Thor Energy (ASX:THR) has signed a term sheet with Tivan (ASX:TVN) to sell its 75% stake in the FRAM joint venture in the Northern Territory, for $8.75 million.
The FRAM joint venture, in which Investigator Resources (ASX:IVR) holds the remaining 25% interest, contains the Molyhill Tungsten, Molybdenum, and Copper Project.
As part of the transaction, Thor will receive $6.562 million in five separate tranches, with the final payment expected to be received in September 2028. Investigator will receive the remaining $2.187 million in cash payments.
Thor says while looking to monetise much of its legacy portfolio, the corporate focus of the company remains on its HY-Range Natural Hydrogen and Helium Project in South Australia.
The transaction represents, according to the company, a means by which Thor can monetise the value of its interest in its non-core tungsten-molybdenum projects.
Chairman Alastair Clayton says the Molyhill Project requires specific sector expertise and a significant balance sheet to unlock the potential of the asset.
“Then there are the obvious synergies with Tivan’s Sandover Project to the northeast of Molyhill,” Clayton says.
“For Thor shareholders the monetisation of Molyhill means a significant inflow of cash to the company over the next 12 months and beyond. This means more resources to advance HY-Range and less dilution to achieve this.”
Tivan is a critical minerals explorer headquartered in Darwin, Northern Territory.
Thor Energy is a hydrogen and helium explorer that also has a portfolio of projects prospective for uranium and other energy metals.
Write to Aaliyah Rogan at Mining.com.au
Images: Thor Energy
