TIDMTHR
RNS Number : 8170S
Thor Energy PLC
14 March 2023
14 March 2023
Thor Energy PLC
("Thor" or the "Company")
Half-year report
The Directors of Thor Energy plc (AIM, ASX: THR) are pleased to
announce the Company's results for the six months ended 31 December
2022.
The Company's Half Year Report was also lodged with the
Australian Stock Exchange ("ASX") as required under the listing
rules of the ASX. A copy of the Half Year Report is available on
the Company's website: https://thorenergyplc.com/ .
Key Highlights
Uranium & Vanadium (Colorado & Utah, USA)
-- Initial reconnaissance confirms extensive lateral continuity of uranium hosted sandstones
-- Three prospects were tested including Rim Rock, Groundhog and Section 23
-- Assay results from drilling are pending
Gold, Lithium, Nickel, Copper-Gold (Ragged Range in the Pilbara region of Western Australia)
-- A small reconnaissance RC drilling program at Kelly's
Prospect highlighted wide zones of intense sericite alteration
along with anomalous copper and gold mineralisation
-- Thor now holds a 100% interest in five granted tenements
Copper-Gold (South Australia, Australia)
1) Alford East
-- Quarterly hydrogeological testing was completed project to
establish baseline water characterisation and hydrogeology
modelling parameters
-- Thor is continuing hydrogeological and hydrometallurgical
studies to assess the potential copper and gold recoveries
2) Kapunda and Alford West
-- EnviroCopper Ltd (ECL), will complete the lixiviant phase of
Push/pull testing, aiming at recovering copper solution from the
deposit once approved by the Department of Energy and Mines
-- A collaborative ISCR Agreement was signed by OZ Minerals in
November 2022 to support ISCR research, with AUD$2.5m committed to
fund this work
Tungsten-Molybdenum-Copper (Molyhil, Northern Territory, Australia)
-- Thor signed a Heads of Agreement on the 24 November 2022 to
the value of AUD$8m to fund the accelerated exploration of Thor's
100% owned Molyhil tenements in the Northern Territory
-- Thor has 40% equity interest in the Bonya project
Nicole Galloway Warland, Managing Director of Thor Energy,
commented:
"With the shift to our philosophy to a 'green' energy economy,
our business model is currently going through a position of
transition.
We are delighted that the initial drilling program at Wedding
Bell Project has confirmed drilling uranium mineralisation along
strike at historical workings at Rim Rock and Groundhog prospects
as well as within the Section 23 prospect.
At Ragged Range, whilst the recent drilling program at Kelly's
prospect has fallen too short to test the targeted contact, beneath
the historic Kelly's copper workings, copper was intercepted with
anomalous gold and silver warranting further review.
Focusing on our copper portfolio, we continue with our quarterly
hydrogeological water bore testing in Alford East to help establish
water characterisation baseline studies and for hydrogeological
modelling.
We will also be undertaking a second phase of laboratory scale
hydrometallurgical lixiviant testing prior to further drill
testing, to ensure potential economic copper and gold recoveries
suitable for ISR.
At our Kapunda project, a collaborative ISR Agreement was signed
with OZ Minerals Limited in November 2022 to help support ISR
research, with $2.5m committed to fund this work.
In regard to Molyhil, we signed a heads of agreement to the
value of A$8M, with the ASX-listed mineral exploration and
development company Investigator Resources Limited to help fund the
accelerated exploration of Thor's 100%-owned Molyhil tenements
Northern Territory and the sale of Thor's interest in the Bonya
tenement.
With a strong pipeline of news flow expected for the coming
months and project milestones across the portfolio, we look forward
to providing further updates on our progress in due course."
This announcement is authorised for release to the market by the
Board of Directors.
For further information, please contact:
Thor Energy PLC
Nicole Galloway Warland, Managing Director Tel: +61 (8) 7324
Ray Ridge, CFO / Company Secretary 1935
Tel: +61 (8) 7324
1935
WH Ireland Limited (Nominated Adviser Tel: +44 (0) 207
and Joint Broker) 220 1666
Antonio Bossi / Darshan Patel
SI Capital Limited (Joint Broker) Tel: +44 (0) 1483
413 500
Nick Emerson
Yellow Jersey (Financial PR) thor@yellowjerseypr.com
Sarah Hollins / Shivantha Thambirajah Tel: +44 (0) 20 3004
/ Bessie Elliot 9512
Updates on the Company's activities are regularly posted on
Thor's website www.thorEnergy.com , which includes a facility to
register to receive these updates by email, and on the Company's
twitter page @ThorEnergy .
About Thor Energy PLC
The Company is focused on uranium and energy metals that are
crucial in the shift to a 'green' energy economy. Thor has a number
of highly prospective projects that give shareholders exposure to
uranium, nickel, copper, lithium and gold. Our projects are located
in 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 Colorado and Utah, USA with historical high-grade uranium and
vanadium drilling and production results.
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, with
follow up drilling planned for 2022.
At Alford East in South Australia, Thor is earning 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.(1) Thor also holds
a 30% interest in Australian copper development company
EnviroCopper Limited, which in turn holds rights to earn up to a
75% interest in the mineral rights and claims over the resource on
the portion of the historic Kapunda copper mine and the Alford West
copper project, both situated in South Australia, and both
considered amenable to recovery by way of ISR.(2&3)
Thor holds 100% 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 $8m Farm-in and Funding Agreement with Investigator
Resources Limited (ASX: IVR) to accelerate exploration at the
Molyhil Project on 24th November 2022.(6)
Adjacent to Molyhil, at Bonya, Thor holds a 40% interest in
deposits of tungsten, copper, and vanadium, including Inferred
resource estimates for the Bonya copper deposit, and the White
Violet and Samarkand tungsten deposits. Thor's interest in the
Bonya tenement EL29701 is planned to be divested as part of the
Farm-in and Funding agreement with Investigator Resources
Limited.(6)
Notes
(1)
https://thorenergyplc.com/investor-updates/maiden-copper-gold-mineral-resource-estimate-alford-east-copper-gold-isr-project/
(2)
www.thorenergyplc.com/sites/thormining/media/pdf/asx-announcements/20172018/20180222-clarification-kapunda-copper-resource-estimate.pdf
(3)
www.thorenergyplc.com/sites/thormining/media/aim-report/20190815-initial-copper-resource-estimate---moonta-project---rns---london-stock-exchange.pdf
(4)
https://thorenergyplc.com/investor-updates/molyhil-project-mineral-resource-estimate-updated/
(5)
www.thorenergyplc.com/sites/thormining/media/pdf/asx-announcements/20200129-mineral-resource-estimates---bonya-tungsten--copper.pdf
(6)
https://thorenergyplc.com/wp-content/uploads/2022/11/20221124-8M-Farm-in-Funding-Agreement.pdf
This announcement contains inside information for the purposes
of Article 7 of the UK version of Regulation (EU) No 596/2014 which
is part of UK law by virtue of the European Union (Withdrawal) Act
2018, as amended ("MAR"). Upon the publication of this announcement
via a Regulatory Information Service, this inside information is
now considered to be in the public domain.
