Thor Energy (LSE:THR) — HY-Range Project Prospective Resources

0:01 Good morning, ladies and gentlemen, and welcome to the THOR ENERGY PLC Investor Presentation. Throughout this recorded presentation, investors will be in listen only mode. Questions are encouraged. They can be submitted at any time via the Q and A tab that's just situated on the right hand corner of your screen. Please just simply type in your questions and press send. The company may not be in a position to answer every question it receives during the meeting itself. However, the company can review all questions submitted today, and we'll publish those responses where it's appropriate to do so on the investor meet company platform. And before we begin, we would just like

0:32 to submit the following poll. And if you'd give that your kind attention, I'm sure the company would be most grateful. And I would now like to hand you over to the executive management team from THOR ENERGY PLC. Alastair, good morning, sir. Yeah. Good morning. And, look, thanks for everyone joining us as we were just discussing off camera. Interesting times. My name is Alastair Clayton. I'm the the chairman of of the company. Very confusingly, with my Australian accent, I'm coming to you from sunny London. And pleased to introduce Andrew Hume, who is our relatively new MD, who's coming to you from sunny Perth in Australia. Before I hand over to Andrew to to sort of talk about HighRange and and and our recent announcements, very cognizant that we have shareholders who are familiar with the legacy portfolio of the company, and we've had some questions that we're gonna get to, I believe, at the end in terms of what's going on with the existing portfolio, etcetera, etcetera. Just in advance of that and and and giving Andrew some some clear air to to talk specifically about high rate, introduce himself and talk about high range.

1:41 As those who have sort of read in detail or have hopefully followed what I've been trying to articulate since I became chairman of the company, we've been undergoing quite a long process of of of rationalization of the existing portfolio, really to try to hone in on those opportunities that we think we can best take forward. Sometimes those decisions made on existing commodity outlook, etcetera, etcetera. But at the end of the day, I think it's a fair statement to say THOR was trying to be two things to too many people over the last sort of ten plus years and certainly since I came in the challenge to the to to the to the previous management team was to help rationalize that. So we'll get to those questions at the end. But, again, on this sort of exciting morning in global markets, I'm I'm really pleased to to hand over to Andrew in Perth, and let him take you through high rank himself, what he's doing, and and and high range. Andrew, over to you.

2:42 Alright. Thanks, Alastair. Yeah. Good morning to everyone. Yeah. My name is Andrew Hume. So as Alastair says, I I joined the company at the beginning of the year. My background's oil and gas. I've spent most of my career working for Shell and Total, Murphy, Maersk, throughout you know, all across the planet in in various settings. One of the things that appeals to me and why I decided to to join THOR a few months ago, we're gonna kind of walk through that today and see some of the benefits and some of the the what I see as a as a really exciting portfolio and specifically the the high range project that we'll discuss today. We'll we've just got these new resource results out, which are which are really very compelling. So we'll run you through those, give you an over overview of the of the project, mention a little bit about the the further portfolio that we have as well beyond high range, and then as as Alastair says, we'll be available at the end to to answer any questions.

3:41 So just a a quick disclaimer. I'll just skip through this slide because, obviously, the detail will be, you know, discussed in in the in the later slides. Just first of all, ourselves, you've you've met Alastair. I I've just given myself a a a quick introduction. Introduction. The rest of the board is made up with Lincoln Moore, who's got an awful lot of experience working out of London, and he's now back here with me in Perth, actually, heading up Deckel Agri AgriVision and and and some other projects in The UK as well. Tim Armstrong is located over in Sydney as a finance adviser working for the Princely Group. So across the board, you've got a a a lot of finance experience, and then I I bring a bit more of the sort of technical oil and gas sort of background.

4:31 So over to high range then. So this is the name we're giving to the to our project. The the license is called r s e l eight zero two. I'll show you a map a little bit later, but it's it's it's essentially it's a it's a very large license that that's located in South Australia, with the southern part, actually located right adjacent to the Northern suburbs of Adelaide, the capital city of South Australia. It's a really interesting project. We've got a lot of potential for hydrogen, natural hydrogen, and I'll I'll explain a little bit about what that is for for for any people that might not be aware of some of the differences and the nuances and the different styles of hydrogen generation. And then in addition to natural hydrogen, it's also very prospective for for helium as well.

5:19 Basically, there are three granted licenses in this part of South Australia, which is really evolving into the to the go to fairway, the the most exciting part of of South Australian portfolio. We'll show you why we think we've got a really good license, perhaps the the best in in our view, and why it's adjacent and and very close to some existing hydrogen and helium discoveries and and has a really good access to to markets as well. Now one of the things that I should mention is back in mid February, we closed the deal, which which Alastair and the team had been working on for a few months back into 2024, to purchase 80.2% of Go Exploration.

6:04 Go are an Australian based company, and and we'll we'll we'll walk through the portfolio that we we've acquired in a second. They've done a lot of good work and really painted the picture of where the key prospectivity on the license is, and and we're we're we're we're benefiting from that in THOR to be able to build upon that and and move forward. South Australia is is we think it's the the the key place in Australia, at least for the coming years, partly because the geology is so good for hydrogen and helium generation, partly because of local markets, but also because the regulations in South Australia have really moved forward very quickly over the last few years. And and they've they've put themselves ahead of the other, you know, states in in Australia to allow our industry to evolve, to give access, you know, to to to exploration for hydrogen and helium, and also give us a a better, you know, ability to to to eventually monetize the the product afterwards.

