Thor said the sale of its majority stake in the Molyhill tungsten, molybdenum, and copper mine in the Northern Territory would provide a  “significant” boost to advancing its Hy-Range natural hydrogen project.

The firm will receive three payments totalling A$6.6m (€3.9m) by late 2028, for the sale, with co-owners of Molyhill, Investigator Resources, will receive a total A$2.2m (€1.3m) across the payments.

It will finance Thor’s ongoing feasibility studies and potential exploration drilling at its South Australia natural hydrogen project, Hy-Range.

In February 2025, Thor acquired 80.2% of Victoria-based Go Exploration, including the same portion of the Hy-Range project, as well as access to one of only four granted hydrogen and helium exploration licenses in South Australia.

Managing Director of Thor, Andrew Hume, said this positioned it “at the forefront of natural hydrogen and helium exploration in Australia”.

In July 2025, the firm announced positive results at the site indicated natural hydrogen at natural values of more than 1,000ppm. Hume said this established the project as “highly prospective”.

Natural hydrogen, also known as white hydrogen, is formed inside the Earth’s crust through natural processes in areas of iron-rich rock and can accumulate in underground reservoirs.

Its potential as a clean and low-cost source of hydrogen has been growing in recent years as various companies and governments have started exploration efforts.

However, the extraction of natural hydrogen is still very much in its infancy. While proponents suggest existing oil and gas technologies and processes could be used, more research efforts are required.