Thor Energy PLC
Half-year Report
For the six months ended
31 December 2022
Radium Mountain Uranium Project: Rim Rock historic workings
HIGHLIGHTS
In January 2023, Thor announced its change of name to Thor
Energy Plc, reflecting its changing exploration focus on uranium
and energy metal projects in Australia and USA.
Uranium & Vanadium
Initial reconnaissance drilling at the Wedding Bell and Radium
Mountain Projects in Colorado confirms extensive lateral continuity
of uranium hosted sandstones. Three prospects were tested including
Rim Rock, Groundhog and Section 23. The intersection of uranium
mineralisation at all three prospects highlights the prospectivity
of the Project (uranium grades measured by downhole gamma
readings). Assay results from drilling are pending.
Gold, Lithium, Nickel, Copper-Gold
A small reconnaissance reverse circulation (RC) drilling program
at Kelly's Prospect focused on testing the sheared altered contact
between the Boobina felsic porphyry intrusive and the Euro Basalt.
The drilling highlighted wide zones of intense sericite alteration
along with anomalous copper and gold mineralisation, warranting
further drilling.
Copper-Gold
Quarterly hydrogeological testing was completed at the Alford
East project to establish baseline water characterisation and
hydrogeology modelling parameters. This work is part of the In-Situ
Copper Recovery (ISCR) amenability assessment.
Thor has a 30% equity interest in EnviroCopper Ltd (ECL), the
holder and operator of the Kapunda and Alford West projects. A
collaborative ISCR Agreement was signed with OZ Minerals Limited in
November 2022 to support ISCR research at the Kapunda Project
(only). $2.5m was committed to fund this work, subject to ongoing
progress. The funding is non-dilutive to Thor's 30% interest in
ECL.
Tungsten-Molybdenum-Copper
On 24 November 2022, Thor announced the signing, through its
wholly owned subsidiary Molyhil Mining Pty Ltd ("Molyhil"), of a
Heads of Agreement ("HOA") to the value of A$8M, with ASX-listed
mineral exploration and development company Investigator Resources
Limited (ASX: IVR, "IVR") to fund the accelerated exploration of
Thor's 100%-owned Molyhil tenements (the "Tenements"), in the
Northern Territory and the sale of Thor's interest in the Bonya
tenement (EL29701).
OUTLOOK FOR 2023
Uranium & Vanadium
Close spaced airborne magnetics and radiometric survey to be
flown over all three projects in Utah and Colorado.
The Company is planning the next phase of drilling at Wedding
Bell and Radium Mountain projects, focusing on potential extensions
to known mineralisation and continuing to explore new areas
including Section 23 .
Maiden drilling is planned for the Vanadium King Project,
Utah.
Gold, Lithium, Nickel, Copper-Gold
An Induced Polarisation (IP) geophysics survey is scheduled for
April over the Kelly's Prospect .
Regional mapping and geochemical sampling to continue over the
project with the generation of a pipeline of prospects to drill
test.
RC drilling to follow up on geochemical and geophysical
targets.
Copper
At Alford East Thor is continuing hydrogeological and
hydrometallurgical studies, to assess the potential copper and gold
recoveries and ISR viability in contrast to conventional open cut
or underground mining.
Kapunda: Once approval from the Department of Energy and Mines
(DEM) is received, ECL will complete the lixiviant phase of
Push/Pull testing, aiming at recovering copper solution from the
deposit. Following on from this work, approvals will then be
submitted for Site Environment Lixiviant Testing (SELT) work, to be
undertaken on Council land funded by OZ Minerals (expected FQ4
2023).
Tungsten-Molybdenum-Copper
IVR to commence drilling activities as part of the Earn-In /JV
Agreement.
REVIEW OF OPERATIONS
Commodity Prices (source: Argus Metals, London Metals Exchange
(LME))
Uranium and energy metal commodity prices all have favourable
outlooks for 2023.
Uranium is on a steady upward trend with February spot prices at
US$50.93 /lb. Uranium has bullish fundamentals with surging demand
with the investment in new nuclear reactors from major economies as
the world seeks greener energy and to meet net zero carbon
emissions.
Copper LME cash price is currently at US$9066/t. With
electrification, increased electronics, and renewables, a copper
supply deficit is expected to see the copper price steadily rise in
the coming years.
Gold is expected to rise in 2023 as the US dollar weakens. Gold
prices have strengthened to around US$1,835/oz, with the price
outlook remaining positive based on the current global
macroeconomics and the geopolitical environment (Ukraine
Invasion).
Uranium & Vanadium Projects (Colorado & Utah USA) (100%
Thor)
During the reporting period Thor completed its initial drilling
program, comprising 15 shallow, rotary air drillholes. Drilling
confirmed uranium mineralisation along strike of historical
workings at Rim Rock and Groundhog prospects, and within the newly
tested Section 23 prospect (ASX/AIM: 22 December 2022).
These priority prospects lie within the Company's 100% owned
Wedding Bell and Radium Mountain Projects located in the historic
uranium-vanadium mining district within the Uravan mineral belt,
southwest Colorado, USA.
Uranium mineralisation was intersected at all three prospects
confirming the prospectivity of the Projects by increasing and
enhancing the uranium lateral continuity within the Salt Wash
Member of the Morrison Formation.
Key grade intersections include (eU(3) O(8) denotes that the
uranium grade has been determined by downhole gamma logging):
Groundhog
-- 2.1m @ 0.036% (360ppm) eU(3) O(8) from 85m (22WBRA012A), including
-- 0.3m @ 0.14% (1400ppm) eU(3) O(8)
-- 1.2m @ 0.034% (340ppm) eU(3) O(8) from 78m (22WBRA013), including
-- 0.5m @ 0.5% (5000ppm) eU(3) O(8)
Rim Rock
-- 0.3m @ 0.072% (720ppm) eU(3) O(8) from 59.7m (22WBRA014)
Section 23
-- 0.5m @ 0.051% (510ppm) eU(3) O(8) from 102.6m (22WBRA002)
-- 0.6m @ 0.021% (210ppm) eU(3) O(8) from 92.4m (22WBRA011), and
-- 0.5m @ 0.03% (300ppm) eU(3) O(8) from 100m
The uranium grades and thicknesses reported are determined by
gamma downhole logging. Physical s amples have been collected
within these mineralised zones for laboratory testing. The analyses
will test for uranium and vanadium, as well as multi-element
analysis. These results are anticipated in FQ3 2023.
Douglas Exploration LLC undertook the drilling program, with Jet
West Geophysical Services completing the downhole gamma probe
logging.
Thor is currently planning a closed spaced magnetics and
radiometrics survey over all three project - Wedding Bell and
Radium Mountain, Colorado and Vanadium King, Utah.
Based on the positive intersection of uranium mineralisation
further drilling is planned for Wedding Bell and Radium Mountain
Projects. Concurrent to this drilling Thor is planning its maiden
drilling program at Vanadium King Project, Utah
Ragged Range Gold, Lithium, Nickel, Copper-Gold Project
(Pilbara, Western Australia) (100% Thor)
Thor now holds a 100% interest in five granted tenements in the
Pilbara region of Western Australia, approximately 40km west of the
township of Nullagine.