7:09 So this is this is actually this is my thinking in a way about why I joined the company. It kind of, you know, it was you know, it relays the same thing. What we've got here is globally at a at a at a at a thematic level, there's been a lot of noise over the last few years on on on a future hydrogen economy. And and I think that's that's there's some, you know, merit to that, rightly so. I think we we're gonna get to that point in the future, but there's a lot of hurdles to cross. We're learning more more about how difficult it is to transport, the costs associated with it, the thermodynamics, which are which are which are interesting as you as you move a lot of hydrogen around. And and also the green hydrogen's, you know, taken a lot of the limelight over the last few years. And, again, it's not as easy as everyone thought, and it's from an economic perspective, it's it has its challenges. Let's just say that. So there's definitely a future for green hydrogen. It's just really a lot a lot of the steam we've we've seen come out of the system over the last well, maybe the last year or so.

8:12 I think also I mentioned there about helium as well. The the global helium market has really struggled recently in terms of supply. There's only a small number of places producing helium. And in Australia, there's no large scale production. There hasn't been for the last couple of years. So we've we've got a a market waiting for for helium supply. So a high level, people like the natural hydrogen, which I'll explain why that's not green hydrogen, why it's something different, and the helium. We've also then seen at the macro level that most of the the the investment around the the globe has been placed in in Central USA and also into Europe, and there was some news last week in France about some exciting developments about in in Northern France.

9:01 But regionally, that investment hasn't really come to Australia in in the same order of magnitude, shall we say, that it has in The USA and and and Europe. So Australia's a little bit a few years behind, if you like, The USA, and and but we're we're poised as an industry to to move forward. Legislation's in place. People are starting to drill wells. One of our competitors drilled a couple of wells a year year a year and a half ago, which which discovered hydrogen and helium right next door to our license. So it's starting to evolve. Then the company itself, we we we have this high range license, RSR EL eight zero two, which was is now fully granted. We we had to do get a an update of the license from the South Australian government.

9:49 And now we you know, everything's in place for us to move forward with the with the hydrogen and helium exploration. We've just done some independent resource analysis independent resource analysis with a company called Risk who are sort of the global, you you know, go to company. They do a lot of oil and gas work to understand what potential resources are in are in the ground. And once you make discoveries, what what the size of those can be. And and I'll show you a few a few slides time. We've got some very, you know, very large numbers, which is very exciting for us. And then that leads us into being confident enough to move forward if in a an an exploration program. We we're we're mapping out about a year nine months to a year in front of us, which will lead us up to, you know, culminates in drilling wells either late this year or the first part of of next year. So a lot going on. We feel like we're in we're in a a burgeoning industry in South Australia.

10:48 We're we're now starting to fall in the crosshairs of some of the big American companies with a couple of companies having set up Australian arms in the last few months with specific budgets to to invest in in in Australian natural hydrogen helium. And given that the situation with how well licensed up the the acreage is, that pretty much means that they're gonna be coming to to companies potentially like ourselves to to to gain a a foothold in Australia. Quick snapshot of the company. I I won't go into too much detail here. Our ticker's THR, as many of you know. Share price, 1.2. I think it's 1.1 today after the the the craziness of the of the markets, So we haven't fared too too badly, I guess. Market cap's about 11,000,000 Aussie with a with a a little bit over 2,000,000 in the bank as well.

11:46 Our shareholders' position is is really quite stable and I think quite enviable. The the pie chart there shows the top 10 stake stakeholders represent a little over 50% of all all of the shares. Our top 20 take us up to about two thirds of of of all the shares in a relatively stable and long term shareholder base. So as it says in the title there, why South Australia? I mentioned some of these things a little bit ago, but Australia South Australia has really done a good job, you know, better than West Australia, New South Wales, Victoria, Queensland, in bringing the legislation and putting the legislation in place that allows companies like ourselves to explore for this. And ultimately, we'll we'll we'll grease the wheels if you like and speed things up once once the discovery is made so we can get things through its production relatively quickly.

12:44 We've got one of three licenses. I'll show you a map in a few seconds' time that really shows where these things sit along with our other application licenses as well. Little bit about natural hydrogen. So natural hydrogen is is hydrogen. It's just hydrogen, but it's it's sourced from the ground itself. So we're not manufacturing it. All of the hydrogen and all the hydrogen that's being commercially produced today are from a very small facility in Mali in West Africa. All of the all the hydrogen that's used in the in the world comes through manufacturing processes. Some of it come through green hydrogen, which is basically electrolyzing water to to liberate hydrogen and oxygen.

13:30 That's a tiny, tiny amount. Most of the natural gas is sourced from either natural gas or coal in various quite environmentally unsound processes, and and, again, they're not not necessarily the cheapest process either. But what that leads to is that hydrogen has huge uses from involvement in petrochemicals, something that goes to to my background before I moved into natural hydrogen helium. But, obviously, there's there's all kinds of chemical processes, manufacturing, manufacturing, and involvement in transportation, etcetera, etcetera. So a huge market that's only set to grow. Lots of different numbers out there, lots of different predictions about how big and how rapidly it is is gonna grow, but the the the it's still a very bullish looking global market with huge potential. Same with helium. I I won't belabor it because I mentioned it a few slides ago, but there's there's a global dearth and there's a there's a regional dearth of of production in in Australia.

14:32 It's used in a variety of things increasingly in in the semiconductor market in in chip manufacturing and such. So here's a little snapshot of our of our license. So you can see the little insert map there showing you where you are in Australia just to remind you. And then on the bigger map, you can see the city of Adelaide marked on the on the map on the right. So the blue license, that's that's high range. That's RSEL802. Roughly 260 kilometers. So what's that on the old money? About a 110 miles, something like that, north to south, thirty, forty kilometers, twenty, twenty five miles east to west on average, that sort of distance. So it covers a really vast amount of tire, you know, of area.

