25th Jul 2025 17:49
(Alliance News) - Thor Energy PLC on Friday said it has signed a term sheet with Metals One PLC regarding the sale of its 75% interest in its US subsidiaries holding non-core US uranium and vanadium projects.
The US and Australia-focused mineral exploration company said the term sheet execution sees Metals One acquire a 75% interest in its wholly owned subsidiaries Standard Minerals Inc and Cisco Minerals Inc.
These companies, said Thor Energy, hold the rights to its uranium claims in Colorado and Utah.
Under the terms of the agreement, Thor receives an exclusivity fee of GBP100,000 following execution of the term sheet. It added that Metals One will issue Thor GBP1.0 million worth of ordinary shares in Metals One, with this subject to final due diligence, board approval and a sale and purchase agreement.
Thor Energy added that it has entered an agreement to grant Metals One an exclusive, year-long option to acquire the remaining 25% interest in the subsidiaries.
Shares in Thor Energy closed up 16% at 0.55 pence on Friday in London.
"I am delighted to announce today the term sheet executed with Metals One, which is building a significant US uranium portfolio," said Thor Energy Managing Director Andrew Hume.
"We welcome Metals One's in-country operational expertise to help drive these projects forward, whilst we remain focused on our project portfolio and notably our HY-Range natural hydrogen and helium project in South Australia. I look forward to working with the management of Metals One to help achieve our mutually beneficial exploration and development goals."
By Christopher Ward, Alliance News reporter
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