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Thor Energy PLC announced on 25 November 2024 that it received a Research and Development tax incentive rebate of A$208,000 (~£107,000) for its Alford East Oxide Copper project. The company also noted a partial licence sale of Fluorite rights on the Molyhil JV licence package, agreed upon by Investigator Resources Limited and Tivan on 21 November 2024, which entitles Thor to cash payments of A$200,000 (~£103,000). These payments represent total cash payments to Thor of up to A$408,000 (~£210,000).
| Date | 25 Nov 2024 |
| Time | 07:00:05 |
| Category | Miscellaneous |
| ID | 4826N |
25 November 2024
Thor Energy PLC
("Thor" or the "Company")
Research and Development Rebate Received and Fluorite Sale to yield A$408,000 (~£210,000)
Thor Energy PLC ("Thor") (AIM, ASX: THR, OTCQB: THORF) is pleased to announce that is now in receipt of payments from both a Research and Development tax incentive scheme and notes a partial licence sale from the new Molyhil Joint Venture that entitles the Company to short term and longer-term cash payments of up to A$408,000 (£210,000).
The Research and Development Tax Incentive (R&D Tax Incentive or R&DTI) helps companies innovate and grow by offsetting some of the costs of eligible research and development (R&D). The Company has received a cash rebate pertaining to the innovative exploration being undertaken at the Alford East Oxide Copper project for a total of A$208,000 (~£107,000).
Furthermore, the Company notes the joint announcements on the ASX (see links below) on the 21st of November 2024 in which Investigator Resources Limited (ASX:IVR), who are earning an 80% interest in the Molyhil Project and Tivan (ASX:TVN), has agreed to sell certain Fluorite rights on the Molyhil JV licence package, the result of which entitles Thor to cash payments totalling A$200,000 (~£103,000) including half of that sum upfront on signing (occurred) and licence transfer (near term).
Alastair Clayton, Executive Chairman, commented: "I am always pleased to report on cash amounts of all sizes, being inbound to the Company. Not only does this improve funds available for exploration but it helps reduce shareholder dilution going forward. Should they conclude, I look forward to updating shareholders on several more potentially cash-generative initiatives currently in contemplation."
Links to ASX announcements;
https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02883508-2A1563294
https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02883507-6A1238686
The Board of Thor Energy Plc has approved this announcement and authorised its release.
For further information on the Company, please visit the website or please contact the following:
Thor Energy PLC
Alastair Clayton, Executive Chairman
Ray Ridge, CFO / Company Secretary
Tel: +61 (8) 7324 1935
Zeus Capital Limited (Nominated Adviser and Joint Broker)
Antonio Bossi / Darshan Patel / Isaac Hooper
Tel: +44 (0) 203 829 5000
SI Capital Limited (Joint Broker)
Nick Emerson
Tel: +44 (0) 1483 413 500
Yellow Jersey (Financial PR)
Dom Barretto / Shivantha Thambirajah / Bessie Elliot
Tel: +44 (0) 20 3004 9512
About Thor Energy PLC
The Company is focused on uranium, energy metals and recently Hydrogen and Helium that are crucial in the shift to a clean energy economy.
For further information on Thor Energy and to see an overview of its projects, please visit the Company's website at https://thorenergyplc.com/.