Appendix - 5B September 2010 Quarterly Report
October 28 2010 - 2:00AM
UK Regulatory
TIDMTHR
RNS Number : 0391V
Thor Mining PLC
28 October 2010
THOR MINING PLC
Appendix 5B - September 2010 Quarterly Report
Dated: 28 October 2010
The Directors of Thor Mining PLC ("Thor" or the "Company") (AIM, ASX: THR) the
resources company focused on gold and base metals projects and advancing
tungsten-molybdenum projects in the Northern Territory of Australia, today
released the following report on the Australian Stock Exchange ("ASX"), as
required under the rules of the ASX.
Mining exploration entity quarterly report
+-----------------------------------------------------------------+
| Name of entity |
+-----------------------------------------------------------------+
| THOR MINING PLC |
| |
+-----------------------------------------------------------------+
+---------------------------+--------------+------------------------+
| ACN or ARBN | | Quarter ended |
| | | ("current quarter") |
+---------------------------+--------------+------------------------+
| 121 117 673 | | 30 September 2010 |
+---------------------------+--------------+------------------------+
Consolidated statement of cash flows
+------+-----------------------------+--------------+------------+
| | Current | Year to |
| Cash flows related to operating | quarter | date (3 |
| activities | $A'000 | months) |
| | | $A'000 |
+------------------------------------+--------------+------------+
| 1.1 | Receipts from product sales | 0 | 0 |
| | and related debtors | | |
+------+-----------------------------+--------------+------------+
| 1.2 | Payments for (a) | (137) | (137) |
| | exploration & evaluation | 0 | 0 |
| | (b) | 0 | 0 |
| | development | (323) | (323) |
| | (c) | | |
| | production | | |
| | (d) | | |
| | administration | | |
+------+-----------------------------+--------------+------------+
| 1.3 | Dividends received | 0 | 0 |
+------+-----------------------------+--------------+------------+
| 1.4 | Interest and other items of | 4 | 4 |
| | a similar nature received | | |
+------+-----------------------------+--------------+------------+
| 1.5 | Interest and other costs of | (1) | (1) |
| | finance paid | | |
+------+-----------------------------+--------------+------------+
| 1.6 | Income taxes paid | 0 | 0 |
+------+-----------------------------+--------------+------------+
| 1.7 | Other (provide details if | 0 | 0 |
| | material) | | |
| | | | |
+------+-----------------------------+--------------+------------+
| | Net Operating Cash Flows | (457) | (457) |
+------+-----------------------------+--------------+------------+
| | | | |
| | Cash flows related to | | |
| | investing activities | | |
+------+-----------------------------+--------------+------------+
| 1.8 | Payment for purchases of: | 0 | 0 |
| | (a) prospects | 0 | 0 |
| | (b) | 0 | 0 |
| | equity investments | | |
| | (c) | | |
| | other fixed assets | | |
+------+-----------------------------+--------------+------------+
| 1.9 | Proceeds from sale of: | 0 | 0 |
| | (a) prospects | 0 | 0 |
| | (b) | 20 | 20 |
| | equity investments | | |
| | (c) | | |
| | other fixed assets | | |
+------+-----------------------------+--------------+------------+
| 1.10 | Loans to other entities | 0 | 0 |
+------+-----------------------------+--------------+------------+
| 1.11 | Loans repaid by other | 0 | 0 |
| | entities | | |
+------+-----------------------------+--------------+------------+
| 1.12 | Other (provide details if | 0 | 0 |
| | material) | | |
+------+-----------------------------+--------------+------------+
| | | 20 | 20 |
| | Net investing cash flows | | |
+------+-----------------------------+--------------+------------+
| 1.13 | Total operating and | (437) | (437) |
| | investing cash flows | | |
| | (carried forward) | | |
| | | | |
| | | | |
| | | | |
+------+-----------------------------+--------------+------------+
| 1.13 | Total operating and | (437) | (437) |
| | investing cash flows | | |
| | (brought forward) | | |
+------+-----------------------------+--------------+------------+
| | Cash flows related to | | |
| | financing activities | | |
+------+-----------------------------+--------------+------------+
| 1.14 | Proceeds from issues of | 970 | 970 |
| | shares, options, etc. | | |
| | (Refer Note 6) | | |
+------+-----------------------------+--------------+------------+
| 1.15 | Proceeds from sale of | 0 | 0 |
| | forfeited shares | | |
+------+-----------------------------+--------------+------------+
