Thor Mining PLC Statement re Share Price Movement (3025Q)

TIDMTHR

RNS Number : 3025Q

Thor Mining PLC

17 October 2019

STATEMENT RE SHARE PRICE MOVEMENT AND SPECULATION

The Board of Thor Mining Plc ("Thor") (AIM, ASX: THR) notes the movement in the Company's share price and recent speculation relating to a potential fundraising transaction by way of an equity fund raise. The Company confirms that it is in the process of undertaking a fund raise and will make further announcements as appropriate in due course.

Enquiries:

 
Mick Billing            +61 (8) 7324 1935  Thor Mining PLC  Executive Chairman 
 Ray Ridge               +61 (8) 7324 1935  Thor Mining PLC  CFO/Company 
                                                              Secretary 
 Colin Aaronson/         +44 (0) 207 383    Grant Thornton   Nominated Adviser 
  Richard Tonthat/Ben     5100               UK LLP 
  Roberts 
 Nick Emerson            +44 (0) 1483 413   SI Capital Ltd   Joint Broker 
  Claire Louise Noyce/    500                Hybridan LLP     Joint Broker 
  John Beresford-Peirse   +44 (0) 203 764 
                          2341

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, and on the Company's twitter page @ThorMining.

About Thor Mining PLC

Thor Mining PLC (AIM, ASX: THR) is a resources company quoted on the AIM Market of the London Stock Exchange and on ASX in Australia.

Thor holds 100% of the advanced Molyhil tungsten project in the Northern Territory of Australia, for which an updated feasibility study in August 2018(1) suggested attractive returns.

Adjacent Molyhil, at Bonya, Thor holds a 40% interest in deposits of tungsten, copper, and vanadium, including an Inferred resource for the Bonya copper deposit(2).

Thor also holds 100% of the Pilot Mountain tungsten project in Nevada USA which has a JORC 2012 Indicated and Inferred Resources Estimate(3) on 2 of the 4 known deposits. The US Department of the Interior has confirmed that tungsten, the primary resource mineral at Pilot Mountain, has been included in the final list of Critical Minerals 2018.

Thor is also acquiring up to a 60% interest Australian copper development company Environmental Copper Recovery SA Pty Ltd, which in turn holds rights to earn up to a 75% interest in the mineral rights and claims over the resource on the portion of the historic Kapunda copper mine in South Australia recoverable by way of in situ recovery.

Thor has an interest in Hawkstone Mining Limited, an Australian ASX listed company with a 100% Interest in a Lithium project in Arizona, USA.

Finally, Thor also holds a production royalty entitlement from the Spring Hill Gold project of:

-- A$6 per ounce of gold produced from the Spring Hill tenements where the gold produced is sold for up to A$1,500 per ounce; and

-- A$14 per ounce of gold produced from the Spring Hill tenements where the gold produced is sold for amounts over A$1,500 per ounce.

Notes

(1) Refer ASX and AIM announcement of 23 August 2018

(2) Refer ASX and AIM announcement of 26 November 2018

(3) Refer AIM announcement of 13 December 2018 and ASX announcement of 14 December 2018

Refer AIM announcement of 10 February 2016 and ASX announcement of 12 February 2018

Refer AIM announcement of 26 February 2016 and ASX announcement of 29 February 2016

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END

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