Thor Energy (ASX:THR) has entered into a term sheet agreement to sell a 75 per cent interest in its US-based uranium and vanadium projects to Metals One (LSE:MET1) for £100,000 ($204,975). Metals One will acquire Thor’s subsidiary companies, Standard Minerals and Cisco Minerals, securing rights to its claims in Colorado and Utah. Thor Energy focuses on clean energy projects and the exploration of metals in both Australia and the United States. The company is also advancing its HY-Range natural hydrogen and helium project in South Australia.
Under the agreement, Thor will receive £1 million worth of shares in Metals One following the execution of a sale and purchase agreement. The share price will be based on the 15-day volume weighted average price (VWAP) calculated from the term sheet signing date. The sale and purchase agreement is expected to be finalised by August 31, 2025. Metals One will also have the option to purchase Thor’s remaining 25 per cent interest within a 12-month period, allowing them to wholly acquire the projects.
Andrew Hume, CEO of Thor Energy, expressed enthusiasm about the deal, stating it would extend its assets to Metals One as the company expands its uranium portfolio in the US. He added that Metals One’s in-country operational expertise will help drive the projects forward. Thor Energy will remain focused on its other projects, particularly the HY-Range natural hydrogen and helium project in South Australia.
Hume stated he looks forward to collaborating with Metals One’s management to achieve mutually beneficial exploration and development goals. While divesting part of its US uranium assets, Thor Energy is prioritising the development of its HY-Range Hydrogen Helium Project in South Australia, in which it holds an 80.2 per cent interest.