During the reporting period, Thor completed a small
reconnaissance drilling program at Kellys Prospect located in the
North-eastern corner of the tenure. Drilling was designed to test
below the high-grade rock chips, returning up to 15g/t Au and
535g/t Ag along the 1km silicified ridge at the contact between the
Boobina Porphyry and Euro Basalt, as well as testing below and
along strike of the historic drillhole (DDHK2(1) ) that intersected
1.5m @ 22.97g/t gold, located at the porphyry-basalt contact.
The recent drillholes appear to have stopped too short to fully
test the targeted contact, with follow-up drilling proposed angled
from the west to east.
Beneath the historic Kelly's copper workings, copper was
intercepted with anomalous gold and silver warranting further
review.
At the Kelly's NE Prospect, high-grade gold (up to 7.2g/t Au)
and copper (up to 13.6 % Cu) identified in rock chips (ASX/RNS 7
December 2022) was tested by two drillholes, 22RRRC057 and
22RRC058. Wide intersections of low-grade copper were intersected
in the first hole from shallow depth with moderate grade intercepts
in the second hole both at surface and at depth.
Significant results received to date include (ASX/AIM: 15
December 2022):
Kelly's Ridge
-- 22RRRC049: 1m @ 0.91 g/t Au from 40m
-- 22RRRC052: 1m @ 0.15g/t Au and 1.6% Zn from 196m
Kelly's Mine
-- 22RRRC056: 8m @ 1.31% Cu and 0.1g/t Au from 4m (22RRRC056), including
3m @ 2.9% Cu, 0.17g/t Au and 39g/t Ag from 7m
Kelly's NE
-- 22RRRC057: 4m @ 0.13% Cu from 20m
-- 22RRRC058: 19m @ 0.15% Cu from 8m, including
3m @ 0.24% Cu from 24m, and
3m @ 0.29% Cu, 0.12g/t Au, 8.5g/t Ag, 1.1% Pb, and 0.25% Zn from
133m
Prior to further drilling at the Kelly's Prospect an IP
geophysical survey will be completed to assist with further drill
targeting.
Regional exploration will focus on mapping and geochemical
stream and soil sampling to generate a pipeline of drill targets
for testing.
Copper Portfolio (South Australia)
Alford East
The Alford East Copper-Gold Project is located on EL6529, where
Thor is earning up to 80% interest (currently a 51% interest) from
unlisted Australian explorer Spencer Metals Pty Ltd, covering
portions of EL6255 and EL6529 (ASX: THR Announcement 23 November
2020). The Alford East Project covers the northern extension of the
Alford Copper Belt, located on the Yorke Peninsula, SA. The Alford
Copper Belt is a semi-coherent zone of copper-gold oxide
mineralisation, within a structurally controlled, north-south
corridor consisting of deeply kaolinised and oxidised troughs
within metamorphic units on the edge of the Tickera Granite, Gawler
Craton, SA.
10 diamond drill holes have been designed and permitted to test
potential high-grade zones along strike and at depth from Area 5
drilled in 2021.
Quarterly hydrogeological water bore testing is ongoing to
establish water characterisation baseline studies and for
hydrogeological modelling. These studies are essential for the
assessment of ISR copper recovery.
Prior to further drill testing, a second phase of laboratory
scale hydrometallurgical lixiviant testing (column testing) is to
be undertaken to ensure potential economic copper and gold
recoveries suitable for ISR.
EnviroCopper Limited
Thor holds a 30% interest in Australian private company
EnviroCopper Limited (ECL). ECL is earning a 75% effective
interest, in two stages, on rights over metals which may be
recovered via in-situ recovery ("ISCR") contained in the Kapunda
deposit from Australian listed company Terramin Australia Limited
("Terramin", ASX: TZN), and up to 75% of the Alford West copper
project, comprising the northern portion of exploration licence
EL5984, held by Andromeda Metals Limited (ASX: ADN).
Kapunda Project
A collaborative ISR Agreement was signed with OZ Minerals
Limited in November 2022 to support ISR research at the Kapunda
Project. $2.5m committed to fund this work, subject to ongoing
progress. The funding is non-dilutive to Thor's 30% interest in
ECL. (ASX/AIM: 9 August 2022).
Ongoing regulatory negotiations are continuing with the South
Australia government especially in relation to Ground Water
Management of ISCR activities.
The Local Council, Light Regional extended ECL's access
agreement for the next 2 years, under SA Mining Act.
ECL commenced final stage of commercialisation of the Vesi(R)
Sensors by CSIRO. EnviroCopper is again at the forefront of
investigating low impact, environmentally friendly exploration
techniques in the Copper ISR space. Vesi(TM), is a multi-sensor
system for in-situ monitoring of water quality, replacing current
manual sampling systems that provide only limited and intermittent
data . The sensors are being trialed over a 12-month period at
Kapunda to measure, in real time parameters; water levels, pH,
salinity, Oxidation Reduction Potential (ORP) and temperature. This
will give a more accurate indicator to communities, regulators and
ISR operators of any immediate changes for groundwater
management.
Once approval from the Department of Energy and Mines is
received (expected FQ3 2023), ECL will complete Push/Pull testing.
Following on from this work, approvals will then be submitted for
SELT work to be undertaken on Council land funded by OZ Minerals
(expected FQ4 2023).
Alford West
Regulatory approvals were received to start hydro pump
testing.
At the time of reporting (March 2023) an Ambient Noise
Tomography (ANT) geophysics survey with FLEET Space is ongoing as
part of an Accelerating Discovery Initiative (ADI) Grant (received
July 2022). Results anticipated late March. (ASX/AIM: 1 March
2023)
Molyhil Tungsten/Molybdenum project (NT, Australia) (100%
Thor)
The Molyhil project is located 220 km north-east of Alice
Springs (320 km by road).
On 24 November 2022, Thor announced the signing, through its
wholly owned subsidiary Molyhil Mining Pty Ltd ("Molyhil"), of a
Heads of Agreement ("HOA") with ASX-listed mineral exploration and
development company Investigator Resources Limited (ASX: IVR,
"IVR") to fund the accelerated exploration of Thor's 100%-owned
Molyhil tenements (the "Tenements"), in the Northern Territory and
the sale of Thor's interest in the Bonya tenement (EL29701).
The Earn-in/JV Agreement to the value of $8M is via a 3-stage
process, to earn 80% interest in the Tenements and acquire Thor's
40% interest in the Bonya tenement (EL29701).
Bonya (Tungsten, Copper, Vanadium) (40% Thor)
The Bonya project comprising EL29701 and EL 32167, sits
approximately 30 km east of Molyhil and holds tungsten and copper
resources which are expected to complement the Molyhil project.
Thor, in joint venture with Arafura, holds 40% equity interest in
the resources.
A full background on th e project is available on the Thor
Energy website: https://thorenergyplc.com/projects/
Capital Raisings
In December 2022, the Company raised gross proceeds of A$2.65m
(GBP1.47m) via the placement of 378,571,429 Ordinary Shares at a
price of A$0.007 (0.7 cents) per Ordinary Share. Following
shareholder approval on 4 January 2023, participants in the
placement received 283,928,593 options, being three options for
every four Ordinary Shares subscribed, and the lead broker received
94,642,858 options, being one option for every four Ordinary Shares
issued under the placement. The options are ASX listed (ASX:THROD),
have an exercise price of $0.009 and expire on 5 January 2025.
