The Directors of Thor Energy plc (AIM, ASX: THR) are pleased to announce the Company's results for the six months ended 31 December 2025.
The Company's Half Year Report was also lodged with the Australian Stock Exchange ("ASX") as required under the listing rules of the ASX. A copy of the Half Year Report is available on the Company's website: https://thorenergyplc.com/.
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 2025. Much of the focus of the period has been on rationalising and de-risking our portfolio of assets as well as further exploration and advancement of our HY-Range natural hydrogen and helium Project in South Australia. The HY-Range project progressed with field activities demonstrating the presence of working hydrogen and helium systems, whilst interpretation of legacy geophysical data resulted in the identification of sub-surface structural trends highly conducive to migration and trapping potential. The program continues at pace with seismic planning nearing completion ahead of planned seismic data acquisition in mid-2026.
We also saw several changes to the Board with Andrew Hume assuming the expanded role of Managing Director and CEO, allowing myself to move back to a Non-Executive Chairman's role as is appropriate for the Company's size and structure. I believe we have a well-balanced and effective Board to execute the Company's strategic vision and create value for its Shareholders.
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 focussed on the energy side of the mining industry alongside precious metals.
During the period the Company announced a range of deals on legacy assets including farming down our US uranium projects to London-based Metals One PLC. Thor retains a 25% stake free of holding and administration costs. In tandem with this, Thor entered into an agreement with US firm DISA Technologies to evaluate and potentially deploy its patented metals recovery technology on extensive mine waste dumps on Thor's acreage that could result in production payments being made to Thor in the future and offering significant environmental improvement.
Subsequent to 31 December we completed our sale of our 75% holding in the Molyhil tungsten-molybdenum Project to ASX-listed Tivan Limited. This transaction has resulted in significant cash inflows into the Company and has obviated the need to raise capital. Further significant annual cash trail payments are contracted to continue out to 2028. As at 31 December 2025 the carrying value of these tenements was transferred to Assets Held for Sale (AHFS).
The Board has also chosen to maintain its focus on the copper, gold and rare earth elements (REE) market. As such through our 80% interest in the Alford East copper project and indirect ownership of nearby Alford West and Kapunda projects, via Thor's major shareholding in operator EnviroCopper "ECL", copper, gold and REEs remain firmly in the portfolio. At our current 24%-owned EnviroCopper Limited investment in In-Situ Recovery (ISR) copper extraction technology in South Australia, we were pleased to welcome a large international energy investor to ECL's share register who has committed to spend up to A$3.5m (~锟�1.8m) with the ability to convert that expenditure into a shareholding (in this event Thor equity would become 20%). We look forward to their presence as significant shareholder to help drive these projects forward over the coming year and are excited to see 2026's work program facilitate short-term development decisions.
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.