Thor’s Uranium Asset Sale: What Risks Lie Ahead for Its Hydrogen Focus?
Thor Energy has agreed to sell a majority stake in its US uranium projects to Metals One, securing upfront cash and stock consideration while focusing on its hydrogen and helium ambitions.
- Sale of 75% interest in US uranium and vanadium projects to Metals One
- £100,000 exclusivity fee and £1,000,000 in Metals One shares upon deal completion
- Metals One to operate projects; Thor retains 25% stake with option to sell remaining interest
- Transaction aims to consolidate regional uranium assets under Metals One
- Funds from deal to support Thor’s HY-Range hydrogen and helium project in South Australia
Strategic Divestment of US Uranium Assets
Thor Energy has taken a decisive step to streamline its portfolio by signing a Term Sheet to sell a 75% interest in its US uranium and vanadium projects located in Colorado and Utah. The buyer, Metals One PLC, a London-listed exploration company, will pay an exclusivity fee of £100,000 and, upon completion of the Sale and Purchase Agreement (SPA), issue £1,000,000 worth of shares to Thor based on a 15-day volume weighted average price.
This move marks a clear pivot for Thor, which has spent approximately £1.6 million developing these US assets but is now prioritising its HY-Range natural hydrogen and helium project in South Australia. By monetising its non-core uranium holdings, Thor aims to secure non-dilutive funding to advance drilling decisions for HY-Range in early 2026.
Operational and Financial Implications
Under the agreement, Metals One will become the operator of the uranium projects, consolidating nearby assets under a single operational entity. Thor will maintain a 25% interest and has granted Metals One a 12-month exclusive option to acquire the remaining stake, with the price to be mutually agreed or determined by an independent valuation.
This arrangement not only provides Metals One with a significant foothold in the US uranium sector but also allows Thor to benefit from any future exploration upside through its retained shareholding. The exclusivity fee and stock consideration offer immediate financial benefits, while the option agreement keeps the door open for a full exit at a later stage.
Focus on Clean Energy Transition
Thor’s CEO Andrew Hume emphasised the strategic rationale behind the deal, highlighting Metals One’s operational expertise in the US and Thor’s commitment to its hydrogen and helium projects. The transaction aligns with Thor’s broader vision to contribute to the clean energy economy by focusing on critical energy metals and emerging energy sources.
As the parties move towards executing the SPA, expected by the end of August 2025, investors will be watching closely to see how this partnership unfolds and how the proceeds will accelerate Thor’s HY-Range project milestones.
Bottom Line?
Thor’s sale of its US uranium assets to Metals One sets the stage for a sharper focus on hydrogen and helium, with fresh capital fueling its next growth chapter.
Questions in the middle?
- Will Metals One’s operational control accelerate exploration success in Colorado and Utah?
- How will the stock consideration impact Thor’s shareholding structure and valuation?
- What are the prospects and timelines for Thor’s HY-Range hydrogen and helium drilling program?