The Board believes that these capital raisings put the Company
in a strong position to deliver on our 2023 drill programmes and
project developments.
Comprehensive Income
The comprehensive income statement records a comprehensive loss
of GBP126,000 (2021: GBP1,004,000 loss) after taking into account
unrealised exchange loss of GBP118,000 (2021: GBP221,000 loss).
Nicole Galloway Warland
Managing Director
13 March 2023
Competent Person's statements
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.
The Company confirms that it is not aware of any new information
or data that materially affects the information included in the
original market announcements and, in the case of estimates of
Mineral Resources or Ore Reserves, that all material assumptions
and technical parameters underpinning the estimates in the relevant
market announcement continue to apply and have not materially
changed. The Company confirms that the form and context in which
the Competent Person's findings are presented have not been
materially modified from the original market announcement
Condensed Consolidated Statement of Comprehensive Income
For the 6 months ended 31 December 2022
Note GBP'000 GBP'000 GBP'000
6 months 6 months ended Year
ended 31 December ended
31 December 2021 30 June
2022 2022
Unaudited Unaudited Audited
Administrative expenses (46) (58) (112)
Corporate expenses (292) (347) (624)
Share-based payments expense 7 (21) (245) (285)
Realised gain/loss on financial
assets 28 (1) 77
Exploration expenses - (26) (27)
Operating Loss (331) (677) (971)
Interest Paid - (1) (2)
Share of (loss)/profit of associate,
accounted for using the equity
method 5 (38) (36) -
Fair value decrement on financial
assets FVTPL 134 (204) (542)
Profit on sale of assets 166 - 202
Profit/(loss) on Sale of Investments - 93 (11)
Sundry income 61 42 71
------------ -------------- --------
Loss before Taxation (8) (783) (1,253)
Taxation - - -
------------ -------------- --------
Loss for the period (8) (783) (1,253)
------------ -------------- --------
Other comprehensive income:
Items that may be subsequently
reclassified to profit or loss:
Exchange differences on translating
foreign operations (118) (221) 418
Other comprehensive income for
the period, net of income tax (118) (221) 418
Loss for the year and total comprehensive
loss attributable to the equity
holders (126) (1,004) (835)
============ ============== ========
Basic earnings per share 2 (0.00)p (0.05)p (0.06)p
Condensed Consolidated Statement of Financial Position
For the 6 months ended 31 December 2022
Note GBP'000 GBP'000 GBP'000
31 December 31 December 30 June
2022 2021 2022
Unaudited Unaudited Audited
ASSETS
Non-current assets
Intangible assets (deferred
exploration costs) 3 13,280 11,359 12,329
Financial assets 4 324 744 395
Investments accounted for
using the equity method 5 547 523 589
Deposits to support performance
bonds 109 42 68
Right of use asset 76 - -
Plant and equipment 58 14 62
Total non-current assets 14,394 12,682 13,443
------------ ------------ --------
Current assets
Cash and cash equivalents 1,513 1,579 1,173
Trade receivables and other
assets 94 124 236
Total current assets 1,607 1,703 1,409
------------ ------------ --------
Total assets 16,001 14,385 14,852
------------ ------------ --------
LIABILITIES
Current liabilities
Trade and other payables (192) (206) (397)
Employee annual leave provision (38) (22) (32)
Lease liability (25) - -
------------ ------------ --------
Total current liabilities (255) (228) (429)
------------ ------------ --------
Non-current liabilities
Lease liability (51) - -
------------ ------------ --------
Total non-current liabilities (51) - -
------------ ------------ --------
Total liabilities (306) (228) (429)
------------ ------------ --------
Net assets 15,695 14,157 14,423
============ ============ ========
Equity
Issued share capital 6 3,850 3,811 3,812
Share premium 27,971 26,576 26,632
Foreign exchange reserve 1,974 1,453 2,092
Merger reserve 405 405 405
Share based payments reserve 7 769 911 866
Retained earnings (19,274) (18,999) (19,384)
------------ ------------ --------
Total equity 15,695 14,157 14,423
============ ============ ========
Condensed Consolidated Statement of Change in
Equity
For the 6 months ended 31 December
2022
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Issued Share Retained Foreign Merger Share Total
share premium losses Currency Reserve Based
capital Translation Payment
Reserve Reserve
Balance at 1
July
2021 3,773 24,379 (18,236) 1,674 405 314 12,309
Loss for the
period - - (783) - - - (783)
Foreign currency
translation
reserve - - - (221) - - (221)
Total
comprehensive
loss for the
period - - (783) (221) - - (1,004)
------- -------- ------------- ----------- -------- -------- -------
Transactions with owners in their capacity
as owners
Shares issued 38 2,480 - - - - 2,518
Cost of shares
issued - (283) - - - - (283)
Share options
lapsed - - 20 - - (20) -
Share options
issued - - - - - 617 617
------- -------- ------------- ----------- -------- -------- -------
At 31 December
2021 3,811 26,576 (18,999) 1,453 405 911 14,157
------- -------- ------------- ----------- -------- -------- -------
Balance at 1
July
2021 3,773 24,379 (18,236) 1,674 405 314 12,309
Loss for the
period - - (1,253) - - - (1,253)
Foreign currency
translation
reserve - - - 418 - - 418
Total
comprehensive
(loss) for the
period - - (1,253) 418 - - (835)
------- -------- ------------- ------- ------------ -------- -------
Transactions with owners in their capacity
as owners
Shares issued 39 2,536 - - - - 2,575
Cost of shares
issued - (283) - - - - (283)
Share options
exercised - - 105 - - (105) -
Share options
issued - - - - - 657 657
At 30 June 2022 3,812 26,632 (19,384) 2,092 405 866 14,423
------- -------- ------------- ------- ------------ -------- -------
Balance at 1
July
2022 3,812 26,632 (19,384) 2,092 405 866 14,423
Loss for the
period - - (8) - - - (8)
Foreign currency
translation
reserve - - - (118) - - (118)
Total
comprehensive
loss for the
period - - (8) (118) - - (126)
------- -------- ------------- ----------- -------- -------- -------
Transactions with owners in their capacity
as owners
Shares issued 38 1,433 - - - - 1,471
Cost of shares
issued - (94) - - - - (94)
Share options
lapsed - - 118 - - (118) -
Share options
issued - - - - - 21 21
------- -------- ------------- ----------- -------- -------- -------
At 31 December
2022 3,850 27,971 (19,274) 1,974 405 769 15,695
------- -------- ------------- ----------- -------- -------- -------
Condensed Consolidated Statement of Cash Flow
For the 6 months ended 31 December
2022
GBP'000 GBP'000 GBP'000
6 months ended 6 months Year
31 December ended ended
2022 31 December 30 June
2021 2022
Unaudited Unaudited Audited
Cash flows from operating activities
Operating loss (331) (677) (971)
Sundry income 61 33 71
(Increase)/decrease in trade and other
receivables (16) (47) (26)
Increase/(decrease) in trade and other
payables 20 7 10
Increase/(decrease) in provisions 6 11 -
Depreciation 10 11 15
Share-based payments 21 245 285
Exclusivity fee received in shares - - (10)
Net cash outflow from operating activities (229) (417) (626)
Cash flows from investing activities
Interest paid - (1) (2)
Tenement Bond (42) (1) (25)
Purchase of property, plant & equipment (4) (9) (60)
Payments for exploration expenditure (1,303) (1,124) (1,634)
R&D Grants for exploration expenditure 173 - 216
Proceeds from sale of assets 371 84 135
Proceeds from the sale of investments - - 58
Net cash outflow from investing activities (805) (1,051) (1,312)
Cash flows from financing activities
Lease liability repayments (2) (10) (10)
Net issue of ordinary share capital 1,377 2,276 2,334
--------
Net cash inflow from financing activities 1,375 2,266 2,324
Net decrease in cash and cash equivalents 341 798 386
Non-cash exchange changes (1) (2) 4
Cash and cash equivalents at beginning
of period 1,173 783 783
-------------- ------------ --------
Cash and cash equivalents at end of
period 1,513 1,579 1,173
-------------- ------------ --------
Notes to the Half-year Report
For the 6 months ending 31 December 2022
1. PRINCIPAL ACCOUNTING POLICIES
(a) Presentation of Half-year results
The half-year results have not been audited but were the subject
of an independent review carried out by the Company's auditors, PKF
Littlejohn LLP. Their review confirmed that the figures were
prepared using applicable accounting policies and practices
consistent with those adopted in the 2022 annual report and to be
adopted in the 2023 annual report. The financial information
contained in this half-year report does not constitute statutory
accounts as defined by Section 435 of the Companies Act 2006.
