Thor Energy plc (LON:THR, ASX: THR, OTCQB: THORF) has announced the signing of a term sheet with ASX-listed Tivan Limited (ASX: TVN) to sell the tenements and associated mining information comprising the FRAM Joint Venture, which holds the Molyhil Tungsten/Molybdenum/Copper Project in the Northern Territory, Australia. Thor holds 75% of the FRAM JV via its subsidiary Molyhil Mining Limited with ASX-Listed Investigator Resources Limited (ASX: IVR) holding the remaining 25%.
Dramatically strengthens Thor’s balance sheet, allowing for an acceleration of natural hydrogen and helium exploration in South Australia
Highlights:
· Upon completion of the sale of the FRAM JV, total consideration of A$8,750,000 will be payable, with 75% (A$6,562,500) to Thor via its subsidiary Molyhil.
· 60% of total consideration is payable within approx.12 months from execution of this Term Sheet.
· Three successive annual deferred completion payments, payable in cash, shares or a combination at Tivan’s election.
· Significant, non-dilutionary boost to Thor’s cash position, which, together with the recent Metals One1/2 and DISA3 Uranium transactions, strengthens the Company’s position to advance its core HY-Range natural hydrogen and helium project in South Australia.
· The parties will now move to meet certain conditions precedent to achieve completion in a timely manner, with an indicative target of December 2025.
| Estimated Date* | THOR 75% | IVR 25% | |
| Cash Non-Refundable Exclusivity (60 days) | Sep-25 | $ 375,000 | $ 125,000 |
| Cash Completion Payment | Dec-25 | $ 2,250,000 | $ 750,000 |
| Initial Deferred Completion Payment | Sep-26 | $ 1,312,500 | $ 437,500 |
| Second Deferred Completion Payment | Sep-27 | $ 1,312,500 | $ 437,500 |
| Final Deferred Completion Payment | Sep-28 | $ 1,312,500 | $ 437,500 |
| $ 6,562,500 | $ 2,187,500 |
[1] ASX “Term Sheet to Sell 75% of Non-Core US Uranium Claims” 24 July 2025
2 ASX “Thor Completes Sale of 75% of Non-Core US Uranium Claims” 12 August 2025
3 ASX “Term Sheet Signed to Process Uranium & Critical Metals” 3 September 2025
* All Estimated Dates are the Company’s best estimates and are subject to change.
Alastair Clayton, Thor Energy Chairman, commented:
“I am delighted to announce the Term Sheet executed with Tivan today. The Molyhil Project requires, amongst other things, specific sector expertise and a significant balance sheet to unlock the potential of the Project, of which Tivan has both. Then there are the obvious synergies with Tivan’s Sandover Project to the NE of Molyhil.
“For Thor shareholders, the monetisation of Molyhil means a significant inflow of cash to the Company over the next 12 months and beyond. This means more resources to advance Hy-Range and less dilution to achieve this.
“We look forward to working with Tivan and our FRAM JV partner Investigator to achieve completion as soon as practicably possible.”
Corporate Focus Remains on HY-Range
Whilst looking to monetise much of our legacy portfolio, the corporate focus of Thor Energy remains on its HY-Range natural hydrogen and helium project in South Australia. The transaction represents a means by which Thor can monetise the value of its interest in its non-core tungsten-molybdenum projects.
