Thor Energy PLC (AIM:THR, OTCQB:THORF, ASX:THR) booked an operating loss of £331,000 in the six months to December 2022.
The company closed out the calendar year with £1.5mln cash in the bank.
During the period Thor was active on its uranium and vanadium portfolio in the USA, from which drill results are pending. It also worked on its gold, lithium, nickel, and copper-gold assets in Australia.
Separately, the company signed a Heads of Agreement on 24 November 2022 to the value of A$8mln to fund the accelerated exploration of the 100%-owned Molyhil tenements in the Northern Territory.
"With the shift to our philosophy to a 'green' energy economy, our business model is currently going through a position of transition,” said Nicole Galloway Warland, managing director of Thor Energy in the results statement.
“We are delighted that the initial drilling program at Wedding Bell project has confirmed 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.”
Work also continues at Alford East, she added.
Meanwhile, at Kapunda project, a collaborative in-situ resource agreement was signed with OZ Minerals Limited (ASX:OZL) to help support development research, with A$2.5mln committed to fund this work.