resources. We look forward to progressing the project in the coming year in conjunction with our JV partner.
At our 24%-owned EnviroCopper Limited investment in ISR Copper extraction technology in South Australia we were pleased to welcome ASX-listed Alligator Energy to the ECL share register and look forward to their presence as significant shareholder to help drive these projects forward over the coming year.
On behalf of the Board, I’d like to thank shareholders for their support. We look forward to reporting on our progress over the coming year.
Yours faithfully
Alastair Clayton
Chairman, Thor Energy