15:20 And then the the the gray licenses that you can see that sit mostly in the North of that are our license applications. Now these are these are safeguarded by our company, but they're going through what we call native title discussions. There's Australian legislation where there's certain rights that are that and that that are required to be given to the to to to the indigenous people and the tribes of the area. So we're moving through at a at a good pace. The the two Southern licenses are the ones that are most advanced. I expect later this year or potentially early next year, they will be awarded and will become full blown licenses like r s RSCL 802.

16:05 So on RSCL 802, on high range, we've just had these, an independent resource analysis undertaken. There's a snapshot of the key numbers. There's a over a TCF, a a trillion cubic feet of hydrogen is is on in an unrest basis, assumed to be on the license. It's a vast number. Those of you familiar with oil and gas, as as as my background, when you get to a TCF of gas and of natural gas, you you start to become quite interested. Now for for for hydrogen, greater, you know, greater sale price and that future potential, it it really is quite a large number. And even more so perhaps is is our helium number, which is is 90 BCF, which is, you know, together, it's a vast number.

16:54 So let's move on. Here are those numbers in a little bit more detail. The chart in the middle basically shows well, the the the the the the first the three gray columns, if we wanna call them that are focused on hydrogen, the the right hand three columns are helium. The key numbers to look at are the the the middle of each of those columns. So that is two u. So for hydrogen, we've got about well, calculated to be 1,000,000,000,071 BCF on the license, which actually when we have a we have a a slight royalty, a 2% royalty that we that that's a legacy of the license, that brings it down to $10.50 BCF or a little over trillion cubic feet of gas of hydrogen gas on the license for go expiration.

17:46 THOR now own 80.2%, so we end up with that number of 842 BCF, net THOR for for hydrogen, which is a again again, it's a huge number. It's a it's a very comparable number to gold exploration who are the in the in acreage adjacent to us, and we'll we'll mention a bit later as well. So we feel like we've got some you know, there really is a lot of potential on this license to discover some big volumes. And then jump to the two u column for helium, and you'll see the 115 on on on our license. There isn't a royalty associated with helium, so we capture all of those. And then the 80.2% net, THOR gives us 90 BCF. Quick mention of risk. This is the company that's actually undertaken this work for us over the course of the the last two months, a little bit longer than that.

18:36 Our job basically is to give them maps and various inputs because, obviously, ourselves and and and and formerly GO have been working in this area for for a number of years. They take that. They ground truth what we give them, make sure that it it it they agree with the interpretation. They also have a a very large database that they themselves that they map into, and they produce sort of lead maps which corroborate with us very, very closely, which is really good to see. And from that, calculate through industry best practice what the potential unrisked perspective resources on on the license could be. So they've done a great job. They they're they're establishing themselves as sort of the leaders in doing this for for hydrogen and and natural hydrogen helium companies around the planet.

19:24 So that gives us confidence, and that also allows us to be to be very open and for the market to understand how these numbers have been derived. Zooming into the license itself, this slide and the next is just a little bit on on geology. We won't go too deep into it. No pun intended. But it just to give you a feel of of where we are. If you zoom in on that little insert map, you can see a red line and a and an orange line going across. And what they represent is sort of the the east to west extent of the diagram in the top right and the diagram in bottom right. So the the red is the top right and the and the and the orange line is the bottom right. So just to walk you through very briefly, we find ourselves in a really interesting spot for for our license because we sit right on the intersection of this very old piece of earth called the Gaula Crater, which goes back 3,500,000,000 years. It's, know, the the the world itself is about 4.5. So it's really, really old rock. It's got a lot of granites in it, a lot of iron rich materials, and it's, you know, a a great piece of geology to produce hydrogen naturally with interactions of of of rainwater.

20:42 What we do is we we our license sits partly on that. It just kind of coincides with where that comes out to the surface, but, really, it explores and extends over an area where that Gaula Craton has been faulted down. So it's ten, twelve, 15 kilometers below the surface where as opposed to the west, it's actually at the surface. And it gives us this wonderful ability to well, sitting above that is some more modern

21:07 material. It's still a billion years old. It's still quite old. It sits on top of of this gravid as as it's called, this juxtaposition like that. And so it gives us a a really nice opportunity to generate hydrogen and helium for that gas to obviously rise up through the surface and to be trapped hopefully in, in reservoir rock rocks. We do have salt in our license as well, which could be a very good, seal for for hydrogen and helium. But, also,

21:38 we we can also there's faults that go through the system as well, so we can also tap into find you know, finding migration pathways for the hydrogen and helium and and hopefully exploit from there. In the South, this is shown in that bottom right diagram, we've got some really massive structures. I I've got a little diagram or or a map on the next page you can see as well that shows us. There's some really big basement features which bring some of this deep galler craton material relative shallow. That brings hydrogen potentially closer to the surface. Interaction with water perhaps more likely as well, and also sets up some potential structural traps and some key faults that that that that we know are active today because there's a there's a a little bit of seismic activity in this part of the world where fairly often you'll get a magnitude two and a half, three, three and a half earthquake, which tells us the system's active, and it and it's a great it's a great thing to have to encourage gases to move in the system. So in the South, we have these big big, big structures that relate to the basement.

22:37 And in the North, if you look into the top right diagram, we actually move geologically

22:42 sort of further to the to the east, if that makes sense, where the geology is is is is more a function of a very old mountain system that formed. All of this material that went into this graben as as as the Gaulo Craton subsided was eventually crunched up by a a big mountain building event, and it have formed mountains back in the day that would have been comparable to the Alps or something like that. Four or 5,000 meter high mountains. Of course, it's very old. It's Australia. Everything's eroded down. So at the surface now, you get you get small hills. Some of them are, I think, pushing a thousand meters, but most of them are just very low lying hills that represent the top of some of these anticlines, which continue down into the subsurface, which are great locations. Oil oil and gas industry exploit similar things. It's a great location to for for hydrogen and helium to migrate into and to to become trapped as well. So we think we're very fortunate. It's not not all fortunate that we've got, you know, quite a lot of play diversity, lots of different potential hydrogen and helium generating mechanisms, lots of different structural and and faulting patterns in in the area as well.

