Interim Results
March 17 2006 - 2:02AM
UK Regulatory
RNS Number:9085Z
Thor Mining PLC
17 March 2006
THOR MINING PLC
Interim report for the six months to 31 December 2005
Dated: 17 March 2006
Thor Mining PLC ("Thor" or the "Company") the mineral exploration and
development company focussed on advancing tungsten and molybdenum projects in
the Northern Territory of Australia announces its interim results for the period
ended 31 December 2005.
Chairman's Statement
Thor was established in 2005 as a mineral exploration and development company
focused on advancing its tungsten and molybdenum projects in the Northern
Territory of Australia. The admission to AIM was completed in June 2005 and
subsequently the Company was admitted to the Frankfurt Stock Exchange.
Background
Thor's wholly owned subsidiary, Sunsphere, has three groups of resource assets
in the Northern Territory of Australia comprising Molyhil, Thring Creek and
Hatches Creek.
The principal project of the Company is the Molyhil Tungsten -Molybdenum
Project.
Operating Review
During the last half year, exploration has been focused on the Molyhil deposit
where three shafts and cross cuts were completed to determine the true head
grade of the deposit and to provide metallurgical samples. As a result of this
work, a new JORC resource was announced in January 2006 of 2.4 million tonnes at
0.80% combined.
This resource is detailed as follows
UNCUT
TONNES WO3 % MoS2 % COMBINED %
Measured 370,000 0.52 0.32 0.85
Indicated 1,750,000 0.52 0.26 0.77
Inferred 250,000 0.7 0.2 0.9
Total 2,380,000 0.54 0.26 0.80
Note: Totals may differ from sum of individual numbers due to rounding
Work on the scoping study continues and this is expected to be completed in the
March 2006 quarter.
In addition to the work at Molyhil, low level airborne photography and magnetic
surveys were flown at Hatches Creek. This program, which will be submitted to
the traditional owners for approval, is anticipated to result in an agreement
being executed and thereafter the grant of title.
At Thring Creek a detailed ground magnetic survey was undertaken and the first
drilling will be undertaken in the first half of 2006 quarter. The agreement
with the traditional owners has been executed.
Financial Review
During the half year the Company expended almost #600,000 on exploration and
development activities. In the next half year a further #200,000 is budgeted on
these activities.
John W Barr
Executive Chairman
Independent Review Report to Thor Mining PLC
Introduction
We have been instructed by the Company to review the financial information which
comprises the Consolidated Income Statement, Consolidated Statement of Total
Recognised Gains and Losses, Consolidated Balance Sheet, Consolidated Cash Flow
Statement and related notes. We have read the other information contained in the
interim report and considered whether it contains any apparent misstatements or
material inconsistencies with the financial information.
This report, including the conclusion, has been prepared for and only for the
Company for the purpose of their interim report and for no other purpose. We do
not, therefore, in producing this report, accept or assume responsibility for
any other purpose or to any other person to whom this report is shown or into
whose hands it may come save where expressly agreed by our prior consent in
writing.
Directors' responsibilities
The interim report, including the financial information contained therein, is
the responsibility of, and has been approved by the Directors.
Review work performed
We conducted our review in accordance with guidance contained in Bulletin 1999/4
issued by the Auditing Practices Board as if that Bulletin applied. A review
consists principally of making enquiries of the Directors and applying
analytical procedures to the financial information and underlying financial data
and based thereon, assessing whether the accounting policies and presentation
have been consistently applied unless otherwise disclosed. A review excludes
audit procedures such as tests of controls and verification of assets,
liabilities and transactions. It is substantially less in scope than an audit
performed in accordance with Auditing Standards and therefore provides a lower
level of assurance than an audit. Accordingly we do not express an audit
opinion on the financial information.
Review conclusion
On the basis of our review we are not aware of any material modifications that
should be made to the financial information as presented for the six months
ended 31st December 2005.
