Member Info for Mullins58

Alastair Clayton, Executive Chairman, commented - "We are super excited to have acquired a 80.2% majority stake in Go Exploration subject to various conditions and shareholder approvals. Go Exploration is an early mover in the hydrogen and helium exploration space and have amassed over 22,000 sq km in exploration acreage across granted PEL120 (6,336 sq km) and 2 licence applications (15,908sq km) in South Australia.

"These projects are prospective for naturally occurring hydrogen "white" and helium. This is a clean energy sector we are extremely keen to enter but quality opportunities in investable jurisdictions are few and far between.

"Aside from the fantastic geological and geographical attributes of the Go portfolio, what makes this acquisition so compelling is the granted status of the large and highly prospective PEL 120 (RSEL 802) licence and the strategic licence applications associated with key infrastructure and where high hydrogen generation potential has already been interpreted. Thor can, through this acquisition, join only two other companies with granted licences for hydrogen exploration in South Australia. This peer group comprises Gold Hydrogen Limited (ASX: GHY) fully diluted market cap. ~ A$122m and private company H2EX. Upon completion of this transaction, it is proposed that Thor move rapidly with the aim to establish a prospective resource on several well worked up prospects in advance of drilling in 2025."

Capital Raise

· As announced on 25 October, the Company has conditionally raised, in aggregate, gross proceeds of £1,000,000 (~A$1,958,097) via the placing of 133,333,316 new ordinary shares of 0.1p each (Ordinary Shares) (Placing Shares) at a price of 0.75 pence (approx. AUD$0.015) per Ordinary Share (Placing Price), comprising:

o approximately £709,894 (~A$1,390,041) by means of a firm placing (Firm Placing) with certain institutional and sophisticated investors of 94,652,516 new Ordinary Shares (Firm Placing Shares) at the Placing Price; and

o approximately £290,106 (~A$568,056) by means of a conditional placing (Conditional Placing and together with the Firm Placing, the Placings) with certain institutional and sophisticated investors of 38,680,800 new Ordinary Shares (Conditional Placing Shares and Firm Placing Shares being New Ordinary Shares) at the Placing Price.

· Strong support was received from a broad range of new institutional and sophisticated investors, adding strength to the Company's share register.

· The Conditional Placing is conditional on the Company obtaining the requisite approvals from Shareholders at a General Meeting, details of which the Company will circulate in due course.

The Directors of Thor Energy Plc (AIM, ASX: THR, OTCQB: THORF) are pleased to announce it has now entered into a binding acquisition agreement to acquire 80.2% of the issued share capital of Go Exploration Pty Ltd (Go Exploration) (Acquisition Agreement), the Australian-based natural (white) hydrogen and helium explorer.

Highlights

Acquisition

· Conditional acquisition of 80.2% of white hydrogen and helium explorer Go Exploration to be satisfied by the issue of 466,462,584 new ordinary shares in the Company (the "Consideration Shares"). The Sellers acknowledge and agree that 70% of the Consideration Shares shall be subject to 6 months voluntary lock-in.

· Go Exploration holds one of only 3 granted hydrogen and helium exploration licences in South Australia (PEL 120) and strategic, high potential application areas covered by applications (PELAs 697 and 709)

· PEL 120, is located near the notable Gold Hydrogen Limited Ramsay-1 and Ramsay-2 hydrogen and helium discoveries.

· Go Exploration portfolio positioned for rapid generation of drill ready targets (PEL 120) and follow up in high generative potential areas (PELAs).

· Acquisition in line with Thor strategy to focus on the 'clean' energy economy.

Https://www.londonstockexchange.com/news-article/THR/acquisition-announcement/16738693

.0550 traded

Sorry !

.0510 / 17m

.0510

Z , that's a great idea.

Amazing News

A Lot of work completed , not long now to wait. ATB

Pilot Processing Plant

- New sump installed in plant to create a closed water system.

- Tailing pipes and water supply reconfigured.

- New hammers fitted to the mill.

- Pump motor changed and extraction fan repaired on the primary crusher.

- On-going test processing of various ores.

Surface Works

- Cleared land access across the bridge from the Llechfraith Mine Yard to gain access to the historic explosives storage magazine.

- Bridge integrity inspection carried out by engineering consultant.

- Historic mine material cleaned from between the rails on surface for possible gold content.

- Fitted additional pipework on outflow side of the settlement tank.

- Fitted out a dry room in the Llechfraith Mine Shed for the use of personnel.

- PAT electrical testing completed, as well as upgrade of electricity supply from hydro plant.

- Removal of tailings to temporary storage zone.

- Reclaiming of rails for use on shaft doors.

No.4.5 Level

- Pressure washing of walls.

- Ladderway installed from 4.5 to 5 Level.

No.5 Level

- Back up pump installed on No.5 Level.

- Air line installed from Mine Yard compressor to No.5 Level.

- 25 tonnes of rock from previous periods of mining dug out from No. 5 Level and extracted to Llechfraith Mine Yard.

- Sump dug out on No.5 Level for siting of pump below floor level.

- Water supply fitted for drilling of blast holes.

- Pressure washing of walls.

- Drilling of blast holes and blasting on No.5 Level.

Works Completed Since Last RNS

Since the last operational update RNS on 30 August 2024, the Company has completed the following works, among others:

Underground Works

Adit Level

- Concrete bed laid and winch installed at the Main Shaft.

- Main Shaft sheave wheel rehabilitated.

No.4 Level

- Sampling completed on No.4 Level.

- Old ladders stripped out of Sub Shaft and new ladderways installed from No.4 to 4.5 Level.

- Vent ducting installed from Drainage Level to No.4 Level fan.

- Electrical reticulation extended to No.4 Level for connection of fan and winch.

- Old pipes cut and removed on No.4 Level.

- Concrete laid for No.4 Level Sub Shaft winch bed and winch installed.

- Concrete laid for Sub Shaft station area.

- Roof bolts installed for sheave wheel at Sub Shaft.

- Pressure washing of walls.

- New Kubota KC70VHD-4 tracked loader delivered to No.4 Level in preparation for transport to No.5 Level.

Hopefully we will get an opportunity to purchase the newly minted gold coins. ATB

Oce

that's what I have been thinking , I have been adding over the last few months. ATB

Getting closer to a working mine

- Site visits completed by HM Inspectorate of Mines, part of the Health and Safety Executive ("HSE"), and Natural Resources Wales ("NRW"), with some further remedial works requested by HSE having since been completed.

Oce , the fact that gold has been produced is great news , they must be confident for a good outcome going forward. ATB

This sounds very positive

"In related news, we have been working hard also on our plans for the commercialisation of gold produced from Clogau. We intend to release soon the details of a limited run of commemorative coins which are being produced from our test gold production to date."

George Frangeskides, Executive Chairman, commented:

"Since our last update, we have completed a substantial amount of work underground. The need to clear out a large volume of residual ore, combined with additional remedial measures requested by the Mines Inspector, has pushed out our planned blasting timeline, however our mining team anticipate being able to recommence blasting on No.5 Level later this week.

"The blasting we have undertaken to date, both on 4.5 and 5 Levels, has been successful and confirmed the suitability of the deflagrating explosives we are currently using. This also gives us confidence that the blasting programme should be able to proceed efficiently from here.

"In related news, we have been working hard also on our plans for the commercialisation of gold produced from Clogau. We intend to release soon the details of a limited run of commemorative coins which are being produced from our test gold production to date."