14 August
2024
Thor Energy
PLC
("Thor"
or the "Company")
Formation of Joint
Venture
Molyhil Project, Northern
Territory
The Directors of Thor Energy Plc
("Thor") (AIM, ASX: THR, OTCQB: THORF) are pleased to announce
that, further to the announcement on 24 November 2022 in relation
to the Farm-in Funding Agreement and the announcement on 24 April
2024 in relation to the Completion of Stage 1 Earn-In Commitment, a
joint venture Agreement ("JV") with ASX-listed Investigator
Resources Limited ("IVR"), operating as Fram under the Heads of
Agreement ("HoA"), has been formalised for the Molyhil and Bonya
(EL29701 only) Projects, in the Northern Territory.
Highlights:
§ JV formed
with IVR completing by spending $1,000,000 on the tenements (Stage
1 commitment) and the transfer of 25% interest in the Molyhil
tenements and the sale of Thor's 40% interest in Bonya tenement
EL29701 (Table 1 and
2).
§ The
initial interest for the parties is 25% Fram and 75%
Molyhil.
§ IVR will
now issue Thor A$250,000 worth of IVR shares upon the formalisation
of Fram's 25% JV interest.
§ Fram can
opt to continue to earn up to 80% interest by spending up to, a
further $7,000,000 on the Tenements via a three-stage
process.
§ The JV at
Molyhil will allow Thor to focus on its priority USA Uranium assets
and Alford East Copper-REE Project while retaining a meaningful
interest in the Molyhil Project.
Nicole Galloway Warland,
Managing Director of Thor Energy, commented:
"The Directors are delighted that the Stage 1 Commitment has
been completed and that Fram is progressing with developments on
this exciting tungsten/molybdenum deposit. The increase in the
mineral resource endowment is underpinning feasibility work at
Molyhil.
"The commitment shown by Fram in diligently working through
all aspects of this deposit is to be applauded.
"The Molyhil divestment and Bonya sale (EL29701) will support
the Company's focus on its priority US uranium assets, where we see
the most significant and nearest-term value potential for Thor's
shareholders."
Key
Transaction Details
Formation of the Joint Venture
Under the execution of the Stage 1
obligations, a JV Agreement was executed between Fram and Molyhil
on 13 August 2024 ("JV Commencement Date"). The initial JV
interests of the parties are 25% Fram and 75% Molyhil in Molyhil,
with the 40% sale of Bonya EL29701 (Table 1
and 2).
Stage 1 Joint Venture Consideration
On the formalisation of Fram's 25%
JV interest, IVR will issue Thor A$250,000 worth of IVR shares at a
deemed price equal to the higher of the Volume Weighted Average
Price for the 15-day trading period immediately preceding the 25%
earn-in date, or A$0.05 per share.
Stage 2 Earn-In
Fram shall, within 28 days of the JV
Commencement Date, give Molyhil written notice of its intention to
earn a further 26% interest in the Molyhil Tenements ("Stage 2
Earn-In Notice"), bringing its total interest to 51%.
If Fram issues a Stage 2 Earn-In
Notice, Fram must spend A$2,000,000 (which amount is in addition to
the Stage 1 Commitment) on exploration on or before the third
anniversary of the JV Commencement Date ("Stage 2 Commitment") to
earn the additional 26%.
Upon Fram meeting the Stage 2
Commitment, Fram will be entitled to a 51% interest in the
Tenements.
Stage 3 Earn-In
Fram shall, within 28 days of the
Stage 2 Completion Notice, give Molyhil written notice of its
intention to earn a further 29% interest in the Tenements ("Stage 3
Earn-In Notice"), bringing its total interest to
80%.
If Fram issues a Stage 3 Earn-In
Notice, Fram must spend A$5,000,000 (an amount additional to the
Stage 1 and Stage 2 Commitments) on exploration on or before the
sixth anniversary of the JV Commencement Date ("Stage 3
Commitment") to earn the additional 26%.
Upon Fram meeting the Stage 3
Commitment, Fram will be entitled to an 80% interest in the
Tenements.
Project Background
The Molyhil tungsten-molybdenum
deposit is located 220km north-east of Alice Springs (320km by
road) within the prospective polymetallic province of the
Proterozoic Eastern Arunta Block, in the Northern Territory
(Figure 1).
As announced on (ASX/AIM:
31 May 2024),
Thor reported a revised Mineral Resource Estimate comprising
Measured, Indicated, and Inferred Mineral Resources, totalling 4.65
million tonnes at 0.26% WO3 (Tungsten trioxide), 0.09%
Mo (Molybdenum), and 0.04% Cu (Copper) using a 0.05% WO3
cut-off.
The Bonya tungsten and copper
tenement (EL29701) is located approximately 30km to the northeast
of Molyhil (Figure 1).
Thor, in JV with Arafura, held a 40% equity interest in the
tenements.
