TIDMTHR
RNS Number : 6393H
Thor Energy PLC
31 July 2023
31 July 2023
Thor Energy Plc
("Thor" or the "Company")
Quarterly Activities and Cash Flow Report
April to June 2023
Highlights Outlook for September Quarter
2023
URANIUM
Wedding Bell & Radium Mountain, * Ground truth uranium anomalies and key structures.
Colorado, USA
Vanadium King, Utah, USA
* Several strong uranium anomalies identified from the * Drilling preparation and approvals are in progress.
high-resolution magnetic and radiometric surveys
completed over the 3 projects.
* Drilling to commence - Wedding Bell followed by
Vanadium King.
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COPPER - RARE EARTH ELEMENTS
(REE)
Alford East, SA, Australia * Updates on Metallurgical studies.
* REE results - 21AED005:
* Ambient Noise Tomography (ANT) survey is currently
36.7m @ 1568ppm (0.16%) TREO being designed.
and 1.2% Cu from 6.3m, including,
11.8m @ 2095ppm (0.21%) TREO
from 10m. * Priority drill programme design is underway in
* Geochemical and metallurgical assessment of the REE conjunction with detailed geochemical reviews of the
mineralisation within the kaolin altered, copper-ric historic drilling, along with further studies on the
h nature of the REE mineralisation encountered to date.
oxide zones of IOCG style mineralisation.
* Continue In Situ Recovery (ISR) assessment and
* Hydrometallurgical mini-column testing to determine development of the project.
copper and gold recoveries is ongoing.
Kapunda, SA, Australia
(via 30% equity holding in EnviroCopper * Copper-gold recoveries from lixiviant trials.
Ltd)
* Groundwater management plan submitted. Bores
conditioned for Push-Pull test pending approvals.
Alford West, SA, Australia * Continuing to assess the amenability of Alford West
* ANT survey completed, with data combined with for In-Situ Recovery.
electro-seismic data for more accurate estimation of
controls on mineralisation and groundwater
properties.
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GOLD/NICKEL
Ragged Range, Pilbara region,
WA Australia * Continuation of target generation work through
* Regional mapping and geochemical sampling program interpretation of historic geophysical and
completed over nickel and gold anomalies. Results geochemical data in conjunction with Thor's drilling
include: and surface geochemical data.
-- 0.2% nickel and 0.1% copper
(R00169)
-- 2g/t gold and 0.1% copper (R00183)
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Corporate and Finances
* C ash balance of $1,711,000 at end of Quarter
------------------------------------------------------------ ----------------------------------------------------------------
Nicole Galloway Warland, Managing Director, Thor Energy Plc,
commented:
"The June quarter has seen a strong focus on our USA uranium and
vanadium assets, with the completion of the first high-resolution
airborne magnetic and radiometric surveys in the region, covering
the Wedding Bell, Radium Mountain and Vanadium King projects. This
has led to several exciting high order uranium anomalies being
identified in areas untested as well as along strike of history
uranium and vanadium workings. Concurrently, drilling preparation
and approvals are underway for follow-up drilling to the 2022
program at Wedding Bell and Radium Mountain projects, plus a maiden
drill program at Vanadium King. We reported a positive set of
vanadium assay results, confirming the uranium mineralisation
determined by downhole gamma and highlighting broader enriched
vanadium haloes of up to 0.27% vanadium.
"The Board is fully immersed in our new strategy, focusing on
green energy assets. We are in constant dialogue with the local
Montrose and San Miguel County communities in Colorado to provide
insight into our activities and how we can collaborate with the
local community for tangible benefits to the region. We now have
Federal and State drilling approvals and are awaiting our final
meeting with San Miguel County for approval.
"At Alford East, copper-REE prospect mini-column metallurgical
test work is continuing, with positive copper recovery curves to
date. Geochemical analysis of the REE data in conjunction with the
HyLogger and sulphate wash extraction is pending. We were pleased
to achieve a high set of Rare Earth Element drill results, that
compared very favourably to our peers in terms of depth, thickness,
and grade.
"In Alford West, ECL received results from the ANT survey that
was successful in subsurface mapping, providing us with the
opportunity of potentially highlighting higher-grade mineralised
zones.
"The second half of 2023 is looking to be a very busy period
with lots of 'boots on ground' activities at various projects, with
our immediate focus on drilling in the USA, followed by geophysics
and drilling at Alford East . We look forward to updating the
markets with further progress.
"The July Issue of Global Mining Review features "The Power of
Uranium", an article on how uranium's complex supply and demand
factors mean that miners operating in friendly jurisdictions are
certain to benefit, with reference to Thor's Projects : To read the
article, please click here . "
Photo 1 : Heliborne Magnetic and Radiometric Surveys completed
over all three USA uranium projects.
URANIUM AND VANADIUM PROJECTS (USA)
Thor holds a 100% interest
in two US companies with mineral
claims in Colorado and Utah,
USA. The claims host uranium
and vanadium mineralisation
in an area known as the Uravan
Mineral Belt, which has a
history of high-grade uranium
and vanadium production.
Within an economical transport
distance is the only uranium
and vanadium processing facility
in the region (Energy Fuels
White Mesa Mill), which enables
a low-hurdle processing option
for any production from these
projects.
Details of the projects may
be found on the Thor website
.
Figure 1: Uravan Mineral Belt showing
project locations and nearby White
Mesa processing plant
Magnetic and Radiometric Survey:
The helicopter-borne high-resolution aeromagnetic and
radiometric surveys completed in June 2023, covered all three
projects, with a detailed line spacing of 50m and a nominal flight
height of 30m, for a total of 986 line kilometres. The surveys were
oriented north-south for all survey areas.
Radiometrics is a powerful first pass exploration tool for
identifying uranium anomalies and this was the first time a close
spaced survey has been flown in the region. The objective of flying
the radiometric surveys was to map out the natural spatial
distribution of the three radioactive elements (potassium (K),
thorium (Th) and uranium (U)) in the earth's crust, over the
project areas to assist with delineating any uranium anomalies in
untested areas, and potential extensions to known mineralisation
associated with the historic workings at both the Wedding Bell and
Radium Mountain projects.
Different ratio grids are used to interpret the radiometric data
with uranium squared divided by thorium (U(2) /Th) predominately
used as an indicator of anomalous uranium, with the uranium
anomalies displayed in energy order from red, green to light blue
(Figure 1 to 3). The aeromagnetic data will assist by defining key
secondary structures controlling fluid flow.
The surveys were flown by Precision GeoSurveys Inc, a Canadian
company that is experienced in flying surveys in this area, with
the geophysical data processing and filtering generated by
consultant geophysicist Kim Frankcombe, ExploreGeo Pty Ltd.
