Thor Energy Explores Revenue Boost from US Uranium Mine Waste Processing

South Australian hydrogen and helium explorer Thor Energy (ASX: THR) is investigating the opportunity to obtain new cashflow through the processing of historically abandoned US uranium mine waste dumps.

While its corporate focus remains on its HY-Range natural hydrogen and helium project in South Australia, Thor is taking the opportunity to potentially monetise much of its legacy portfolio in the US.

To this end, the company has signed a term sheet with private equity-backed DISA Technologies to assess the potential for processing material from Thor’s Colorado uranium claims, where it holds 25% ownership rights to uranium minerals.

Gross Revenue Share

If the studies prove positive, Thor would receive a gross revenue share of any saleable uranium and other critical mineral concentrates DISA recovers via its modular mobile plants and the patented high-pressure slurry ablation (HPSA) system.

Thor will not have to make any capital expenditure, with DISA to operate the Colorado projects and pay all associated costs of economic valuation, permitting, processing and ongoing remediation.

To date, DISA has performed ground surveys on 13 prospective waste dumps, with the potential to add others at a later stage.

DISA is currently in discussions with the US Nuclear Regulatory Commission on a licensing process that, if successful, would make it the first company to receive a receive a service providers license to remediate abandoned uranium mine waste.

Environmental Improvements

Thor chair Alastair Clayton said the HPSA process would also deliver significant improvements to the local environment and watersheds by removing an average 90% of the uranium and radium-226 content from the waste.

“DISA is a world leader in its materials upgrading technology, and its patented HSPA process is considered a revolutionary, non-chemical technology,” Mr Clayton said.

“Moving our US uranium projects forward in a non-dilutionary manner has been a priority for some time [and] the transaction represents a means by which Thor can monetise the value of its interest in its non-core uranium projects.”

In late July, Thor added further funding support to help progress the HY-Range project by selling 75% of its US uranium claims to UK explorer Metals One PLC.