Figure 1:
Tenement & Prospect Location Plan
Figure 2:
Molyhil Project location showing adjacent Bonya
tenement EL29701
Table 1:
Molyhil Tenements
Project
|
Tenement
|
Area
kms2
|
Area
ha.
|
Holders
|
Company
Interest
|
Molyhil
|
EL22349
|
228.10
|
|
Molyhil
Mining Pty Ltd
|
100%
|
Molyhil
|
EL31130
|
9.51
|
|
Molyhil
Mining Pty Ltd
|
100%
|
Molyhil
|
ML23825
|
|
95.92
|
Molyhil
Mining Pty Ltd
|
100%
|
Molyhil
|
ML24429
|
|
91.12
|
Molyhil
Mining Pty Ltd
|
100%
|
Molyhil
|
ML25721
|
|
56.2
|
Molyhil
Mining Pty Ltd
|
100%
|
Molyhil
|
AA29732
|
|
38.6
|
Molyhil
Mining Pty Ltd
|
100%
|
Molyhil
|
MLS77
|
|
16.18
|
Molyhil
Mining Pty Ltd
|
100%
|
Molyhil
|
MLS78
|
|
16.18
|
Molyhil
Mining Pty Ltd
|
100%
|
Molyhil
|
MLS79
|
|
8.09
|
Molyhil
Mining Pty Ltd
|
100%
|
Molyhil
|
MLS80
|
|
16.18
|
Molyhil
Mining Pty Ltd
|
100%
|
Molyhil
|
MLS81
|
|
16.18
|
Molyhil
Mining Pty Ltd
|
100%
|
Molyhil
|
MLS82
|
|
8.09
|
Molyhil
Mining Pty Ltd
|
100%
|
Molyhil
|
MLS83
|
|
16.18
|
Molyhil
Mining Pty Ltd
|
100%
|
Molyhil
|
MLS84
|
|
16.18
|
Molyhil
Mining Pty Ltd
|
100%
|
Molyhil
|
MLS85
|
|
16.18
|
Molyhil
Mining Pty Ltd
|
100%
|
Molyhil
|
MLS86
|
|
8.05
|
Molyhil
Mining Pty Ltd
|
100%
|
Table 2: Bonya Tenement
(EL29701)
Bonya
|
EL29701
|
204.5
|
|
Molyhil Mining Pty
Ltd
|
40%
|
The Board of Thor Energy PLC has
approved this announcement and authorised its release.
For further information, please
contact:
Thor Energy PLC
|
|
Nicole Galloway Warland, Managing
Director
Ray Ridge, CFO / Company
Secretary
|
Tel: +61 (8) 7324 1935
Tel: +61 (8) 7324 1935
|
Zeus Capital Limited (Nominated Adviser and Joint
Broker)
|
Tel: +44 (0) 203 829
5000
|
Antonio Bossi / Darshan Patel /
Isaac Hooper
|
|
SI
Capital Limited (Joint Broker)
|
Tel: +44 (0) 1483 413 500
|
Nick Emerson
|
|
Yellow Jersey (Financial PR)
|
thor@yellowjerseypr.com
|
Dom Barretto / Shivantha Thambirajah
/ Bessie Elliot
|
Tel: +44 (0) 20 3004 9512
|
Competent Person's
Report
The information in this report that relates to exploration
results is based on information compiled by Nicole Galloway
Warland, who holds a BSc Applied geology (HONS) and who is a Member
of The Australian Institute of Geoscientists. Ms Galloway Warland
is an employee of Thor Energy PLC. She has sufficient experience
which is relevant to the style of mineralisation and type of
deposit under consideration and to the activity which she is
undertaking to qualify as a Competent Person as defined in the 2012
Edition of the 'Australasian Code for Reporting of Exploration
Results, Mineral Resources and Ore Reserves'. Nicole Galloway
Warland consents to the inclusion in the report of the matters
based on her information in the form and context in which it
appears.
About Thor Energy Plc
The Company is predominantly focused
on uranium and energy metals that are crucial in the shift to a
'green' energy economy. Thor has several highly prospective
projects that give shareholders exposure to uranium, vanadium,
copper, tungsten, lithium, nickel and gold, located in the
favourable mining jurisdictions of Australia and the
USA.
Thor holds 100% interest in three
uranium and vanadium projects (Wedding Bell, Radium Mountain and
Vanadium King) in the Uravan Belt region of Colorado and Utah, with
historical high-grade uranium and vanadium drilling and production
results.
At Alford East in South Australia,
Thor has earnt an 80% interest in oxide copper deposits considered
amenable to extraction via In-Situ Recovery techniques
(ISR). In January 2021, Thor announced an
Inferred Mineral Resource Estimate.
Thor also holds a 26.3% interest in
a private Australian copper development company EnviroCopper
Limited (ECL), which are working on the Kapunda copper mine and the
Alford West copper project, both situated in South Australia, and
both considered amenable to recovery by way of ISR.
Thor holds 75% of the advanced
Molyhil tungsten project, including measured, indicated and
inferred resources, in the Northern Territory of Australia, which
was awarded Major Project Status by the Northern Territory
government in July 2020. Thor executed a A$8m Farm-in and Funding
Agreement with Investigator Resources Limited (ASX: IVR) to
accelerate exploration at the Molyhil Project on 24 November
2022.
Thor owns 100% of the Ragged Range
Project, comprising 92 km2 of exploration licences with
highly encouraging early-stage gold and nickel results in the
Pilbara region of Western Australia.
For further information on Thor
Energy and to see an overview of its projects, please visit the
Company's website at https://thorenergyplc.com/.
The Company notes that for the
relevant market announcements noted above, that it is not aware of
any new information or data that materially affects this
information and that all material assumptions and technical
parameters underpinning any estimates continue to apply and have
not materially changed.