Wedding Bell and Radium Mountain Project, Colorado:
The radiometric surveys conducted at the Wedding Bell and Radium
Mountain projects have delineated several high order uranium
anomalies. These are along strike of historic workings, as well as
over previously untested areas (Figure 2). The old mine workings
are very distinct in the radiometric uranium channel (red anomalies
as shown in Figure 2) due to ore and/or waste dumps being in close
vicinity to the workings. Pre 1950's, the focus in the area was on
mining the yellow uranium-vanadate secondary carnotite
mineralisation, not the high grade primary uraninite and coffinite
mineralisation. Thus, Thor is systematically reviewing the old
workings (establishing if primary ore or only secondary was mined)
and digitising available historic mine plans.
There are also a few distinct 'red' uranium anomalies not
associated with historic workings, which may represent new areas to
test as a possible extension to know mineralisation, such as the
anomalies to the southeast of Groundhog (Figure 2). More subtle
green and light blue anomalies, for example, around Section 23 (no
previous mining), may have a lower radiometric uranium order due to
sedimentary cover. However, they are equally valid anomalies,
warranting a follow-up (Figure 2). Both of these priority uranium
anomalies will be drill tested as part of the proposed upcoming
drilling program (Figure 2).
At first pass, the structural interpretation of the magnetic
data shows a strong correlation between the historic workings and
key structures (Figure 2), with the dominant orientation
north-easterly (Figure 2). This could indicate increased porosity
or fluid conduits within the sediments, which allowed the uranium
and vanadium mineralisation to precipitate out. The known uranium
and vanadium mineralisation in the Uravan Mineral Belt is
noticeably elongated parallel to local sedimentary structures,
major palaeochannels, or axes of greater permeability. As a result,
key structural features along these trends and radiometric
anomalies will be further investigated, including ground truthing
(mapping and geochemical sampling) and priority ranking.
Figure 2: Wedding Bell radiometric image (U(2) /Th ratio) draped
over Digital elevation Model (DEM) showing structural
interpretation from magnetics data relative to priority uranium
anomalies in red, green and light blue (Priority targets
circled).
Vanadium King Project, Utah:
The Vanadium King Project, within the Thompson uranium district
of Utah is a greenfield exploration project with no historic
workings (Figure 1). The project area is predominantly covered by
Cretaceous Mancos Shales, with the targeted prospective uranium and
vanadium lithologies (Brushy Basin and Salt Wash Sandstone,
Morrison Formation) at approximately 100m below the surface (based
on historic oil wells drilled in the project area (Figure 3). The
principal objective of the heliborne magnetics was to delineate
faults or key structures that may control underlying potential
uranium mineralisation, with any associated radiometric anomalies
representing leakage from a discrete uranium source under cover
(Figure 3). The interpretation is preliminary and ongoing at this
stage, and will be reviewed in conjunction with ground
truthing.
Figure 3: Vanadium King Project showing radiometric image (U(2)
/Th) overlaid by structural interpretation from magnetics data
(white dashed lines).
Next Steps:
The following activities are underway for Q1 2023/24:
-- Ground truthing is now underway over the uranium anomalies at
all three project areas, with the anomalies to be ranked for
potential drill testing.
-- The priority uranium anomalies identified at Section 23 where
there has been no previous mining, and the anomalies along strike
of Groundhog will both be drill-tested as part of the proposed
upcoming drilling program.
-- Federal (BLM) and Colorado (DRMS) drill permits received, and
now awaiting final approval from San Miguel County in order to
commence follow-up drilling from the successful 2022 Program, at
Rim Rock, Groundhog and Section 23, Wedding Bell Project (Figure
4).
-- Permitting has commenced for maiden drilling at Vanadium King
Project, Utah (Figure 4).
COPPER - REE PROJECTS (SA)
Thor holds direct and indirect interest in over 400,000 tonnes
of Inferred copper resources in SA, via its 80% farm-in interest in
Alford East copper-gold Project and its 30% equity interest in
EnviroCopper Ltd (Kapunda and Alford West) - Figure 4.
Each of these projects is considered by the Thor directors to
have significant growth potential, and each is being advanced
towards development via low-cost, environmentally friendly In-Situ
Recovery (ISR) techniques.
Figure 4: Alford West Project (ECL) Location Map (Left) and
Tenement Map (right) with Thor's Alford East Project.
ALFORD EAST COPPER-GOLD PROJECT
Rare Earth Element Drill Results:
A review of the Alford East Project geochemical data, in
particular, the drilling results from Thor's 2021 maiden drilling
program (ASX/AIM: 22 February 2022), highlighted shallow high-grade
REE results associated with the oxide copper-gold mineralisation
(Figure 5-6) (ASX/AIM: 26 April 2023).
These wide zones of enriched REE occur in kaolin altered, oxide
zones of IOCG-style mineralisation (Figure 6).
Significant REE drill intercepts (>500ppm TREO ([1]) )
include:
o 21AED005: 11m @ 2088ppm (0.21%) TREO and 0.8% Cu from 47m,
Including 2m @ 5042ppm (0.5%) TREO from 47m
o 21AED002: 11.6m @ 1699ppm (0.17%) TREO and 0.26% Cu from 30.4m
including 6.1m @ 2262ppm (0.22%) TREO from 34.0m
o 21AED001: 16.8m @ 1721ppm (0.17%) TREO and 0.5% Cu from 91.4m
o 21AED006: 29m @ 959ppm (0.1%) TREO from 20m, and
6.1m @ 1171ppm (0.12%) TREO and 0.1% Cu from 81m,
including 1.7m @ 3139ppm (0.31%) TREO from 84.3m
o 21AED004: 13.1m @ 1366ppm (0.14%) TREO and 0.5% Cu from 42.8m,
including 1.4m @ 2274ppm (0.23%) TREO from 35m
o 21AED007: 15m @ 961ppm (0.1%) and 0.12% Cu from 13m
including 1.0m @ 2213ppm (0.22%) TREO from 19m
Cross-section 6256360mN (Figure 6) illustrates the REE
mineralisation with the copper intercepts within the Mineral
Resource Estimate (MRE) AE-5 area (Figure 5), where Thor in 2021
drilled 9 HQ diamond drillholes whilst targeting oxide copper
mineralisation. The proximity to the key structure on the eastern
side of the sections suggests the REE mineralisation is
structurally controlled and associated with significant metasomatic
alteration and deep weathering or kaolinisation of host rocks.
The kaolin association may represent an ionic style of REE
mineralisation, a highly valuable REE deposit class, often
characterised by favourable low-cost metallurgical recovery
compared with many other types of REE deposits, with HyLogger and
sulphate wash studies underway.
