Business
Half-year Report for the 6 months ending 31 Dec 25
Thor Energy PLC reported a loss before tax of £1,255,000 for the six months ended 31 December 2025, compared to a loss of £533,000 in the prior period, with total assets decreasing to £8,395,000 from £13,300,000. The company has strategically optimized its portfolio through farm-outs and asset sales, including retaining a 25% stake in its US uranium projects after farming down to Metals One PLC and completing the sale of its 75% holding in the Molyhil tungsten-molybdenum Project to Tivan Limited for significant cash inflows. Thor Energy also continues to focus on its HY-Range natural hydrogen and helium project and its copper, gold, and rare earth elements interests, notably through its investment in EnviroCopper Limited, which attracted a large international energy investor committing up to A$3.5 million. Despite a material uncertainty regarding going concern due to reliance on future capital raisings or asset disposals, the directors believe the going concern basis remains appropriate given sufficient cash reserves and no committed exploration expenditure. Disclaimer*
About this update from Thor Energy Plc
16 March 2026 Thor Energy PLC ("Thor" or the "Company") Half-year report The Directors of Thor Energy plc (AIM, ASX: THR) are pleased to announce the Company's results for the six months ended 31 December 2025. The 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/. Half-year Report For the six months ended 31 December 2025 Drilling at Section 23, Wedding Bell Uranium Project, USA Chairman's Message Dear Shareholders, On behalf of the Board of Thor Energy plc, I am pleased to report on the activities of the Company for the half year ended 31 December 2025. Much of the focus of the period has been on rationalising and de-risking our portfolio of assets as well as further exploration and advancement of our HY-Range natural hydrogen and helium Project in South Australia. The HY-Range project progressed with field activities demonstrating the presence of working hydrogen and helium systems, whilst interpretation of legacy geophysical data resulted in the identification of sub-surface structural trends highly conducive to migration and trapping potential. The program continues at pace with seismic planning nearing completion ahead of planned seismic data acquisition in mid-2026. We also saw several changes to the Board with Andrew Hume assuming the expanded role of Managing Director and CEO, allowing myself to move back to a Non-Executive Chairman's role as is appropriate for the Company's size and structure. I believe we have a well-balanced and effective Board to execute the Company's strategic vision and create value for its Shareholders. In a process that began in 2023 the Board made the decision to significantly optimise the portfolio via farm-outs and assets sales with a view to, over time, becoming significantly more focussed on the energy side of the mining industry alongside precious metals. During the period the Company announced a range of deals on legacy assets including farming down our US uranium projects to London-based Metals One PLC. Thor retains a 25% stake free of holding and administration costs. In tandem with this, Thor entered into an agreement with US firm DI...