Thor Energy (LSE:THR) reported a strong close to 2025, pointing to solid operational progress at its flagship HY-Range natural hydrogen and helium project in South Australia alongside a materially reshaped portfolio aligned with clean energy priorities. During the quarter, the company advanced Phase 2 of its geochemical monitoring programme at HY-Range, aimed at demonstrating the presence of a consistent hydrogen system and supporting a bespoke 2D seismic survey planned for mid-2026 ahead of drilling. Thor noted that its co-located gas storage licences could also benefit from the same subsurface data, potentially enhancing the overall value of the project area.
At the portfolio level, Thor continued to strengthen its funding position through the monetisation of non-core assets. The company divested 75% of its US uranium portfolio via a revenue-sharing arrangement with DISA Technologies and completed the sale of the Molyhil Tungsten Project to Tivan for A$6.56m, delivering non-dilutive capital to fund exploration. At the same time, Thor retained upside exposure to South Australian copper-gold and rare earth assets, holding an 80% interest in Alford East and a 20% stake in EnviroCopper. EnviroCopper recently secured a A$3.5m investment from a major energy company to advance the Alford West and Kapunda projects, indirectly supporting Thor’s retained interests. The group ended the quarter with US$1.66m in cash, subsequently boosted by a A$2.25m completion payment from Tivan, leaving it well-capitalised to pursue its hydrogen, helium and critical metals strategy.
Despite the strategic momentum, the investment outlook remains constrained by weak financial fundamentals, including the absence of revenue, widening losses and ongoing operating cash outflows. While the share price is trading above key moving averages, providing some technical support, mixed momentum indicators and valuation metrics of limited relevance for a loss-making explorer keep the overall assessment below average.
More about Thor Energy PLC
Thor Energy PLC is a dual-listed exploration company focused on clean energy and strategic metals, with a growing emphasis on natural hydrogen and helium opportunities in South Australia. Following a period of portfolio rationalisation, the group has moved away from non-core uranium and tungsten assets, while retaining leveraged exposure to South Australian copper, gold and rare earth projects through direct holdings and a strategic stake in EnviroCopper Limited.
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