This zone of oxide mineralisation lies in the Alford Copper
Belt, which in this area, is a structurally controlled, north-south
corridor consisting of deeply kaolinised and oxidised troughs
within unweathered metamorphic units, on the edge of the Tickera
Granite (Figure 1), Gawler Craton, SA. A recently completed Ambient
Noise Tomography (ANT) survey over the adjacent Alford West project
successfully delineated the boundaries of the structures in that
area (ASX/AIM: 17 April 2023) (Figure 7).
Figure 5: Alford East Inferred Minerals Resource Domains (left)
and 2021 Drill Collar Map (right)
Figure 6: Cross Section 6256360mN showing REE (TREO) intercepts
with copper mineralisation.
Next Steps:
-- Continue to review the geochemical REE data, with selected
historic samples submitted to the Bureau Veritas laboratory for
analysis, for a supplementary REE package; along with mineralogy
and preliminary metallurgical work to determine the potential ionic
nature of the REE.
-- Hydrogeology water characterisation sampling continues on a
quarterly basis, to develop baseline data for In-Situ Recovery
("ISR") assessment and development approvals.
-- Thor has engaged Drasloka (R) to undertake 6 diagnostic mini
column leach tests to determine copper and gold recoveries using a
glycine lixiviant. The copper recovery curves to date are positive
and results from these studies are anticipated in late oct/Nov 2023
(Photo 4).
Photo 4 : Alford East Mini Column Test work, Drasloka Labs
Western Australia
Background:
The Alford East Copper-Gold Project is located on EL6529, where
Thor is earning up to 80% interest from unlisted Australian
explorer Spencer Metals Pty Ltd, covering portions of EL6255 and
EL6529 (ASX/AIM: 20 November 2020).
The Project covers the northern extension of the Alford Copper
Belt, located on the Yorke Peninsula, SA (Figure 5). The Alford
Copper Belt is a semi-coherent zone of copper-gold oxide
mineralisation, within a structurally controlled, north-south
corridor consisting of deeply kaolinised and oxidised troughs
within metamorphic units on the edge of the Tickera Granite, Gawler
Craton, SA.
Utilising historic drill hole information, Thor completed an
inferred Mineral Resource Estimate (MRE) by JORC ( 2012)
classification as at 22 January 2021, reporting for oxide material
only, at a cut-off grade of 0.05% Copper which is consistent with
the assumed In Situ Recovery technique, (ASX/AIM: 27 January 2021),
consisting of:
-- 125.6Mt @ 0.14% Cu containing 177,000t of contained
copper
-- 71, 500oz of contained gold
Maiden Mineral Resources Estimate Release: ( 27 January
2021)
KAPUNDA and ALFORD WEST COPPER PROJECTS
Thor holds a 30% equity interest in private Australian company,
EnviroCopper Limited ("ECL"). In turn, ECL has entered into an
agreement to earn, in two stages, up to 75% of the rights over
metals which may be recovered via In-Situ Recovery ("ISR")
contained in the Kapunda deposit from Australian listed company,
Terramin Australia Limited ("Terramin" ASX: "TZN"), and rights to
75% of the Alford West copper project comprising the northern
portion of exploration licence EL5984 held by Andromeda Metals
Limited (ASX:ADN).
Information about EnviroCopper Limited and its projects can be
found on the EnviroCopper website :
KAPUNDA
EnviroCopper Ltd ("EnviroCopper" or "ECL"), have submitted the
Ground Water Monitoring and Management Plans and is currently
awaiting approval to commence In-Situ Recovery trials ("ISR"),
including tracer and push-pull test work. These tests are the final
hydrometallurgical assessments before ECL commences Site
Environmental Lixiviant Trials (SELT).
The purpose of lixiviant trials, or 'push-pull tests', is to
assess the solubility of copper mineralisation, and therefore
copper recovery, using a specially designed solution called a
lixiviant under in-situ conditions. The trial is to be undertaken
in two stages. The first stage involves injecting and extracting a
tracer solution (Sodium Bromide - NaBr) from the same well to
demonstrate hydraulic connectivity between the observation and
environmental monitor well network. This is followed by injecting
and extracting lixiviant from the same well to test copper
solubility from the mineralisation.
Key outcomes anticipated from lixiviant trials:
1. Hydraulic connectivity between wells
2. Copper solubility and recovery
3. Establish lixiviant and time parameters for design of the
Site Environmental Lixiviant Trials (SELT).
ALFORD WEST
As part of its South Australian Government Accelerated Discovery
Initiative grant, ECL carried out an ANT survey over a portion of
the Alford West project in April 2023 using ExoSphere by Fleet(R)
(ASX/AIM: 17 April 2023) . This technology is a particularly
low-impact form of exploration and uses environmental vibrations in
the ground, caused by ocean waves, weather or traffic, to analyse
the earth's make-up down to 2000m depth in real-time over a 10-day
period.
The technology uses compact, battery-powered smart sensors
called Geodes to collect raw data. It can pre-process that data and
deliver it directly via Fleet's satellite connectivity. This
technology means fewer drill holes, much lower environmental
impact, and less time on the land, which fits with ECL's corporate
objectives of minimising the impact of recovering metals necessary
to aid the green energy transition.
The survey delineated the deep weathered "trough" like
structures in the survey area, that host the oxide copper-gold
mineralisation within the Alford Copper Belt (Figure 5 and 7). With
further processing and modelling, it may be possible to highlight
mineralised zones within these structures.
The subsurface ANT results will be integrated with information
that has been historically gathered by traditional air core and
diamond drilling. This will result in drill targets with the
potential for higher-grade oxide copper-gold mineralisation.
The speed and minimal impact of this technique compared with
traditional drilling mean that exploration impacts for landowners
are kept to an absolute minimum. ECL is currently combining the ANT
data with other forms of low-impact, remotely sensed data to
further improve the definition of these mineralised zones.
The ExoSphere program by Fleet Space Technologies consisted of
laying an array of 40 lightweight, battery-powered surface sensors
called Geodes over a paddock of 0.45km(2).
ECL have combined the ANT survey results with seismic data to
estimate more accurately controls on mineralisation and ground
water properties, further assessing the projects amenability to
In-Situ Recovery.
Figure 7: 3D model showing the deeply weathered "trough"
structure, host to oxide copper-gold mineralisation in the Alford
Copper Belt.
GOLD/COPPER PROJECT
RAGGED RANGE PROJECT (WA)
The Ragged Range Project, located in the prospective Eastern
Pilbara Craton, Western Australia is 100% owned by Thor - E46/1190,
E46/1262, E46/1355, E46/1340 and E46/1393 (Figure 8).
