Thor Energy has received A$2.25 million in cash after completing the sale of its 75 percent interest in the Molyhil tungsten and molybdenum project in Australia’s Northern Territory. This initial payment forms part of a broader A$6.56 million agreement, with the remainder to be paid in three instalments from 2026 to 2028. The buyer can settle these future payments in cash, shares or a mix of both.
The sale removes a non-core asset from Thor’s portfolio and frees up capital to advance its key exploration programmes. Most notably, the proceeds will support progress at the HY-Range project in South Australia, which targets natural hydrogen and helium. With this funding, Thor can continue development without turning to equity markets in the short term, limiting dilution for existing shareholders.
The company is positioning HY-Range as its flagship asset and a central part of its energy strategy. Natural hydrogen is gaining attention as a potential clean fuel source, and helium remains critical for medical and industrial applications. Thor is aiming to define drill targets in 2024 following ongoing geophysical work.
Thor Energy PLC (LON:THR) is a leading exploration company focused on natural hydrogen and helium, with a significant footprint in the highly prospective South Australian region.
