TIDMTHR
RNS Number : 5485B
Thor Mining PLC
31 January 2020
Friday, 31 January 2020
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 Executive
PLC Chairman
Ray Ridge +61 (8) 7324 1935 Thor Mining CFO/Company
PLC Secretary
Colin Aaronson/ +44 (0) 207 383 Grant Nominated
Richard Tonthat/ 5100 Thornton UK Adviser
Ben Roberts LLP
Claire Louise +44 (0) 203 764 Hybridan LLP Joint
Noyce / 2341 Broker
John
Beresford-Peirse
Nick Emerson +44 (0) 1483 413 SI Capital Joint
500 Ltd Broker
The information contained within this announcement is deemed to
constitute inside information as stipulated under the Market Abuse
Regulations (EU) No. 596/2014. Upon the publication of this
announcement, this inside information is now considered to be in
the public domain.
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
Appendix 5B
Mining exploration entity or oil and gas exploration entity
quarterly cash flow report
Name of entity
---------------------------------------------------------------
THOR MINING PLC
ABN Quarter ended ("current quarter")
------------------------- ----------------------------------
121 117 673 31 DECEMBER 2019
----------------------------------
Consolidated statement of cash Current quarter Year to date
flows (6 months)
$A'000 $A'000
1. Cash flows from operating
activities
1.1 Receipts from customers 30 32
1.2 Payments for
(a) exploration & evaluation
(if expensed) (13) (13)
(b) development
(c) production
(d) staff costs (50) (112)
(e) administration and corporate
costs (360) (588)
1.3 Dividends received (see note
3)
1.4 Interest received - 2
Interest and other costs of
1.5 finance (leases) (4) (4)
1.6 Income taxes paid
Government grants and tax
1.7 incentives - 222
1.8 Other (provide details if
material)
---------------- -------------
Net cash from / (used in)
1.9 operating activities (397) (461)
----------------- ----------------------------------- ---------------- -------------
2. Cash flows from investing
activities
2.1 Payments to acquire:
(a) entities
(b) tenements
(c) property, plant and equipment
(d) exploration & evaluation
(if capitalised) (285) (648)
(e) investments
(f) other non-current assets
2.2 Proceeds from the disposal
of:
(a) entities
(b) tenements
(c) property, plant and equipment
(d) investments 71 71
(e) other non-current assets
Cash flows from loans to other
2.3 entities (100) (100)
2.4 Dividends received (see note
3)
2.5 Other (provide details if
material)
---------------- -------------
Net cash from / (used in)
2.6 investing activities (314) (677)
----------------- ----------------------------------- ---------------- -------------
3. Cash flows from financing
activities
Proceeds from issues of equity
securities (excluding convertible
3.1 debt securities) 890 890
3.2 Proceeds from issue of convertible
debt securities
3.3 Proceeds from exercise of
options
Transaction costs related
to issues of equity securities
3.4 or convertible debt securities (81) (81)
3.5 Proceeds from borrowings
3.6 Repayment of lease principal (26) (26)
3.7 Transaction costs related
to loans and borrowings
3.8 Dividends paid
3.9 Other (provide details if
material)
---------------- -------------
Net cash from / (used in)
3.10 financing activities 783 783
----------------- ----------------------------------- ---------------- -------------
4. Net increase / (decrease)
in cash and cash equivalents
for the period
Cash and cash equivalents
4.1 at beginning of period 517 944
Net cash from / (used in)
operating activities (item
4.2 1.9 above) (397) (461)
Net cash from / (used in)
investing activities (item
4.3 2.6 above) (314) (677)
Net cash from / (used in)
financing activities (item
4.4 3.10 above) 783 783
Effect of movement in exchange
4.5 rates on cash held 4 4
---------------- -------------
Cash and cash equivalents
4.6 at end of period 593 593
----------------- ----------------------------------- ---------------- -------------
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 593 517
5.2 Call deposits
5.3 Bank overdrafts
5.4 Other (provide details)
---------------- -----------------
Cash and cash equivalents
at end of quarter (should
5.5 equal item 4.6 above) 593 517
----------------- ----------------------------------- ---------------- -----------------
6. Payments to related parties of the entity Current quarter
and their associates $A'000
Aggregate amount of payments to related
parties and their associates included in
6.1 item 1 183
----------------
6.2 Aggregate amount of payments to related
parties and their associates included in
item 2
----------------
Note: if any amounts are shown in items 6.1 or 6.2, your quarterly
activity report must include a description of, and an explanation
for, such payments
---------------------------------------------------------------------------------
The amount at Item 6.1 above represents payments to Directors
for Directors fees, the salary paid to the Executive Director,
Richard Bradey, and other consulting services provided, including
services provided by Mick Billing as CEO.
