TIDMTHR
RNS Number : 7174R
Thor Mining PLC
31 October 2019
Thursday, 31 October 2019
THOR MINING PLC
("Thor" or the "Company")
Appendix 5B
The Directors of Thor Mining PLC (AIM, ASX: THR) today released
the following announcement on the Australian Securities Exchange
("ASX"), as required under the listing rules of the ASX.
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 UK Nominated Adviser
Richard Tonthat/ 5100 LLP
Ben Roberts
Claire Louise +44 (0) 203 764 Hybridan LLP Joint Broker, lead
Noyce / 2341 broker to the placing
John Beresford-Peirse
Nick Emerson +44 (0) 1483 413 SI Capital Ltd Joint Broker
500
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
+Rule 5.5
Appendix 5B
Mining exploration entity and oil and gas exploration entity
quarterly report
Introduced 01/07/96 Origin Appendix 8 Amended 01/07/97,
01/07/98, 30/09/01, 01/06/10, 17/12/10, 01/05/13, 01/09/16
Name of entity
--------------------------------------------------
THOR MINING PLC
ABN Quarter ended ("current quarter")
------------ ----------------------------------
121 117 673 30 SEPTEMBER 2019
----------------------------------
Consolidated statement of cash Current quarter Year to date
flows $A'000 (3 months)
$A'000
1. Cash flows from operating
activities
1.1 Receipts 2 2
1.2 Payments for
(a) exploration & evaluation (363) (363)
(b) development - -
(c) production - -
(d) staff costs (62) (62)
(e) administration and corporate
costs (228) (228)
1.3 Dividends received (see note - -
3)
1.4 Interest received 2 2
1.5 Interest and other costs of - -
finance paid
1.6 Income taxes paid - -
1.7 Research and development refunds 222 222
1.8 Other - -
---------------- ----------------
Net cash from / (used in)
1.9 operating activities (427) (427)
----- ------------------------------------- ---------------- ----------------
2. Cash flows from investing
activities
2.1 Payments to acquire:
(a) property, plant and equipment - -
(b) tenements (see item 10) - -
*
(c) investments - -
(d) other non-current assets - -
2.2 Proceeds from the disposal
of:
(a) property, plant and equipment - -
(b) tenements (see item 10) - -
commission paid on proceeds - -
(c) investments - -
(d) other non-current assets - -
2.3 Cash flows from loans to - -
other entities
2.4 Dividends received (see note - -
3)
2.5 Other (security bonds) - -
---------------- ----------------
2.6 Net cash from / (used in) - -
investing activities
------- ----------------------------------- ---------------- ----------------
* Item 2.1(b) is the result of two companies acquired during
the quarter. There was no cash paid for the acquisition (the
consideration being paid in Thor shares). The two companies
acquired had cash balances of $74,000 AUD.
--------------------------------------------------------------------------------
3. Cash flows from financing
activities
3.1 Proceeds from issues of shares - -
3.2 Proceeds from issue of convertible - -
notes
3.3 Proceeds from exercise of - -
share options
3.4 Transaction costs related - -
to issues of shares, convertible
notes or options
3.5 Proceeds from borrowings - -
3.6 Repayment of borrowings (finance - -
lease)
3.7 Transaction costs related
to loans and borrowings
3.8 Dividends paid
3.9 Other - -
---------------- ----------------
3.10 Net cash from / (used in) - -
financing activities
------- ----------------------------------- ---------------- ----------------
4. Net increase / (decrease)
in cash and cash equivalents
for the period
Cash and cash equivalents
4.1 at beginning of period 944 944
Net cash from / (used in)
operating activities (item
4.2 1.9 above) (427) (427)
4.3 Net cash from / (used in) - -
investing activities (item
2.6 above)
4.4 Net cash from / (used in) - -
financing activities (item
3.10 above)
4.5 Effect of movement in exchange - -
rates on cash held
---------------- ----------------
Cash and cash equivalents
4.6 at end of period 517 517
------- ----------------------------------- ---------------- ----------------
5. Reconciliation of cash and Current quarter Previous quarter
cash equivalents $A'000 $A'000
at the end of the quarter
(as shown in the consolidated
statement of cash flows) to
the related items in the accounts
5.1 Bank balances 517 944
5.2 Call deposits
5.3 Bank overdrafts
5.4 Other (term deposit)
---------------- -----------------
Cash and cash equivalents
at end of quarter (should
5.5 equal item 4.6 above) 517 944
---- ----------------------------------- ---------------- -----------------
6. Payments to directors of the entity and Current quarter
their associates $A'000
Aggregate amount of payments to these parties
6.1 included in item 1.2 135
----------------
6.2 Aggregate amount of cash flow from loans -
to these parties included in item 2.3
----------------
6.3 Include below any explanation necessary to understand
the transactions included in items 6.1 and 6.2
----- -----------------------------------------------------------------
The amount at Item 6.1 above represents payments to Directors
for Directors fees, other consulting services provided, and
the salary paid to the Executive Director (Richard Bradey).
