Thor Energy PLC (LON:THR) has announced its Quarterly Activities and Cash Flow Report Q3 2026.
EXECUTIVE SUMMARY & OPERATIONAL UPDATE
The third quarter was a period of operational consolidation and regulatory progression for the Company. During the period, the Company achieved a key financial milestone by receiving non-dilutive capital while continuing to methodically advance the statutory and regulatory approvals required for its flagship HY-Range Natural Hydrogen and Helium Project (RSEL 802) in South Australia.
Highlights:
- Receipt of A$1.312m Payment from Tivan Limited: On 15 September 2026, Thor received the first annual deferred completion payment of A$1,312,500 from ASX-listed Tivan Limited (ASX: TVN) following the successful divestment of the Molyhil Project. As permitted under the transaction terms, Tivan elected to satisfy 50% of the payment in cash (A$656,250) and 50% in Tivan ordinary shares (A$656,250). This further strengthens Thor’s cash balance.
- Closing Q3 Cash Balance of A$3,000,000 at September 30, 2026.
- HY-Range Regulatory & Permitting Update: Thor has continued to progress the statutory environmental and regulatory approvals necessary to undertake its planned 464 line-kilometre 2D seismic acquisition survey across RSEL 802. The public consultation process and statutory pathway to secure the Statement of Environmental Objectives (“SEO”) through the Department of Energy and Mining in South Australia is ongoing.
- Fully Funded Position: Thor remains in a strong, fully funded financial position to execute the 2D seismic survey without requiring immediate recourse to equity markets.
Andrew Hume, CEO and Managing Director, Thor Energy Plc, commented:
“It was an important quarter to consolidate our financial foundation and diligently advance our statutory obligations in South Australia.
“Receiving the A$1.3m deferred payment from Tivan underlines the ongoing value delivered by our non-core asset divestment strategy, ensuring our treasury remains well-resourced. At HY-Range, navigating the public consultation and statutory framework to secure our Statement of Environmental Objectives was a crucial step to support best-practice environmental management and community alignment.
“The consultation process means our 2D seismic acquisition window will most likely be in late Q1/early Q2 2027, as our technical team and seismic contractors are fully prepared and ready to progress. We are confident in the prospectivity of HY-Range following our 3% natural hydrogen geochemistry results, and we look forward to getting crew on the ground as soon as the SEO and formal approvals are finalised.”
FINANCE AND CASH MOVEMENTS
Cash Movement:
The Company experienced net cash outflows from Operating activities for the quarter of A$468,000, which included outflows of A$61,000 directly related to exploration activities. Net cash inflows from investing activities of A$656,000 reflect the cash component of the Tivan payment (see below). Thor ended the quarter with a cash balance of A$3,000,000, reflecting continued disciplined management of the Company’s cash reserves following its recent portfolio divestments. As previously noted, Thor received a further payment of A$1,312,500 from Tivan Limited pursuant to the divestment of the Molyhil Project, comprising A$656,250 in cash and A$656,250 in Tivan ordinary shares. Following completion of the escrow period in March 2027, Thor will monitor market conditions and internal cashflow models to determine the optimal time to realise its Tivan shares.
Cash flows for the quarter include payments of A$138,000 to Directors, comprising the CEO-Managing Director’s salary and the Non-Executive Directors’ salaries/fees.
