Thor Mining (ASX:THR,LSE:THR,OTCQB:THORF) has signed a term sheet with Tivan (ASX:TVN) to sell its shares in FRAM, a joint venture with Investigator Resources (ASX:IVR).
The joint venture, which was set up in August 2024, holds the Molyhil tungsten-molybdenum-copper project, located 220 kilometres northeast of Alice Springs in Australia’s Northern Territory.
Thor and Investigator hold 75 percent and 25 percent takes in the joint venture, respectively.
“The Molyhil Project requires, amongst other things, specific sector expertise and a significant balance sheet to unlock the potential of the Project, of which Tivan has both,” said Thor Energy Chairman Alastair Clayton. “Then there are the obvious synergies with Tivan’s Sandover Project to the NE of Molyhil.”
He added that monetising Molyhil could lead to a significant inflow of profit to the company over the next 12 months or more, generating more resources to advance Thor’s Hy-Range hydrogen-helium project in South Australia.
Once the sale is completed, a total of AU$8,750,000 will be payable to Thor.
Hy-Range was acquired by Thor as part of its purchase of private company Go Exploration in February. The company states on its website that this acquisition was part of its focus on “developing resources for the clean energy economy.”
While Thor has engaged in various activities, the company said its corporate focus remains on Hy-Range.
In mid-August, Thor also completed the sale of 75 percent of its interest in its US subsidiaries, which hold its non-core US uranium and vanadium projects. Metals One (LSE:MET1) paid about AU$2 million in cash and shares for the stake.
Completion of the agreement between Thor and Tivan is targeted for December.
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Securities Disclosure: I, Gabrielle de la Cruz, hold no direct investment interest in any company mentioned in this article.
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