| 1.16 | Proceeds from borrowings | 0 | 0 |
+------+-----------------------------+--------------+------------+
| 1.17 | Repayment of borrowings | (3) | (3) |
+------+-----------------------------+--------------+------------+
| 1.18 | Dividends paid | 0 | 0 |
+------+-----------------------------+--------------+------------+
| 1.19 | Other (provide details if | 0 | 0 |
| | material) | | |
+------+-----------------------------+--------------+------------+
| | Net financing cash flows | 967 | 967 |
+------+-----------------------------+--------------+------------+
| | | | |
| | Net increase (decrease) in | 530 | 530 |
| | cash held | | |
+------+-----------------------------+--------------+------------+
| 1.20 | Cash at beginning of | 62 | 62 |
| | quarter/year to date | | |
+------+-----------------------------+--------------+------------+
| 1.21 | Exchange rate adjustments | (14) | (14) |
| | to item 1.20 | | |
+------+-----------------------------+--------------+------------+
| 1.22 | Cash at end of quarter | 578 | 578 |
+------+-----------------------------+--------------+------------+
Payments to directors of the entity and associates of the directors
Payments to related entities of the entity and associates of the related
entities
+------+-------------------------------------------+--------------+
| | Current |
| | quarter |
| | $A'000 |
+--------------------------------------------------+--------------+
| | Aggregate amount of payments to the | 126 |
| 1.23 | parties included in item 1.2 | |
+------+-------------------------------------------+--------------+
| | Aggregate amount of loans to the parties | 0 |
| 1.24 | included in item 1.10 | |
+------+-------------------------------------------+--------------+
| | |
| 1.25 | Explanation necessary for an understanding of the |
| | transactions |
+------+----------------------------------------------------------+
| | Amount of $125,960 at 1.23 comprises |
| | directors fees - G Durack (5,000), M A Ashton (5,450), M |
| | R Billing (5,450), N W Gardner (5,450) and T J Ireland |
| | (5,450). In addition consulting fees and expenses |
| | outlaid were paid to related corporations of directors - |
| | M R Billing (26,900) and consulting fees - T J Ireland |
| | (18,412). $53,848 was paid to Western Desert Resources |
| | Limited for office accommodation, administration, |
| | secretarial and accounting services. |
+------+-------------------------------------------+--------------+
Non-cash financing and investing activities
+-----+------------------------------------------------------------+
| 2.1 | Details of financing and investing transactions which have |
| | had a material effect on consolidated assets and |
| | liabilities but did not involve cash flows |
+-----+------------------------------------------------------------+
| | Nil |
| | |
+-----+------------------------------------------------------------+
+-----+------------------------------------------------------------+
| 2.2 | Details of outlays made by other entities to establish or |
| | increase their share in projects in which the reporting |
| | entity has an interest |
+-----+------------------------------------------------------------+
| | Nil |
| | |
+-----+------------------------------------------------------------+
Financing facilities available
Add notes as necessary for an understanding of the position.
+-----+-----------------------------+---------------+--------------+
| | | Amount | Amount used |
| | | available | $A'000 |
| | | $A'000 | |
+-----+-----------------------------+---------------+--------------+
| 3.1 | Loan facilities | 250 | 32 |
| | | | |
+-----+-----------------------------+---------------+--------------+
| 3.2 | Credit standby arrangements | 0 | 0 |
+-----+-----------------------------+---------------+--------------+
Estimated cash outflows for next quarter
+-----+--------------------------------------+----------------------+
| | | $A'000 |
+-----+--------------------------------------+----------------------+
| 4.1 | Exploration and evaluation | 235 |
| | | |
+-----+--------------------------------------+----------------------+
| 4.2 | Development | 0 |
| | | |
+-----+--------------------------------------+----------------------+
| 4.3 | Production | 0 |
| | | |
+-----+--------------------------------------+----------------------+
| 4.4 | Administration | 245 |
| | | |
+-----+--------------------------------------+----------------------+
| | | |
| | Total | 480 |
