Thor Medical ASA and Steenkampskraal Holdings Limited in South Africa have signed a Memorandum of Understanding for feedstock supply and technology cooperation. The ambition is to enter into a long-term partnership agreement for supply of feedstock as part of the Thor Medical's strategy of developing multiple feedstock suppliers. The Steenkampskraal Monazite Mine in the Western Cape is considered to have among the highest concentration of rare earth elements and thorium globally.

The mine's abundant resources of natural thorium are sufficient to meet the global demand for medical isotopes from its decay for the foreseeable future. The plan is to leverage Thor Medical's expertise to efficiently produce valuable alpha-emters for use in next generation cancer treatment from feedstock from Steenkampskraal's mineral resources. The SteenkampskRAal Monazite Mine is a fully licensed to operate mining project and is compliant with all necessary regulatory requirements from, the Department of Mineral Resources and Energy, the National Nuclear Regulator, and the Department of Water and Sanitation.

The mine has already commenced with refurbishment and the start-up of the construction is targeted by end of 2024. Production of thorium is targeted by end of 2025.