Thor Energy (ASX:THR) has fulfilled its stage two earn-in expenditure obligations to increase its interest in the Alford East Copper Oxide Project in South Australia from 51% to 80%.
The $7.27 million market capitalisation company will acquire the additional 29% interest in the project from the unlisted company Spencer Metals.
In return, Spencer will receive $250,000 in the form of about 9.2 million THR shares issued at $0.027 per share, alongside 18.5 million unlisted options exerciseable at $0.30 within the next 5 years.
The shares will be allotted as CHESS Depository Interests (CDIs), with admission on the ASX expected on 10 November 2023.
Upon Thor completing the acquisition of the extra interest in the project, Spencer will hold a free-carried 20% interest until the decision to mine.
Thor Energy Managing Director Nicole Galloway Warland says: “As exploration accelerates at our Alford East Copper-REE Project in collaboration with Fleet Space Technology, Thor is excited to have completed its stage two earn-in, resulting in an 80% interest in this highly prospective project.
“This demonstrates our confidence in the Alford East Project and the value we believe it can bring to the company”
This demonstrates our confidence in the Alford East Project and the value we believe it can bring to the company.”
Thor expects to receive ambient noise tomography (ANT) geophysical data and interpretation from Fleet Space, covering the northern part of the Alford East project, ‘shortly’.
In November 2020, Thor was granted the right to explore for minerals on the agreed portions of exploration licences EL6255 and EL6529 and conduct feasibility and development activities.
The Alford East Copper-REE Project lies in the Yorke Peninsula of South Australia.
Thor Energy is a uranium and energy metals-focused company with assets across Australia and the US considered ‘highly prospective’ for uranium, nickel, copper, lithium, and gold.
As of 30 September 2023, the company had $2.16 million cash at hand, according to its latest quarterly report.
Write to Aaliyah Rogan at Mining.com.au
Images: Thor Energy
