Thor Energy PLC (AIM, ASX: THR, OTCQB: THORF) has published its Quarterly Activities and Cash Flow Report for the three months ended 30 September 2026, disclosing a closing cash balance of A$3,000,000 and confirming receipt of a A$1,312,500 deferred payment from Tivan Limited following the divestment of the Molyhil Project. The company, which is focused on natural hydrogen and helium exploration in South Australia alongside copper, gold, uranium, and other energy metals, described the quarter as a period of operational consolidation and regulatory progression. Investors will be watching progress on permitting for the flagship HY-Range Natural Hydrogen and Helium Project as the company targets a 2D seismic acquisition window in late Q1 or early Q2 2027.

Key Points

  • Thor Energy PLC (AIM, ASX: THR, OTCQB: THORF) — natural hydrogen, helium, and energy metals explorer
  • Received A$1,312,500 deferred payment from Tivan Limited on 15 September 2026, comprising 50% cash and 50% Tivan ordinary shares, following the Molyhil Project divestment
  • Closing Q3 2026 cash balance of A$3,000,000 at 30 September 2026; estimated 6.4 quarters of funding available based on current operating outflows
  • Investors should watch for the Statement of Environmental Objectives approval from South Australia's Department of Energy and Mining, which will determine the precise timing of the planned 464 line-kilometre 2D seismic survey

A$1.31m Tivan Deferred Payment Bolsters Thor's Non-Dilutive Cash Position After Molyhil Divestment

On 15 September 2026, Thor received the first annual deferred completion payment of A$1,312,500 from ASX-listed Tivan Limited (ASX: TVN), following the previously completed divestment of the Molyhil Project. Tivan elected to satisfy 50% of the payment in cash (A$656,250) and 50% in Tivan ordinary shares (A$656,250), as permitted under the transaction terms. The announcement states this receipt contributed to net cash inflows from investing activities of A$656,000 during the quarter. Thor noted it will monitor market conditions and internal cashflow models to determine the optimal time to realise its Tivan shares following completion of the escrow period in March 2027.

Thor Ends Q3 2026 with A$3m Cash and 6.4 Quarters of Estimated Runway

Thor's consolidated cash balance rose from A$2,815,000 at the start of the quarter to A$3,000,000 at 30 September 2026, representing a net increase of A$185,000 after accounting for exchange rate effects of negative A$2,000. Net cash used in operating activities totalled A$468,000 for the quarter, which included A$61,000 in exploration-related outflows, A$184,000 in staff costs, and A$223,000 in administration and corporate costs. Payments to related parties of A$138,000 comprised the CEO-Managing Director's remuneration and Non-Executive Directors' fees. Based on current quarterly outflows, the company estimates 6.4 quarters of available funding, and the announcement confirms no financing facilities are drawn.

HY-Range Seismic Survey Permitting Progresses in South Australia Amid Ongoing Public Consultation

Thor holds an 80.2% interest in RSEL 802, covering 6,332 square kilometres in South Australia, through its subsidiary Go Exploration. The company is seeking a Statement of Environmental Objectives from the South Australia Department of Energy and Mining to enable a planned 464 line-kilometre 2D seismic acquisition survey across the tenement. The public consultation process and statutory pathway remain ongoing. CEO Andrew Hume stated in the announcement that the consultation process means the seismic acquisition window will most likely fall in late Q1 or early Q2 2027, with technical teams and seismic contractors described as fully prepared. The company cited 3% natural hydrogen geochemistry results as supporting the prospectivity of HY-Range.

Thor Also Holds Australian and US Tenements Including Uranium and Vanadium Claims in Colorado and Utah

Beyond HY-Range, Thor's tenement portfolio as at 30 September 2026 includes the Geo-Range licences GSEL 804, 805, and 806 in South Australia, a 40% interest in the Bonya tenement EL32167, and an 80% oxide interest in Alford East EL6529. The company also holds a 25% interest in uranium and vanadium projects across three claim groups in Colorado and Utah in the United States, comprising approximately 6,177 acres in total. Thor describes itself as fully funded to execute the 2D seismic survey without requiring immediate recourse to equity markets, which the announcement suggests reduces near-term dilution risk for existing shareholders.