Business
Half-year Report
Half-year Report.
About this update from Thor Energy Plc
[{"type":"text","content":"\n\n5 March 2023\n \nThor Energy PLC\n \n(\"Thor\" or the \"Company\")\n \nHalf-year report\n \nThe Directors of Thor Energy plc (AIM, ASX: THR) are pleased to announce the Company's results for the six months ended 31 December 2023.\nThe 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/.\n\nHalf-year Report\n \nFor the six months ended\n31 December 2023\n \n\nDrilling at Section 23, Wedding Bell Uranium Project, USA\n \nNicole Galloway Warland, Managing Director of Thor Energy, commented:\n\"After ending the year with consistent high-grade uranium results from our 2023 drilling program, we are optimistic about our 2024 drilling programs as we continue to strategically position our portfolio towards advancing our 'green energy' projects in the US.\n \n\"Uranium prices throughout the second half of 2023 performed well, supported by strong supply and demand fundamentals. This resulted in uranium breaking the resistance level of $100/lb in early 2024, recording a 16-year high and remaining above $100/lb. Looking ahead, the US Government announced plans to invest up to US$500m to help develop a secure domestic supply of nuclear energy fuel, as we mentioned in our Q4 2023 Quarterly Activities Report.\n \n\"Regarding our Australian portfolio, we advanced the In-Situ Recovery assessment of the Alford East Copper-REE-Gold Project, with reported favourable copper recoveries of up to 72.2%, performing above the 60%-70% usually expected for an In-Situ Recovery operation. Thor is constantly assessing its ESG practice and used GlyleachTM during the ISR assessment process as it is considered both environmentally friendly and more economical compared to the traditional lixiviant of sulphuric acid.\n \n\"Another successful venture accomplished in the second half of 2023 was to amalgamate Thor's 3D geological model with the new Ambient Noise Tomography 3D model through our collaborative partnership with Fleet Space Technologies on our Alford East Copper-REE Project. Thor is currently working on the resultant 3D model and expects it to be completed by the end of Q1 2024. This work will generate an improved geolo...