TIDMTHR
RNS Number : 7732R
Thor Energy PLC
31 October 2023
31 October 2023
Thor Energy Plc
("Thor" or the "Company")
Quarterly Activities and Cash Flow Report
July to September 2023
Highlights Outlook for next quarter (31 December
2023)
URANIUM & VANADIUM
Wedding Bell & Radium Mountain,
Colorado, USA
Vanadium King, Utah, USA * Continue drilling program at Rim Rock and Groundhog,
* 4000m RC drilling Program underway, commencing at with downhole gamma uranium results released
Section 23, Wedding Bell Project regularly throughout program, followed by laboratory
assays for uranium and vanadium
* Uranium spot price reaches a 12-year high of
US$73.38/lb
-------------------------------------------------------------
COPPER - RARE EARTH ELEMENTS
(REE)
Alford East, SA, Australia * Processing and modelling of ANT results in
* Commenced Ambient Noise Tomography Surveys ("ANT") in conjunction with all available geological and
collaboration with Fleet Space Technologies mineralisation data
Kapunda, SA, Australia
(via 30% equity holding in EnviroCopper
Ltd) * Copper-gold recoveries from lixiviant trials
* Environmental approvals grant for in-ground lixiviant
'push/pull' trials
* Continuing to assess the amenability of Alford West
Alford West, SA, Australia for In-Situ Recovery ("ISR")
* Modelling of geophysical data including ANT and
seismic data
-------------------------------------------------------------
GOLD/NICKEL
Ragged Range, Pilbara region,
WA Australia * Seeking divestment or JV partner
-- Full review of nickel potential
-------------------------------------------------------------
Corporate, Finance & Cash Movements
* Capital Share Consolidation
* Equity placement to accelerate USA uranium drilling -
limited raise of AUD$1m at 4.2c
* C ash balance of AUD$2.16m at end of Quarter
(including the proceeds of the equity placement)
Nicole Galloway Warland, Managing Director, Thor Energy Plc,
commented:
"During our most recent quarter, we were excited to announce the
start of our 2023 drilling program at our US uranium projects,
starting at the Section 23 Prospect, followed by the Groundhog and
Rim Rock prospects. We will be closely recording the amount of
natural gamma radiation by downhole gamma logging regularly
throughout the program.
"This new development comes as further growth opportunities
emerge in the uranium sector. The uranium spot price is now at a
12-year high, supported by strong supply and demand fundamentals.
This strengthens our strategic focus on energy metals and our
commitment to advancing our USA uranium projects.
"Regarding our Australian projects, a recent highlight was the
commencement of the low-impact ANT geophysics surveys over the
Alford East copper-REE Project, as part of Thor's collaborative
partnership with Fleet Space Technologies. This marks a key step in
accelerating our exploration and ISR assessment strategy for the
Project.
"Fleet Space Technologies, utilising its technology, EXOSPHERE
BY FLEETâ , will integrate the data from the ANT surveys, and in
conjunction with Thor's 3D geological model, will produce a revised
model to support drill targeting of higher-grade copper and REE
mineralisation along strike of our mineral resource estimate and in
new zones of the Alford Copper Belt.
"The utilisation of both artificial intelligence and machine
learning in this collaboration will enable results from the surveys
to become more precise in our future drilling campaigns, which will
help us reduce our environmental footprint.
"Thor is also pleased that the Government of South Australia
awarded a key environmental approval to advance the Kapunda Copper
ISR Project during the period.
" The in-situ lixiviant "SELT" test being carried out by a JV
between EnviroCopper Ltd and OZ Exploration Pty Ltd is a critical
step in the assessment of the ISR process, determining the copper
solubility hence recovery, as well as hydrogeological parameters at
the Kapunda copper mineralisation.
"We believe this allows the Company's strategy to align with the
objectives of the Government of South Australia to treble copper
production by 2030.
"We look forward to updating the market with further
developments on all our projects in due course."
Photo 1 : RC Drilling Rig at Section 23, Wedding Bell
Project
URANIUM AND VANADIUM PROJECTS (USA)
Thor holds a 100% interest
in two US companies with mineral
claims in Colorado and Utah,
USA ( Figure 1 ). The claims
host uranium and vanadium
mineralisation in an area
known as the Uravan Mineral
Belt, which has a history
of high-grade uranium and
vanadium production.
Within an economical transport
distance is the only uranium
and vanadium processing facility
in the region (Energy Fuels
White Mesa Mill), which enables
a low-hurdle processing option
for any production from these
projects.
Details of the projects may
be found on the Thor website
.
Figure 1 : Uravan Mineral Belt showing
project locations and nearby White
Mesa processing plant
Wedding Bell and Radium Mountain Project, Colorado:
Drilling has commenced at the Wedding Bell/Radium Mountain
Projects (ASX/AIM: 18 October 2023).
