Business
Q1 2026 Quarterly Activities and Cash Flow Report
Thor Energy PLC reported its Q1 2026 activities, highlighting the completion of the A$6.56 million sale of the Molyhil Tungsten-Molybdenum Project, with A$2.25 million received and annual payments of A$1.31 million for three years. The company also secured two new exploration licence applications in the Otway Basin via a joint venture and completed a soil geochemistry survey at its HY-Range Project, which showed exceptional natural hydrogen readings. Thor Energy ended the quarter with a cash balance of A$3.314 million, following net cash outflows of A$1.689 million from operating and investing activities. Disclaimer*
About this update from Thor Energy Plc
29 April 2026 Thor Energy PLC ("Thor" or the "Company") Q1 2026 Quarterly Activities and Cash Flow Report Thor Energy Plc (AIM, ASX: THR, OTCQB: THORF) is pleased to report on its activities for the Quarterly period from 1 January 2026 to 31 March 2026. Andrew Hume, Managing Director of Thor Energy, commented: "The first quarter of 2026 has been a period of operational excellence and strategic consolidation for Thor Energy: delivering company transformation, maximising portfolio value, expanding our core strategic pillars and executing data collection at our HY-Range project. "Formal completion of the sale of the Molyhil Tungsten-Molybdenum Project to Tivan Limited in January concluded the A$6.56m net sale to Thor, with A$2.25m received on completion and annual payments of A$1.31m to be received each September for three years. This significant, non-dilutive capital injection materially bolsters our balance sheet and ensures we have the resources required to aggressively advance our exploration programmes. "Whilst we divested the Molyhil asset, we simultaneously reinforced our strategic interest in In-Situ Recovery of copper (along with potential gold and rare earth elements). Lincoln Moore, a Non-Executive Director for Thor and the Company's recommended nomination, became a board member of EnviroCopper Limited ("ECL") to support ECL's ambitious programme. "Furthermore, we consolidated our exploration footprint by securing two new Regulated Substance Exploration Licence Applications (RSELA 810 and 811) in the onshore Otway Basin, via a 50:50 joint venture with H2EX. This mature, oilfield-style partnership allows us to pool technical expertise over highly prospective ground that includes the historic 1915 Robe-1 well, previously discovering 25% natural hydrogen and 40% methane. "Operationally, we safely completed our Phase 2 soil air geochemistry survey at our flagship 80.2%-owned HY-Range Project (RSEL 802). This rigorous, on-budget programme was designed to confirm and build upon our exceptional natural hydrogen readings (up to 3,000 ppm) recorded in May 2025. and effectively eliminates the risk of anthropogenic contamination. We are currently analysing these results to refine our subsurface models ahead of planned 2D seismic and exploration drilling. "Looking ahead, in Q2 2026, Thor will be re...