+-----+--------------------------------------+----------------------+
Reconciliation of cash
+-----+-----------------------------+--------------+---------------+
| Reconciliation of cash at the | Current | Previous |
| end of the quarter (as shown in | quarter | quarter |
| the consolidated statement of | $A'000 | $A'000 |
| cash flows) to the related | | |
| items in the accounts is as | | |
| follows. | | |
+-----------------------------------+--------------+---------------+
| 5.1 | Cash on hand and at bank | 60 | 60 |
+-----+-----------------------------+--------------+---------------+
| 5.2 | Deposits at call | | |
| | | 2 | 2 |
+-----+-----------------------------+--------------+---------------+
| 5.3 | Bank overdraft | | |
| | | 0 | 0 |
+-----+-----------------------------+--------------+---------------+
| 5.4 | Other (provide details) | | |
| | | 0 | 0 |
+-----+-----------------------------+--------------+---------------+
| | Total: cash at end of | | |
| | quarter (item 1.22) | 62 | 62 |
+-----+-----------------------------+--------------+---------------+
Changes in interests in mining tenements
+-----+----------------+-----------+-------------------+-----------+----------+
| | | Tenement | Nature of | Interest | Interest |
| | | reference | interest | at | at end |
| | | | (note (2)) | beginning | of |
| | | | | of | quarter |
| | | | | quarter | |
+-----+----------------+-----------+-------------------+-----------+----------+
| 6.1 | Interests in | EL | Hale | 100% | 0% |
| | mining | 24809 | River-surrendered | 100% | 0% |
| | tenements | EL | Plenty Highway- | | |
| | relinquished, | 24810 | surrendered | 100% | 0% |
| | reduced or | | | | |
| | lapsed | EL | Curtis Pound- | | |
| | | 24823 | surrendered | | |
| | | | | | |
+-----+----------------+-----------+-------------------+-----------+----------+
| 6.2 | Interests in | EL | Dundas Gold | 51% | 60% |
| | mining | 63/1101 | Dundas Gold | 51% | 60% |
| | tenements | EL | Dundas Gold | 51% | 60% |
| | acquired or | 63/1102 | | | |
| | increased | EL | | | |
| | | 63/872 | | | |
| | | | | | |
+-----+----------------+-----------+-------------------+-----------+----------+
Issued and quoted securities at end of current quarter
Description includes rate of interest and any redemption or conversion rights
together with prices and dates.
+------+---------------------------+-------------+-------------+----------+------------+
| | Total | Number | Issue | Amount |
| | number | quoted | price | paid up |
| | | | per | per |
| | | | security | security |
| | | | (see | (see note |
| | | | note 3) | 3) |
| | | | (cents) | (cents) |
+----------------------------------+-------------+-------------+----------+------------+
| 7.1 | Preference | | | | |
| | +securities(description) | | | | |
+------+---------------------------+-------------+-------------+----------+------------+
| 7.2 | Changes | | | | |
| | during | | | | |
| | quarter | | | | |
| | (a) | | | | |
| | Increases | | | | |
| | through | | | | |
| | issues | | | | |
| | (b) | | | | |
| | Decreases | | | | |
| | through | | | | |
| | returns of | | | | |
| | capital, | | | | |
| | buy-backs, | | | | |
| | redemptions | | | | |
+------+---------------------------+-------------+-------------+----------+------------+
| 7.3 | +Ordinary | 381,559,912 | 381,559,912 | N/A | Fully |
| | securities | | Refer Note | | Paid |
| | | | 7 | | |
+------+---------------------------+-------------+-------------+----------+------------+
| 7.4 | Changes | | | | |
| | during | | | | |
| | quarter | 138,336,149 | 138,336,149 | 1.19 | Fully |
| | (a) | | Refer Note | cents | Paid |
| | Increases | | 8 | | |
| | through | | | | |
| | issues | | | | |
| | (b) | | | | |
| | Decreases | | | | |
| | through | | | | |
| | returns of | | | | |
| | capital, | | | | |
| | buy-backs | | | | |
+------+---------------------------+-------------+-------------+----------+------------+
| 7.5 | +Convertible | | | | |
| | debt | | | | |
| | securities | | | | |
| | (description) | | | | |
+------+---------------------------+-------------+-------------+----------+------------+
| 7.6 | Changes | | | | |
| | during | | | | |
| | quarter | | | | |
| | (a) | | | | |
| | Increases | | | | |
| | through | | | | |
| | issues | | | | |
| | (b) | | | | |
| | Decreases | | | | |
| | through | | | | |
| | securities | | | | |
| | matured, | | | | |
| | converted | | | | |
+------+---------------------------+-------------+-------------+----------+------------+
| 7.7 | Options(description | | | Exercise | Expiry |