The Reverse Circulation (RC) drill program is designed to follow
up on the successful 2022 program, (ASX/AIM: 24 April 2023),
targeting the uranium and vanadium-hosted Salt Wash Member
(sandstone/mudstone) of the Morrison Formation ( Figure 2 ).
At Rim Rock, drilling is designed to vector in on potential
high-grade zones not previously mined, based on the review of
georeferenced historic workings and drill holes.
At Groundhog, drilling will test potential mine extensions
defined from previous drilling and historic mining of high-grade
lenses. In addition, the radiometric survey highlighted uranium
anomalies to the south of Groundhog, which will be tested as part
of the drilling program. Groundhog has mineralisation within both
the Brushy Basin shales and the underlying Salt Wash Sandstones;
hence drill holes will be extended through the two geological
units.
The drilling at Section 23 will continue to test extensions to
the uranium mineralisation identified from the first pass drilling
program in 2022, as well as testing a portion of the radiometric
anomalies, 2022, as well as testing a portion of the radiometric
anomalies.
The 4000m drill program comprises approximately 25 RC
drillholes, to an average depth of 120m, where each hole will be
downhole gamma logged, (supplying eU3O8 uranium results), with
drill chip samples assessed using a spectrometer for uranium and
pXRF for vanadium. Samples from anomalous zones will be sent to
Australian Laboratory Services (ALS) in Canada for analysis.
Photo 2: Drilling at Section 23 with Groundhog in the distance
Wedding Bell Project
Figure 2 : Proposed drill Collars at the Wedding Bell and Radium
Mountain Project
Vanadium King Project, Utah:
The Vanadium King Project, within the Thompson uranium district
of Utah is a greenfield exploration project with no historic
workings ( Figure 1 ). The project area is predominantly covered by
Cretaceous Mancos Shales, with the targeted prospective uranium and
vanadium lithologies (Brushy Basin and Salt Wash Sandstone,
Morrison Formation) at approximately 100m below the surface (based
on historic oil wells drilled in the project area.
Next Steps:
-- Down hole gamma logging with eU(3) 0(8) uranium results
released throughout the program (November)
-- Drilling program is anticipated to take 4-6 weeks (Completion
expected in late November)
-- Uranium and vanadium assay samples to be sent to ALS Canada
(Expected in December 2023 -January 2024)
-- Preparation underway for maiden drilling at Vanadium King
Project, Utah
Photo 3: Thor's Geology Team logging drillhole and taking pXRF
(V) and spectrometer (U) readings
Uranium Outlook:
Supply and demand fundamentals continue to grow in the uranium
sector, with the uranium spot price at a 12-year high of
US$73.38/lb; representing a 51.88% increase since the start of 2023
(Figure 3).
Production from world uranium mines has in recent years supplied
90% of the requirements of power utilities. Primary production from
mines is supplemented by secondary supplies, formerly most from
ex-military material, but now the products of recycling and
stockpiles are depleting due to uranium production decline ([1])
.
From the current 391 gigawatts ("GW") of electricity from
operable nuclear plants, the World Nuclear Association now projects
a demand increase of 50% by 2040 ([2]) .
Most of the new generating capacity will be in China, which is
aggressively pursuing nuclear energy to replace coal which provides
most of the country's energy. China has 23 reactors under
construction, 23 planned and a further 168 proposed to add to its
current operating fleet of 53 reactors. Globally, there are 440
reactors currently in operation and another 59 under construction
(Figure 4) ([3]) .
UxC LLC , one of the nuclear industry's leading market research
and analysis companies projects a GBP66m (AUD$129m) deficit in the
value of uranium supply vs. demand for 2030.
Key Drivers in uranium and nuclear growth are:
-- Nuclear power becoming accepted as green energy
-- It is widely recognised that using nuclear power for the base
load will help achieve net zero carbon emissions
-- Energy security and domestic supply becoming a major
political issue
-- Geopolitical risk such as the Russian invasion of Ukraine and
the coup d'état in Niger
-- The rise of Small Modular Reactors (SMR)
-- De-weaponised stockpiles and inventories are depleting due to
uranium production declining
-- Changes to supply chains can cause supply deficits
Figure 3: Uranium spot price chart hits US$73.38/lb
(Source: https://tradingeconomics.com/commodity/uranium )
Figure 4: Change in Global Demand for Uranium (Source WNA: BMO
Capital Markets)
COPPER - REE PROJECTS (SA)
Thor holds direct and indirect interest in over 400,000 tonnes
of Inferred copper resources in SA, via its 80% farm-in interest in
Alford East copper-gold Project and its 30% equity interest in
EnviroCopper Ltd in Kapunda and Alford West ( Figure 5 ).
Each of these projects is considered by the Thor directors to
have significant growth potential, and each is being advanced
towards development via low-cost, environmentally friendly ISR
techniques.
