Abstract This technical report covers the thermal analysis performed on the SM-1 Core III for both steady state and transient conditions is reported. SM-1 Core III will be used as a test for Type 3 elements in a PM-2A Core. The steady state analysis indicated minimum departure from nucleate boiling ratios (DNBR) for both design and scram conditions above the minimum criteria of 1.5. Local nucleate boiling was noted in the hot internal channels and lattice passage at scram power conditions. Loss of flow transient results indicate DNBR's above 1.5, insuring that the core is safe from burnout. Bulk boiling was noted in the hot channels and lattice passage at scram power condition.