7. Payments to related entities of the entity Current quarter
and their associates $A'000
7.1 Aggregate amount of payments to these parties -
included in item 1.2
----------------
7.2 Aggregate amount of cash flow from loans -
to these parties included in item 2.3
----------------
7.3 Include below any explanation necessary to understand
the transactions included in items 7.1 and 7.2
---- ----------------------------------------------------------------
8. Financing facilities available Total facility Amount drawn
Add notes as necessary for amount at quarter at quarter end
an understanding of the position end $A'000
$A'000
8.1 Loan facilities
--------------------- -----------------
8.2 Credit standby arrangements
--------------------- -----------------
8.3 Other (please specify)
--------------------- -----------------
8.4 Include below a description of each facility above, including
the lender, interest rate and whether it is secured or
unsecured. If any additional facilities have been entered
into or are proposed to be entered into after quarter
end, include details of those facilities as well.
---- ----------------------------------------------------------------------------
9. Estimated cash outflows for next $A'000
quarter
---- --------------------------------------------- -----------------------------
9.1 Exploration and evaluation (280)
9.2 Development -
9.3 Production -
9.4 Staff costs (30)
9.5 Administration and corporate costs (163)
9.6 Other (earn-in contributions to -
Environmental Copper Recovery)
-----------------------------
9.7 Total estimated cash outflows (473)
---- --------------------------------------------- -----------------------------
Funding inflows in the next Quarter: The Company has announced a
placement of GBP510,000 (A$956,000) comprising a tranche 1
placement of 113,333,333 shares at 0.2 pence each which was
completed on 29 October 2019 and a tranche 2 placement of
141,666,667 shares at a price of 0.2 pence each. The tranche 2
placement is subject to shareholder approval, with the shareholder
meeting date expected to be 28 November 2019 and the Notice of
Meeting to be lodged imminently.
10. Changes in tenements Tenement Nature of interest Interest Interest
(items 2.1(b) reference at beginning at end
and 2.2(b) above) and location of quarter of quarter
10.1 Interests in
mining tenements
and petroleum
tenements lapsed,
relinquished
or reduced
----- --------------------- -------------- ------------------- -------------- ------------
Interests in
mining tenements
and petroleum
tenements acquired
10.2 or increased E46/1262 Exploration lease 0% 100%
----- --------------------- -------------- ------------------- -------------- ------------
Compliance statement
1 This statement has been prepared in accordance with accounting
standards and policies which comply with Listing Rule 19.11A.
2 This statement gives a true and fair view of the matters disclosed.
Sign here: ....... .
.................................................... Date:
.......31 October 2019............
(Company secretary)
Print name: ..Ray Ridge.........................................
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 that wishes
to disclose additional information is encouraged to do so, in a
note or notes included in or attached to this report.
2. If this quarterly report has been prepared in accordance with
Australian Accounting Standards, the definitions in, and provisions
of, AASB 6: Exploration for and Evaluation of Mineral Resources and
AASB 107: Statement of Cash Flows apply to this report. If this
quarterly report has been prepared in accordance with other
accounting standards agreed by ASX pursuant to Listing Rule 19.11A,
the corresponding equivalent standards apply to this report.
3. Dividends received may be classified either as cash flows
from operating activities or cash flows from investing activities,
depending on the accounting policy of the entity.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
MSCEADEEDAFNFAF
(END) Dow Jones Newswires
October 31, 2019 03:00 ET (07:00 GMT)
Thor Energy (LSE:THR)
Historical Stock Chart
From Jun 2024 to Jul 2024
Thor Energy (LSE:THR)
Historical Stock Chart
From Jul 2023 to Jul 2024