Business
Formation of Joint Venture
Formation of Joint Venture.
About this update from Thor Energy Plc
[{"type":"text","content":"\n\n14 August 2024\nThor Energy PLC\n \n(\"Thor\" or the \"Company\")\n \nFormation of Joint Venture\nMolyhil Project, Northern Territory\n \nThe Directors of Thor Energy Plc (\"Thor\") (AIM, ASX: THR, OTCQB: THORF) are pleased to announce that, further to the announcement on 24 November 2022 in relation to the Farm-in Funding Agreement and the announcement on 24 April 2024 in relation to the Completion of Stage 1 Earn-In Commitment, a joint venture Agreement (\"JV\") with ASX-listed Investigator Resources Limited (\"IVR\"), operating as Fram under the Heads of Agreement (\"HoA\"), has been formalised for the Molyhil and Bonya (EL29701 only) Projects, in the Northern Territory.\nHighlights:\n§ JV formed with IVR completing by spending $1,000,000 on the tenements (Stage 1 commitment) and the transfer of 25% interest in the Molyhil tenements and the sale of Thor's 40% interest in Bonya tenement EL29701 (Table 1 and 2).\n§ The initial interest for the parties is 25% Fram and 75% Molyhil.\n§ IVR will now issue Thor A$250,000 worth of IVR shares upon the formalisation of Fram's 25% JV interest.\n§ Fram can opt to continue to earn up to 80% interest by spending up to, a further $7,000,000 on the Tenements via a three-stage process.\n§ The JV at Molyhil will allow Thor to focus on its priority USA Uranium assets and Alford East Copper-REE Project while retaining a meaningful interest in the Molyhil Project.\n \n \n \n\n \nNicole Galloway Warland, Managing Director of Thor Energy, commented:\n\"The Directors are delighted that the Stage 1 Commitment has been completed and that Fram is progressing with developments on this exciting tungsten/molybdenum deposit. The increase in the mineral resource endowment is underpinning feasibility work at Molyhil.\n\"The commitment shown by Fram in diligently working through all aspects of this deposit is to be applauded.\n\"The Molyhil divestment and Bonya sale (EL29701) will support the Company's focus on its priority US uranium assets, where we see the most significant and nearest-term value potential for Thor's shareholders.\"\n \nKey Transaction Details\nFormation of the Joint Venture\nUnder the execution of the Stage 1 obligations, a JV Agreement was executed between Fram and Molyhil on 13 August 2024 (\"JV Commencement Date\"). The initial JV interests of...