23:53 And just be before we leave this slide, I'll mention, I don't know if you can see them. They're quite small, but there's a little green blue circle. There's two of them, one called a, one called b. The one is b sits at the south of that map on Kangaroo Island, which is a a beautiful actually, it's a it's a tourist destination, very wild and rugged, a very pretty area in South Australia where a well was drilled in the '19 I think it was the nineteen twenties. Were looking for oil and gas and inadvertently found 90% hydrogen within that well. And then if you go to the north on that map, you'll see another symbol sitting on that peninsula. That's that's called the York Peninsula. And, again, a well was drilled at at the same time just between the walls. And, again, it discovered very high readings of hydrogen and helium.

24:43 Our company, our our our sort of our closest competitor, but we're quite a good collaborative industry. We we we'll you know, we all want to to to see Australia do well in this game. They drill they they own that license that covers the the peninsula. And about eighteen months ago, they went and drilled a couple of wells very close to that historic well just to make sure that what was seen in the historic well was was accurate, it wasn't just, you know, poor readings from old equipment. And indeed, they they discovered very similar levels of of hydrogen and helium in those wells. So it it gives us a really strong feeling that we well, we know there's hydrogen and helium in the system, and we're very proximal to to that. And I'll show you that on on the next map as well.

25:28 Well, there's there's four maps. Very quickly through these, I don't wanna bore the the nongeologists, but on on the left hand side, just kind of recaps what I said in the previous slide. We're at that intersection where the the the red area, this is that Gaul or Craton

25:44 at the surface on on it's red on when it's at the surface, where we go into those blues and greens, that that same material is is, you know, 10 to about ten, twelve, 15 kilometers below us. And you can see on our our area that our our license sits right on that area where's where we start to slide off and where we get where it's at its deepest part as well. And we go into the GS Adelaide GS Incline area and this Torrance Hinge zone hinge zone area, which is geologically really interesting.

26:13 But the second map from the left just shows actually radiation at the surface. You can go along with the Geiger counter, and there's lots of granites and and mafic dykes dykes. So these are volcanic material that have lots of iron in them and through various processes that that they they release uranium or have uranium and thorium in them and and release radiation. This is just a surficial account. It doesn't really say what's happening in the subsurface, so it's not necessarily a true exact representation of where the radiation is,

26:45 but it gives you a clue that there's a lot of radioactive materials in the in the in the area. And that's important because one of the several different ways you can produce hydrogen is the byproduct of of of radio active decay. So that's you know, it shows where some really interesting areas on our license and also those applications, which are actually shown in red on on this map. The third map shows the depth to basement. And, again, this is showing you how deep so on on the left hand side, you know, the left half of the map, you're seeing that high. Red is high in this case. That's the Gaula Craton on the surface, essentially. So you could walk across the land, and you're literally standing on the craton. That blue, you know, North South area is this Adelaide geosyncline.

27:30 It's a failed rift. Australia tried to rip itself in two, you know, about a billion years ago. Didn't quite make it. So you have the old stuff on the left, and you can see there's some equally, you know, old stuff in in the red on the right. And in between, you have this this this gravid. And and and, you know, again, you can see how we sit on a a large range of the different geological elements here. We've got the Gaula Craton. In the South, that sort of boots kind of shaped thing is a is a little block of the Gaula Craton that didn't get subs didn't subside as much. That gives us all kinds of possibilities of structures and, as I mentioned earlier, different pathways and mechanisms to create the hydrogen. And then in the northern part of our license, you can see we're in the Adelaide geosynchron properly. So it gives us all those different geometries, And and and the map on the right is basically showing those those mountains, the the what's left of those mountains that I described, which are which which are overlapping the northern part of our license. So lots of play diversity, lots of migration pathway potential, lots of hydrogen and heat generation potential as well.

28:36 So I I did mention the other players in South Australia. You can you can see the map there. Now this is just the Southern part of South Australia, Southern Central. There are other licenses to the north in the Cooper Basin and things like that, but they're they're quite remote for market. There are and and don't don't really have the same

28:56 key fundamentals, we believe, as ourselves in that blue license. And to, you know, in fairness to gold in their in their yellow license as well. H two x are a private company that own the the the license on the Air Peninsula in green as well. It's a small position. There's only three licenses available in this area. You can see how three or four companies, including ours that are sort of the light blues here, have these license applications sewn up, just going through the native title process, and then ultimately to be approved by the South Australian government. So quite a tight position. This is the local market. I mentioned earlier that hydrogen I think we all would have these lovely ideas of a of a a future hydrogen economy that spans the globe, but may maybe that is our future. But at the moment, the technology and the scalability and the economics are certainly not there.

29:56 What that means is when you go looking for hydrogen as we are we are, you also need to be thinking really carefully about where does that market sit. For us, we're we're fortunate that, you know, you you can see there. We're are are the south of our license basically goes into the Northern suburbs of Adelaide. Adelaide's not the biggest industrial city, but it does it does have some industry in there and a population of, I think, close to a million as well. It's also tapped into the the the whole of the Eastern power supply for gas and for electricity. So it gives us an access point to local markets for, you know, industrial uses, potentially for green steel as well and things like that if if that market develops at WiLa. But it also gives us ability to use our hydrogen straight away by actually creating electrons, putting it into the electricity grid, or or to commingle with the existing natural gas supply as well. So it gives us a very low barrier to entry even if we end up making relatively modest discoveries or if we make a a large discovery