Figure 5 : Location Map - Copper Projects (left) and Tenement
Map (right) with Thor's Alford East Project
Alford East Copper-Gold Project
The Alford East Copper-Gold Project is located on EL6529, where
Thor is earning up to 80% interest from unlisted Australian
explorer Spencer Metals Pty Ltd, covering portions of EL6255 and
EL6529 (ASX/AIM: 20 November 2020).
The Project covers the northern extension of the Alford Copper
Belt, located on the Yorke Peninsula, SA (Figure 5). The Alford
Copper Belt is a semi-coherent zone of copper-gold oxide
mineralisation, within a structurally controlled, north-south
corridor consisting of deeply kaolinised and oxidised troughs
within metamorphic units on the edge of the Tickera Granite, Gawler
Craton, SA.
Utilising historic drill hole information, Thor completed an
inferred Mineral Resource Estimate (MRE) by JORC ( 2012)
classification on 22 January 2021, reporting for oxide material
only, at a cut-off grade of 0.05% Copper which is consistent with
the assumed In Situ Recovery technique, (ASX/AIM: 27 January 2021),
consisting of (Figure 6):
-- 125.6Mt @ 0.14% Cu containing 177,000t of contained
copper
-- 71, 500oz of contained gold
Maiden Mineral Resources Estimate Release: ( 27 January
2021)
Figure 6 : Alford East Inferred Minerals Resource Domains (left)
and 2021 Drill Collar Map (right)
Figure 7 : Cross Section 6256360mN showing REE (TREO) intercepts
with copper mineralisation
Fleet Space Technologies ("Fleet") Collaboration
Thor and Fleet have formed a collaborative partnership to
accelerate mineral exploration at Alford East Project, as Thor aims
to increase the mineral resource and progress the assessment of the
ISR process. Fleet acquired equity interest in Thor via a share
subscription agreement.
As part of the collaboration, ANT surveys using EXOSPHERE BY
FLEET (â) are to be completed initially over the northern portion
of the Alford East project (Figure 5). This technology is a
particularly low-impact form of exploration and uses natural
environmental vibrations in the ground, caused by ocean waves,
weather or traffic, to analyse the earth's composition down to
approximately 2000m depth.
This technology uses compact, battery-powered smart sensors
called Geodes to collect raw data (Photo 5). It can pre-process and
deliver data directly via Fleet's satellite connectivity. This
technology means faster collection of data, and fewer drill holes,
hence a much lower environmental impact.
The Fleet team will integrate the subsurface ANT results with
Thor's existing 3D geological model, which was generated from all
available geophysics data sets, surface geochemistry and all
available drillhole data. Modelling of the combined information
using Artificial Intelligence ("AI") and Machine Learning ("ML")
will result in a revised 3D model delineating structural and
potential lithological controls on the mineralisation within the
Alford Copper belt and identifying drill targets with potential for
higher-grade oxide copper-gold mineralisation.
Geophysics Survey
EXOSPHERE BY FLEETâ scans the ground using an advanced ANT
seismic tomography technique. This technique consists of laying an
array of approximately 100 lightweight, battery-powered surface
sensors called Geodes ( Photo 4 and Photo 5 ) at a spacing of
approximately 150m, to measure faint, naturally occurring
environmental seismic vibrations in the ground (caused by ocean
waves, weather, and traffic) in near real-time, over a seven-day
period. The data is transmitted through satellites and then can be
processed rapidly and ready for interpretation.
A series of surveys over the Alford East Project will be
completed to successfully delineate the low-velocity, weathered
'troughs' that host the oxide copper-REE mineralisation within the
Alford Copper Belt ( Figure 5 ). Known copper-oxide copper
mineralisation within the Alford Copper Belt is associated with
rocks that are significantly less dense with lower seismic velocity
than the surrounding fresh units.
The survey will compare and integrate the subsurface ANT results
with geological information (surface geochemistry, drilling, and
historic geophysics) that has been compiled by Thor. The resultant
3D model will provide a refined targeted strategy, focusing future
drilling in areas with potential high-grade oxide copper-REE
mineralisation.
Photo 4 : Exosphere used by Fleet Space (R) for ANT
surveying
Photo 5: Deployment of Exosphere by Fleetâ geodes for ANT
Surveys, at Alford East Project
Next Steps:
-- Modelling of ANT results, incorporating Thor's 3D model and
using AI to extrapolate controlling structures along the Alford
Copper Belt
-- Target generation from the final 3D Model (November)
-- Drill preparations and Drilling (Early 2024)
-- To continue to review the geochemical REE data, with selected
historic samples submitted to the Bureau Veritas laboratory for
analysis, for a supplementary REE package; along with mineralogy
and preliminary metallurgical work to determine the potential ionic
nature of the REE
-- Hydrogeology water characterisation sampling continues on a
quarterly basis, to develop baseline data for ISR assessment and
development approvals
-- Thor has engaged Drasloka (R) to undertake 6 diagnostic
mini-column leach tests to determine copper and gold recoveries
using a glycine lixiviant; copper recovery curves to date are
positive and results from these studies are anticipated in November
2023
Kapunda and Alford West Copper Projects
Thor holds a 30% equity interest in private Australian company,
EnviroCopper Limited ("ECL"). In turn, ECL has entered into an
agreement to earn, in two stages, up to 75% of the rights over
metals which may be recovered via ISR contained in the Kapunda
deposit from Australian listed company, Terramin Australia Limited
("Terramin" ASX: "TZN"), and rights to 75% of the Alford West
copper project comprising the northern portion of exploration
licence EL5984 held by Andromeda Metals Limited (ASX: ADN).
