Thor Energy has entered a term sheet with Metals One for the sale of a 75% interest in its US subsidiaries holding non-core uranium and vanadium projects in the US states of Colorado and Utah.
The transaction includes an exclusivity fee and potential share issuance upon completion.
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Under the terms of the transaction, Metals One will acquire a significant interest in Thor Energy’s subsidiaries, Standard Minerals and Cisco Minerals, which hold uranium claims in the US.
An exclusivity fee of £100,000 is payable to Thor, with a further £1m in shares to be issued upon completion of due diligence and a share purchase agreement (SPA).
The agreement also provides Metals One with a 12-month option to purchase the remaining 25% interest in the subsidiaries.
The purchase price for this additional stake will be determined by mutual agreement or independent valuation. The parties aim to finalise the SPA by 31 August 2025.
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By GlobalDataThe SPA will include standard warranties and representations for such transactions. The sale is contingent upon Metals One’s satisfaction with due diligence and the receipt of necessary regulatory approvals for the change of control of the projects.
Thor Energy has invested approximately £1.6m in the exploration and development of these US-based uranium assets.
However, the company has shifted its focus to the HY-Range natural hydrogen and helium project in South Australia, leading to the decision to monetise its uranium project interests through this sale.
Thor Energy CEO and managing director Andrew Hume said: “I am delighted to announce today the term sheet executed with Metals One PLC, which is building a significant US uranium portfolio.
“We welcome Metals One’s in-country operational expertise to help drive these projects forward, whilst we remain focused on our project portfolio and notably our HY-Range natural hydrogen and helium project in South Australia. I look forward to working with the management of Metals One to help achieve our mutually beneficial exploration and development goals.”
