Thor Energy Receives A$1.3 Million Molyhil Payment as HY-Range Seismic Program Approaches
Thor Energy has received approximately A$1.31 million from Tivan Limited as the first of three annual deferred payments from the sale of its interest in the Molyhil tungsten-molybdenum-copper project, providing additional non-dilutive funding as the company prepares to advance natural hydrogen and helium exploration in South Australia.
The A$1,312,500 payment represents Thor’s 75% share of the first annual deferred completion instalment under the Molyhil transaction. The broader sale valued the FRAM Joint Venture at A$8.75 million, giving Thor total consideration of A$6.5625 million for its 75% interest.
The latest instalment was satisfied equally through cash and Tivan shares. Thor received A$656,250 in cash and A$656,250 in equity, with the shares subject to a six-month voluntary escrow period.
The payment increases Thor’s unaudited cash position to approximately A$2.95 million, while the Tivan shares provide an additional liquid balance-sheet asset once their escrow period expires.
For Thor, the significance of the transaction is increasingly tied to where the capital is being redeployed.
Management is using the monetisation of Molyhil, a legacy asset, to fund exploration across its core South Australian energy portfolio, including the HY-Range natural hydrogen and helium project, adjacent underground gas-storage acreage and its copper and critical-mineral interests.
CEO and Managing Director Andrew Hume said the structured payment model is part of Thor’s strategy of converting legacy assets into capital for its core growth priorities, allowing the company to maintain exploration momentum without relying solely on new equity issuance.
The most immediate natural hydrogen milestone is at HY-Range, RSEL 802, where Thor is progressing final approvals and planning for a 2D seismic acquisition program scheduled for the fourth quarter of 2026.
The seismic program is intended to provide the subsurface information needed to assess hydrogen and helium prospectivity, update the project’s exploration portfolio and resource potential, and ultimately rank targets for drilling.
That makes the Molyhil payment particularly timely. Rather than representing proceeds without a defined use, the capital arrives as Thor approaches a new field-exploration phase at HY-Range.
The payment structure also extends beyond the current seismic campaign.
As shown in the payment schedule on page two of the announcement, Thor previously received an A$375,000 exclusivity deposit in September 2025 and an A$2.25 million completion payment in December 2025. Including the new A$1.3125 million instalment, Thor has now received approximately A$3.94 million of its A$6.5625 million share of the Molyhil consideration.
Another A$1.3125 million is expected in September 2027, followed by the same amount in September 2028. Thor says the scheduled payments should provide ongoing financial support through its planned multi-well exploration campaigns.
The structure therefore gives Thor a recurring source of capital as HY-Range moves through seismic acquisition, target definition and potentially into drilling.
Thor is also evaluating how the natural hydrogen opportunity could interact with its adjacent gas-storage acreage.
The company holds GSELs 804, 805 and 806 next to HY-Range and is assessing their potential for underground storage. The work is examining whether the acreage could provide aggregation and storage options for future natural hydrogen production, while also evaluating potential conventional gas storage or carbon sequestration opportunities close to population and industrial centres.
The next major technical milestone is therefore the planned Q4 2026 2D seismic survey at HY-Range.
That program is expected to help Thor move from regional prospectivity toward specific subsurface targets, providing the data required to rank where future exploration wells should be positioned.
Full press release can be found here.
