Thor Energy PLC (AIM:THR, OTCQB:THORF, ASX:THR) said it is optimistic about its uranium drilling programmes in the US for 2024 where it has just reported high grades for a programme completed last year.
Nicole Galloway Warland, Thor’s managing director, said the 2023 results were consistently high and she was looking forward to the 2024 drilling programs as "we continue to strategically position our portfolio towards advancing our 'green energy' projects in the US".
"Uranium prices throughout the second half of 2023 performed well, supported by strong supply and demand fundamentals,” Galloway Warland added.
“Looking ahead, the US Government announced plans to invest up to US$500m to help develop a secure domestic supply of nuclear energy fuel.
"Regarding our Australian portfolio, we advanced the In-Situ Recovery assessment of the Alford East Copper-REE-Gold Project, with reported favourable copper recoveries of up to 72.2%, performing above the 60%-70% usually expected for an In-Situ Recovery operation."
Losses for the half year to end December 2023 were £2 million reflecting the increased exploration activity and a £1,9 million non-cash write-down of the carrying value of the Ragged Range project in the Pilbara region of Australia.