Thor Mining PLC (LON:THR)

Thor Mining PLC (LON:THR)


Share Price
0.85 p
Change
0 (0.00 %)
Market Cap
£6.94 m
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Thor Mining PLC

Thor is an exploration and development company with an advanced tungsten/molybdenum project poised for development,  a growing tungsten resource, an exciting copper development project, and an interest in a  lithium exploration company.

Thor is listed on the Alternative Investment Market (AIM) in London and the Australian Stock Exchange (ASX).

EPIC: THR
Market: AIM:THR
52-week High/Low: 2.58p / 0.63p
Sector: General Mining - Moly, Chrome, Tungsten & Manganese
Market Cap: £6.94 m
Website: www.thormining.com
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Thor Mining PLC (LON:THR; ASX:THR) Chairman and CEO Mick Billing pitches the company to investors. For more information visit: www.thormining.com

Big Picture – A Deep Dive Examination of Thor Mining PLC


Thor Mining PLC Snapshot

Thor Mining PLC is an exploration and development company with an advanced tungsten/molybdenum project poised for development, a growing tungsten resource, an exciting copper development project,  and an interest in a  lithium exploration company.

Thor’s Directors are experienced in the mining and finance sectors. They are practised in: evaluating mining assets; raising funds on international capital markets; evaluating acquisition and investment prospects and the day to day management of public companies and mining operations.

Thor has projects in Australia in the Northern Territory and in South Australia. Thor also owns the Pilot Mountain tungsten project in Nevada USA, and holds an interest in a company with a Lithium project in Arizina USA.

An updated feasibility study on Thor’s Molyhil tungsten project was completed in August 2018. Subject to securing the necessary project finance, the Molyhil project is scheduled to commence production during 2020.

A scoping study for the Pilot Mountain tungsten project was released in September 2018 indicating potential for a 12 year project mine life.

 

 

The Molyhil Tungsten - Molybdenum Project:

100% Thor Mining PLC

PROJECT TENEMENTS

LOCATION & ACCESS

Molyhil is located 220 kilometres north-east of Alice Springs (320km by road) within the prospective polymetallic province of the Proterozoic Eastern Arunta Block in the Northern Territory. 

RESOURCES & RESERVES

Summary of Molyhil Mineral Resource Estimate (Reported on 30 January 2014)

Mineral Resource reported at 0.1% combined Mo + WO3 Cut-off and above 200mRL only. Minor rounding errors may occur in compiled totals.

Molyhil Open Cut Ore Reserve (Reported 8 January 2018)

Thor Mining PLC holds 100% equity interest in this reserve. The Company confirms that it is not aware of any new information or data that materially affects the information included in the market announcement dated January 2015 and that all material assumptions and technical parameters underpinning those estimates continue to apply and have not materially changed.

The statement of reserves is derived from the Indicated portion of the resource estimate only, and the Inferred portion is excluded from the calculations. The long-term prices used were US$300/mtu for WO3 concentrate and US$7.92/lb for Mo concentrate at an exchange rate of US$0.75 to A$1.00. The WO3 and Mo Processing Recovery post ore sorting used was 85% and 77.8% respectively.

Additional Deposits Nearby

Approximately 30 kms east of Molyhil are 13 known outcropping tungsten deposits at Bonya.  It is expected that these may add further to the resource inventory and extend the operational life of Molyhil.

BONYA RESOURCES

Bonya Copper Inferred Resource Estimate (Reported 26 November 2018)

Thor Mining PLC holds a 40% equity interest in this resource

READ MORE>

The Pilot Mountain Tungsten Project

100% Thor Mining PLC

The Pilot Mountain tungsten project is situated 200km southeast of Reno in Nevada USA.

RESOURCE ESTIMATE

The Desert Scheelite Indicated and Inferred Resource comprises 9.9 million tonnes @ 0.26% WO3, 0.14% Copper, and 19.4g/t (grams/tonne) Silver.

The Garnet Inferred Resource estimate comprises 1.83 million tonnes @ 0.36% WO3. 

Both resource estimates were announced on 22 May 2017.

Table 1​

EXPLORATION POTENTIAL

In addition to the 2014 Desert Scheelite resource, the Pilot Mountain project has significant exploration potential comprising Exploration Targets* totalling 11.0 – 22.6 Million Tonnes at 0.3 to 0.5% WO3 summarised in table 2.

* Exploration Targets are conceptual in nature and there has been insufficient exploration to define a Mineral Resource under the 2012 JORC Code. It is uncertain if further exploration will result in the determination of a Mineral Resource.

Table 2

The potential of the multiple Pilot Mountain exploration prospects is provided as Exploration Target values summarised in table 3. Prospects have been classified as either Tier 1 or 2 reflecting the level of confidence in the prospect.