Information about EnviroCopper Limited and its projects can be
found on the EnviroCopper website :
Kapunda
The Government of South Australia has approved the first stage
of in-groundwork on the Kapunda copper ISR Project, South Australia
(Figure 5).
This phase of work - Site Environmental Lixiviant Test ("SELT")
will be a Push/Pull trial, involving mixing a biodegradable
solution called a "Lixiviant" with groundwater for placement within
the copper orebody. The lixiviant will reside in-situ for a period
while being sampled and monitored, it will then be extracted, and
the site rehabilitated.
The SELT will provide key information on the ISR assessment
including copper dissolution, copper recovery, hydrogeological
parameters, and rehabilitation data to identify the next major
stage of fieldwork to be conducted, which will be a circulation
trial scheduled for the early stages of 2024.
Photo 6: Well house and bores for push/pull tests, Kapunda
GOLD/COPPER PROJECT
Ragged Range Project (WA)
The Ragged Range Project, located in the prospective Eastern
Pilbara Craton, Western Australia is 100% owned by Thor - E46/1190,
E46/1262, E46/1355, E46/1340 and E46/1393 (Figure 8).
Since the acquisition, Thor has conducted several programs of
stream sediment and soil sampling to delineate drill targets. Thor
has also flown an airborne magnetics survey over the tenement area
to better define the structural features of the area.
Details of the projects may be found on the Thor website .
Figure 8: Ragged Range Project Location map (left) and Tenement
Map (right) showing priority targets
Whilst the Company initially took ownership of this asset due to
the potential for gold, copper-gold, lithium, and nickel, Thor is
now focusing its priorities on its uranium and energy metal
projects, with a divestment or joint venture partner opportunity
currently being assessed for the Ragged Range Project. The change
in focus of Thor Energy towards critical minerals in the energy and
green economy has led this group of tenements to be no longer
considered core in Thor's exploration portfolio.
TUNGSTEN PROJECT
Molyhil Tungsten - Molybdenum-Copper Project - NT (100%
Thor)
The Molyhil tungsten-molybdenum-copper Figure 9: Molyhil Project Location
deposit is 100% owned by Thor Energy map
Plc and is located 220km north-east
of Alice Springs (320km by road)
within the prospective polymetallic
province of the Proterozoic Eastern
Arunta Block in the Northern Territory
(Figure 9).
The deposit consists of two adjacent
outcropping iron-rich skarn bodies,
the northern 'Yacht Club' lode and
the 'Southern' lode. Both lodes
are marginal to a granite intrusion;
both lodes contain scheelite (CaWO(4)
) and molybdenite (MoS(2) ) mineralisation.
Both the outlines of the lodes and
the banding within the lodes strike
approximately north and dip steeply
to the east.
Thor executed an AUD$8m Farm-in
and Funding Agreement with Investigator
Resources Limited (ASX: IVR) to
accelerate exploration at the Molyhil
Project on 24 November 2022 and
the sale of Thor's interest in the
Bonya tenement (EL29701) (ASX/AIM:
24 November 2022).
A full background on the project
is available on the Thor website
.
Bonya JV- Jervois Vanadium Projects (40% Thor)
The Bonya copper, tungsten and vanadium deposits are located
approximately 30km to the northeast of Molyhil (Figure 10). Thor in
a joint venture with Arafura holds a 40% equity interest in the
resources. Thor's interest in the Bonya tenement EL29701 (copper
and tungsten deposit) is planned to be divested as part of the
Farm-in and Funding agreement with Investigator Resources
Limited.
Figure 10: Molyhil Project location showing adjacent Bonya
tenements.
Corporate, Finance & Cash Movements
Following shareholder approval on 23 August 2023, the Company
implemented a share capital consolidation for its listed securities
on 31 August 2023.
Under the share capital consolidation, the Company has reduced
the number of its Ordinary Shares by way of a consolidation on the
basis of 10 Ordinary Shares into one new ordinary share of 0.01p
each ("New Ordinary Share"). Accordingly, holdings in the Company's
CDIs, quoted on the ASX, have also been reduced by way of a
consolidation on the basis of 10 CDIs into one new CDI ("New CDI")
(collectively the "Consolidation"). Pursuant to the Consolidation,
the number of options has also been consolidated in the same ratio
as the Ordinary Shares and the exercise price has been amended in
inverse proportion to that ratio.