30:58 but want some early production, get some early revenue, gives us a lot of opportunities. So and that's definitely better for us than than than our competitors if you recall the previous map. So it's quite an interesting position. Helium's great. Australia doesn't have any substantial production at the moment. They were getting it from the Northwest Shelf as a byproduct of of natural gas, but that plant in I think it's in Darwin was was was shut down a couple of yeah. A year a year ago, something like that. So Australia definitely needs helium. So it's a it's a open doors, I think, for helium discovery. The last thing I'll mention is this license also has gas storage rights as well. So it might be a potential pivot or another business stream we'll look to in the future where we could actually temporarily store hydrogen and or natural gas, perhaps from an arbitrage point of view and help with energy security, or actually go for long term sequestration of carbon dioxide as well. So it's one of the things we'll be do looking at when we do our work program and and start

32:00 drilling wells is to try and get an understanding of how amenable the amenable the the the geology is to to have for storage as well. Coming towards the last couple of slides now. This is our news flow. This is our this is our main activity that we've got planned for the for the for, say, the next year. We're on the left hand side just describes these results. I've just been talking about the the the unrest prospective resources. The second flag describes that change of license, which was which was a a formality, but it it's it's it's great that we now have that, you know, under control as well. So next bit of news coming up, it'll be first and or second week of May. We'll be going out into the field to do some geochemical analysis.

32:48 This involves actually just taking some samples of the of the geology very

32:53 close to the surface, just a meter, meter and a half down. We drill over auger into the into the soil or into the into the rock as it's exposed to the surface. Wait for evacuate any air that could have got in there. Wait for everything to can't even say that word. Equilibrate. And and then from that point, we can then access the the gases that are that are naturally in the in the spaces in the soil or or in that rock at the surface to look for hydrogen or helium. We're gonna be this is a fairly standard technique, but we're gonna be doing we're gonna take a a really cutting edge gas chromatography device into the field with this. What so we can instead of having to send these, you know, samples to get GC work done in the lab, we'll have that portable GC with us, which gives us immediate results.

33:42 It allows us to take additional, you know, tests if if if we find we have an invalid test or we get a, you know, a a large a very positive result. We might wanna take additional tests in that same hole or step out a little bit to better understand the distribution of of of any anomalies. So it's it's it's taking the technology a little step further than than the industry has. It's it's it's a nice little bit of r and d we're doing. Conventional technology, it'll work. It's just gonna be showing that it works in the field. It gives us a bit of an advantage and allows us to be a bit more fleet footed on this survey. What we'll do is then we we we drill, you know, a 100 or more of these across that license. It'll give us a baseline study of what the hydrogen, helium, also test for natural gas and other things like that, other gases that are that are in the soil and the rock across our license.

34:31 And, obviously, hopefully, it'll point us into directions where where we've got elevated hydrogen and or helium. And, ideally, they will coincide where with where we've all already got mapped leads or where we know there's, you know, faults that are coming to the surface, which are likely gonna be good migration pathways. So we'll do that. Say, that's May time frame. We get the results straight away. We'll send some samples off to the lab just to ground truth that they'll come through in May or June. We may then go back to the field if we just want to to do some more of this, if we really wanna do some more high density over a prospective area. And we might actually go and and gain access to some existing water bores, which allows to take samples from 50, a 100,150 meters down into into the geology. Gives you higher resolution and a better feel of what's happening in the in the geology.

35:22 That'll happen in the June, July time frame if we if we go that route. And then at that point, we're gonna be we're gonna have a a question of whether we want to do some optional two d seismic, which would probably be, you know, q three, q four of this year, which would help us really understand, you know, one, two, three prospects to, you know, see what we actually got to to to survey. Get a feel of what the structure looks like and where's that right spot to drill, you know, how far down to drill, and also to to be able to to drill a nice safe well. We might find, though, that we don't think we need it. Some of our our our leads are fairly well defined structures. You know, I think we we we probably don't we don't necessarily need that seismic to site a well. And if that's the case, then we'll go straight to drilling a well, planning in, you know, q q three, let's say, and and then, you know, doing all the permitting to potentially drill at the end of twenty twenty five, more likely, I think, the start of of twenty six.

36:20 And I think we're coming to last couple of slides. So yeah. Yeah. Snapshot is one of three licenses in this area. We definitely got a, you know, an early mover advantage. Fast forward, perhaps, is another way of describing it here. The industry as a whole is learning, and and we're certainly on a on a on a fast track exploration campaign as well. Hydrogen, helium are are really, you know, really required commodities. We've had these resources that have just come out that are really high, independently validated or or actually calculated. And everything else is lining up, I think, for to take geological success and turn it into to market success as well.

37:06 So that's the end of the formal presentation. Thanks for for enduring that. I'll open the floor for questions and and bring Alastair back in to Yeah. Help out to this. Perfect. Thanks, Andrew. Thank you. And thanks, everyone. Just just just before we jump into the questions, look, I appreciate this is sort of geology heavy bits guys. I think Andrew does a great job of articulating what's sometimes some pretty complex technical work in in a way I hopefully can understand. We wanted to give you guys the same opportunity to listen to the presentation as we would present to a mining, you know, a mining savvy investment bank or something like that. So we didn't wanna we we we didn't wanna dumb it down, quote unquote. We we we wanted to give you the full full nail to see how the the company's presented out there to the to to the banks and the brokers, etcetera, etcetera. So thanks for that.

38:07 I I think think I I think we should as you say, Andrew, why don't we jump straight to the questions and then we can we can see what arises there. Maybe maybe some of those questions get in front of some other questions you might already have in your mind for the presentation. So so do you know yeah. So do we Nick's asking a question here. Let me read it out, and I'll have a stab at answering it, and then I'll steer if you've got anything to add. Yeah. Is is your goal to take high range into production from JV partnerships, joint venture partnerships, or to exit via sale to a major? It's a it's a it's a really good question, and I think the answer is yes. The the we're we're planning an organic program.

