New Risk • Aug 17
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of British stocks, typically moving 11% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-UK£1.2m free cash flow). Share price has been highly volatile over the past 3 months (11% average weekly change). Earnings have declined by 38% per year over the past 5 years. Revenue is less than US$1m. Market cap is less than US$10m (UK£5.15m market cap, or US$6.98m). Announcement • Jul 29
Thor Energy plc Announces Preliminary Results of Its Phase-2 Soil Air Geochemistry Survey At the Hy-Range Project Thor Energy Plc announced the preliminary results of its Phase-2 soil air geochemistry survey at the HY-Range Project (RSEL 802) during the quarter, recording natural hydrogen readings of up to 3% (30,000ppm), approximately 60,000 times background levels, and validating three of the Company's highest-priority exploration focus areas: Mallala, Lochiel and Crystal. The survey builds on and materially exceeds Phase 1 results, with consistently repeated hydrogen anomalies ranging from several hundred to several thousand times background across the key target areas, significantly increasing confidence in the scale and continuity of the natural hydrogen system. Evolved sampling techniques, in which depth, duration and material variables were tested alongside controls, strongly indicate the presence of highly active natural hydrogen generation and substantially reduce the risk of sampling error or anthropogenic (human-made) contamination. The anomalously high surface geochemistry aligns with the Company's geological models and the crustal-scale basement architecture, faulting and focusing mechanisms considered necessary to deliver economic volumes of natural hydrogen. The Phase-2 results provide further validation of the Company's exploration model and increase our confidence in the HY-Range Project ahead of the next phase of exploration. Following these highly encouraging results, the Company began planning for a large-scale 2D seismic acquisition programme designed to image the subsurface geology, refine structural interpretations and identify priority drilling targets across the HY-Range Project. The programme marks the next critical step towards testing the project's natural hydrogen potential through drilling. New Risk • Jun 10
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of British stocks, typically moving 8.6% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-UK£1.2m free cash flow). Earnings have declined by 38% per year over the past 5 years. Revenue is less than US$1m. Market cap is less than US$10m (UK£5.92m market cap, or US$7.92m). Minor Risk Share price has been volatile over the past 3 months (8.6% average weekly change). 