Since the acquisition, Thor has conducted several programs of
stream sediment and soil sampling to delineate drill targets. Thor
has also flown an airborne magnetics survey over the tenement area
to better define the structural features of the area.
Details of the projects may be found on the Thor website .
Figure 8: Ragged Range Project Location map (left) and Tenement
Map (right) showing priority targets.
Sampling:
During the quarter, a detailed geological interpretation of
historic geochemical and geophysical data in conjunction with
recent drilling, generated several gold and nickel targets. A small
sampling program was completed to assess these targets including
rockchip (35 samples) and stream (20 samples) - Table A & B and
Figures 9, 10 and 11.
Rockchip sampling of ultramafic nickel targets in the vicinity
of the Krona Nickel gossan (parallel and along strike) returned up
to 0.23% Ni (R0185), and 0.18% Ni and 0.1% Cu (R0169) - Table A.
The mapped nickel prospective ultramafic lithologies include
pyroxenite and dunite intrusives, with spinifex texture also
confirming Komatiites (Photo 5a).
Anastomosing quartz veins within the highly altered Euro Basalts
close to the faulted ultramafic Dalton Suite contact in the
Sterling Prospect, returned 2.0 g/t Au and 0.1% Cu (R000183). Zones
of this quartz vein were previous sampled, returning 6g/t Au
(R00165) (THR: ASX/AIM 25 July 2022), hence confirming the presence
of gold along the veins (Figure 10) - Photo 5b.
Follow-up stream sampling was undertaken along the 13km
structural trend of the Sterling prospect, with Bulk Leach
Extractable Gold (BLEG) returning up to 153ppb gold (ST0061)
(Figure 11).
Photo 5: A) Gossan in ultramafic komatiite B) Gold in Quartz Vein
Figure 9: Ragged Range Project Rockchip Location map focused on
nickel anomalies.
Figure 10: Ragged Range Project Regional Rockchip Location
map
Figure 11 : Stream Sediment Sampling Location Map
TUNGSTEN PROJECT
MOLYHIL TUNGSTEN - MOLYBDENUM-COPPER PROJECT - NT (100%
Thor)
The Molyhil tungsten-molybdenum-copper
deposit is 100% owned by Thor Energy Figure 12: Molyhil Project Location
Plc and is located 220km north-east map
of Alice Springs (320km by road) within
the prospective polymetallic province
of the Proterozoic Eastern Arunta
Block in the Northern Territory (Figure
12).
The deposit consists of two adjacent
outcropping iron-rich skarn bodies,
the northern 'Yacht Club' lode and
the 'Southern' lode. Both lodes are
marginal to a granite intrusion; both
lodes contain scheelite (CaWO(4) )
and molybdenite (MoS(2) ) mineralisation
(Figure 12). Both the outlines of
the lodes and the banding within the
lodes strike approximately north and
dip steeply to the east.
Thor executed a A$8m Farm-in and Funding
Agreement with Investigator Resources
Limited (ASX: IVR) to accelerate exploration
at the Molyhil Project on 24 November
2022 and the sale of Thor's interest
in the Bonya tenement (EL29701) (ASX/AIM:
24 November 2022).
A full background on the project is
available on the Thor website .
Bonya JV- Jervois Vanadium Projects (40% Thor)
The Bonya copper, tungsten and vanadium deposits are located
approximately 30km to the northeast of Molyhil (Figure 13). Thor in
a joint venture with Arafura holds a 40% equity interest in the
resources. Thor's interest in the Bonya tenement EL29701 (copper
and tungsten deposit) is planned to be divested as part of the
Farm-in and Funding agreement with Investigator Resources
Limited.
Figure 13 : Molyhil Project location showing adjacent Bonya
tenements.
CORPORATE, FINANCE, AND CASH MOVEMENTS
For the Quarter, the Company had total net cash outflows of
$669,000, comprising:
-- Net cash outflows from Operating and Investing activities for
the quarter of $658,000 which included outflows of $466,000
directly related to exploration activities.
-- Cash outflows from financing activities for the quarter were
$11,000, related to repayments of lease liabilities.
-- Providing an ending cash balance of $1,711,000.
In addition, Thor continues to hold 17,118,920 shares of Power
Metal Resources plc (AIM:POW). The current market value of the
shares is GBP128,000 (approximately $245,000) based on the closing
price of GBP0.0075 on the London Stock Exchange on 27 July
2023.
Cashflows for the quarter include payments of $110,000 to
Directors, comprising the Managing Director's salary, and
Non-Executive Directors' fees.
The Board of Thor Energy Plc has approved this announcement and
authorised its release.
For further information, please contact:
Thor Energy PLC
Nicole Galloway Warland, Managing Director Tel: +61 (8) 7324
Ray Ridge, CFO / Company Secretary 1935
Tel: +61 (8) 7324
1935
WH Ireland Limited (Nominated Adviser and Tel: +44 (0) 207
Joint Broker) 220 1666
Antonio Bossi / Darshan Patel
SI Capital Limited (Joint Broker) Tel: +44 (0) 1483
413 500
Nick Emerson
Yellow Jersey (Financial PR) thor@yellowjerseypr.com
Sarah Hollins / Shivantha Thambirajah / Tel: +44 (0) 20
Bessie Elliot 3004 9512
Competent Person's Report
The information in this report that relates to exploration
results is based on information compiled by Nicole Galloway
Warland, who holds a BSc Applied geology (HONS) and who is a Member
of The Australian Institute of Geoscientists. Ms Galloway Warland
is an employee of Thor Energy PLC. She has sufficient experience
which is relevant to the style of mineralisation and type of
deposit under consideration and to the activity which she is
undertaking to qualify as a Competent Person as defined in the 2012
Edition of the 'Australasian Code for Reporting of Exploration
Results, Mineral Resources and Ore Reserves'. Nicole Galloway
Warland consents to the inclusion in the report of the matters
based on her information in the form and context in which it
appears.
Updates on the Company's activities are regularly posted on
Thor's website https://thorenergyplc.com which includes a facility
to register to receive these updates by email, and on the Company's
twitter page @thorenergyplc
About Thor Energy Plc
The Company is focused on uranium and energy metals that are
crucial in the shift to a 'green' energy economy. Thor has a number
of highly prospective projects that give shareholders exposure to
uranium, nickel, copper, lithium and gold. Our projects are located
in Australia and the USA.
Thor holds 100% interest in three uranium and vanadium projects
(Wedding Bell, Radium Mountain and Vanadium King) in the Uravan
Belt Colorado and Utah, USA with historical high-grade uranium and
vanadium drilling and production results.