  • Tier 1 prospects are based on any one or a combination of; historic drill data, historic mining activity or surface outcropping target geology (Figure 1).
  • Tier 2 prospects are under-explored areas with either the appropriate target geology or are under cover and adjacent to known mineralisation (Figure 2).
Table 3
Tier 1 Targets                                                                                                  Tier 2 TargetsTier 2 Targets

READ MORE >

MOLYHIL DEFINITIVE FEASIBILITY STUDY

 Following the release of an upgraded Open Pit Ore Reserve in January 2018, an updated Definitive Feasibility Study (DFS) was completed in August 2018 with robust outcomes including a payback period of less than 18 months from first production, and very low operating costs.  The Company is now focussed on the task of securing project finance to bring the project into production.

MARKETING

In 2013, Thor received a Letter of Intent (LOI) from Global Tungsten and Powders, of Pennsylvania USA, undertaking to purchase 70% to 75% of tungsten concentrates produced from Molyhil over the life of the mine.

METALLURGY AND PROCESSING

The Definitive Feasibility Study (DFS) included results from substantial metallurgical testwork by independent consultants, and the resultant process flow sheet was incorporated into the technical and economic assessment. The testwork demonstrated the production of a Primary Tungsten Concentrate assaying 65% WO₃, with a recovery of 85%, and a Primary Molybdenum Concentrate assaying 51.4% Mo, with a recovery of 77.8%.

ENVIRONMENTAL APPROVALS

Thor has completed the Public Environmental Report for the Molyhil Tungsten and Molybdenum Project. This report has been accepted by the Department of Regional Development, Primary Industry, Fisheries and Resources in the Northern Territory
This report was approved on the 15th July 2007 by the DRDPIFR (NT), who also confirmed in December 2011 that the approval remains current.  The report is available on request.

TRADITIONAL OWNER APPROVALS

THOR Mining PLC has also obtained all the required agreements between the Traditional Owners of the land, and THOR Mining PLC, to enable the Molyhil Operations to proceed with the recognition and support of the Traditional Owners.

The Tripartite Deed records the terms of the Agreement between the parties in accordance with the Native Title Act and is between the Arrapere People, the Central Land Council and Thor Mining PLC.

THE LONGER TERM FUTURE FOR MOLYHIL

The feasibility study mining plan largely reflects the open cut ore reserve statement, and therefore the life of the proposed operation in the Definitive Feasibility Study (DFS) is of the order of 7 years. Beyond this period, the Company has identified portions of the resource, below the pit shell, whch appear to allow profitable underground mining thus extending this life.

In addition, the Bonya deposits, approximately 30kms east of Molyhil, have the potential to extend the operational life of Molyhil for several additional years.  The Company plans to drill several of these deposits as soon as it is able to secure approval.

BUSINESS DEVELOPMENT PLAN

Upon completion of the updated DFS, Thor is planning to secure off-take agreements for the balance of tungsten and molybdenum concentrates, and finance to support the development of mining and processing operations at Molyhil. With a 12 month construction period, it is anticipated that the first production of concentrates could commence during 2019.

COMPETENT PERSONS STATEMENTS

The information in this report that relates to exploration results is based on information compiled by Richard Bradey, who is a Member of The Australasian Institute of Mining and Metallurgy. Mr Bradey is an employee of Thor Mining PLC. He has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he 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’. Richard Bradey consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

The information in this report that relates to the Molyhil Mineral Resource is based on information compiled by Mr Trevor Stevenson. Mr Stevenson is a Fellow of the Australasian Institute of Mining and Metallurgy, a member of MICA and a CP, and a full time employee of RPM. Mr Stevenson has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he has undertaken to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for the Reporting of Exploration Results, Mineral Resources and Ore Reserves’. 

Mr Stevenson is not aware of any new information or data that materially affects the information included in the RUL 2012 report on which this current report is based. Mr Stevenson has no economic, financial or pecuniary interest in Thor Mining PLC and there is no issue that could be perceived as a conflict of interest. 

The information in this report that relates to the Ore Reserves is prepared by Andrew Vidale who is a Member of The Australasian Institute of Mining and Metallurgy. Andrew Vidale is a full time employee of AVCS and has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity which he 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” (“The JORC Code 2012 Edition”). Andrew Vidale consents to the inclusion of material within this report by Thor.

Directors / Secretaries

Michael Robert Billing – CPA, B Bus, MAICD - Executive Chairman and CEO.

Mick Billing has over 40 years of mining and agri-business experience and a background in finance, specialising in recent years in assisting in the establishment and management of junior companies. His career includes experience in company secretarial, senior commercial, and CFO roles including lengthy periods with Bougainville Copper Ltd and WMC Resources Ltd. He has worked extensively with junior resource companies over the past 15 years. He was appointed to the Board in April 2008.
He is also a director of ASX listed company Southern Gold Limited.

