LONDON - Thor Energy PLC (AIM, ASX: THR, OTCQB: THORF), a mining and exploration company, has announced the receipt of a research and development tax rebate and cash payments from a fluorite rights sale within its Molyhil Joint Venture. The combined inflow totals approximately A$408,000 (~£210,000).
The Australian government's R&D Tax Incentive scheme, which supports companies engaging in innovative research and development activities, has provided Thor with a rebate of A$208,000 (~£107,000). This funding relates to R&D efforts at the Alford East Oxide Copper project.
Additionally, on November 21, 2024, Investigator Resources Limited (ASX:IVR), which is earning an 80% interest in the Molyhil Project, agreed to sell certain fluorite rights on the Molyhil JV license package. This sale entitles Thor to receive cash payments totaling A$200,000 (~£103,000), with half of this amount already paid upon signing and the remainder expected upon license transfer.
Alastair Clayton, Executive Chairman of Thor, expressed satisfaction with the cash inflows, highlighting their role in enhancing the company's exploration funds and reducing potential shareholder dilution. He also teased the possibility of future cash-generative initiatives.
The announcement of these financial developments is based on a press release statement and has been fully approved by the Board of Thor Energy Plc. The company's stock is traded on the AIM and ASX markets under the ticker THR and on the OTCQB market under the ticker THORF.
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