Thor Energy Plc ended the third quarter of 2026 with A$3.0 million in cash after receiving the first annual deferred completion payment from Tivan Limited and continuing work on approvals for its HY-Range Natural Hydrogen and Helium Project in South Australia.
The company’s quarterly activities and cash flow report said the period was one of operational consolidation and regulatory progression. During the quarter, Thor continued to advance the statutory and environmental approvals needed before it can carry out a planned 464 line-kilometre 2D seismic acquisition survey across RSEL 802.
Deferred payment boosts cash balance
On 15 September 2026, Thor received A$1,312,500 from ASX-listed Tivan Limited following the divestment of the Molyhil Project. Under the transaction terms, Tivan chose to settle half the payment in cash, worth A$656,250, and half in Tivan ordinary shares, also valued at A$656,250.
That cash inflow helped Thor end the quarter with a closing cash balance of A$3,000,000 at 30 September 2026. The company said the receipt further strengthened its cash position.
Cash flows for the quarter included net operating outflows of A$468,000. Within that total, A$61,000 related directly to exploration activity. Investing activities generated net inflows of A$656,000, reflecting the cash component of the Tivan payment.
HY-Range approvals remain in progress
Thor said the public consultation process and statutory pathway to secure a Statement of Environmental Objectives through the Department of Energy and Mining in South Australia remain ongoing.
The company described itself as being in a strong, fully funded position to execute the 2D seismic survey without immediate recourse to equity markets. In the report, chief executive and managing director Andrew Hume said the quarter was important for consolidating the company’s financial foundation and progressing its obligations in South Australia.
He added that receiving the deferred payment from Tivan underlined the value delivered by Thor’s non-core asset divestment strategy and said the consultation process means the 2D seismic acquisition window will most likely be in late Q1 or early Q2 2027.
Thor also said its technical team and seismic contractors are ready to proceed once the Statement of Environmental Objectives and formal approvals are finalised. The company pointed to its 3% natural hydrogen geochemistry results as support for its confidence in the prospectivity of HY-Range.
Cash payments of A$138,000 were made to directors during the quarter, covering the CEO-managing director’s salary and the fees and salaries of non-executive directors.
Thor said it will monitor market conditions and internal cashflow models to decide when to realise its Tivan shares after the escrow period ends in March 2027.