David Edward Thomas - BSc(Eng), ARSM, FIMM, F.Aus IMM (CP Min) -

Non-Executive Director

David Thomas is a Mining Engineer from Royal School of Mines, London, with experience in all facets of the mining industry.

He has worked for Anglo American in Zambia, Selection Trust in London, BP Minerals, WMC and BHP Billiton in Australia in senior positions in mine and plant operational management, and is experienced in project management and completion of feasibility studies. He has also worked as a consultant in various parts of the world in the field of mine planning, process plant optimisation, business improvement and completion of studies.

His most recent role was as Deputy Project Director for BHP Billiton’s proposed expansion at Olympic Dam, South Australia. David was appointed to the Board 11 April 2012.

 

 

Alastair Middleton - Non-Executive Director

Alastair Middleton is a mining industry executive with more than 27 years of international experience, in both underground and open pit operations. He is a qualified geologist and has a Master of Science Degree in Mineral Exploration from the Royal School of Mines, Imperial College.

Mr Middleton worked for four years as a Mining Geologist with Goldfields of South Africa in the early 1990s before joining Datamine International (UK) where he worked for 14 years as a Mining Consultant. In 2008 he joined Standard Bank as a Technical Advisor where he had overall responsibility of technical approvals and “signing off” mining finance deals.

Mr Middleton worked on a number of deal transactions involving debt finance, corporate finance, off-takes, equipment finance, M&A, advisory and business recoveries.

Richard Bradey - Director and Exploration Manager

Richard Bradey holds a Bachelor of Science in Applied Geology and a Masters Degree in Natural Resource Management.  His recent career includes exploration, resource development, and mine geology, with Hillgrove Resources Limited, Xstrata Zinc, and Aditya Birla Minerals Limited, at senior levels.

Ray Ridge - Chief Financial Officer and Joint Company Secretary

Mr Ridge is a chartered accountant with over 20 years accounting and commercial management experience.
Previous roles include Senior Audit Manager with Arthur Andersen, Financial Controller and then Divisional CFO with Elders Ltd, and more recently, General Manager Commercial & Operations at engineering and construction company Parsons Brinckerhoff.

 
Stephen F Ronaldson - Joint Company Secretary

Mr Stephen F Ronaldson is the joint company secretary as well as a partner of the Company's UK legal advisers, Druces LLP.

Mr Ronaldson has an MA from Oriel College, Oxford and qualified as a solicitor in 1981. During his career Mr Ronaldson has concentrated on company and commercial fields of practice undertaking all issues relevant to those types of businesses including capital raisings, Financial Services and Markets Act work and placings and admissions to AIM and Ofex.

Mr Ronaldson is currently company secretary for a number of companies including eight AIM-listed PLCs

 

Share Capital as at December 2018

Ordinary Shares on Issue:  716,900,540

Significant Shareholders

Metal Tiger PLC : 11.17%

Paul Johnson : 5.52%

Director's Shareholdings  6.29%​​​​​​  

  • Mick Billing: 4.94%
  • Other Director's: 1.35%

Balance of shareholders : 77.02%

Issued Shares

 

Metal Tiger PLC :  80,100,000

Paul Johnson: 39,575,000

Director's Shareholdings

Mick Billing :        35,407,423
Dave Thomas :       9,410,970
Richard Bradey:             31,792
Alastair Middleton: 250,000

Balance of shareholders : 552,125,355

 
Australian Office
Thor Mining
58 Galway Avenue
MARLESTON SA 5033
AUSTRALIA
Postal Address
Thor Mining
PO Box 458
MARLESTON SA 5033
AUSTRALIA
Fax +61 8 8351 5169
London Office
Thor Mining PLC
Salisbury House
London Wall
London EC2M 5PS
UNITED KINGDOM

Nominated Adviser to the Company

Grant Thornton UK LLP
30 Finsbury Square
London EC2P 2YU
United Kingdom
Telephone: +44 (0) 20 7383 5100
Fax: +44 (0) 20 7184 4308

Auditors and Reporting Accountants

Chapman Davis LLP
2 Chapel Court
London SE1 1HH

Solicitors to the Company

Ronaldsons LLP
55 Gower Street
London WC1E 6HQ

Address of Share Registrars

United Kingdom
Computershare Investor Services Plc
PO Box 82
The Pavilions, Bridgewater Road
Bristol BS99 6ZY
Telephone: +44 (0) 370 703 1343
Fax: +44 (0) 370 703 6114

Australia
Computershare Investor Services Pty Ltd
GPO Box D182 Perth
Western Australia 6840
Level 11, 172 St Georges Terrace Perth
Western Australia 6000
Telephone: +61 (0) 8 9323 2000
Fax: +61 (0) 8 9323 2033

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