Thor Energy (LSE:THR) closed the September quarter with A$3.0 million in cash after receiving A$1.31 million from Tivan Limited, and now expects its planned hydrogen seismic survey in South Australia to take place in late Q1 or early Q2 2027.

What was announced

Thor Energy PLC, which is quoted on AIM and the ASX under LSE:THR, published its quarterly activities and cash flow report for the three months to 30 September 2026 on 29 October 2026. The company explores for natural hydrogen and helium in South Australia and holds interests in copper, gold, uranium and other energy metals projects.

The main financial event of the quarter was the receipt of A$1.3125 million from ASX-listed Tivan Limited on 15 September 2026. This was the first annual deferred completion payment under the earlier sale of the Molyhil Project. Tivan paid half in cash (A$656,250) and half in Tivan shares (A$656,250). The shares are in escrow until March 2027, after which Thor will decide when to sell them based on market conditions and its cash flow models.

The numbers

Cash at 30 September 2026 was A$3.0 million, up from A$2.815 million at the start of the quarter. The net increase in cash was A$188,000, including a small foreign exchange effect of A$2,000.

Net operating cash outflow was A$468,000. This was made up of exploration spending of A$61,000, staff costs of A$184,000 and administration and corporate costs of A$223,000. Investing activities brought in A$656,000, reflecting the cash part of the Tivan payment.

Thor issued no equity during the quarter and had no borrowings or financing facilities in place. Payments to directors, covering the managing director's salary and non-executive fees, totalled A$138,000. Based on its current operating burn, the company estimates a funding runway of 6.4 quarters.

HY-Range hydrogen project

Thor's lead project is HY-Range, held under Regulated Substance Exploration Licence (RSEL) 802 in South Australia. The licence covers 6,332 square kilometres, and Thor holds an 80.2% interest through Go Exploration. The company plans a 464 line-kilometre 2D seismic survey across the licence.

The Statement of Environmental Objectives process, managed through the state Department of Energy and Mining, is still running and includes public consultation. Thor now says the seismic work is most likely to happen in late Q1 or early Q2 2027, depending on that process and formal approvals.

Chief executive Andrew Hume pointed to natural hydrogen geochemistry results of 3% as support for the prospectivity of HY-Range. He said the company is "fully prepared" to proceed once approvals are finalised. Thor states that it is fully funded for the survey and does not need to raise equity immediately.

Wider portfolio

Thor also holds three Geo-Range geothermal licences in South Australia through Go Exploration, each at 80.2%: GSEL 804 (2,368 square kilometres), GSEL 805 (2,389 square kilometres) and GSEL 806 (1,558 square kilometres). It holds a 40% interest in the Bonya licence, EL32167, covering 74.54 square kilometres, and an 80% oxide interest in the Alford East licence, EL6529, covering 315.1 square kilometres.

In the United States, Thor holds a 25% interest in uranium and vanadium claims in Colorado and Utah. These are Vanadium King in Utah (100 blocks, about 2,066 acres), and Radium Mountain (99 blocks, about 2,045 acres) and Groundhog (100 blocks, about 2,066 acres), both in Colorado.

What to watch next

The next milestones are the completion of the environmental approvals process for HY-Range and the start of seismic acquisition, which the company now expects in the first half of 2027. The end of the Tivan share escrow in March 2027 will give Thor the option to turn the share portion of the payment into cash. The report does not disclose a timetable for the remaining annual Molyhil deferred payments.