Thor Energy Plc (LON:THR, ASX: THR, OTCQB: THORF) has reported on its activities for the Quarterly period from 1 January 2026 to 31 March 2026.
Andrew Hume, Managing Director of Thor Energy, commented:
“The first quarter of 2026 has been a period of operational excellence and strategic consolidation for Thor Energy: delivering company transformation, maximising portfolio value, expanding our core strategic pillars and executing data collection at our HY-Range project.
“Formal completion of the sale of the Molyhil Tungsten-Molybdenum Project to Tivan Limited in January concluded the A$6.56m net sale to Thor, with A$2.25m received on completion and annual payments of A$1.31m to be received each September for three years. This significant, non-dilutive capital injection materially bolsters our balance sheet and ensures we have the resources required to aggressively advance our exploration programmes.
“Whilst we divested the Molyhil asset, we simultaneously reinforced our strategic interest in In-Situ Recovery of copper (along with potential gold and rare earth elements). Lincoln Moore, a Non-Executive Director for Thor and the Company’s recommended nomination, became a board member of EnviroCopper Limited (“ECL”) to support ECL’s ambitious programme.
“Furthermore, we consolidated our exploration footprint by securing two new Regulated Substance Exploration Licence Applications (RSELA 810 and 811) in the onshore Otway Basin, via a 50:50 joint venture with H2EX. This mature, oilfield-style partnership allows us to pool technical expertise over highly prospective ground that includes the historic 1915 Robe-1 well, previously discovering 25% natural hydrogen and 40% methane.
“Operationally, we safely completed our Phase 2 soil air geochemistry survey at our flagship 80.2%-owned HY-Range Project (RSEL 802). This rigorous, on-budget programme was designed to confirm and build upon our exceptional natural hydrogen readings (up to 3,000 ppm) recorded in May 2025. and effectively eliminates the risk of anthropogenic contamination. We are currently analysing these results to refine our subsurface models ahead of planned 2D seismic and exploration drilling.
“Looking ahead, in Q2 2026, Thor will be releasing the results of the Phase-2 Geochemistry survey and expects to be announcing details of our planned 2D Seismic acquisition.”
HY-RANGE PROJECT – “RSEL 802” – SOUTH AUSTRALIAN NATURAL HYDROGEN AND HELIUM
The Company completed its Phase 2 geochemistry survey at the HY-Range Project during the quarter, following a three-month sampling programme. The survey builds on Phase 1 (May 2025), which recorded natural hydrogen concentrations of up to 3,000ppm (approximately 6,000 times background) and associated helium anomalies.
The programme achieved its core objectives, including infill sampling to increase coverage and data density across priority areas, with results supporting Phase 1 outcomes. Enhanced sampling methodologies, developed with SGS SA, were implemented to mitigate contamination risk and improve data reliability, while further refining acquisition techniques for future programmes.
All field operations were completed safely and on budget across the RSEL 802 licence.
Preliminary data analysis is underway, with results expected in the upcoming quarter. This work will support the refinement of subsurface models for hydrogen and helium systems.
The Company is also finalising tendering for a 2D seismic survey over key areas of RSEL 802, planned for later this year, to support future drill targeting.
OTWAY BASIN – RSELA 810 AND 811 (JOINT VENTURE WITH H2EX)
Concurrently, the Company secured the applications for RSELA 810 and 811 in a 50:50 joint venture with H2EX Ltd, expanding its natural hydrogen portfolio into the onshore Otway Basin. The applications are progressing through standard permitting processes before the grant.
The acreage is highly prospective, supported by historical data including the Robe-1 well (1915), which recorded hydrogen concentrations of 25.4%[1], providing strong evidence of an active hydrogen system. The Otway Basin’s established oil and gas history provides a substantial dataset and well-understood subsurface framework to support exploration targeting.
The joint venture adopts a collaborative, oilfield-style approach, combining technical expertise and sharing costs equally. The licences introduce geological and geographic diversification to the Company’s portfolio and provide an opportunity to apply learnings and methodologies developed at the HY-Range Project to a new basin setting.
Located in proximity to existing infrastructure and East Coast energy markets, the licences are considered well-positioned for future development.
H2EX is a Perth-based energy explorer focused on the emerging natural hydrogen and helium sector in Australia. The company holds a significant acreage position in South Australia as well as Western Australia, headlined by PEL 691 in South Australia’s Eyre Peninsula, where it has developed a portfolio of natural hydrogen and helium drilling targets following numerous geotechnical surveys since the licence award in 2022.
H2EX is distinguished by its collaborative approach to exploration, having secured Federal Government CRC-P grant funding, working alongside leading Australian universities and service providers such as CSIRO, Australia’s National Science Agency, to pioneer low-impact, cost-effective and timely exploration techniques.
Figure 1: Location of RSELA 810 and RSELA 811 in Thor Energy’s South Australian portfolio
ENVIROCOPPER LIMITED – BOARD REPRESENTATION
During the quarter, Thor Energy’s recommended nomination, Non-Executive Director, Lincoln Moore, was appointed to the board of EnviroCopper Limited, of which Thor holds a 20% interest. ECL is an in-situ recovery copper specialist advancing the Kapunda and Alford West projects in South Australia. The company continues to progress low-impact extraction of copper, gold and rare earth elements, supported by partnerships with research institutions, government programmes and industry participants, including BHP.
Thor’s board representation strengthens oversight of the strategic investment in ECL and supports closer alignment as ECL progresses development. The Company also holds an 80% interest in the adjacent Alford East project, with all projects located within a prospective copper province and considered amenable to in-situ recovery techniques.
FINANCE, AND CASH MOVEMENTS
Cash Movement:
Net cash outflows from Operating and Investing activities for the quarter of A$1,689,000, which included outflows of A$150,000 directly related to exploration activities. Thor ended the quarter with a cash balance of A$3,314,000.
Cashflows for the quarter include payments of A$176,000 to Directors, comprising the CEO-Managing Director’s salary, the Non-Executive Directors’ salaries and other staff costs.