The half-year report has been prepared under the historical cost
convention.
The Directors acknowledge their responsibility for the half-year
report and confirm that, to the best of their knowledge, the
interim consolidated financial statements for the six months ended
31 December 2022 have been prepared in accordance with UK adopted
international accounting standards, including IAS 34 "Interim
Financial Statements", and complies with the requirements for
companies with securities admitted to trading on the AIM Market of
the London Stock Exchange. This half-year report does not include
all the notes of the type normally included in an annual financial
report. Accordingly, this report should be read in conjunction with
the annual report for the year ended 30 June 2022.
The Directors are of the opinion that on-going evaluations of
the Company's interests indicate that preparation of the accounts
on a going concern basis is appropriate. Refer Note 10 for further
information.
(b) Basis of consolidation
The consolidated financial statements comprise the financial
statements of Thor Energy PLC and its controlled entities. The
financial statements of controlled entities are included in the
consolidated financial statements from the date control commences
until the date control ceases. All inter-company balances and
transactions have been eliminated in full.
The financial statements of subsidiaries are prepared for the
same reporting period as the parent Company, using consistent
accounting policies.
(c) Investments in Associates
Investments in associate companies are recognised in the
financial statements by applying the equity method of accounting.
The equity method of accounting recognises the Group's share of
post-acquisition reserves of its associates.
Where there has been a change recognised directly in an
associate's equity, the Group recognises its share of any changes
and discloses this in the statement of profit of loss and other
comprehensive income. The reporting dates of the associates and the
Group are identical and the associates accounting policies conform
to those used by the Group for like transactions and events in
similar circumstances.
(d) Risks and uncertainties
The Board continuously assesses and monitors the key risks of
the business. The key risks that could affect the Company's medium
term performance and the factors that mitigate those risks have not
substantially changed from those set out in the Company's 2022
Annual Report and Financial Statements. The key financial risks are
liquidity risk, credit risk, interest rate risk and fair value
estimation.
(e) Critical accounting estimates
The preparation of condensed interim financial statements
requires management to make estimates and assumptions that affect
the reported amounts of assets and liabilities at the end of the
reporting period. Significant items subject to such estimates are
set out in the Company's 2022 Annual Report and Financial
Statements. The nature and amounts of such estimates have not
changed significantly during the interim period.
Notes to the Half-year Report
For the 6 months ending 31 December 2022
2. EARNINGS PER SHARE
No diluted earnings per share is presented for the six months
ended 31 December 2022 as the effect on the exercise of share
options would be to decrease the loss per share .
GBP'000 GBP'000 GBP'000
6 months 6 months Year
ended ended ended
31 December 31 December 30 June
2022 2021 2022
Unaudited Unaudited Audited
Loss for the period (8) (783) (1,253)
Weighted average number of 2,065,777,746 1,724,133,775 2,014,341,411
Ordinary shares in issue
Loss per share - basic (0.00)p (0.05)p (0.06)p
3. DEFERRED EXPLORATION COSTS
GBP'000 GBP'000 GBP'000
31 December 31 December 30 June
2022 2021 2022
Cost Audited Audited Audited
At commencement 12,329 10,120 10,120
Net additions 1,062 989 1,354
Acquired through acquisition - 330 330
Exchange gain/(loss) (111) (80) 525
At period end 13,280 11,359 12,329
------------ ------------ -------
Molyhil Project Earn-in Agreement
The exploration asset at 31 December 2022 of GBP13,280,000
includes the carrying value of GBP9,547,000 for the Molyhil Project
in the Northern Territory, Australia. On 24 November 2022, the
Company announced the signing of a binding Heads of Agreement
("HOA") with ASX-listed mineral exploration and development company
Investigator Resources Limited (ASX: IVR, "IVR"), to fund the
accelerated exploration of Thor's 100%-owned Molyhil tenements (the
"Tenements"), in the Northern Territory. IVR paid Thor an upfront
cash payment of A$100,000 upon execution of the agreement. Under
the agreement, Fram Resources Pty Ltd ("Fram"), a wholly-owned
subsidiary of IVR, has the right to earn, via a three-stage
process, 80% interest in the Tenements as follows:
-- Stage 1. Following exploration expenditure of A$1m within 18
months of execution of the HOA, Fram will be entitled to a 25%
interest in the Tenements and to receive Thor's 40% interest in the
nearby Bonya tenement (EL29107). Upon the Fram's exercise of this
right, a joint venture will come into effect, with the initial
interests being 25% Fram and 75% Thor. If Fram does not exercise
its right, Fram will be deemed to have withdrawn from the HOA
without earning any equity in the Tenements. On the formalisation
of Fram's 25% joint venture interest, IVR will issue Thor
A$250,0000 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. If Fram spend an additional A$2m on exploration on
or before the third anniversary of the JV commencement date, Fram
will be entitled to earn an additional 26% JV interest (taking
Fram's total JV interest to 51%).
Notes to the Half-year Report
For the 6 months ending 31 December 2022
-- Stage 3. If Fram spend a further A$5m on exploration (being
in addition to the Stage 1 and Stage 2 expenditure commitments) on
or before the sixth anniversary of the JV commencement date, Fram
will be entitled to earn a further 29% interest in the Tenements
(taking Fram's total JV interest to 80%). On formalisation of
Fram's 80% joint venture interest, IVR shall issue Thor A$250,000
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 80% earn-in date, or A$0.05 per share.