38:55 We're planning to to to figure out what's on the license. I'll just I'll just walk you through it. We're confident about that. I think there's a lot lot of energy here, and that could lead us through to becoming a a producing company. But equally, you could see how to along that journey, it could be attractive to bring joint ventures in. Again, I come from an oil back oil and gas background. JV's a a really common that I've been on both sides of farming in and out and and operating and being nonoperator on those. They can they can work very well. They can they can spread risk, bring money in as well, and allow us to do things and and and raise money in different ways. That could definitely be part of it. I I think that, you know, there's other ways of of of of finding that same position. So definitely possible. I don't see why not, but it's not simple we're chasing today.

39:42 And exit by a sale to a major? Sure. If Yeah. We're we're we're we're certainly if someone comes along with with an offer we can't refuse, then we probably can't refuse it. Yeah. Look. I would completely agree with that, guys. And I think there's a couple of sort of specific and nonspecific points as Andrew Andrew quite quite well articulated. At the end of the day, guys, we're investors, and our job overall is is is to make money on our investment, and that can seem a long way off for some of us, including myself as legacy investors. But, you know, I think I think it's important to to focus on those projects that, as Andrew said, give you that optionality. We don't have to take it all the way through production. I think what's sort of interesting in the background is the way the industry has developed in The US or is developing in The US. And I think this is part of the sort of arbitrage of, you know, why did we buy this project? What what what sort of interested us, you know, six months ago when we were we were we were sort of looking looking at the opportunity came in front of us.

40:44 You got an industry in The US where our market capitalization is is point one of a percentage point on the sort of value of transactions. So in in in some of the Midwest states in The US, the hydrogen industry is is flying. Why? Because they're building the Amazons and the Metas, etcetera, are building data centers or about to try and build data centers, burning hydrogen. So hydrogen is useful. You can burn it like a hydrocarbon effectively. It's a sort of, quote, unquote, replacement for natural gas. And we're seeing transaction for very, very grassroots projects, more grassroots than where you know, far further back in time than where we are in terms of in our stage of our exploration journey. And they're being transacted in the hundreds of millions, and and and they're being transacted by the Amazons, etcetera, etcetera.

41:38 Now I think it would be slightly disingenuous to compare sort of apples and apples there. At the end of the day, Australia, you know, the the the the data center industry is is a different kegler fish in The US. But what it shows is there's a huge investment arbitrage. We can capture a fraction of that of of that kind of valuation. So I think what you're seeing in the Australian industry, and Andrew mentioned a few times, is a company called Gold Hydrogen. GHY is their ticker on the ASX. Got a market capitalization of about a $100,000,000 at the moment. Bearing in mind, we have a market capitalization about 10. They are in front of us. I don't think there's any doubt. They drilled their first wells last year with this sort of some success. I don't think they were slam dunks straight away, but it certainly very much fits with their story.

42:32 What they did excitingly announced last week while the world was far more interested in Trump's tariffs was that they have confirmed to the Australian Stock Exchange is that there is a significant amount of interest from Japanese. And as we know, the Japanese have been early stage investors in Australian natural gas, in Australian iron ore, and all sorts of Australian commodities going back to the sort of late nineteen fifties, early nineteen sixties. I think what our area needs is that imprimatur from the big global players to start coming in and saying, yes. We wanna put a couple of couple of gambling chips on this part of the world, I. E, the South Australian hydrogen fairway. So I think that that opens a whole raft of possibilities.

43:17 But, again, I think Antrim's tempered that very well. We have a program that we're gonna do ourselves. We're gonna follow on with that. No one knows how these big oil and gas players invest and act better than Andrew because he was that guy on the other side. Not when he put the spotlight on you too much there, mate. But yeah. I mean, so, you know, we can we'll we'll do what we do. We we look forward to hopefully, as according to the ASX announcement by our our only listed your when we say competitor, we're friendly with the company. Their success is our success to raise the tide and raise all boats in the harbor. So if they're successful in exploration and or bring in a big global partner, well, we just see that as in vastly improving the value of our opportunity as well.

44:07 So there's things that we can do, which is our work programs, etcetera, and investments. And we're cognizant that what happens around us, just like in any oil and gas basin around the world could vastly affect our body. But look. Sorry. Back back to you, Andrew, for the next question. Yeah. So I think there's there's a quite another question. Sorry. I just said that there's another question, which actually you've kind of mostly answered. So it it was just basically saying who do we consider as our our our key peers, shall we say, in the industry? Peers. I think it's a better idea. Think you've covered most of them. Well, the only one I would mention in addition maybe is that Coloma are, yeah, the biggest one of the biggest players in The US. They've got They've found by who, Andrew? The Coloma? Beg your pardon? The Coloma. That's the is that the Bill Gates Foundation?

44:54 That's right. Exactly. Yeah. So I think he's put $9,090,000,000 out of his, you know, star shot or whatever that fund is called. It's got some kind of celebrity backing onto it. They they're they're quite busy in The US. They about a month ago, they they launched an Australian arm. I think they put 23 Aussie million Aussie in there to start to do some work in Australia. We're not not quite sure exactly what they're up to, but, you know, I think that, you know, I showed you the map earlier. All all the good licenses are sort of, you know, taken. So some of that, no doubt, will be sort of an m and a joint venture farming type thing. Maybe they're gonna try and do something organic themselves as well. But that that's sort of probably the first of the American sort of players, I think, starting to put some attention on us. Yeah. Ricky Forrest and other people have done similar things with Hightower who are located here, but looking into The US.