CHAPMAN DAVIS LLP
Chartered Accountants
2 Chapel Court
London SE1 1HH
Consolidated Income Statement (Unaudited)
For the 6 months ended 31 December 2005
Notes #'000 #'000
Six months ending 31 Period ending 30
December 2005 June 2005
(Unaudited) (Audited)
Administrative expenses (303) (99)
OPERATING LOSS (303) (99)
Bank interest received 20 -
LOSS BEFORE TAXATION (283) (99)
Taxation 2 - -
LOSS ON ORDINARY ACTIVITIES AFTER TAXATION (283) (99)
Loss per share :
Basic 4 (0.16)p (0.15)p
The financial year end of THOR MINING PLC is 30 June. The comparatives in the
consolidated Profit and Loss account are for the period 3 November 2004 to June
30 2005.
Consolidated Statement of Total Recognised Gains and Losses (Unaudited)
For the 6 months ended 31 December 2005
Notes #'000 #'000
Six months ending 31 Period ending 30
December 2005 June 2005
(Unaudited) (Audited)
Loss for the Period (283) (99)
Unrealised surplus on foreign exchange
37 23
Total recognised gains and losses related to the (246) (76)
period
Consolidated Balance Sheet (Unaudited)
At 31 December 2005
Notes #'000 #'000
Six months ending Period ending
31 December 2005 30 June 2005
(Unaudited) (Audited)
NON-CURRENT ASSETS
Property and Equipment 10 -
Exploration evaluation & development expenditure 1,281 685
TOTAL NON-CURRENT ASSETS 1,291 685
CURRENT ASSETS
Prepayments 10 -
Cash at bank and in hand 751 1,504
Receivables 46 79
TOTAL CURRENT ASSETS 807 1,583
TOTAL ASSETS 2,098 2,268
CURRENT LIABLILITES
Creditors: Amounts falling due within one year 83 7
TOTAL CURRENT LIABLITIES 83 7
NET ASSETS 2,015 2,261
CAPITAL AND RESERVES
Called up share capital 182 182
Share premium 1,750 1,750
Profit and loss account (382) (99)
Other Reserves 465 428
SHAREHOLDERS' FUNDS 2,015 2,261
Consolidated Cash Flow Statement (Unaudited)
For the 6 months ended 31 December 2005
Notes #'000 #'000
Six months ending 31 Period ending 30
December 2005 June 2005
(Unaudited) (Audited)
RECONCILIATION OF OPERATING LOSS TO NET CASH INFLOW FROM
OPERATING ACTIVITIES
Operating loss (303) (99)
Decrease (Increase)/ in Debtors 23 (3)
Increase/(Decrease) in Creditors 26 (11)
Profit on currency exchange 37 23
Increase/(Decrease) other operating activities 2
CASH OUTFLOW FROM OPERATING ACTIVITIES (215) (90)
Returns on investments and servicing of finance 20 -
Capital Expenditure (558) (293)
CASH OUTFLOW BEFORE FINANCING (753) (383)
Financing
Issue of share capital - 2,071
Expenses to acquire subsidiary shares - (184)
- 1,887
(DECREASE)/INCREASE IN CASH IN THE PERIOD (753) 1,504
RECONCILIATION OF NET CASHFLOW TO MOVEMENT IN NET FUNDS
(Decrease)/Increase in cash in the period (753) 1,504
Net funds at beginning of period 1,504 -
Net funds at end of period 751 1,504
Notes to the Interim Report
For the 6 months ending 31 December 2005
1. BASIS OF PREPARATION
(a) Presentation of interim results
This interim report was approved by the Directors on 16 March 2006. The interim
results have not been audited, but were the subject of an independent review
carried out by the Company's auditors, Chapman Davis LLP. Their review
confirmed that the figures were prepared using applicable accounting policies
and practices consistent with those adopted in the 2005 annual report. The
financial information contained in this interim report does not constitute
statutory accounts as defined by Section 240 of the Companies Act 1985.
(b) Statement of Compliance
The interim financial information has been prepared on the basis of the
recognition and measurement requirements of adopted IFRS as at 30 June 2005 that
is effective at 30 June 2006. Based on these adopted IFRS, the directors have
applied the accounting policies, set out below, which they expect to apply when
the annual IFRS financial statements are prepared for the year ending 30 June
2006.