Thor owns 100% of the Ragged Range Project, comprising 92 km(2)
of exploration licences with highly encouraging early-stage gold
and nickel results in the Pilbara region of Western Australia.
At Alford East in South Australia, Thor is earning an 80%
interest in oxide copper deposits considered amenable to extraction
via In-Situ Recovery techniques (ISR). In January 2021, Thor
announced an Inferred Mineral Resource Estimate(1). Thor also holds
a 30% interest in Australian copper development company
EnviroCopper Limited, 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 and the Alford West
copper project, both situated in South Australia, and both
considered amenable to recovery by way of ISR.(2)(3)
Thor holds 100% of the advanced Molyhil tungsten project,
including measured, indicated and inferred resources , in the
Northern Territory of Australia, which was awarded Major Project
Status by the Northern Territory government in July 2020. Thor
executed a $A8m Farm-in and Funding Agreement with Investigator
Resources Limited (ASX: IVR) to accelerate exploration at the
Molyhil Project on 24 November 2022.(6)
Adjacent to Molyhil, at Bonya, Thor holds a 40% interest in
deposits of tungsten, copper, and vanadium, including Inferred
resource estimates for the Bonya copper deposit, and the White
Violet and Samarkand tungsten deposits. Thor's interest in the
Bonya tenement EL29701 is planned to be divested as part of the
Farm-in and Funding agreement with Investigator Resources
Limited.(6)
Notes
(1)
https://thorenergyplc.com/investor-updates/maiden-copper-gold-mineral-resource-estimate-alford-east-copper-gold-isr-project/
(2)
www.thorenergyplc.com/sites/thormining/media/pdf/asx-announcements/20172018/20180222-clarification-kapunda-copper-resource-estimate.pdf
(3)
www.thorenergyplc.com/sites/thormining/media/aim-report/20190815-initial-copper-resource-estimate---moonta-project---rns---london-stock-exchange.pdf
(4)
https://thorenergyplc.com/investor-updates/molyhil-project-mineral-resource-estimate-updated/
(5)
www.thorenergyplc.com/sites/thormining/media/pdf/asx-announcements/20200129-mineral-resource-estimates---bonya-tungsten--copper.pdf
(6)
https://thorenergyplc.com/wp-content/uploads/2022/11/20221124-8M-Farm-in-Funding-Agreement.pdf
Table A: Significant Gold (0.1g/t), Copper and Nickel (>1400ppm) Rock chip samples
Coordinate Project: GDA 94 Zone 50
Sample Sample Easting Northing Au Cu Ni Pb Zn ppm
ID Type g/t ppm ppm ppm
R00156 ROCK 782952 7581072 X 38.4 1908.8 1.8 536
-------- -------- --------- ------ ------ ------- ------- -------
R00160 ROCK 781780 7583568 X 10.4 1407.5 2.2 580
-------- -------- --------- ------ ------ ------- ------- -------
R00161 ROCK 781790 7583560 X 30.7 1428.9 3.4 468
-------- -------- --------- ------ ------ ------- ------- -------
R00162 ROCK 781808 7583556 X 7.7 1188.5 1.3 304
-------- -------- --------- ------ ------ ------- ------- -------
R00164 ROCK 782381 7580799 X 60.9 1241.9 10.2 465
-------- -------- --------- ------ ------ ------- ------- -------
R00165 ROCK 782348 7580758 X 66.3 1740 5.2 437
-------- -------- --------- ------ ------ ------- ------- -------
R00166 ROCK 782344 7580736 0.001 118.2 1613.6 6.3 388
-------- -------- --------- ------ ------ ------- ------- -------
R00167 ROCK 782339 7580706 X 151.8 1462.6 11.2 671
-------- -------- --------- ------ ------ ------- ------- -------
R00168 ROCK 782312 7580656 0.004 493.1 1379.5 16.9 930
-------- -------- --------- ------ ------ ------- ------- -------
R00169 ROCK 782307 7580630 X 1049 1795.7 22.7 1147
-------- -------- --------- ------ ------ ------- ------- -------
R00171 ROCK 782668 7581842 X 39.4 1998.2 1.7 117
-------- -------- --------- ------ ------ ------- ------- -------
R00178 ROCK 794180 7586274 0.027 54757 52.5 5.2 60
-------- -------- --------- ------ ------ ------- ------- -------
R00183 ROCK 781441 7584154 2.02 1008 10.8 4.4 8
-------- -------- --------- ------ ------ ------- ------- -------
R00185 ROCK 782659 7581191 X 61.4 2322.3 2.6 91
-------- -------- --------- ------ ------ ------- ------- -------
R00186 ROCK 780818 7584815 0.165 232.9 47 3 538
-------- -------- --------- ------ ------ ------- ------- -------
R00189 ROCK 780810 7582464 X 55.7 1844.1 2226.6 1433
-------- -------- --------- ------ ------ ------- ------- -------
R00193 ROCK 783958 7581419 0.315 10.9 37.6 30.4 32
-------- -------- --------- ------ ------ ------- ------- -------
X = Below detection
Table B: Stream Sediment Results
Coordinate Project GDA94 Zone 50
Sample Sample Type Easting Northing BLEG - Au Ni ppm
ID ppb
ST00053 STREAM 780422 7586690 1 106.8
------------- -------- --------- ---------- -------
ST00054 STREAM 781083 7586643 5 159.3
------------- -------- --------- ---------- -------
ST00055 STREAM 781355 7585723 1 111.5
------------- -------- --------- ---------- -------
ST00056 STREAM 781458 7585718 2 130.7
------------- -------- --------- ---------- -------
ST00057 STREAM 781170 7585519 2 111.9
------------- -------- --------- ---------- -------
ST00058 STREAM 780365 7585533 37 212.5
------------- -------- --------- ---------- -------
ST00059 STREAM 781037 7585347 1 109.2
------------- -------- --------- ---------- -------
ST00060 STREAM 780781 7584786 1 163
------------- -------- --------- ---------- -------
ST00061 STREAM 780990 7584615 153 325.5
------------- -------- --------- ---------- -------
ST00062 STREAM 781853 7584153 1 155.8
------------- -------- --------- ---------- -------
ST00063 STREAM 781678 7583571 1 1613.9
------------- -------- --------- ---------- -------
ST00064 STREAM 781674 7583561 0 1525
------------- -------- --------- ---------- -------
ST00065 STREAM 781548 7583632 1 1449.3
------------- -------- --------- ---------- -------
ST00066 STREAM 781826 7583952 1 196.2
------------- -------- --------- ---------- -------
ST00067 STREAM 779877 7590522 3 72.6
------------- -------- --------- ---------- -------
ST00068 STREAM 784045 7581340 1 139.7
------------- -------- --------- ---------- -------
ST00069 STREAM 783972 7580512 11 177.8
------------- -------- --------- ---------- -------
ST00070 STREAM 783921 7580569 4 184.4