30 June 2022: Acquired through acquisition
During the year ended 30 June 2022, the Group paid consideration
of GBP330,000 for completion of the Stage 1 (51%) earn-in under the
binding term sheet for Thor to acquire an interest in the oxide
mineral rights from Spencer Metals Pty Ltd (Spencer) over the
Alford East copper-gold project, located on the Yorke Peninsula,
South Australia. Under the term sheet, Thor may earn a further 29%
interest (80% in total) by funding an additional A$750,000 of
expenditure by 11 November 2024 and for additional consideration of
A$250,000 in fully paid Thor shares and two free attaching options
per share issued. If Thor does not proceed with the Stage 2
earn-in, then its interest in the project is relinquished in full.
Upon Thor completing the acquisition of an 80% interest in the
project, Spencer will hold a free carried 20% interest in the
project, until a decision to mine.
4. FINANCIAL ASSETS
GBP'000 GBP'000 GBP'000
31 December 31 December 30 June
2022 2021 2022
Unaudited Unaudited Audited
Investment in Power Metal Resources
Plc 324 744 395
324 744 395
------------ ------------ -------
The initial investment comprised 52,618,920 Power Metal
Resources Plc Ordinary shares (POW Shares) being the 500,000 POW
Shares received as part of the exclusivity fee under the Option
Agreement for the sale of the Pilot Mountain project, 48,118,920
POW Shares received upon completion of the divestment on 29 October
2021, and 4,000,000 POW Shares were received (along with GBP50,000
cash) for relinquishing a milestone entitlement that had been part
of the Pilot Mountain Sale Agreement.
Owing to its listing on the London Stock Exchange, Power Metal
Resources Plc is categorised as a Level 1 investment within the
fair value hierarchy in IFRS 13.
In the year ended 30 June 2022, 4,500,000 POW shares were sold
on market. The remaining 48,118,920 POW Shares were revalued to
fair value as of 30 June 2022 at GBP395,000, being revalued at LSE
closing price of GBP0.0082 for POW Shares on that date. A
revaluation decrement of (GBP338,000) was recognised as a fair
value adjustment through the Company's Profit or Loss (FVTPL). The
total revaluation decrement recognised at 31 December 2021 and 30
June 2022 was (GBP542,000).
During the period ended 31 December 2022, a further 25,000,000
POW shares were sold on market. The remaining 23,118,920 POW Shares
were revalued to fair value as of 31 December 2022 at GBP324,000,
being revalued at LSE closing price of GBP0.0140 for POW Shares on
that date. A gain on revaluation of GBP134,000 was recognised as a
fair value adjustment through the Company's Profit or Loss
(FVTPL).
Of the 23,118,920 POW Shares held at 31 December 2022,
11,089,190 are freely tradeable, with the remaining 12,029,730
subject to voluntary escrow until 31 January 2023.
Notes to the Half-year Report
For the 6 months ending 31 December 2022
5. INVESTMENTS ACCOUNTED FOR USING GBP'000 GBP'000 GBP'000
THE EQUITY METHOD
31 December 31 December 30 June 2022
2022 2021
Unaudited Unaudited Audited
A reconciliation of the carrying
amount of the investments in the
company is set out below:
EnviroCopper Limited
Conversion of loan to equity 391 391 391
Additional investment 170 170 170
------------ ------------ ------------
Initial cost of investment 561 561 561
Cumulative share of (loss)/profit
of associate, accounted for using
the equity method (17) (14) 21
Share of foreign currency translation
reserve 3 (24) 7
------------ ------------ ------------
547 523 589
============ ============ ============
EnviroCopper Limited (EnviroCopper), via its subsidiary
Environmental Copper Recovery SA Pty Ltd (ECR), holds an agreement
to earn, in two stages, up to 75% of the rights over metals which
may be recovered via in-situ recovery (ISR) contained in the
Kapunda deposit, from Australian listed company, Terramin Australia
Limited (ASX: TZN). Another subsidiary of EnviroCopper,
Environmental Metals Recovery Pty Ltd (EMR) has a right to earn up
to a 75% interest in the Moonta Copper Project, which comprises the
northern section of exploration licence EL5984 held by Andromeda
Metals Limited (ASX: ADN).
Prior to 30 July 2020, Thor had been investing in EnviroCopper's
subsidiary ECR through convertible notes. On 30 July 2020, Thor
announced the conversion of $700,000 (GBP391,000) of its
convertible loan to a 25% interest in EnviroCopper Limited (ECL)
and exercised its right to nominate a Board representative.
Accordingly, the investment commenced accounted for using the
equity method from the date of loan conversion to equity. On the 11
November 2020, the Company further announced that it had increased
its investment in ECR through the payment of A$300,000 (GBP170,000)
to increase its ownership interest to 30%.
The tables below provide summarised consolidated financial
information for EnviroCopper Limited and its wholly owned
subsidiaries Environmental Copper Recovery SA Pty Ltd and
Environmental Metals Recovery Pty Ltd. The information disclosed
reflects the amounts presented in the financial statements of the
relevant associate and not Thor's share of those amounts. They have
been amended to reflect adjustments made by Thor when using the
equity method, including modifications for differences in
accounting policies.
Notes to the Half-year Report
For the 6 months ending 31 December 2022
5. INVESTMENTS ACCOUNTED FOR USING THE EQUITY METHOD (continued)
Summarised financial information for EnviroCopper Ltd
GBP'000 GBP'000 GBP'000
31 December 31 December 30 June
2022 2021 2022
Unaudited Unaudited Audited
Summarised balance sheet:
Current Assets
Cash and cash equivalents 131 43 155
Other current assets 306 119 102
Provision for income tax 132 89
------------ ------------ --------
Total current assets 437 295 346
------------ ------------ --------
Non-current Assets
Plant & Equipment 29 44 32
Right-of-use assets 19 - 19
------------ ------------ --------
Total non-current assets 48 44 51
------------ ------------ --------
Total assets 485 339 397
------------ ------------ --------
Current Liabilities
Trade and other payables 17 91 12
210 - -
Current lease liabilities 11 10 11
------------ ------------ --------
Total current liabilities 238 101 23
------------ ------------ --------
Non-current Liabilities
Deferred tax liability 27 17 27
Non current lease liability 8 17 8
------------ ------------ --------
Total non-current liabilities 35 34 35
Total Liabilities 273 135 58
------------ ------------ --------
Net Assets 212 204 339
------------ ------------ --------
Summarised statement of comprehensive income:
Total income 118 616 707
Less expenses 245 (734) (708)
--------- -------- --------
Net profit (127) (118) (1)
--------- -------- --------
Notes to the Half-year Report
For the 6 months ending 31 December 2022
6. SHARE CAPITAL GBP'000 GBP'000 GBP'000
31 December 31 December 30 June 2022
2022 2021
Unaudited Unaudited Audited
Issued fully paid (Nominal Value)
982,870,766 'Deferred Shares' of
GBP0.0029 each 2,850 2,850 2,850
7,928,958,483 'A Deferred Shares'
of GBP0.000096 each 761 761 761
Ordinary shares of GBP0.0001 each 239 200 201
------------- ------------- ---------------
3,850 3,811 3,812
============= ============= ===============
Number Number Number
31 December 31 December 30 June 2022
2022 2021
Unaudited Unaudited Audited
Movement in share capital
Ordinary Shares of 0.01 pence
At commencement 2,014,341,411 1,625,719,488 1,625,719,488
Shares issued for cash(1) 378,571,429 343,076,923 343,076,923
Warrants exercised - 11,800,000 22,720,000
Shares issued to service providers - 7,200,000 7,200,000
Shares issued for acquisition - 15,625,000 15,625,000
------------- ------------- ---------------
At period end 2,392,912,840 2,003,421,411 2,014,341,411
============= ============= ===============
(1) On 6 December 2022, the Company issued 378,571,429 of Ordinary
Shares at a price of A$0.007 (0.7 cents) per Ordinary Share .