45:47 I won't name names because I'm not sure if Akut should, but there are other players, let's say, from out of London, out of out of The US that are also definitely putting attention on on on Australia as well. Yeah. And in terms of sort of that's very much sort of on the hydrogen side. Interesting, Andrew, that the, you know, the helium side is probably a little bit better understood by the investor base here. We've had some some companies with some, you know, with sort of with with on the helium side, but by PLC, Helix, Helium One, who have been pretty good performers, to be honest, and and I participated in one of those IPOs myself, and and and and and it's gone well. You know, we don't hop on too much about our our Helium, but, you know, attributes, etcetera. But, I mean, I'm sure, you know, plenty of you guys listening maybe follow them and, you know, 90 a a 90 BCF, you know, to your numbers, you know, compares extremely extremely well with with with with what you might wanna call a bit of a helium comp here in London. Okay? Bearing in mind, when we say, you know, our market cap, 10,000,000 Aussie, I mean, that's only sort of $56,000,000 sterling when you when you look around. And and, okay, we're we're six, nine months behind in that journey, but, you know, gee, where's the the opportunity from here to there, you know, could be could be pretty exciting.

47:13 Yeah. Yeah. Further questions, Andrew? There's a there there's an interesting one here that sparks my imagination. Any plans of moving into Africa, specifically South Africa? Look. The the answer at the moment is is no. We we've got this, you know I don't know if you got a it's hard to get a sense of scale, but that that this we've got a huge amount of land both within the high range project and in all of those palace as well. So we we wanna give it the attention it deserves and you know? But as our share price hopefully rises and etcetera, etcetera, and we have success, then, of course, we we we'll wanna we'll wanna increase, you know, continue to grow. Yeah. Where where that growth would be, it's a good question. There's there's a few places around the planet that certainly could spring to mind.

47:59 I like South Africa. I think it's got some good good potential up in the Karoo there where the you know, up in the High Veld as well. There's a bit of a juxtaposition of the iron rich rocks, beautiful sedimentary rocks, and things like that. So it's got some of the the the the the, you know, the the the the ingredients, should we say. I think there are some companies starting to look in that direction. Yep. But, yeah, not not today. Yeah. Look. We we and and look. We get we we see a lot of deals, and and we'll we'll we'll certainly evaluate and look to, you know, the ones that are value accretive. But, yeah, I think we've got plenty on our plate for now. But, you know, if we get the appropriate share price reaction that we think we're gonna get, obviously, you know, the last two the last sort of seven days have been a bit challenging for everyone. You know? We can use our balance sheet.

48:45 You know? Of course, we could diversify out in the form of some time. Question. You can maybe fill this one if you want, or I can do it. Ask that. How much capital is allocated on needed needs funding for the next phase of exploration, and is it secured? Do you wanna have a stab at that, or or I can Look. I'll I'll have a stab first about sort of sources and uses, and and and and I'll hand back to you to talk about more specifics because good good question, you know, what we plan and what we do. At the moment, and maybe get in front, I did see on Friday some submit some questions about the the legacy portfolio. So look. Why don't I make a stab at that, talk about that Yeah. And then that will hopefully get in front of a few of those questions that that some shareholders will have, and we can we can segue beautifully into sort of what what what your pro work program, Andrew, that you've you're you're you're looking at mining tough.

49:40 As you would have witnessed by sort of what we've been doing for the last eighteen to to months to two and a half years since I I joined the company, I came in and and and and and as I said in my opening remarks, there was there was there was there were too many assets in the company. It wasn't clear what the company's direction was. Not through anyone's fault, but it had made some some bets in some areas that that that that were gonna be difficult to monetize. And metals are hard to monetize, guys. They often require, you know, large amounts of upfront capital, etcetera, etcetera, to even talk about resources and reserves and so forth. And and it's just difficult. I've been doing this for over twenty years in London, built some big companies and sold them, extract resources. Some of you guys might remember Kalahari Minerals.

50:25 Very active on the uranium front. I felt cofounder of Bannerman, is a $400,000,000 uranium company, etcetera, and and coal companies. And and and and you have to have your timing right in terms of the way you can build. You know? But I I I overly shudder to sometimes hear shareholder value. You've got to build that ever rising share price, and sometimes the market's against you. So what we've been doing is we've rationalized the portfolio. So Molly Hill, we've farmed out. You know, we've already through stage one of us, of, circa $8,000,000 farm out. And that's not a big check up front, guys. Companies don't tend to write big checks up front. It just doesn't really work that way. But we're they spent another company's spending the money. We're retaining interest in it. It's also taking money out of our cost base. Same with Ragged Range. Couldn't find anyone to buy that. We've just dropped those licenses. Okay?

51:15 They're not material. It's great to have licenses. They cost significant money just to maintain in rents, rates, and fees to government licensing agencies, let alone in doing any work. That's really left us a couple of key prospects with our ECL project, which is a institute led project, copper in South Australia. Ironically, actually overlays some of the area of where where where high range is or is adjacent to it. Again, we have other people paying the bills on that, and that that is very interesting, but it is moving slow. Okay? But the key for us is to minimize cost, Okay? And money going out the door. And then last, of course, we have our uranium in The US. I spent a lot of time out there, drove 2,000 miles, went underground in three existing mines there.

52:03 We like the uranium project. The last drilling was interesting but slightly indifferent and is slightly as we try to be extremely honest in our news release, slightly emblematic of of one of the downsides of those US uranium projects is they they very much pinch and swell, and then you can have very high grade, but to very low grade. And they're challenging for listed companies where we've gotta produce job resources. You spend a lot of money drilling and calculating job resources, millions and millions and millions of dollars. Sometimes you gotta step back and say, where are we spending the money? Okay? Because you can't just keep going because that's what you've already done. So at the moment, as we said, and also due to a long winter there, that that's slightly sort of in in in in the shunting yard, and we're gonna work out what to do with that. So we have sort of circa $2,000,000.

