Thor Energy Plc (LON:THR, ASX: THR) has provided the Company’s audited annual financial results for the year ended 30 June 2026.
2026 ANNUAL REPORT
Chairman’s Message
Dear Shareholders,
On behalf of the Board of Thor Energy Plc, I am pleased to report on activities of the Company for the year ended 30 June 2026. This has been a defining year for the Company, in which we have continued to advance our flagship HY-Range natural hydrogen and helium project in South Australia towards a maiden drilling programme and augmented our portfolio with the addition of new strategic acreage in the Otway Basin. Meanwhile, Thor Energy has completed the rationalisation of our legacy metals portfolio, to deliver significant upfront and trailing cash, optimised cost reduction and preservation of high-value mineral exploration acreage in South Australia. Thor’s portfolio is now more focused in South Australia alongside a rationalised, non-operated, low-cost US portfolio.
HY-Range Project – South Australian Natural Hydrogen and Helium
Our 80.2%-owned HY-Range Project (RSEL 802), held through our subsidiary Go Exploration Pty Ltd, remains the Company’s core focus. During the year we completed our Phase 2 soil air geochemistry survey, an extended monitoring campaign that commenced in November 2025 and ran through the first quarter of 2026. The results, announced in June 2026, were excellent: natural hydrogen readings of up to 3% (30,000ppm) were recorded, approximately 60,000 times background levels, and materially exceeded the already encouraging Phase 1 results. The survey validated three of our highest priority focus areas; Mallala, Lochiel and Crystal and significantly increased our confidence in the scale and continuity of the underlying natural hydrogen system.
Following these highly encouraging results, the Company began planning for a large-scale 2D seismic acquisition programme designed to image the subsurface geology, refine structural interpretations and identify priority drilling targets across the HY-Range Project. The programme marks the next critical step towards testing the project’s natural hydrogen and helium potential through drilling. A comprehensive bid evaluation was undertaken toward the end of the year resulting in the Company signing a Letter of Award with Velseis Pty Ltd, a leading Australian seismic contractor, for an onshore 2D seismic acquisition survey across RSEL 802. The programme will acquire approximately 464 line-kilometres of 2D seismic data, targeting the Company’s highest-priority zones within the Torrens Hinge Zone, with the surveys expected to begin in Q4 2026.
Beyond the HY-Range project, Thor Energy holds a leading natural hydrogen and helium portfolio with more than 37,000 km² of South Australian applications secured as part of the Go Exploration deal which concluded in February 2025. The first two applications, located adjacent to the mining and industrial hub of Whyalla, commenced native title processes during the reporting period. Furthermore, following a competitive bidding process, Thor was subsequently offered two bid licence applications (RSELA 810 and 811) in February 2026, which are now expected to be awarded as active licences, post-period, during 2026 H2.
Alongside natural hydrogen and helium, Thor’s Gas Storage Exploration Licences (GSEL 804, 805 and 806) are being analysed to assess the potential for hydrogen storage which could add additional value and differentiation to Thor’s hydrogen and helium business streams or alternatively could deliver high-value natural gas or long-term gas sequestration.
Collectively, our gas-oriented business streams and associated portfolio is highly synergistic, facilitating efficient exploration, and delivering both opportunity range and portfolio risk tolerance.
Copper – EnviroCopper Limited
Alongside our hydrogen and helium ambitions, the Board continues to see significant embedded value in our copper interests, held both as direct equity within Thor Energy’s project portfolio and indirectly, through our investment in EnviroCopper Limited (“ECL”), in which Thor is the largest individual shareholder, with a stake of just over 24% as at 30 June 2026.
ECL is a specialist in-situ recovery (“ISR”) copper company focused on its Alford West and Kapunda projects in South Australia. In October 2025, we announced that a large international energy company had agreed to invest A$3.5 million (£1.75 million) into ECL to collaborate on its ISR technology and on the Kapunda and Alford copper projects, with the option to convert that investment into a shareholding in ECL. This is a strong external endorsement of the technology and the underlying asset base, and in March 2026 Thor further strengthened its involvement by appointing a director to the ECL board. The Company looks forward to reporting on ECL’s continued progress and believes this holding gives shareholders meaningful, low-cost exposure to a re-emerging South Australian copper story alongside our core hydrogen and helium strategy.
Immediately adjacent to ECL’s Alford West project, Thor holds 80% of metal oxides in Alford East, EL 6529. Collectively, the Alford system represents a significant resource with the potential with the potential to deliver and scale economic production by low impact, environmentally sound, and scalable production systems.
Portfolio Rationalisation and Non-Core Assets
The Board’s strategy of simplifying the portfolio and sharpening our focus on core assets has continued at pace. In September 2025 we signed a Term Sheet for the sale of our 75% interest in the Molyhil Tungsten Project (held via the FRAM Joint Venture) to ASX-listed Tivan Limited for total consideration of up to A$8.75 million(£4.375 million)with Molyhil’s 75% share worth $6,562,500 (£3,281,250). The first cash payment of A$2.25 million (£1,125 million) was received in January 2026, and we received the first of three further annual deferred completion payments of A$1,312,500 (£656,000), post period, in September 2026 with Tivan electing to pay 50% in cash and 50% in shares.
In August 2025, the Group also successfully sold its 75% stake in its US assets to Metals One Plc (AIM:MET1). In October 2025 via our retained 25% interest in the above we signed a binding agreement with DISA Technologies, Inc. to evaluate and potentially develop historically abandoned uranium mine waste at our Colorado Projects, with the potential to generate a fully carried gross revenue share of 2.5% to 4.0% for Thor, requiring no capital or operating expenditure from the Company and delivering socio-environmental improvements to the area. Together, these transactions continue to deliver a meaningful, non-dilutive boost to Thor’s cash position, enabling us to dedicate an increasing proportion of our resources to advancing HY-Range and our core projects.
Outlook
The Board believes Thor is well positioned as an early mover in the natural hydrogen and helium sector, with a fully funded seismic programme underway at HY-Range and a maiden drill decision now firmly in sight. We have also reinforced our leading natural hydrogen and helium position with high-value follow-up projects. At the same time, our retained interests in EnviroCopper’s ISR copper projects and our other energy metals assets, such as Alford East, provide shareholders with valuable optionality beyond our core strategy. On behalf of the Board, I would like to thank our shareholders for their continued support, and I look forward to updating you on our progress as we advance towards drilling at HY-Range.
Yours faithfully
Alastair Clayton
Chairman
29 September 2026
