Thor Energy (AIM:THR) has received the first of three annual deferred completion payments of approximately A$1.3 million (A$1.31 million) from ASX-listed Tivan (ASX:TVN).
The company, which is now developing natural hydrogen, helium and gas storage assets in South Australia alongside critical minerals projects, sold its 75% stake in the Molyhil Tungsten/Molybdenum/Copper Project to Tivan for total consideration of A$8.75 million under a deal disclosed on 16 September 2025.
The payment lifts Thor's unaudited cash balance to A$2.95 million.
Tivan satisfied half the payment in cash and half in its own shares, with half of the equity portion subject to a six-month voluntary escrow.
"Securing A$1.3 million, split evenly between cash received immediately and high-value equity, delivers a substantial, regular, non-dilutive cash injection to Thor's balance sheet", said Andrew Hume, CEO and Managing Director.
Thor expects two further annual payments of A$1.3125 million in September 2027 and September 2028.
The proceeds are earmarked for Thor's HY-Range natural hydrogen and helium project, where a 2D seismic survey is scheduled for the fourth quarter, alongside adjacent gas storage licences and the Alford East copper-gold project on the Yorke Peninsula.
News Intelligence what this means for the company
Thor Energy received A$1.3m—the first of three annual deferred payments from Tivan under last year's A$8.75m Molyhil project sale—boosting cash to A$2.95m. The payment arrives split between cash and Tivan shares, with two further tranches due in 2027 and 2028, funding the company's HY-Range hydrogen exploration and a planned Q4 seismic survey.
The deferred payment structure provides predictable non-dilutive funding through 2028, but Thor's cash position remains modest relative to its exploration ambitions: A$2.95m covers near-term seismic work and early-stage drilling, yet natural hydrogen commercialisation remains years away and capital-intensive. The Tivan equity component introduces exposure to a separate ASX-listed entity, adding counterparty and liquidity considerations.
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