Thor Energy Reports Elevated Hydrogen Levels Up to 3,000ppm at HY-Range Project
Thor Energy has reported significant progress in its natural hydrogen and helium exploration at the HY-Range Project, alongside strategic licence acquisitions and leadership changes. The company also signed a term sheet to sell a majority stake in its US uranium assets.
- Completion of extensive geochemical survey at HY-Range with highly positive hydrogen and helium results
- Award and acceptance of three Gas Storage Exploration Licences near Adelaide, South Australia
- Appointment of Andrew Hume as CEO, with Executive Chairman Alastair Clayton returning to Non-Executive Chairman role
- Term sheet signed to sell 75% of US uranium assets to Metals One PLC
- Quarterly net cash outflow of AUD 548,000 with ending cash balance of AUD 1.459 million
Strategic Progress in Natural Hydrogen and Helium Exploration
Thor Energy PLC has marked the April to June 2025 quarter with notable advancements in its natural hydrogen and helium exploration efforts, particularly at its flagship HY-Range Project in South Australia. The company successfully completed a comprehensive licence-wide geochemical survey, deploying innovative field-based gas chromatography equipment; the first of its kind in Australia for this purpose. The survey yielded overwhelmingly positive results, with hydrogen concentrations locally exceeding 1,000 parts per million and peaking at 3,000 ppm, far above typical atmospheric levels. Elevated helium readings up to 27 ppm further confirmed the presence of active helium systems, underpinning the project's potential.
These encouraging findings have enabled Thor to high-grade its acreage, focusing exploration drilling on the most prospective zones. While soil gas sampling can be susceptible to contamination, the strong correlation between elevated gas values and mapped geological features supports the natural origin of these anomalies, bolstering confidence in the project's viability.
Expanding Footprint with Gas Storage Licences
Beyond HY-Range, Thor’s subsidiary, Go Exploration Pty Ltd, secured three Gas Storage Exploration Licences adjacent to Adelaide, South Australia. These licences grant exclusive rights to explore and develop underground gas storage facilities, complementing Thor’s existing natural hydrogen and helium portfolio. This strategic consolidation enhances the company's position in the South Australian energy landscape and supports its vision of advancing natural hydrogen commerciality.
Leadership Transition and Corporate Developments
In a significant leadership update, Andrew Hume was appointed CEO and Managing Director, while Executive Chairman Alastair Clayton reverted to his prior role as Non-Executive Chairman. This transition reflects Thor’s commitment to streamlined operations and cost efficiency as it navigates its evolving energy focus.
Post-quarter, Thor signed a term sheet with Metals One PLC, an AIM-listed uranium and metals explorer, to sell a 75% interest in its US uranium assets held through subsidiaries Standard Minerals and Cisco Minerals. The deal includes an upfront signing fee and stock consideration, with an option for Metals One to acquire the remaining 25% within 12 months. This move signals Thor’s strategic shift to concentrate on its hydrogen and helium ventures while monetising non-core assets.
Financial Overview and Outlook
Thor reported net cash outflows of AUD 548,000 for the quarter, primarily driven by operating and exploration activities, with an ending cash balance of AUD 1.459 million. The company continues to prioritise cost control and operational efficiency to sustain its exploration momentum. Payments to directors, including the CEO and Non-Executive Directors, amounted to AUD 95,000 during the period.
Looking ahead, Thor Energy is poised for an exciting phase as it prepares for targeted drilling at HY-Range and advances the uranium asset sale process. The company’s strategic consolidation in natural hydrogen and helium exploration, combined with its financial discipline and leadership renewal, positions it well to capitalize on emerging opportunities in the clean energy transition.
Bottom Line?
Thor Energy’s strong survey results and strategic moves set the stage for critical drilling milestones and asset realignment in the coming months.
Questions in the middle?
- How will upcoming drilling results at HY-Range validate the promising geochemical survey data?
- What are the detailed terms and timeline for the finalisation of the US uranium asset sale?
- How will Thor balance its cash flow needs with ongoing exploration and operational costs?