------------- -------- --------- ---------- -------
ST00071 STREAM 779840 7590628 1 83.8
------------- -------- --------- ---------- -------
ST00072 STREAM 779823 7587701 1 102
------------- -------- --------- ---------- -------
TENEMENT SCHEDULE
At 30 June 2023 , the consolidated entity holds an interest in
the following Australian tenements:
Company
Project Tenement Area kms(2) Area ha. Holders Interest
Molyhil Mining Pty
Molyhil EL22349 228.10 Ltd 100%
---------- ----------- -------- -------------------- ---------
Molyhil Mining Pty
Molyhil EL31130 9.51 Ltd 100%
---------- ----------- -------- -------------------- ---------
Molyhil Mining Pty
Molyhil ML23825 95.92 Ltd 100%
---------- ----------- -------- -------------------- ---------
Molyhil Mining Pty
Molyhil ML24429 91.12 Ltd 100%
---------- ----------- -------- -------------------- ---------
Molyhil Mining Pty
Molyhil ML25721 56.2 Ltd 100%
---------- ----------- -------- -------------------- ---------
Molyhil Mining Pty
Molyhil AA29732 38.6 Ltd 100%
---------- ----------- -------- -------------------- ---------
Molyhil Mining Pty
Molyhil MLS77 16.18 Ltd 100%
---------- ----------- -------- -------------------- ---------
Molyhil Mining Pty
Molyhil MLS78 16.18 Ltd 100%
---------- ----------- -------- -------------------- ---------
Molyhil Mining Pty
Molyhil MLS79 8.09 Ltd 100%
---------- ----------- -------- -------------------- ---------
Molyhil Mining Pty
Molyhil MLS80 16.18 Ltd 100%
---------- ----------- -------- -------------------- ---------
Molyhil Mining Pty
Molyhil MLS81 16.18 Ltd 100%
---------- ----------- -------- -------------------- ---------
Molyhil Mining Pty
Molyhil MLS82 8.09 Ltd 100%
---------- ----------- -------- -------------------- ---------
Molyhil Mining Pty
Molyhil MLS83 16.18 Ltd 100%
---------- ----------- -------- -------------------- ---------
Molyhil Mining Pty
Molyhil MLS84 16.18 Ltd 100%
---------- ----------- -------- -------------------- ---------
Molyhil Mining Pty
Molyhil MLS85 16.18 Ltd 100%
---------- ----------- -------- -------------------- ---------
Molyhil Mining Pty
Molyhil MLS86 8.05 Ltd 100%
---------- ----------- -------- -------------------- ---------
Molyhil Mining Pty
Bonya EL29701 204.5 Ltd 40%
---------- ----------- -------- -------------------- ---------
Molyhil Mining Pty
Bonya EL32167 74.54 Ltd 40%
---------- ----------- -------- -------------------- ---------
Pilbara Goldfields
Panorama E46/1190 35.03 Pty Ltd 100%
---------- ----------- -------- -------------------- ---------
Pilbara Goldfields
Ragged Range E46/1262 57.3 Pty Ltd 100%
---------- ----------- -------- -------------------- ---------
Pilbara Goldfields
Corunna Downs E46/1340 48 Pty Ltd 100%
---------- ----------- -------- -------------------- ---------
Pilbara Goldfields
Bonney Downs E46/1355 38 Pty Ltd 100%
---------- ----------- -------- -------------------- ---------
Pilbara Goldfields
Hamersley Range E46/1393 11 Pty Ltd 100%
---------- ----------- -------- -------------------- ---------
On 30 June 2023, the consolidated entity holds 100% interest in
the uranium and vanadium projects in USA States of Colorado and
Utah as follows:
Claim Group Serial Number Claim Name Area Holders Company
Interest
Vanadium UMC445103 to 100 blocks (2,066 Cisco Minerals
King (Utah) UMC445202 VK-001 to VK-100 acres) Inc 100%
---------------- -------------- ------------------ ------------------ ------------------ ---------
Radium Mountain CMC292259 to Radium-001 99 blocks (2,045 Standard Minerals
(Colorado) CMC292357 to Radium-099 acres) Inc 100%
-------------- ------------------ ------------------ ------------------ ---------
Groundhog CMC292159 to Groundhog-001 100 blocks (2,066 Standard Minerals
(Colorado) CMC292258 to Groundhog-100 acres) Inc 100%
-------------- ------------------ ------------------ ------------------ ---------
1 JORC Code, 2012 Edition - Table 1 report template
1.1 Section 1 Sampling Techniques and Data
Criteria JORC Code explanation Commentary
--------------------------------------------------------------
Sampling The programme comprised
techniques * Nature and quality of sampling (eg cut channels, stream sediment trap
random chips, or specific specialised industry site sampling with
standard measurement tools appropriate to the coarse (3kg - 5mm+2mm)
minerals under investigation, such as down hole gamma and fine (3kg - 2mm)
sondes, or handheld XRF instruments, etc). These fraction samples collected
examples should not be taken as limiting the broad for geochemical analysis
meaning of sampling. for Au 2kg BLEG (fine
fraction), aqua regia
(fine and coarse fractions)
* Include reference to measures taken to ensure sample and multi-element analysis.
representivity and the appropriate calibration of any Rock chip sampling
measurement tools or systems used. was based on geological
outcrops, with analysis
for Au by 25g fire
* Aspects of the determination of mineralisation that assay and multi-element
are Material to the Public Report. by four acid digest.
* In cases where 'industry standard' work has been done
this would be relatively simple (eg 'reverse
circulation drilling was used to obtain 1 m samples
from which 3 kg was pulverised to produce a 30 g
charge for fire assay'). In other cases more
explanation may be required, such as where there is
coarse gold that has inherent sampling problems.
Unusual commodities or mineralisation types (eg
submarine nodules) may warrant disclosure of detailed
information.
------------------ -------------------------------------------------------------- --------------------------------
Drilling Not applicable - no
techniques * Drill type (eg core, reverse circulation, open-hole drilling reported
hammer, rotary air blast, auger, Bangka, sonic, etc)
and details (eg core diameter, triple or standard
tube, depth of diamond tails, face-sampling bit or
other type, whether core is oriented and if so, by
what method, etc).
------------------ -------------------------------------------------------------- --------------------------------
Drill sample Not applicable - no
recovery * Method of recording and assessing core and chip drilling reported
sample recoveries and results assessed.
