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LONDON - Thor Energy PLC (AIM, ASX: THR) has disclosed its performance for the six months concluding on December 31, 2024, emphasizing a strategic shift toward energy-related mining operations. The company, listed on both the AIM and ASX, shared the half-year report on its website, detailing efforts to streamline its asset portfolio and its foray into the natural hydrogen sector through the acquisition of Go Exploration.
During the period, Thor Energy experienced board changes, including the resignation of the Managing Director and the retirement of a Non-Executive Director. Alastair Clayton has taken on the role of Executive Chairman, while Lincoln Moore joined as a Non-Executive Director, and Andrew Hume was appointed Managing Director after the reporting period.
The company’s strategic redirection initiated in 2023 led to decisions to optimize its portfolio through farm-outs and asset sales, aiming to focus more on energy rather than precious, base, and specialty metals. This included securing shareholder approval for the acquisition of an 80.2% stake in Go Exploration. RISC, a consultancy group, was engaged to assess natural hydrogen and helium resources within Go Exploration’s licensed area in South Australia. The transaction was finalized post-period, with results from the resource assessment pending.
Thor Energy’s drilling efforts were concentrated on its U.S. uranium assets, reflecting the board’s belief in a long-term demand increase for uranium. However, the drilling results did not meet expectations, prompting a more detailed evaluation before planning further work programs.
Notable progress was made at the Molyhil Tungsten-Molybdenum Project, where drilling by JV farm-in partner Investigator Minerals resulted in a new JORC-compliant mineral resource statement. The Joint Venture was formalized, and Thor received the Stage 1 share equity payment. Additionally, the company sold certain rights to Tivan Resources, a fluorite developer.
Thor Energy also reported advancements with its 24%-owned EnviroCopper Limited, where ASX-listed Alligator Energy joined the shareholder register, promising to contribute to the development of ISR Copper extraction technology projects in the upcoming year.
Chairman Alastair Clayton expressed gratitude to shareholders for their support and anticipation for the company’s progress in the following year. The announcement of the half-year results was approved by the Thor Energy Plc Board.
The information for this article is based on a press release statement from Thor Energy PLC.
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