7. Financing facilities Total facility Amount drawn
Note: the term "facility' amount at quarter at quarter end
includes all forms of financing end $A'000
arrangements available to $A'000
the entity. Add notes as necessary
for an understanding of the
sources of finance available
to the entity.
7.1 Loan facilities
------------------- ----------------
7.2 Credit standby arrangements
------------------- ----------------
7.3 Other (please specify)
------------------- ----------------
7.4 Total financing facilities
------------------- ----------------
7.5 Unused financing facilities available at
quarter end
----------------
7.6 Include in the box below a description of each facility
above, including the lender, interest rate, maturity date
and whether it is secured or unsecured. If any additional
financing facilities have been entered into or are proposed
to be entered into after quarter end, include a note providing
details of those facilities as well.
----------------- ---------------------------------------------------------------------------
8. Estimated cash available for future operating $A'000
activities
Net cash from / (used in) operating activities
8.1 (Item 1.9) (397)
8.2 Capitalised exploration & evaluation (Item (285)
2.1(d))
8.3 Total relevant outgoings (Item 8.1 + Item (682)
8.2)
8.4 Cash and cash equivalents at quarter end 593
(Item 4.6)
8.5 Unused finance facilities available at quarter -
end (Item 7.5)
8.6 Total available funding (Item 8.4 + Item 593
8.5)
Estimated quarters of funding available
8.7 (Item 8.6 divided by Item 8.3) 0.9
----------------- ---------------------------------------------------------
8.8 If Item 8.7 is less than 2 quarters, please provide answers
to the following questions:
1. Does the entity expect that it will continue to have
the current level of net operating cash flows for the
time being and, if not, why not?
-------------------------------------------------------------------
Answer: The net operating cashflows for the next quarter,
ended 31 March 2020 the Company is forecasting a reduction
of approximately $200,000 from the $682,000 in the most
recent quarter ended 31 December 2019.
-------------------------------------------------------------------
2. Has the entity taken any steps, or does it propose
to take any steps, to raise further cash to fund its operations
and, if so, what are those steps and how likely does it
believe that they will be successful?
-------------------------------------------------------------------
Answer: Thor holds a production royalty entitlement, from
the Spring Hill Gold project, of $14 per ounce of gold
produced while the gold price is above $1,500 per ounce
(otherwise $6 per ounce). The owners of the Spring Hill
project have advised that they are progressing mine permitting,
and also that the treatment plant for toll processing
the ore has been refurbished. They are hopeful of commencement
of operations in the near term. Thor has engaged with
several royalty companies who have expressed interest
in acquiring this royalty entitlement from Thor. Due diligence
is in progress, and the Company has been advised that
an offer for the royalty will be made shortly.
-------------------------------------------------------------------
3. Does the entity expect to be able to continue its operations
and to meet its business objectives and, if so, on what
basis?
-------------------------------------------------------------------
Answer: The Company expects to continue operations and
to meet its business objectives on the basis of available
funds being sufficient for at least the next quarter,
while the sale process for the Spring Hill royalty is
being progressed, together with other alternatives being
considered to raise funds.
-------------------------------------------------------------------
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.
Date: 31 January 2020........................................................
Authorised by: ...By the
Board...........................................................
(Name of body or officer authorising release - see note 4)
Notes
1. This quarterly cash flow report and the accompanying activity
report provide a basis for informing the market about the entity's
activities for the past quarter, how they have been financed and
the effect this has had on its cash position. An entity that wishes
to disclose additional information over and above the minimum
required under the Listing Rules is encouraged to do so.
2. If this quarterly cash flow 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 cash flow 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.
4. If this report has been authorised for release to the market
by your board of directors, you can insert here: "By the board". If
it has been authorised for release to the market by a committee of
your board of directors, you can insert here: "By the [name of
board committee - eg Audit and Risk Committee]". If it has been
authorised for release to the market by a disclosure committee, you
can insert here: "By the Disclosure Committee".
5. If this report has been authorised for release to the market
by your board of directors and you wish to hold yourself out as
complying with recommendation 4.2 of the ASX Corporate Governance
Council's Corporate Governance Principles and Recommendations, the
board should have received a declaration from its CEO and CFO that,
in their opinion, the financial records of the entity have been
properly maintained, that this report complies with the appropriate
accounting standards and gives a true and fair view of the cash
flows of the entity, and that their opinion has been formed on the
basis of a sound system of risk management and internal control
which is operating effectively.
This information is provided by RNS, the news service of the
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END
MSCUAONRRAUAORR
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