GBP'000 GBP'000 GBP'000
31 December 31 December 30 June 2022
2022 2021
Nominal Value Unaudited Unaudited Audited
At commencement 3,812 3,773 3,773
Issued for cash 38 34 34
Warrants exercised - 1 -
Shares issued to Directors in lieu
of cash payment for Directors fees - - 2
Issued to service providers - 1 1
Issued for acquisition - 2 2
At period end 3,850 3,811 3,812
------------- ------------- ---------------
Notes to the Half-year Report
For the 6 months ending 31 December 2022
7. SHARE BASED PAYMENTS RESERVE
Options are valued at an estimate of the cost of the services
provided. Where the fair value of the services provided cannot be
estimated, the value unlisted options granted are calculated using
the Black-Scholes model taking into account the terms and
conditions upon which the options are granted.
GBP'000 GBP'000
31 December 30 June 2022
2022
Unaudited Audited
Opening balance at 1 July 866 314
Lapsed 8,333,000 @ GBP0.00393 (33) -
Lapsed 5,000,000 @ GBP0.00362 (18) -
Lapsed 22,000,000 @ GBP0.00306 (67) -
Exercised 14,720,000 service provider options
@ GBP 0.00156 - (23)
Exercised 8,000,000 options @ GBP0.001720 - (14)
Lapsed 26,500,000 options @ GBP 0.002582 - (68)
36,000,000 options issued @ GBP0.00656 - 236
5,000,000 options to a service provider @ GBP0.003620 - 9
Issued 14,400,000 ESOP @ GBP0.006300 (1) 21 40
Issued 22,000,000 to a service provider @ GBP
0.00466 - 102
Issued 22,000,000 to a service provider @ GBP
0.00306 - 68
31,250,000 options issued @ GBP0.00646 - 202
Closing balance 769 866
----------- ------------
(1) 4,800,000 of 14,400,000 options vested immediately and were
expensed when issued in the year ended 30 June 2022 (valued at
GBP0.00630); 9,600,000 of the options are being expensed over their
vesting periods (4,800,000 through to May 2023 and 4,800,000
through to May 2024).
The following table lists the inputs used for the calculation of
share options granted as Share Based Payments during the half year
ended 31 December 2022.
14,400,000 granted under an ESOP on 17 May 2022
Dividend yield 0.00%
Underlying Security spot price A$0.016
Exercise price A$0.025
Standard deviation of returns 128%
Risk free rate 2.51%
Expiration period 3yrs
Black Scholes valuation per option GBP0.00630
Fair value expensed as a share-based payment*
4,800,000 Options vested immediately and were fully expensed when granted.
4,800,000 Options vest 12 May 2023 and are being expensed over their
vesting period.
4,800,000 Options vest 12 May 2024 and are being expensed over their
vesting period.
* The total value of options expensed as share-based
payments during the half year ended 31 December 2022
is GBP21,000 for relating to the 9,600,000 of these 14,400,000
options that are being expensed over their vesting periods.
Notes to the Half-year Report
For the 6 months ending 31 December 2022
7. SHARE BASED PAYMENTS RESERVE (continued)
8,333,000 lapsed (granted for acquisition 20 January
2021)
Dividend yield 0.00%
Underlying Security spot price GBP0.00998
Exercise price A$0.030
Standard deviation of returns 108%
Risk free rate 0.08%
Expiration period 1.72yrs
Black Scholes valuation per option GBP0.00393
5,000,000 lapsed (granted to service provider 25 June
2021)
Dividend yield 0.00%
Underlying Security spot price GBP0.00925
Exercise price USD$0.0175
Standard deviation of returns 102%
Risk free rate 0.030%
Expiration period 1.5 yrs
Black Scholes valuation per option GBP0.00362
Fair Value recognised as part of the cost of the capital
raising.
22,000,000 lapsed (granted to service provider on 20
December 2021)
Dividend yield 0.00%
Underlying Security spot price A$0.015
Exercise price A$0.015
Standard deviation of returns 98%
Risk free rate 0.53%
Expiration period 1yr
Black Scholes valuation per option GBP0.00306
8. TURNOVER AND SEGMENTAL ANALYSIS - GROUP
Operating segments are reported in a manner consistent with the
internal reporting provided to the chief operating decision-maker.
The chief operating decision-maker, who is responsible for
allocating resources and assessing performance of the operating
segments, has been identified as the Board of Directors that makes
strategic decisions.
The Group's operations are located Australia and the United
States of America, with the registered office located in the United
Kingdom. The main tangible assets of the Group, cash and cash
equivalents, are held in the United States of America and
Australia. The Board ensures that adequate amounts are transferred
internally to allow all companies to carry out their operational on
a timely basis.
The Directors are of the opinion that the Group is engaged in a
single segment of business being the exploration for commodities.
The Group currently has two geographical reportable segments -
United States of America and Australia.
Notes to the Half-year Report
For the 6 months ending 31 December 2022
8. TURNOVER AND SEGMENTAL ANALYSIS - GROUP (continued)
GBP'000 GBP'000 GBP'000 GBP'000
Half Year ended 31/12/2022 Head office/ Australia United States Consolidated
Unallocated
Total Segment Expenditure (125) (182) (1) (308)
Non-operational items 300 - - 300
------------ --------- ------------- ------------
175 (182) (1) (8)
Loss from Ordinary Activities
before Income Tax
Income Tax Benefit/(Expense) - - - -
------------ --------- ------------- ------------
Retained (loss) 175 (182) (1) (8)
------------ --------- ------------- ------------
As at 31/12/2022 Head office/ Australia United States Consolidated
Unallocated
Assets and Liabilities
Segment assets - 13,947 613 14,560
Corporate assets 1,441 - - 1,441
------------ --------- ------------- ------------
Total Assets 1,441 13,947 613 16,001
------------ --------- ------------- ------------
Segment liabilities - (276) - (276)
Corporate liabilities (30) - - (30)
------------ --------- ------------- ------------
Total Liabilities (30) (276) - (306)
Net Assets 1,411 13,671 613 15,695
------------ --------- ------------- ------------
Half Year ended 31/12/2021 Head office/ Australia United States Consolidated
Unallocated
Total Segment Expenditure (399) (248) (30) (677)
Non-operational items (70) (36) - (106)
------------ --------- ------------- ------------
Loss from Ordinary Activities
before Income Tax (469) (284) (30) (783)
Income Tax Benefit/(Expense) - - - -
------------ --------- ------------- ------------
Retained (loss) (469) (284) (30) (783)
------------ --------- ------------- ------------
Notes to the Half-year Report
For the 6 months ending 31 December 2022
8. TURNOVER AND SEGMENTAL ANALYSIS - GROUP (continued)
GBP'000 GBP'000 GBP'000 GBP'000
As at 31/12/2021 Head office/ Australia United States Consolidated
Unallocated
Assets and Liabilities
Segment assets - 11,933 218 12,151
Corporate assets 2,234 - - 2,234
------------ --------- ------------- ------------
Total Assets 2,234 11,933 218 14,385
------------ --------- ------------- ------------
Segment liabilities - (202) - (202)
Corporate liabilities (26) - - (26)
------------ --------- ------------- ------------
Total Liabilities (26) (202) - (228)
Net Assets 2,208 11,731 218 14,157
------------ --------- ------------- ------------
9. POST BALANCE SHEET EVENTS
Following shareholder approval at a general meeting of
shareholders held on 4 January 2023, participants in the December
2022 placement received 283,928,593 options, being three options
for every four Ordinary Shares subscribed, and the lead broker
received 94,642,858 options, being one option for every four
Ordinary Shares issued under the placement. The options are ASX
listed (THROD), have an exercise price of $0.009 and expire on 5
January 2025.
