Thor Sells 75% of US Uranium Projects for £1 Million in Metals One Shares

Strategic Asset Sale Completed

Thor Energy has formalised the sale of a majority stake in its US uranium and vanadium assets, signing a Sale and Purchase Agreement with Metals One PLC. The deal transfers 75% ownership of Thor's subsidiaries holding claims in Colorado and Utah to Metals One, a London-listed exploration company focused on critical metals. In return, Thor will receive £1 million worth of Metals One shares, issued at a 15-day volume-weighted average price of 7.03 pence, alongside a £100,000 cash exclusivity payment.

This transaction marks the culmination of a previously announced non-binding term sheet and represents a significant step in Thor's strategy to monetise non-core assets while retaining upside exposure through its new shareholding in Metals One.

Operational Control and Future Options

Under the agreement, Metals One will assume operational control of the uranium projects, consolidating nearby assets under a single management umbrella. Thor retains a 25% interest and has granted Metals One an exclusive 12-month option to acquire the remaining stake. The option price will be determined by mutual agreement or independent valuation, adding a layer of uncertainty but also potential future value for both parties.

During this option period, Metals One will solely fund all exploration activities, effectively removing financial burden from Thor and enabling Metals One to advance the projects according to its strategic priorities.

Refocusing on Hydrogen and Helium

Thor Energy’s CEO Andrew Hume emphasised the company’s renewed focus on its HY-Range natural hydrogen and helium project in South Australia. The sale proceeds and reduced operational commitments free up capital and management bandwidth to push this emerging energy resource towards a drill decision expected in early 2026.

Thor has invested approximately £1.6 million in its US uranium assets to date but paused recent exploration to prioritise HY-Range. This deal provides a non-dilutive funding source and strategic partnership that could unlock further value from the US projects without diverting attention from Thor’s core growth areas.

Market and Strategic Implications

The transaction highlights a broader trend of junior miners streamlining portfolios to focus on high-potential, clean energy-related resources. Metals One’s acquisition aligns with its strategy to build a critical metals portfolio in stable jurisdictions, while Thor leverages its shareholding to benefit from any upside in Metals One’s exploration success.

Investors will be watching closely how Metals One advances the uranium projects and whether it exercises the option to acquire full ownership. Meanwhile, Thor’s progress at HY-Range could position it as a key player in the hydrogen and helium sectors, which are gaining strategic importance amid the global energy transition.