Thor Energy Raises AUD 2.24M, Extends Uranium Mineralisation in US Drilling
Thor Energy PLC advances its clean energy ambitions through a strategic acquisition in South Australia's hydrogen sector and promising uranium drilling results in the US.
- Conditional acquisition of 80.2% stake in Go Exploration Pty Ltd
- Focus on South Australian natural hydrogen and helium exploration licences
- Completion of US uranium drilling program with high-grade extensions
- Successful capital raise of approximately AUD 1.96 million to fund exploration
- Board and personnel changes to support strategic growth
Strategic Acquisition Marks Entry into Hydrogen and Helium
Thor Energy PLC has signaled a significant pivot towards the burgeoning clean energy sector with its conditional acquisition of an 80.2% stake in Go Exploration Pty Ltd. This move positions Thor at the forefront of South Australia's nascent natural hydrogen and helium exploration industry, leveraging Go Exploration's granted PEL 120 licence and strategic applications in high-potential areas.
The PEL 120 licence is particularly noteworthy due to its proximity to the Ramsay-1 and Ramsay-2 discoveries by Gold Hydrogen Limited, which have already demonstrated promising hydrogen and helium occurrences. Thor’s engagement of RISC, a leading Western Australian energy advisory firm, to conduct an independent resource assessment underscores the company’s commitment to rigorously evaluating these assets.
Progress in US Uranium and Vanadium Projects
Alongside its hydrogen ambitions, Thor has maintained momentum in its uranium and vanadium projects in Colorado and Utah. The recent reverse circulation drilling program at the Groundhog Mine Prospect has extended known high-grade uranium mineralisation by up to 300 meters. Notably, uranium grades reached up to 0.16% eU3O8, reinforcing the potential for resource expansion in the Uravan Mineral Belt.
Despite early-season snow halting drilling activities, Thor holds permits to continue exploration across multiple prospects in 2025, indicating a sustained focus on advancing these critical energy metals projects.
Corporate Restructuring and Financial Strengthening
Thor’s quarter was marked by key leadership changes, including the appointment of Alastair Clayton as Executive Chairman and the addition of Lincoln Moore to the Board, alongside Rowan Harland as Company Secretary. These changes aim to bolster executive capabilities as the company scales its exploration activities.
Financially, Thor completed a well-supported capital raise, securing approximately GBP 1 million (AUD 1.96 million) through a share placement to sophisticated investors. This infusion has strengthened the company’s cash position to AUD 2.24 million, providing a runway for the anticipated ramp-up in exploration across its diversified portfolio.
Portfolio Rationalisation and Future Outlook
Thor continues to streamline its asset base, with progress made in monetising non-core mineral rights, including a partial sale of mineral rights over the Molyhil JV area. The company’s strategic focus remains on uranium, energy metals, and now hydrogen and helium, aligning with global trends towards a clean energy economy.
As Thor navigates the final conditions precedent for the Go Exploration acquisition and prepares for expanded drilling programs, the company is poised to capitalize on emerging opportunities in both traditional and alternative energy resources.
Bottom Line?
Thor Energy’s strategic moves set the stage for a transformative year as it bridges uranium expertise with emerging hydrogen opportunities.
Questions in the middle?
- When will the acquisition of Go Exploration Pty Ltd be fully completed and operational?
- What are the initial findings from the independent hydrogen and helium resource assessment by RISC?
- How will Thor balance capital allocation between its uranium projects and new hydrogen exploration activities?