Thor completed a strategic small placement on 20 September 2023
, raising gross proceeds of AUD$1m via the placing of 23,809,524
Placing Shares at a price of AUD$0.042 per Placing Share.
All placees received one option for each Placing Shares
subscribed, being a total of 23,809,524 options (the "Placement
Options"). All Placement Options will be issued under the existing
ASX listed options (ASX: THROD) which are exercisable at AUD$0.09
(9 cents) and expire in January 2025.
The Placing price represents a discount of 6.67% to the last
ASX-traded price of AUD$0.045 on 15 September 23 but is a 9.38%
premium to the VWAP of the last 15 trading days, prior to that
date.
For the Quarter, the Company had total net cash inflows of
$447,000, comprising:
-- Net cash outflows from Operating and Investing activities for
the quarter of $722,000 which included an inflow of $229,000 from
the sale of Thor's remaining shares held in Power Metal Resources
plc (AIM: POW), and outflows of $683,000 related to exploration
activities.
-- Net cash inflows from Financing activities for the quarter
were $1,172,000, reflecting 1) a $1,000,000 placement through the
issue of 23,809,524 Ordinary Shares at $0.042 per Share, together
with 23,809,524 listed Options on the basis of one Option for every
Ordinary Share and 2) a $250,000 strategic investment from an
investment fund associated with Fleet Space Technologies (Fleet).
Fleet are undertaking the Ambient Noise Tomography surveys to
advance Thor's understanding of the Alford East Copper-Ree Project
in South Australia.
-- Providing an ending cash balance of $2,158,000
Cashflows for the quarter include payments of $103,000 to
Directors, comprising the Managing Director's salary, and
Non-Executive Directors' fees.
The Board of Thor Energy Plc has approved this announcement and
authorised its release.
For further information, please contact:
Thor Energy PLC
Nicole Galloway Warland, Managing Director Tel: +61 (8) 7324
Ray Ridge, CFO / Company Secretary 1935
Tel: +61 (8) 7324
1935
WH Ireland Limited (Nominated Adviser and Tel: +44 (0) 207
Joint Broker) 220 1666
Antonio Bossi / Darshan Patel / Isaac Hooper
SI Capital Limited (Joint Broker) Tel: +44 (0) 1483
413 500
Nick Emerson
Yellow Jersey (Financial PR) thor@yellowjerseypr.com
Sarah Hollins / Shivantha Thambirajah / Tel: +44 (0) 20
Bessie Elliot 3004 9512
Competent Person's Report
The information in this report that relates to exploration
results is based on information compiled by Nicole Galloway
Warland, who holds a BSc Applied geology (HONS) and who is a Member
of The Australian Institute of Geoscientists. Ms Galloway Warland
is an employee of Thor Energy PLC. She has sufficient experience
which is relevant to the style of mineralisation and type of
deposit under consideration and to the activity which she is
undertaking to qualify as a Competent Person as defined in the 2012
Edition of the 'Australasian Code for Reporting of Exploration
Results, Mineral Resources and Ore Reserves'. Nicole Galloway
Warland consents to the inclusion in the report of the matters
based on her information in the form and context in which it
appears.
Updates on the Company's activities are regularly posted on
Thor's website which includes a facility to register to receive
these updates by email, and on the Company's X page
@thorenergyplc
About Thor Energy PLC
The Company is focused on uranium and energy metals that are
crucial in the shift to a 'green' energy economy. Thor has a number
of highly prospective projects that give shareholders exposure to
uranium, nickel, copper, lithium and gold. Our projects are located
in Australia and the USA.
Thor holds 100% interest in three uranium and vanadium projects
(Wedding Bell, Radium Mountain and Vanadium King) in the Uravan
Belt Colorado and Utah, USA with historical high-grade uranium and
vanadium drilling and production results.
Thor owns 100% of the Ragged Range Project, comprising 92 km(2)
of exploration licences with highly encouraging early-stage gold,
copper and nickel results in the Pilbara region of Western
Australia.