At the same general meeting held 4 January 2023, shareholders
approved the change of the Company's name from Thor Mining PLC to
Thor Energy PLC. The name change reflects the Company's exploration
focus on its uranium and energy metals projects in Australia and
the United States.
Other than the above t here were no other material events
arising subsequent to 31 December 2022 to the date of this report
which may significantly affect the operations of the Group, the
results of those operations and the state of affairs of the Group
in the future.
10. GOING CONCERN BASIS OF ACCOUNTING
The financial report has been prepared on the going concern
basis of accounting.
The Group incurred a net profit after tax from continuing
operations of GBP8,000 for the half year ended 31 December 2022,
and net cash outflows of GBP1,034,000 from operating and investing
activities. The Group is reliant upon completion of asset sales or
a capital raising to fund continued operations and the provision of
working capital.
In this regard, the Company notes a cash balance of GBP1,513,000
as at 31 December 2022. Additionally, the Company holds 23,118,920
POW Shares with a fair value as of 31 December 2022 of GBP324,000,
being the LSE closing price of GBP0.0140 for POW Shares on that
date.
If additional capital is not obtained, the going concern basis
of accounting may not be appropriate, with the result that the
Group may have to realise its assets and extinguish its
liabilities, other than in the ordinary course of business and at
amounts different from those stated in the financial report. No
allowance for such circumstances has been made in the financial
report.
DIRECTORS, SECRETARY AND ADVISERS
Directors Alastair Clayton (Non-executive Chairman)
Nicole Galloway Warland (Managing Director)
Mark McGeough (Non-executive Director)
In UK In Australia
------------------------ ---------------------------
Registered Office Salisbury House 6 The Parade
and Directors' business London Wall Norwood, South Australia
address London, EC2M 5PS Australia 5067
United Kingdom
Company Secretaries Stephen Frank Ronaldson Ray Ridge
Website www.thorenergyplc.com www.thorenergyplc.com
Nominated Adviser WH Ireland Limited
to 24 Martin Lane
the Company London,
EC4R 0DR
Auditors to the PKF Littlejohn LLP
Company 15 Westferry Circus
Canary Wharf
London, E14 4HD
Solicitors to the Druces LLP
Company Salisbury House
London Wall
London, EC2M 5PS
United Kingdom
Registrars Computershare Investor Computershare Investor
Services Plc Services Pty Ltd
The Pavilions Level 5, 115 St Grenfell
Bridgewater Road St
Bristol BS99 6ZY Adelaide, South Australia
United Kingdom 5000
INDEPENT REVIEW REPORT TO THOR ENERGY PLC
Conclusion
We have been engaged by the group to review the condensed set of
financial statements in the half-yearly financial report for the
six months ended 31 December 2022 which comprise the consolidated
income statement, consolidated balance sheet, consolidated
statement of changes in equity, consolidated cash flow statement
and related notes. We have read the other information contained in
the half-yearly financial report and considered whether it contains
any apparent misstatements or material inconsistencies with the
information in the condensed set of financial statements.
Based on our review, nothing has come to our attention that
causes us to believe that the condensed set of financial statements
in the half-yearly financial report for the six months ended 31
December 2022 is not prepared, in all material respects, in
accordance with UK adopted International Accounting Standard 34 and
the AIM Rules for Companies.
Basis for conclusion
We conducted our review in accordance with International
Standard on Review Engagements (UK) 2410, "Review of Interim
Financial Information Performed by the Independent Auditor of the
Entity", issued for use in the United Kingdom. A review of interim
financial information consists of making enquiries, primarily of
persons responsible for financial and accounting matters, and
applying analytical and other review procedures. A review is
substantially less in scope than an audit conducted in accordance
with International Standards on Auditing (UK) and consequently does
not enable us to obtain assurance that we would become aware of all
significant matters that might be identified in an audit.
Accordingly, we do not express an audit opinion.
As disclosed in note 1a, the annual financial statements of the
group are prepared in accordance with UK adopted IASs. The
condensed set of financial statements included in this half-yearly
financial report has been prepared in accordance with UK adopted
International Accounting Standard 34, "Interim Financial
Reporting".
Conclusions relating to going concern
Based on our review procedures, which are less extensive than
those performed in an audit as described in the Basis for
conclusion section of this report, nothing has come to our
attention to suggest that management have inappropriately adopted
the going concern basis of accounting or that management have
identified material uncertainties relating to going concern that
are not appropriately disclosed.
This conclusion is based on the review procedures performed in
accordance with ISRE (UK) 2410, however future events or conditions
may cause the group to cease to continue as a going concern.
Responsibilities of directors
The directors are responsible for preparing the half-yearly
financial report in accordance with the AIM Rules for
Companies.
In preparing the half-yearly financial report, the directors are
responsible for assessing the group's ability to continue as a
going concern, disclosing, as applicable, matters related to going
concern and using the going concern basis of accounting unless the
directors either intend to liquidate the group or to cease
operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the review of financial
information
In reviewing the half-yearly report, we are responsible for
expressing to the group a conclusion on the condensed set of
financial statements in the half-yearly financial report. Our
conclusion, including our Conclusions relating to going concern,
are based on procedures that are less extensive than audit
procedures, as described in the Basis for conclusion paragraph of
this report.
Use of our report
This report is made solely to the company's directors, as a
body, in accordance with the terms of our engagement letter dated
17 February 2023. Our review has been undertaken so that we might
state to the company's directors those matters we have agreed to
state to them in a reviewer's report and for no other purpose. To
the fullest extent permitted by law, we do not accept or assume
responsibility to anyone, other than the company and the company's
directors as a body, for our work, for this report, or for the
conclusions we have formed.
Statutory Auditor
PKF Littlejohn LLP
15 Westferry Circus
Canary Wharf
London E14 4HD
13 March 2023
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END
IR UOVWROWUOAAR
(END) Dow Jones Newswires
March 14, 2023 03:00 ET (07:00 GMT)
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