52:50 We've paid back. We we we got rid of the office in Adelaide. We don't have an office in Adelaide anymore. We've reduced the cost base. I'm not being paid. And what we have really is a small amount of money to do a bunch of work to start with. We will be doing a capital raise in advance of drilling. I think that's bleedingly obvious. Okay? But our our aim and that's not due imminently, but our aim is as and when we do that in advance of our drill program is to do that at a much better share price than where we are today and or could involve a blend of bringing in a big global partner to help pay for that, which again is is pretty stock standard stuff. So in terms of what that quantum might look like, I'll hand back to you, Andrew. Maybe you could describe, you know, well cost and debt, but just some some really high level stuff. We'll keep it high level because it's yeah. So basically, yeah, the the the program that I described a few minutes ago, the geochemistry that we're gonna do, that's that's all part of our current budget. So that's not not an issue.

53:49 Plenty of money for that. That that runs into the 1 to 150 sort of thousand $100,000. It's it's not not not huge amount. Aussie dollars, that is. What the the question about when we would raise and how much is gonna depend to some extent whether we add that seismic component. And if we feel like we need the seismic, then we'll we'll we'll need to do that. That's probably in the could be as little as 500,000. It could be in the in excess of one, one and a half, two. We'll have to look at it as a how long is a piece of string sort of answer to that one. Then, ultimately, we get around to drilling wells. Numbers we're throwing around at the moment are in about the 2 to $3,000,000 per well. And I think we'll probably look to drill two ideally.

54:34 Well, not ideally, but nice to drill more, but probably two sort of a as a as part of the first campaign. So you can add all those up. And if we do everything, it might be $6.07, 8,000,000, that sort of number. Might be a bit less than that if we can find ways of drilling shallower prospectivity. You know, there's there's some there's some different things that they could lower the cost or or potentially raise it if there's a excitement to to drill deeper or drill additional wells or something like that. So, yeah, that that's that's sort of a a rule of thumb, five to eight. Yeah. Something like that. Nine, maybe. So the question was, you know, is it spoken for? Well, you know, the the answer is nothing spoken for in advance of it physically happening, but I personally raised $500,000,000, not just using brokers. A lot of it, I've done myself through my contacts.

55:23 The key to capital raising is to have a valid plan, not just to be a price taker. We're trying to be a price maker. And the key difference there, obviously, is what I'm talking about is at what price do you do it. Because as a shareholder, I wrote a check for $100 in the last cap raise, etcetera, is you know, there is no point of getting to the end of this process and not owning the right percentage of your own business. And this is this is why I took a very draconic step to the existing legacy metals portfolio because there was no clear pathway to deliver that. So the answer to those is to stop. Part of what we do isn't just going around doing sales pitches to brokers, but it's talking to not just industry partners, but financial partners, etcetera. So we just had a pretty hectic well, you just had another week over in Sydney, Andrew, and I was out there with you, meeting all sorts of people, high net worth, billionaire families all the way through the range, investment banks, etcetera.

56:23 All I would say that I is is is that we certainly, people understand what we're doing, and they can wearing their greedy hat, they can see the value in it. The capital raises we're talking about are pretty small, to be frank with you. We might have a small market cap now, but we don't expect to have that in the future. I'm very confident in terms of raising money. And the key is is, you know, if you feel there's a weak market, then you might lean more on an industry partner because you can be price independent there in terms of creating value or the other way around. These are just things that we're extremely well versed in doing. We know how to do it well. And when I mean well, I don't mean just raising the money at a bad price. I mean, raising it at the right price as a shareholder to see my equity investment going forward on a on a daily basis. So so without saying too much more, you know, when we outline our plan to the banks in Sydney or in London, etcetera, they look at us, and it just looks like it makes complete, utter sense. And at the end of the day, Andrew, is it a fair comment? The numbers we're talking about are minuscule compared to the oil and gas industry. Oh, sure. Yeah. You know? So so Or the magnitude or more less.

57:37 Exactly. So I think that's a sort of pretty fair answer to to just sort of where we are today. And yeah. Andrew, other questions? I think that's pretty much it. I'm looking at the clock as well. I think we've probably only got a couple of minutes. So I don't know if Jake, if you want to Yeah. Absolutely, guys. And thank you very much for your presentation this morning and for being so generous of your time there and addressing those questions that came in from investors. But, of course, if there are any further questions that do come through, we'll make these available to you immediately after the presentation has ended. But, Andrew, perhaps before really now just looking to redirect those on the call to provide you with their feedback, which I know is particularly important to yourself and the company, if I could please just ask you for a few closing comments just to wrap up with, that'd be great. Yeah. Sure. Take well, look.

58:23 First of all, thank you. You know, it's it's a it's now of our life, but it's now of your time as well. And everyone's busy, so I appreciate those that have stayed the the full course to to see this. It's it's really, really nice. So appreciate it. Hopefully, we've given you a snapshot of high range and and and the sort of the new company direction. I think it's very exciting. That's why I joined the company. It's got huge potential. I think we've got a an avenue over the next year to drill things out organically and and hopefully make that discovery while the whole market's evolving. So, hopefully, you guys see the same thing, relatively undervalued compared to the competition, but with just as good geology and probably better access to to our markets. So thanks again for your time. Well said. Thank you. Perfect, Andrew. That's great.

59:09 And thank you once again for updating investors this morning. Could I please ask investors not to close this session as you'll now be automatically redirected for the opportunity to provide your feedback in order the management team can really better understand your views and expectations. This will only take a few moments to complete, but I'm sure it'll be greatly valued by the company. On behalf of the management team of THOR ENERGY PLC, we would like to thank you for attending today's presentation. That now concludes today's session. So good morning to you all.