Thor Energy (ASX:THR,LSE:THR,OTCQB:THORF) has finalized a binding agreement with US-based DISA Technologies to treat abandoned uranium mine waste in Colorado to recover saleable uranium and other critical minerals as well.
Under the agreement, DISA will deploy its patented High-Pressure Slurry Ablation (HPSA) technology at Thor’s Colorado uranium projects, which are held through its US subsidiary, Standard Minerals. The company owns 25 percent of the uranium mineral rights, while the remaining 75 percent is held by London-listed Metals One (LSE:MET1).
Thor said it will receive a share of gross revenues generated from the sale of uranium and critical mineral concentrates recovered from the sites, with no capital or operating expenditures required on its part.
“This agreement finalises the details under which Thor will potentially generate revenue from the recovery of uranium and critical metals from its Colorado projects,” said Andrew Hume, Thor’s managing director and CEO.
“It is also fantastic to report that the US Nuclear Regulatory Commission has granted DISA a Service Provider’s License to remediate abandoned uranium mine waste. DISA is now the first company in the US to receive such approvals.”
DISA’s newly granted Service Providers License (SPL) from the US Nuclear Regulatory Commission (NRC) allows it to proceed with remediation of legacy uranium waste sites across the country.
The license, secured after a multi-year review process that began in 2021, enables DISA to operate modular mobile treatment plants using HPSA technology, a process designed to recover valuable resources from waste while mitigating environmental hazards.
Under the agreement, DISA will act as the project operator, responsible for all costs related to evaluation, permitting, treatment, and remediation.
Meanwhile, Thor, through Standard Minerals, will receive between 2.5 and 4 percent of gross product sales, depending on market conditions.
Beyond resource recovery, the process is expected to deliver environmental benefits by improving water quality and restoring legacy mine sites to productive use.
The project aligns closely with recent US policy efforts to unlock domestic mineral supplies from legacy sites. The Department of the Interior’s Secretarial Order No. 3436, issued earlier this year, directs agencies to accelerate recovery of critical and strategic minerals from mine waste and streamline permitting processes.
Next steps for Thor and DISA include conducting a detailed characterization program using assays and gamma probes to determine the quantity of recoverable minerals in the waste dumps.
Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.