HY-Range Project Maiden Prospective Resource

Unrisked Recoverable Prospective Resources on RSEL 802

Hydrogen

Helium

1U

2U

3U

1U

2U

3U

RSEL 802 (gross)

281

1,071

3,583

25

115

436

less royalty

6

21

72

1

2

9

Go Exploration (net)

275

1,050

3,511

25

113

427

less minority interests

55

208

695

5

22

85

Thor (net) (Bcf)

221

842

2,816

20

90

343

Thor (net) (t)

512,820

1,954,557

6,538,916

Notes to the table:

1. The estimated quantities of hydrogen and helium that may potentially be recovered by the application of a future development project(s) relate to undiscovered accumulations. These estimates have both a risk of discovery and a risk of development. Further exploration appraisal and evaluation is required to determine the existence of a significant quantity of potentially recoverable hydrogen and helium.

2. These estimates are reported as of March 29 2025.

3. The natural hydrogen and helium resource estimates have been derived in accordance with the principles of the Petroleum Resources Management System (PRMS). The PRMS specifically applies to petroleum. However, the Oil and Gas Reserves Committee of the Society of Petroleum Engineers (SPE) advised in August 2022 that although the gaseous extraction of natural hydrogen and helium is outside of the scope of the PRMS, the principles can be applied given the similarities in exploration, evaluation and exploitation.

4. The resource estimates are presented on a net entitlements basis and represent Thor's net economic interest in the prospective recoverable hydrogen and helium volumes after deductions for a 2% royalty and minority shareholders interests in Go Exploration Pty Ltd .

5. The prospective resources have been evaluated using probabilistic methods and are presented on an unrisked basis.

6. Totals are calculated using arithmetic summation.

7. Hydrogen mass conversion is 2,321.98 tonnes per billion standard cubic feet (t/Bscf).

8. The estimates are for naturally occurring gaseous hydrogen and helium gas only. Adjustments for petroleum gases and inert gases have been made. No adjustment has been made to the estimates to account for fuel and flare.

Rule Number

Title

Comments

5.25.1

Date of Estimates

March 29 2025

5.25.2

Classification of Petroleum Resources

The natural hydrogen and helium resource estimates have been derived in accordance with the principles of the PRMS. The PRMS specifically applies to petroleum. However, the OGRC advised in August 2022 that although the gaseous extraction of natural hydrogen and helium is outside of the scope of the PRMS, the principles can be applied given the similarities in exploration, evaluation and exploitation.

5.25.3

Disclosure of Total Petroleum Initially-in-Place

Not applicable as total petroleum initially-in-place and other regulated categories are not stated.

5.25.4

Disclosure of Discovered Petroleum-Initially-In-Place

Not applicable as discovered petroleum initially-in-place not stated.

5.25.5(a)

Reporting Based on Economic Interest

Go Exploration Pty Ltd is the sole licencee of RSEL 802. Thor owns 80.2% of Go Exploration Pty Ltd (see Thor ASX announcements of 30 October 2024 and 17 February 2025). 

The resource estimates are presented on a net entitlements basis and represent Thor's net economic interest in the prospective recoverable hydrogen and helium volumes after deductions for the minority interest in Go Exploration and the royalty described below.

5.25.5(b)

Reporting Net of Royalties

The prospective resources are reported net of a 2% royalty payable to Tri-Star Royalty Company Pty Ltd. 

The resource estimates are presented on a net entitlements basis and represent Thor's net economic interest in the prospective recoverable hydrogen and helium volumes after deductions for the royalty and minority interest in Go Exploration described above.

5.25.5(c)

Not Reported in Relation to Pure Service Contracts

Not applicable

5.25.6

Method of Estimation

Probabilistic

5.25.7

Units of Measurement

Reported in appropriate units, otherwise not applicable. Hydrogen volumes are presented in both billion cubic feet (Bcf) and metric tonnes (t). Helium volumes are presented in Bcf.

5.28.1

Categorization of Prospective Resources

See resource table in announcement.

5.28.2

Cautionary Statement

The estimated quantities of hydrogen and helium that may potentially be recovered by the application of a future development project(s) relate to undiscovered accumulations. These estimates have both a risk of discovery and a risk of development. Further exploration appraisal and evaluation is required to determine the existence of a significant quantity of potentially recoverable hydrogen and helium.

5.28.3

Prohibition of Mean Estimate

Mean estimate not stated

5.28.4

Aggregation Methods

Arithmetic

5.28.5

Aggregation Beyond Project Level

Estimates are aggregated by category. The aggregate low estimate may be a very conservative estimate and the aggregate high estimate may be a very optimistic estimate due to the portfolio effects of arithmetic summation.

5.35.1

Permits and licenses

South Australian Regulated Substance Exploration Licence 802 (RSEL 802)

5.35.2

Basis for Estimates

See notes to resource table in the body of the announcement. Significant subsurface uncertainty is inherent in any hydrogen or helium exploration play. Consequently, further exploration, appraisal, and evaluation are necessary to confirm the presence and potential recoverability of hydrogen and helium volumes within RSEL 802.

5.35.3

Chance of Discovery and Development

The geological chance of success (GCoS or Pg) for both natural hydrogen and helium is estimated to be between 6% and 9% which is consistent with a moderate value for risk in basins at this current level of subsurface understanding. Our planned 2025/26 exploration program, featuring geochemical, optional geophysical, and drilling operations, is strategically designed to enhance GCoS through the acquisition of critical new subsurface data.

The chance of development (Pd) for natural hydrogen, once discovered, is considered high particularly due to RSEL 802's proximity to the city of Adelaide for industrial and domestic use, gas pipelines and electricity transmission lines which cross the licence, and numerous mining, steel and industrial sites across South Australia.

The chance of development (Pd) for helium, once discovered, is also considered to be high due to growing Australian market demand, current lack of production in Australia, and relative global production scarcity.

5.35.4

Risked Estimates

The prospective resources are unrisked. Risked estimates are not reported.

5.41

Estimates Prepared by Qualified Evaluator

See LR 5.42 disclosure below.

5.42

Disclosure of Qualified Evaluator

This announcement is based on and fairly represents information and supporting documentation prepared by or under the supervision of Adam Craig. He is a qualified petroleum reserves and resources evaluator employed by RISC Advisory Pty Ltd. He is a member of PESA, a certified petroleum geologist of the AAPG and a Fellow of the Geological Society. He is not an employee of Go Exploration Pty Ltd, Thor Energy Plc or any of its subsidiaries. This announcement is issued with his prior written consent as to its form and content in accordance with the requirements of ASX Listing Rule 5.42.