Thor Energy said the next stage of its development plans will involve resource drilling at its US uranium projects alongside pump testing at its ISR copper project at Alford East.
Nicole Galloway Warland, managing director, added, that the primary focus remains resource development of uranium at Wedding Bell, Radium Mountain and Vanadium King in the US.
"[The] uranium spot price remains at its high levels, with continued long-term demand and persistent threats to near-term supply," she added.
“These positive fundamentals are supported by US producers reviving their deposits, including the reopening of Energy Fuels La Sal Operation in the Uravan Mineral Belt.
“Given the close proximity to Thor's assets, it validates the company's continued optimism in its green energy metals portfolio.
"We are also progressing well with our copper projects in Australia. We recently conducted 3D ANT modelling at our Alford East Project, which provided significant lithological and structural insights.”
For the quarter ended 31 March 2024, Thor saw total net cash outflows of A$479,000 with a period-end cash balance of A$499,000.