At Alford East in South Australia, Thor is earning an 80%
interest in oxide copper deposits considered amenable to extraction
via In-Situ Recovery techniques (ISR). In January 2021, Thor
announced an Inferred Mineral Resource Estimate (1) . Thor also
holds a 30% interest in Australian copper development company
EnviroCopper Limited, which in turn holds rights to earn up to a
75% interest in the mineral rights and claims over the resource on
the portion of the historic Kapunda copper mine and the Alford West
copper project, both situated in South Australia, and both
considered amenable to recovery by way of ISR.(2)(3)
Thor holds 100% of the advanced Molyhil tungsten project,
including measured, indicated, and inferred resources , in the
Northern Territory of Australia, which was awarded Major Project
Status by the Northern Territory government in July 2020. Thor
executed an AUD$8m Farm-in and Funding Agreement with Investigator
Resources Limited (ASX: IVR) to accelerate exploration at the
Molyhil Project on 24th November 2022.(6)
Adjacent to Molyhil, at Bonya, Thor holds a 40% interest in
deposits of tungsten, copper, and vanadium, including Inferred
resource estimates for the Bonya copper deposit, and the White
Violet and Samarkand tungsten deposits . Thor's interest in the
Bonya tenement EL29701 is planned to be divested as part of the
Farm-in and Funding agreement with Investigator Resources
Limited.(6)
Notes
(1)
https://thorenergyplc.com/investor-updates/maiden-copper-gold-mineral-resource-estimate-alford-east-copper-gold-isr-project/
(2)
www.thorenergyplc.com/sites/thormining/media/pdf/asx-announcements/20172018/20180222-clarification-kapunda-copper-resource-estimate.pdf
(3)
www.thorenergyplc.com/sites/thormining/media/aim-report/20190815-initial-copper-resource-estimate---moonta-project---rns---london-stock-exchange.pdf
(4)
https://thorenergyplc.com/investor-updates/molyhil-project-mineral-resource-estimate-updated/
(5)
www.thorenergyplc.com/sites/thormining/media/pdf/asx-announcements/20200129-mineral-resource-estimates---bonya-tungsten--copper.pdf
(6)
https://thorenergyplc.com/wp-content/uploads/2022/11/20221124-8M-Farm-in-Funding-Agreement.pdf
TENEMENT SCHEDULE
At 30 September 2023 , the consolidated entity holds an interest
in the following Australian tenements:
Company
Project Tenement Area kms(2) Area ha. Holders Interest
Molyhil Mining Pty
Molyhil EL22349 228.10 Ltd 100%
---------- ----------- -------- -------------------- ---------
Molyhil Mining Pty
Molyhil EL31130 9.51 Ltd 100%
---------- ----------- -------- -------------------- ---------
Molyhil Mining Pty
Molyhil ML23825 95.92 Ltd 100%
---------- ----------- -------- -------------------- ---------
Molyhil Mining Pty
Molyhil ML24429 91.12 Ltd 100%
---------- ----------- -------- -------------------- ---------
Molyhil Mining Pty
Molyhil ML25721 56.2 Ltd 100%
---------- ----------- -------- -------------------- ---------
Molyhil Mining Pty
Molyhil AA29732 38.6 Ltd 100%
---------- ----------- -------- -------------------- ---------
Molyhil Mining Pty
Molyhil MLS77 16.18 Ltd 100%
---------- ----------- -------- -------------------- ---------
Molyhil Mining Pty
Molyhil MLS78 16.18 Ltd 100%
---------- ----------- -------- -------------------- ---------
Molyhil Mining Pty
Molyhil MLS79 8.09 Ltd 100%
---------- ----------- -------- -------------------- ---------
Molyhil Mining Pty
Molyhil MLS80 16.18 Ltd 100%
---------- ----------- -------- -------------------- ---------
Molyhil Mining Pty
Molyhil MLS81 16.18 Ltd 100%
---------- ----------- -------- -------------------- ---------
Molyhil Mining Pty
Molyhil MLS82 8.09 Ltd 100%
---------- ----------- -------- -------------------- ---------
Molyhil Mining Pty
Molyhil MLS83 16.18 Ltd 100%
---------- ----------- -------- -------------------- ---------
Molyhil Mining Pty
Molyhil MLS84 16.18 Ltd 100%
---------- ----------- -------- -------------------- ---------
Molyhil Mining Pty
Molyhil MLS85 16.18 Ltd 100%
---------- ----------- -------- -------------------- ---------
Molyhil Mining Pty
Molyhil MLS86 8.05 Ltd 100%
---------- ----------- -------- -------------------- ---------
Molyhil Mining Pty
Bonya EL29701 204.5 Ltd 40%
---------- ----------- -------- -------------------- ---------
Molyhil Mining Pty
Bonya EL32167 74.54 Ltd 40%
---------- ----------- -------- -------------------- ---------
Pilbara Goldfields
Panorama E46/1190 35.03 Pty Ltd 100%
---------- ----------- -------- -------------------- ---------
Pilbara Goldfields
Ragged Range E46/1262 57.3 Pty Ltd 100%
---------- ----------- -------- -------------------- ---------
Pilbara Goldfields
Corunna Downs E46/1340 48 Pty Ltd 100%
---------- ----------- -------- -------------------- ---------
Pilbara Goldfields
Bonney Downs E46/1355 38 Pty Ltd 100%
---------- ----------- -------- -------------------- ---------
Pilbara Goldfields
Hamersley Range E46/1393 11 Pty Ltd 100%
---------- ----------- -------- -------------------- ---------
On 30 September 2023, the consolidated entity holds 100%
interest in the uranium and vanadium projects in USA States of
Colorado and Utah as follows:
Claim Group Serial Number Claim Name Area Holders Company
Interest
Vanadium UMC445103 to 100 blocks (2,066 Cisco Minerals
King (Utah) UMC445202 VK-001 to VK-100 acres) Inc 100%
---------------- -------------- ------------------ ------------------ ------------------ ---------
Radium Mountain CMC292259 to Radium-001 99 blocks (2,045 Standard Minerals
(Colorado) CMC292357 to Radium-099 acres) Inc 100%
-------------- ------------------ ------------------ ------------------ ---------
Groundhog CMC292159 to Groundhog-001 100 blocks (2,066 Standard Minerals
(Colorado) CMC292258 to Groundhog-100 acres) Inc 100%
-------------- ------------------ ------------------ ------------------ ---------
Appendix 5B
Mining exploration entity or oil and gas exploration entity
quarterly cash flow report
Name of entity
--------------------------------------------------
THOR ENERGY PLC
ABN Quarter ended ("current quarter")
------------ ----------------------------------
121 117 673 30 SEPTEMBER 2023
----------------------------------
Consolidated statement of cash Current quarter Year to date
flows (3 months)
$A'000 $A'000
1. Cash flows from operating
activities
1.1 Receipts from customers
1.2 Payments for
(a) exploration & evaluation
(b) development
(c) production
(d) staff costs (47) (47)
(e) administration and corporate
costs (209) (209)
1.3 Dividends received (see note
3)
1.4 Interest received 16 16
Interest and other costs of
1.5 finance paid (2) (2)
1.6 Income taxes paid
1.7 Government grants and tax
incentives
1.8 Other 3 3
---------------- -------------
Net cash from / (used in)
1.9 operating activities (239) (239)
----------------- --------------------------------- ---------------- -------------
2. Cash flows from investing
activities
2.1 Payments to acquire or for:
(a) entities
(b) tenements
(c) property, plant and equipment
(d) exploration & evaluation (683) (683)
(e) equity accounted investments
(f) other non-current assets
(bonds) (29) (29)
----- ----------------------------------- ----------------- --------------
Consolidated statement of cash Current quarter Year to date
flows
$A'000 (3 months)
$A'000
----------------- --------------
2.2 Proceeds from the disposal
of:
(a) entities
(b) tenements
(c) property, plant and equipment
(d) investments 229 229
(e) other non-current assets
2.3 Cash flows from loans to other
entities
2.4 Dividends received (see note
3)
2.5 Other (Government grants) - -
----------------- --------------
Net cash from / (used in)
2.6 investing activities (483) (483)
----- ----------------------------------- ----------------- --------------
3. Cash flows from financing
activities
Proceeds from issues of equity
securities (excluding convertible
3.1 debt securities) 1,250 1,250
3.2 Proceeds from issue of convertible
debt securities
3.3 Proceeds from exercise of
options
Transaction costs related
to issues of equity securities
3.4 or convertible debt securities (67) (67)
3.5 Proceeds from borrowings
Repayment of borrowings (lease
3.6 liability) (11) (11)
3.7 Transaction costs related
to loans and borrowings
3.8 Dividends paid
3.9 Other (funds received in advance
of a placement)
----------------- --------------
Net cash from / (used in)
3.10 financing activities 1,172 1,172
----- ----------------------------------- ----------------- --------------
4. Net increase / (decrease)
in cash and cash equivalents
for the period
----- ----------------------------------- ----------------- --------------
Cash and cash equivalents
4.1 at beginning of period 1,711 1,711
Net cash from / (used in)
operating activities (item
4.2 1.9 above) (239) (239)
Net cash from / (used in)
investing activities (item
4.3 2.6 above) (483) (483)
Net cash from / (used in)
financing activities (item
4.4 3.10 above) 1,172 1,172
----- ----------------------------------- ----------------- --------------
Consolidated statement of cash Current quarter Year to date
flows
$A'000 (3 months)
$A'000
----------------- --------------
Effect of movement in exchange
4.5 rates on cash held (3) (3)
----------------- --------------
Cash and cash equivalents
4.6 at end of period 2,158 2,158
5. Reconciliation of cash and Current quarter Previous quarter
cash equivalents $A'000 $A'000
at the end of the quarter
(as shown in the consolidated
statement of cash flows) to
the related items in the accounts
5.1 Bank balances 2,158 1,711
5.2 Call deposits
5.3 Bank overdrafts
5.4 Other (provide details)
---------------- -----------------
Cash and cash equivalents
at end of quarter (should
5.5 equal item 4.6 above) 2,158 1,711
----------------- ----------------------------------- ---------------- -----------------
6. Payments to related parties of the entity Current quarter
and their associates $A'000
Aggregate amount of payments to related
parties and their associates included in
6.1 item 1 103
----------------
6.2 Aggregate amount of payments to related
parties and their associates included in
item 2
----------------
Note: if any amounts are shown in items 6.1 or 6.2, your quarterly
activity report must include a description of, and an explanation
for, such payments.
