Thor Energy PLC (AIM:THR, OTCQB:THORF, ASX:THR) has completed the sale of a 75% interest in its US uranium and vanadium projects in Colorado and Utah to Metals One PLC (AIM:MET1), with Thor receiving £1 million paid in shares, plus £100,000 in cash.
Under the deal, Metals One becomes the operator of the projects, while Thor retains a 25% interest and grants a 12-month exclusive option for Metals One to acquire the remainder at a mutually agreed or independently determined price.
"I look forward to working with the management of Metals One to help achieve our mutually beneficial exploration and development goals. We continue to remain focused on the remainder of our project portfolio and notably our HY-Range natural hydrogen and helium project in South Australia," said chief executive Andrew Hume.
Metals One will fund all exploration during the option period.