* Measures taken to maximise sample recovery and ensure
representative nature of the samples.
* Whether a relationship exists between sample recovery
and grade and whether sample bias may have occurred
due to preferential loss/gain of fine/coarse
material.
------------------ -------------------------------------------------------------- --------------------------------
Logging No logging was undertaken.
* Whether core and chip samples have been geologically Lithological description
and geotechnically logged to a level of detail to recorded for all samples
support appropriate Mineral Resource estimation, collected
mining studies and metallurgical studies.
* Whether logging is qualitative or quantitative in
nature. Core (or costean, channel, etc) photography.
* The total length and percentage of the relevant
intersections logged.
------------------ -------------------------------------------------------------- --------------------------------
Sub- sampling Samples were screened
techniques * If core, whether cut or sawn and whether quarter, in the field as described
half or all core taken. in "Sampling Techniques"
above.
The sample sizes are
* If non-core, whether riffled, tube sampled, rotary as per industry standard
split, etc and whether sampled wet or dry. for stream
* For all sample types, the nature, quality and
------------------ -------------------------------------------------------------- --------------------------------
and sample appropriateness of the sample preparation sediment geochemistry.
preparation technique. Field duplicates and
* Quality control procedures adopted for all blank samples were
sub-sampling stages to maximise representivity of submitted for assay
samples. with the other samples.
* Measures taken to ensure that the sampling is
representative of the in situ material collected,
including for instance results for field
duplicate/second-half sampling.
* Whether sample sizes are appropriate to the grain
size of the material being sampled.
------------------ -------------------------------------------------------------- ----------------------------------
Quality of The proposed assay
assay data * The nature, quality and appropriateness of the method is appropriate
and laboratory assaying and laboratory procedures used and whether for preliminary exploration.
tests the technique is considered partial or total.
* For geophysical tools, spectrometers, handheld XRF
instruments, etc, the parameters used in determining
the analysis including instrument make and model,
reading times, calibrations factors applied and their
derivation, etc.
* Nature of quality control procedures adopted (eg
standards, blanks, duplicates, external laboratory
checks) and whether acceptable levels of accuracy (ie
lack of bias) and precision have been established.
------------------ -------------------------------------------------------------- ----------------------------------
Verification Not undertaken
of sampling * The verification of significant intersections by
and assaying either independent or alternative company personnel.
* The use of twinned holes.
* Documentation of primary data, data entry procedures,
data verification, data storage (physical and
electronic) protocols.
* Discuss any adjustment to assay data.
------------------ -------------------------------------------------------------- ----------------------------------
Location Hand held GPS - MGA94
of data points * Accuracy and quality of surveys used to locate drill zone 50 (GDA)
holes (collar and down-hole surveys), trenches, mine
workings and other locations used in Mineral Resource
estimation.
* Specification of the grid system used.
* Quality and adequacy of topographic control.
------------------ -------------------------------------------------------------- ----------------------------------
Data spacing Data reported is for
and distribution * Data spacing for reporting of Exploration Results. a preliminary reconnaissance
survey and is indicative
of the mineral prospectivity.
* Whether the data spacing and distribution is No inferences are made
sufficient to establish the degree of geological and as to mineralisation
grade continuity appropriate for the Mineral Resource potential.
and Ore Reserve estimation procedure(s) and
classifications applied.
* Whether sample compositing has been applied.
------------------ -------------------------------------------------------------- ----------------------------------
Orientation Orientational bias
of data in * Whether the orientation of sampling achieves unbiased is not applicable to
relation to sampling of possible structures and the extent to stream and rockchip
geological which this is known, considering the deposit type. sampling at this stage
structure
* If the relationship between the drilling orientation
and the orientation of key mineralised structures is
considered to have introduced a sampling bias, this
should be assessed and reported if material.
------------------ -------------------------------------------------------------- ----------------------------------
Sample security Geochemistry samples
* The measures taken to ensure sample security. were trucked back from
Nullagine to the Intertek,
WA
Sample Security levels
are considered appropriate
for preliminary surface
geochemistry assessment.
------------------ -------------------------------------------------------------- ----------------------------------
Audits or None undertaken
reviews * The results of any audits or reviews of sampling
techniques and data.
------------------ -------------------------------------------------------------- ----------------------------------
Section 2 Reporting of Exploration Results
Criteria JORC Code explanation Commentary
--------------------------------------------------------------
Mineral tenement Exploration results
and land tenure * Type, reference name/number, location and ownership are reported on E46/1190,
status including agreements or material issues with third E46/1262, E46/1340,
parties such as joint ventures, partnerships, E46/1355 and E46/1393
overriding royalties, native title interests, in Western Australia
historical sites, wilderness or national park and held 100% by Pilbara
environmental settings. Goldfields Pty Ltd,
Thor Mining PLC.
* The security of the tenure held at the time of
reporting along with any known impediments to
obtaining a licence to operate in the area.
----------------------- -------------------------------------------------------------- -----------------------------
Exploration done Sporadic surface
by other parties * Acknowledgment and appraisal of exploration by other geochemistry
parties. over tenure carried
out by Great Southern
Mines up to 1997.
----------------------- -------------------------------------------------------------- -----------------------------
Geology Yet to be determined
* Deposit type, geological setting and style of
mineralisation.
----------------------- -------------------------------------------------------------- -----------------------------
Drill hole Information No drilling has been
* A summary of all information material to the undertaken or reported
understanding of the exploration results including a
tabulation of the following information for all
Material drill holes:
o easting and northing of the drill
hole collar
o elevation or RL (Reduced Level -
elevation above sea level in metres)
of the drill hole collar
o dip and azimuth of the hole
o down hole length and interception
depth
o hole length.
* If the exclusion of this information is justified on
the basis that the information is not Material and
this exclusion does not detract from the
understanding of the report, the Competent Person
should clearly explain why this is the case.
----------------------- -------------------------------------------------------------- -----------------------------
Data aggregation Only rock chip and
methods * In reporting Exploration Results, weighting averaging stream assays have
techniques, maximum and/or minimum grade truncations been reported. There
(eg cutting of high grades) and cut-off grades are has been no data
usually Material and should be stated. aggregation.
* Where aggregate intercepts incorporate short lengths
of high-grade results and longer lengths of low-grade
results, the procedure used for such aggregation
should be stated and some typical examples of such
aggregations should be shown in detail.
* assumptions used for any reporting of metal
equivalent
* The values should be clearly stated.
----------------------- -------------------------------------------------------------- -----------------------------
Relationship between No drilling has been
mineralisation widths * These relationships are particularly important in the undertaken or reported
and intercept lengths reporting of Exploration Results.