The amount at item 6.1 above represents fees paid to Non-Executive
Directors, and remuneration paid to the Managing Director.
7. Financing facilities Total facility Amount drawn
Note: the term "facility' amount at quarter at quarter end
includes all forms of financing end $A'000
arrangements available to $A'000
the entity. Add notes as necessary
for an understanding of the
sources of finance available
to the entity.
7.1 Loan facilities
------------------- ----------------
7.2 Credit standby arrangements
------------------- ----------------
7.3 Other (please specify)
------------------- ----------------
7.4 Total financing facilities
------------------- ----------------
7.5 Unused financing facilities available at
quarter end
----------------
7.6 Include in the box below a description of each facility
above, including the lender, interest rate, maturity date
and whether it is secured or unsecured. If any additional
financing facilities have been entered into or are proposed
to be entered into after quarter end, include a note providing
details of those facilities as well.
----------------- ---------------------------------------------------------------------------
8. Estimated cash available for future operating $A'000
activities
Net cash from / (used in) operating activities
8.1 (item 1.9) (239)
8.2 (Payments for exploration & evaluation classified (683)
as investing activities) (item 2.1(d))
8.3 Total relevant outgoings (item 8.1 + item (922)
8.2)
8.4 Cash and cash equivalents at quarter end 2,158
(item 4.6)
8.5 Unused finance facilities available at quarter -
end (item 7.5)
-------
8.6 Total available funding (item 8.4 + item 2,158
8.5)
-------
Estimated quarters of funding available
8.7 (item 8.6 divided by item 8.3) 2.3
-------
Note: if the entity has reported positive relevant outgoings
(ie a net cash inflow) in item 8.3, answer item 8.7 as
"N/A". Otherwise, a figure for the estimated quarters
of funding available must be included in item 8.7.
8.8 If item 8.7 is less than 2 quarters, please provide answers
to the following questions:
8.8.1 Does the entity expect that it will continue to
have the current level of net operating cash flows for
the time being and, if not, why not?
-------------------------------------------------------------------
Answer:
-------------------------------------------------------------------
8.8.2 Has the entity taken any steps, or does it propose
to take any steps, to raise further cash to fund its operations
and, if so, what are those steps and how likely does it
believe that they will be successful?
-------------------------------------------------------------------
Answer:
-------------------------------------------------------------------
8.8.3 Does the entity expect to be able to continue its
operations and to meet its business objectives and, if
so, on what basis?
-------------------------------------------------------------------
Answer:
-------------------------------------------------------------------
Note: where item 8.7 is less than 2 quarters, all of
questions 8.8.1, 8.8.2 and 8.8.3 above must be answered.
----------------- -------------------------------------------------------------------
Compliance statement
1 This statement has been prepared in accordance with accounting
standards and policies which comply with Listing Rule 19.11A.
2 This statement gives a true and fair view of the matters disclosed.
Date: 31 October 2023...........................................................
Authorised by: the
Board....................................................................
(Name of body or officer authorising release - see note 4)
Notes
1. This quarterly cash flow report and the accompanying activity
report provide a basis for informing the market about the entity's
activities for the past quarter, how they have been financed and
the effect this has had on its cash position. An entity that wishes
to disclose additional information over and above the minimum
required under the Listing Rules is encouraged to do so.
2. If this quarterly cash flow report has been prepared in
accordance with Australian Accounting Standards, the definitions
in, and provisions of, AASB 6: Exploration for and Evaluation of
Mineral Resources and AASB 107: Statement of Cash Flows apply to
this report. If this quarterly cash flow report has been prepared
in accordance with other accounting standards agreed by ASX
pursuant to Listing Rule 19.11A, the corresponding equivalent
standards apply to this report.
3. Dividends received may be classified either as cash flows
from operating activities or cash flows from investing activities,
depending on the accounting policy of the entity.
4. If this report has been authorised for release to the market
by your board of directors, you can insert here: "By the board". If
it has been authorised for release to the market by a committee of
your board of directors, you can insert here: "By the [name of
board committee - eg Audit and Risk Committee]". If it has been
authorised for release to the market by a disclosure committee, you
can insert here: "By the Disclosure Committee".
5. If this report has been authorised for release to the market
by your board of directors and you wish to hold yourself out as
complying with recommendation 4.2 of the ASX Corporate Governance
Council's Corporate Governance Principles and Recommendations, the
board should have received a declaration from its CEO and CFO that,
in their opinion, the financial records of the entity have been
properly maintained, that this report complies with the appropriate
accounting standards and gives a true and fair view of the cash
flows of the entity, and that their opinion has been formed on the
basis of a sound system of risk management and internal control
which is operating effectively.
[1] World Nuclear Association, The Nuclear Fuel Report
2 International Energy Agency, World Energy Outlook
3 World Nuclear Association, The Nuclear Fuel Report
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END
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