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(Sharecast News) - Shares in Thor Energy spiked higher on Monday after the mining company expressed confidence after the recent restructure of its portfolio, even as interim losses more than doubled.
The firm, which is pre-revenue, reported a pre-tax loss of 1.26m for the six months to 31 December, compared with 0.53m the year before.
Thor spent the period "rationalising and de-risking" its portfolio through farm-outs and asset sales, as well as advancing its HY-Range natural hydrogen and helium project in South Australia, where geophysical data analysis identified sub-surface structural trends "highly conducive to migration and trapping potential".
The company also also announced a range of deals on legacy assets, including farming down its US uranium projects and selling 75% of its holding in the Molyhil tungsten-molybdenum project.
The Molyhil stake was sold for a total of 4.38m, of which 0.19m was paid on signing, 1.13m on completion and the rest payable in instalments over the next three years.
"This transaction has resulted in significant cash inflows into the company and has obviated the need to raise capital. Further significant annual cash trail payments are contracted to continue out to 2028," said chair Alastair Clayton.
Total assets were valued at 8.40m by the end of the year, compared with 13.3m at the end of 2024.
The stock was up 9.1% at 0.6p by 1400 GMT.
See latest RNS on Investegate.
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