* If the geometry of the mineralisation with respect to
the drill hole angle is known, its nature should be
reported.
* If it is not known and only the down hole lengths are
reported, there should be a clear statement to this
effect (eg 'down hole length, true width not known').
----------------------- -------------------------------------------------------------- -----------------------------
Diagrams A sample location
* Appropriate maps and sections (with scales) and plan including current
tabulations of intercepts should be included for any 1:100k scale geology
significant discovery being reported These should has been provided
include, but not be limited to a plan view of drill along with location
hole collar locations and appropriate sectional tables.
views.
----------------------- -------------------------------------------------------------- -----------------------------
Balanced reporting All results have been
* Where comprehensive reporting of all Exploration reported
Results is not practicable, representative reporting
of both low and high grades and/or widths should be
practiced to avoid misleading reporting of
Exploration Results.
----------------------- -------------------------------------------------------------- -----------------------------
Other substantive All data have been
exploration data * Other exploration data, if meaningful and material, reported
should be reported including (but not limited to):
geological observations; geophysical survey results;
geochemical survey results; bulk samples - size and
method of treatment; metallurgical test results; bulk
density, groundwater, geotechnical and rock
characteristics; potential deleterious or
contaminating substances.
----------------------- -------------------------------------------------------------- -----------------------------
Further work It is anticipated
* The nature and scale of planned further work (eg that follow up and
tests for lateral extensions or depth extensions or reconnaissance geochemistry
large-scale step- out drilling). (rockchip, soil &
stream) and geological
mapping will be undertaken
* Diagrams clearly highlighting the areas of possible over tenure, including
extensions, including the main geological Sterling and Kelly's
interpretations and future drilling areas, provided prospects.
this information is not commercially sensitive.
----------------------- -------------------------------------------------------------- -----------------------------
Appendix 5B
Mining exploration entity or oil and gas exploration entity
quarterly cash flow report
Name of entity
--------------------------------------------------
THOR ENERGY PLC
ABN Quarter ended ("current quarter")
------------ ----------------------------------
121 117 673 30 JUNE 2023
----------------------------------
Consolidated statement of cash Current quarter Year to date
flows (12 months)
$A'000 $A'000
1. Cash flows from operating
activities
1.1 Receipts from customers
1.2 Payments for
(a) exploration & evaluation
(b) development
(c) production
(d) staff costs (6) (117)
(e) administration and corporate
costs (267) (1,137)
1.3 Dividends received (see note
3)
1.4 Interest received 7 7
Interest and other costs of
1.5 finance paid (2) (5)
1.6 Income taxes paid
1.7 Government grants and tax
incentives
1.8 Other - 110
---------------- -------------
Net cash from / (used in)
1.9 operating activities (268) (1,142)
----------------- ----------------------------------- ---------------- -------------
2. Cash flows from investing
activities
2.1 Payments to acquire or for:
(a) entities
(b) tenements
(c) property, plant and equipment (5) (16)
(d) exploration & evaluation (466) (3,010)
(e) equity accounted investments
(f) other non-current assets
(bonds) (9) (86)
2.2 Proceeds from the disposal
of:
(a) entities
(b) tenements
(c) property, plant and equipment
(d) investments 90 750
(e) other non-current assets
2.3 Cash flows from loans to other
entities
2.4 Dividends received (see note
3)
2.5 Other (Government grants) - 546
---------------- -------------
Net cash from / (used in)
2.6 investing activities (390) (1,816)
----------------- ----------------------------------- ---------------- -------------
3. Cash flows from financing
activities
Proceeds from issues of equity
securities (excluding convertible
3.1 debt securities) - 2,650
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 - (179)
3.5 Proceeds from borrowings
Repayment of borrowings (lease
3.6 liability) (11) (26)
3.7 Transaction costs related
to loans and borrowings
3.8 Dividends paid
3.9 Other (funds received in advance
of a placement)
---------------- -------------
Net cash from / (used in)
3.10 financing activities (11) 2,445
----------------- ----------------------------------- ---------------- -------------
4. Net increase / (decrease)
in cash and cash equivalents
for the period
Cash and cash equivalents
4.1 at beginning of period 2,316 2,069
Net cash from / (used in)
operating activities (item
4.2 1.9 above) (268) (1,142)
Net cash from / (used in)
investing activities (item
4.3 2.6 above) (390) (1,816)
Net cash from / (used in)
financing activities (item
4.4 3.10 above) (11) 2,445
Effect of movement in exchange
4.5 rates on cash held 64 155
---------------- -------------
Cash and cash equivalents
4.6 at end of period 1,711 1,711
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 1,711 2,316
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) 1,711 2,316
----------------- ----------------------------------- ---------------- -----------------
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 1 110
----------------
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 fees paid to Non-Executive
Directors, and remuneration paid to the Managing Director.
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) (268)
8.2 (Payments for exploration & evaluation classified (466)
as investing activities) (item 2.1(d))
8.3 Total relevant outgoings (item 8.1 + item (734)
8.2)
8.4 Cash and cash equivalents at quarter end 1,711
(item 4.6)
8.5 Unused finance facilities available at quarter -
end (item 7.5)
-------
8.6 Total available funding (item 8.4 + item 1,711
8.5)
-------
Estimated quarters of funding available
8.7 (item 8.6 divided by item 8.3) 2.3
-------
Note: if the entity has reported positive relevant outgoings
(ie a net cash inflow) in item 8.3, answer item 8.7 as
"N/A". Otherwise, a figure for the estimated quarters
of funding available must be included in item 8.7.
8.8 If item 8.7 is less than 2 quarters, please provide answers
to the following questions:
8.8.1 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:
-------------------------------------------------------------------
8.8.2 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:
-------------------------------------------------------------------
8.8.3 Does the entity expect to be able to continue its
operations and to meet its business objectives and, if
so, on what basis?
-------------------------------------------------------------------
Answer:
-------------------------------------------------------------------
Note: where item 8.7 is less than 2 quarters, all of
questions 8.8.1, 8.8.2 and 8.8.3 above must be answered.
----------------- -------------------------------------------------------------------
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 July 2023...........................................................
Authorised 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.
[1] TREO = (Total Rare Earth Oxides) = (La(2) O(3) + CeO(2) +
Pr(6) O(11) + Nd(2) O(3) +Sm(2) O(3) + Eu(2) O(3) + Gd(2) O(3) +
Tb(4) O(7) + Dy(2) O(3) + Ho(2) O(3) + Er(2) O(3) + Tm(2) O(3) +
Yb(2) O(3) + Lu(2) O(3) + Y(2) O(3) )
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END
MSCBBGDRRSXDGXG
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July 31, 2023 02:00 ET (06:00 GMT)
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