Thor Energy (LON:THR, ASX: THR, OTCQB: THORF) has signed a term sheet with Metals One PLC to sell a 75% interest in its US uranium and vanadium projects.
The projects are held through Thor’s wholly owned subsidiaries, Standard Minerals Inc. and Cisco Minerals Inc., which own 299 mineral claims in Colorado and Utah.
Under the agreement, Thor will receive a £100,000 cash exclusivity fee upon signing the term sheet. Upon completion of due diligence, board approval, and execution of a sale and purchase agreement, Thor will be issued £1,000,000 worth of ordinary shares in Metals One, based on a 15-day volume-weighted average price from the date of the term sheet. Metals One will assume operational control of the projects while Thor retains a 25% interest. Metals One also has a 12-month exclusive option to acquire the remaining 25% interest, with the purchase price to be determined by mutual agreement or an independent valuation.
The consolidation of the nearby Thor and Metals One uranium projects in Colorado and Utah under one operator is expected to improve operational efficiencies. The transaction will provide Thor Energy with a potential source of non-dilutive funding to advance its HY-Range natural hydrogen and helium project in South Australia, which is nearing a drill decision in early 2026.
Thor Energy has invested approximately £1.6 million in exploration and development of its US uranium assets but has not conducted exploration work in the most recent quarter, focusing instead on the HY-Range project.
The parties are progressing with the sale and purchase agreement and planning future exploration activities.
