Thor Energy (ASX:THR) is selling 75% of its uranium and vanadium projects located in the US to Metals One (LSE:MET1) under a £100,000 ($204,975) term sheet.
Metals One will acquire Thor’s subsidiary companies, Standard Minerals and Cisco Minerals to earn the rights to its claims in Colorado and Utah
Thor will attain £1 million worth of shares in Metals One following the execution of a sale and purchase agreement, priced based on the 15-day volume weighted average price (VWAP) from term sheet signing.
The sale and purchase agreement is expected to be completed by 31 August 2025.
Metals One is eligible to purchase Thor’s remaining 25% interest to wholly acquire the projects under a 12 month option.
CEO Andrew Hume says Thor is delighted to extend its assets to Metals One as the company expands its uranium portfolio in the US.
“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,” Hume says.
“I look forward to working with the management of Metals One to help achieve our mutually beneficial exploration and development goals.”
Meanwhile, Thor has been focusing on the development of its HY-Range Hydrogen Helium Project in South Australia, which the company holds 80.2% interest in.
Thor Energy is focused on clean energy projects and the exploration of metals in Australia and the US.
Write to Maddison Elliott at Mining.com.au
Images: Thor Energy
