As the world transitions to a clean energy future, Thor Energy believes uranium, that fuels nuclear power will play a pivotal role in meeting global energy needs, thus creating value for our shareholders.




World governments have commited to ambitious carbon emission reduction targets by investing in clean, sustainable and reliable energy sources.

Although it is commonly believed that achieving net zero involves simply replacing fossil fuels with renewable energy such as solar and wind, without nuclear energy the world will not be able to meet the energy transition challenge.

At the centre of the nuclear solution lies a heavy metal that has been used as a source of concentrated energy for over 60 years…





Uranium is a silvery-white heavy metal found around the world in rocks, soil, and sea water in small concentrations.

As a radioactive element, uranium is a highly concentrated and efficient source of energy. One kilogram of natural uranium will yield about 20,000 times as much energy as the same amount of coal. This means less fuel is needed to generate the same amount of electricity as a coal-fired power plant.

Nuclear power plants require a particular kind of uranium called U-235 for fuel because its atoms are easily split apart. Although uranium is about 100 times more common than silver, U-235 is relatively rare and global demand is expected to rise by 28% by 2030, and to double by 2040.




At a time when the earth’s climate is changing in unprecedented ways, the Intergovernmental Panel on Climate Change (IPCC) has warned that we need to mobilise faster and at a greater scale than ever before in order to reduce emissions down to net zero. World governments now agree that achieving net zero by 2050 will require nothing short of the complete transformation of the global energy system.

Fossil fuels including coal, oil and gas are responsible for nearly 90 percent of all carbon dioxide emissions and concerted international efforts over the past 20 years have increased the amount of electricity generated by solar, wind and other renewable sources. Despite these efforts, carbon dioxide emissions related to energy continue to rise – and have increased by more than 40 percent since 2000.

It’s now clear that renewables alone will not decarbonise energy grid. Enter nuclear energy – which the United Nations Economic Commission for Europe calls an “indispensable tool” for achieving the Sustainable Development Goals.

Nuclear energy is particularly essential in countries that have high energy demands but poor sources of renewable energy. About 70 percent of electricity in France and 40 percent of electricity in Sweden is currently generated by nuclear power. America, China, Russia and Canada also produce relatively large amounts of nuclear power.



France derives about 70 percent of its electricity from nuclear energy, due to a long-standing policy based on energy security.

In February 2022 President Emmanuel Macron pledged to modernise and expand the country’s nuclear industry including plans to build six new reactors and to consider building a further eight.

Public opinion is in favour of nuclear energy. According to an Odoxa poll, 60 percent of French people have a positive opinion of nuclear power, up from 34 percent in 2019. An even higher percentage – 71 percent – said they backed the proposal to speed up the construction of new reactors.

Despite nuclear power having a reputation for being non-renewable, about 17 percent of France’s electricity is from recycled nuclear fuel.




The appeal of nuclear power is that it is an efficient, clean, low-carbon source of baseload energy, which contrary to popular belief is safer to produce than fossil fuels such as coal and gas.

Nuclear power stations work in a similar way to coal and gas-fired power stations, although the science behind the production process is more advanced.

All nuclear power plants use nuclear fission, with most nuclear power plants using uranium fuel pellets that are packed into vertical fuel rods and are inserted into the reactor. During nuclear fission, a neutron collides with a uranium atom and splits it, releasing a large amount of energy in the form of heat and radiation. This energy is then used to heat water and make steam, which turns the blades of a steam turbine. As the turbine blades turn, they drive generators that make electricity.

Each uranium pellet is about the size of an eraser on the end of a pencil, but it can fuel up to five years of heat and power generation.
Currently nuclear power plants produce about 10 percent of the electricity produced worldwide and more than 25 percent of all low carbon electricity. This avoids emissions roughly equivalent to removing one-third of all cars from the world’s roads.

Countries including the US, Japan and the UK have each renewed their commitment to nuclear power.

However, as the world races to meet net zero carbon emissions reduction targets, the International Energy Authority has stated that investment in nuclear power will need to triple by 2030 if we are to reach our net zero climate goals.

There are currently:

• 440 nuclear reactors in operation worldwide
• 50 new nuclear reactors under construction
• 110 new nuclear reactors planned
• 330 new nuclear reactors proposed




Unlike wind and solar power which depend on the weather, nuclear energy can be generated 24 hours a day. Only nuclear power can produce a reliable, constant and substantial supply of power without emitting greenhouse gases. This is known as baseload power.

Nuclear power stations use a minuscule amount of fuel in the form of uranium to generate the same amount of electricity that a coal or gas power station would (1 kg of uranium = 2.7 million kg of coal).

Since it produces energy via nuclear fission rather than chemical burning, nuclear power generates baseload electricity with almost no output of C02.

In addition to producing very little C02, nuclear power doesn’t produce noxious greenhouse gases and is much better than fossil fuels in limiting levels of local air pollution, unlike fossil fuels such as coal and gas.

Contrary to popular belief, nuclear power is one of the safest sources of energy. The number of people that have died from historical nuclear accidents is very small in comparison to the millions that die from air pollution from fossil fuels every year.




In January 2024 the uranium spot price hit US$106, a 16 year high and up over 55% since January 2023.

In the 12-month period between between January 2023 and January 2024 uranium prices doubled. It now costs more than it has in 16 years – increasing from about US$35 per pound to well above US$90. As an essential ingredient that fuels nuclear power, the price of uranium is tipped to rise even higher.

A confluence of forces is creating the increased demand including;
• Global decarbonisation efforts
• Europe’s desire for energy independence following Russia’s invasion of Ukraine
• New nuclear technology
• A growing imbalance between supply and demand

While global primary production of uranium in 2023 was 130 million pounds, current global demand is estimated at 180 million pounds. And the demand doesn’t look like abating any time soon.



The rising price of uranium in the USA comes after the government passed a new bill to ban the importation of Russian uranium and also free up $2.7B in funding to build the domestic uranium supply for advanced nuclear reactors.

Nuclear energy currently supplies 18 percent of electricity, and almost half of the carbon-free power, in the United States. It is viewed by the Biden Administration as a clean, safe and reliable complement to wind and solar energy.

According to a Pew Research Centre survey a majority of Americans (57 percent) say they favor more nuclear power plants to generate electricity, up from 43 percent in 2020.

Some 22 countries, led by the US and other leading nuclear nations, including France, South Korea, Canada, Britain, Japan, Sweden and the UAE, have signed a declaration to triple nuclear energy capacity by 2050.

Countries like Japan have reversed planned nuclear phase-outs, bringing nine reactors back on line, with a total of 30 due to restart by 2030. China currently has 55 operating nuclear reactors, with another 24 under construction and around 150 planned over the next 15 years.




Thor Energy holds a 100% interest in three uranium-vanadium projects in the highly prospective Uravan Mining Belt on the border of Utah and Colorado. The Wedding Bell Project and the Radium Mountain Project are both in Colorado and comprise of 199 mineral claims over areas of historical high grade uranium and vanadium production. The Vanadium King Project in south-east Utah comprises of 100 mineral claims, approximately 40km north of the town of Moab.



RIU – Investor Presentation (May 2024)

Thor Energy Plc is pleased to provide investors with a chance to view the presentation slides from the Investor Presentation titled “Uranium Focus”, prepared by MD Nicole Galloway Warland, for the RIU Conference in Sydney.

Read More »




Read Thor Energy’s Managing Director Nicole Galloway Warland’s article about the rising demand for uranium. 

A recent Yahoo Finance article that takes a deep dive into the worldwide interest in Uranium. It includes an interview with Thor Energy’s Managing Director Nicole Galloway Warland.