2. ACCOUNTING POLICIES
(a) Basis of preparation
These financial statements have been prepared under the historical cost
convention and in accordance with the applicable international accounting
standards.
(b) Basis of consolidation
The financial statements of controlled entities are included in the consolidated
financial statements from the date control commences until the date control
ceases.
(c) Goodwill
Goodwill on consolidation is capitalised and shown within fixed assets.
Positive goodwill is subject to annual impairment review with movements charged
in the profit and loss account. Negative goodwill is reassessed by the
Directors and attributed to the relevant assets to which it relates
(d) Deferred taxation
Full provision is made for deferred taxation resulting from timing differences
between the recognition of gains and losses in the accounts and their
recognition for tax purposes.
Deferred tax is calculated at the tax rates which are expected to apply in the
periods when the timing differences will reverse, and discounted to reflect the
time value of money using rates based on the post-tax yields to maturity that
could be obtained at the balance sheet date on government bonds with similar
maturity dates.
(e) Foreign currencies
Transactions in foreign currencies are recorded at the rate ruling at the date
of the transaction. Monetary assets and liabilities denominated in foreign
currencies are translated at the rate of exchange ruling at the balance sheet
date. All differences are taken to the profit and loss account.
On consolidation of a foreign operation, assets and liabilities are translated
at the balance sheet rates, income and expenses are translated at rates ruling
at the transaction date. Exchange differences on consolidation are taken to the
foreign exchange reserve account.
(f) Exploration and development expenditure
Exploration, evaluation and development expenditure incurred as accumulated in
respect of each identifiable area of interest. These costs are only carried
forward to the extent that they are expected to be recouped through the
successful development of the area or where activities in the area have not yet
reached a stage which permits reasonable assessment of the existence of
economically recoverable reserves.
Accumulated costs in relation to an abandoned area are written off in full
against the profit in the year in which the decision to abandon the area is
made.
A regular review is undertaken of each area of interest to determine the
appropriateness of continuing to carry forward costs in relation to that area of
interest.
Restoration, rehabilitation and environmental costs necessitated by exploration
and evaluation activities are expensed as incurred and treated as exploration
and evaluation expenditure.
(g) Share based payments
For equity settled share based payments the transactions are measured at the
fair value of the equity instruments granted at the date of grant. No further
re-measurement is conducted for subsequent movements in the fair value.
3. TAXATION
No taxation has been provided due to losses in the period.
4. DIVIDENDS
The Directors do not recommend the payment of a dividend.
5. LOSS PER SHARE
Six months ending Period ending
31 December 2005 30 June 2005
(Unaudited) (Audited)
Basic Loss for the period
Loss (#'000) (283) (99)
Weighted Average Number of Shares 181,675,000 64,360,000
Loss Per Share - pence 0.16 0.15
The basic earnings per share has been calculated on a loss on ordinary
activities after taxation of #283,000 (30 June 2005: #99,000 loss) and on
181,675,000 (30 June 2005: 64,360,000) ordinary shares being the weighted
average number of shares in issue and ranking for dividend during the period.
No diluted loss per share is presented as the effect of exercise of outstanding
options is to decrease the loss per share.
6. RECONCILIATION OF MOVEMENT IN SHAREHOLDERS' FUNDS
Share Share Profit Other Total
capital premium and loss Reserves
account Account
#'000 #'000 #'000 #'000 #'000
At 1 July 2005 182 1,750 (99) 428 2,261
Profit/Loss for the period - - (283) 37 (246)
At 31 December 2005 182 1,750 (382) 465 2,015
Enquiries:
John W Barr +61 418 912 885 Thor Mining PLC Executive Chairman
John Simpson 020 7512 0191 ARM Corporate Finance Ltd Nominated Adviser
Abigail Singleton 020 7618 8534 Conduit PR Public Relations
This information is provided by RNS
The company news service from the London Stock Exchange
END
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