| | and conversion | | | price | date |
| | factor) | | | (Cents) | |
| | Options A: | 5,000,000 | 0 | | |
| | Directors | | | 18.00 | 15/09/2011 |
| | Options B: | 5,000,000 | 0 | | |
| | Share placement | | | 5.00 | 31/03/2012 |
| | CDI Warrants | 28,141,861 | 28,141,861 | | |
| | UK Warrants | | | 2.625 | 25/03/2012 |
| | | 18,526,211 | 0 | | |
| | | | | 1.5 UK | 31/03/2012 |
| | | | | pence | |
+------+---------------------------+-------------+-------------+----------+------------+
| 7.8 | Issued | 46,668,072 | 28,141,861 | 2.625 | 25/03/2010 |
| | during | | | cents | |
| | quarter | | | | |
+------+---------------------------+-------------+-------------+----------+------------+
| 7.9 | Exercised | | | | |
| | during | | | | |
| | quarter | | | | |
+------+---------------------------+-------------+-------------+----------+------------+
| 7.10 | Expired | | | | |
| | during | | | | |
| | quarter | | | | |
| | Options A* | | | | |
+------+---------------------------+-------------+-------------+----------+------------+
| 7.11 | Debentures | | | | |
| | (totals | | | | |
| | only) | | | | |
+------+---------------------------+-------------+-------------+----------+------------+
| 7.12 | Unsecured | | | | |
| | notes | | | | |
| | (totals | | | | |
| | only) | | | | |
+------+---------------------------+-------------+-------------+----------+------------+
Compliance statement
1 This statement has been prepared under accounting policies which
comply with accounting standards as defined in the Corporations Act or other
standards acceptable to ASX (see note 4).
2 This statement does give a true and fair view of the matters
disclosed.
Sign here:
............................................................ Date:
27/10/2010
(Director/Company secretary)
Print name: Laurie Ackroyd
Notes
1 The quarterly report provides a basis for informing the market how
the entity's activities have been financed for the past quarter and the effect
on its cash position. An entity wanting to disclose additional information is
encouraged to do so, in a note or notes attached to this report.
2 The "Nature of interest" (items 6.1 and 6.2) includes options in
respect of interests in mining tenements acquired, exercised or lapsed during
the reporting period. If the entity is involved in a joint venture agreement
and there are conditions precedent which will change its percentage interest in
a mining tenement, it should disclose the change of percentage interest and
conditions precedent in the list required for items 6.1 and 6.2.
3 Issued and quoted securities The issue price and amount paid up
is not required in items 7.1 and 7.3 for fully paid securities.
4 The definitions in, and provisions of, AASB 1022: Accounting for
Extractive Industries and AASB 1026: Statement of Cash Flows apply to this
report.
5 Accounting Standards ASX will accept, for example, the use of
International Accounting Standards for foreign entities. If the standards used
do not address a topic, the Australian standard on that topic (if any) must be
complied with.
6 Proceeds are net of issue costs.
7 Ordinary securities comprise of:
Listed on London Stock Exchange (AIM)
136,312,211
Listed on Australian Stock Exchange (ASX) - as CDI's
245,247,701
Total Ordinary Shares at 30 September 2010
381,559,912
8 Issues during the quarter comprise of:
Listed on London Stock Exchange (AIM)
37,052,461
Listed on Australian Stock Exchange (ASX) - as CDI's
101,283,688
Total Ordinary Shares at 30 September 2010
138,336,149
Enquiries:
+------------+-----------------+---------------+----------------+
| Mick | + 61 (0) 414 | Thor Mining | Executive |
| Billing | 741 007 | PLC | Chairman |
+------------+-----------------+---------------+----------------+
| | | | |
+------------+-----------------+---------------+----------------+
| Laurie | +61 (0) 8 8177 | Thor Mining | CFO/Company |
| Ackroyd | 8800 | PLC | Secretary |
+------------+-----------------+---------------+----------------+
| | | | |
+------------+-----------------+---------------+----------------+
| John | 020 7776 6550 | Daniel | Nominated |
| Simpson | | Stewart & | Adviser |
| | | Company plc | |
+------------+-----------------+---------------+----------------+
Updates on the Company's activities are regularly posted on Thor's website
www.thormining.com, which includes a facility to register to receive these
updates by email.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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