Thor Energy Share News (THR)

(Alliance News) - Thor Energy PLC on Friday said it believes uranium is at the beginning of a demand upswing as it posted a narrowing of its interim loss.

The US and Australia-focused mineral exploration company said its pretax loss for the six months to December 31 narrowed to GBP533,000 from GBP2.3 million the prior year.

This was primarily owed to no exploration expenditure write off being recorded for the period, compared to GBP1.9 million the prior year.

Its shares were down 3.0% at 0.56 pence on Friday morning in London.

Following the completion of its acquisition of Australian-based natural hydrogen and helium explorer, Go Exploration Pty Ltd in February, Thor Energy said it has retained a leading consultancy group to undertake a prospective resource assessment across its granted licence in South Australia, Pel120.

Thor Energy said it will release the findings once the assessment is finalised.

Despite some recent volatility, said Thor Energy, it believes that uranium is at the start of long-cycle demand upswing, with its drilling expenditure reflecting this.

It added that all of its drilling expenditure has been at its US uranium assets but noted that results were underwhelming, with the board now looking at undertaking more detailed evaluation work on the assets ahead of devising the next work programmes.

Chair Alastair Clayton said: "Much of the focus of the period has been on rationalising and de-risking our portfolio of assets as well as further exploration and undertaking the now completed Go Exploration acquisition which marks Thor's entry into the natural Hydrogen space.

"We look forward to reporting on our progress over the coming year."

By Christopher Ward, Alliance News reporter

Comments and questions to newsroom@alliancenews.com

Copyright 2025 Alliance News Ltd. All Rights Reserved.