Thor Energy PLC (AIM:THR, OTCQB:THORF, ASX:THR) reported strong operational progress across its key uranium, vanadium and copper projects in the financial year ending 30 June.
The company noted that drilling activities at its Wedding Bell and Radium Mountain uranium projects in Colorado continued to deliver high-grade uranium mineralization.
Results exceeded expectations, with one drill hole showing 4.9m at 1,199ppm U₃O₈ and 6,306ppm V₂O₅, while other holes indicated similarly promising vanadium halos.
In Australia, Thor highlighted progress at its Molyhil Tungsten-Molybdenum project, located in the Northern Territory.
The company, through its joint venture with Investigator Resources, completed the Stage 1 exploration commitments, allowing the joint venture to progress toward more detailed work on the project.
Additionally, Thor noted its interest in EnviroCopper Ltd increased in value as Alligator Energy made an A$0.9 million strategic investment in the copper ISR-focused company.
Thor retains a 26.3% interest in EnviroCopper, providing it continued exposure to copper developments.
On the financial front, the company posted a comprehensive loss of £2.5 million for the year, which includes a non-cash write-down of £1.91 million related to the Ragged Range project in Australia.
Thor said the decision to focus resources on its US uranium and Alford East projects prompted the write-down.
Thor raised a total of A$1.3 (£670,000) million through two placements in May and June 2024, with funds directed towards advancing its uranium and copper exploration projects in the US.