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Thor Mining PLC - APPENDIX 5B OCTOBER TO DECEMBER 2019

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 PLC

Executive Chairman

Ray Ridge

+61 (8) 7324 1935

Thor Mining PLC

CFO/Company

Secretary

Colin Aaronson/

Richard Tonthat/ Ben Roberts

+44 (0) 207 383 5100

 

Grant Thornton UK LLP

 

Nominated Adviser

Claire Louise Noyce /

John Beresford-Peirse

 

+44 (0) 203 764 2341

Hybridan LLP

Joint Broker

Nick Emerson

+44 (0) 1483 413 500

SI Capital Ltd

Joint 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 2018¹ 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 deposit².

Thor also holds 100% of the Pilot Mountain tungsten project in Nevada USA which has a JORC 2012 Indicated and Inferred Resources Estimate³ 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 resource⁴ 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 project⁵ 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

⁴ Refer AIM announcement of 10 February 2016 and ASX announcement of 12 February 2018

⁵ 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 flows

Current quarter
$A'000

Year to date     (6 months)
$A'000

1.

Cash flows from operating activities

30

32

1.1

Receipts from customers

1.2

Payments for

(13)

(13)


(a)   exploration & evaluation (if expensed)


(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

1.5

Interest and other costs of finance (leases)

(4)

(4)

1.6

Income taxes paid



1.7

Government grants and tax incentives

-

222

1.8

Other (provide details if material)



1.9

Net cash from / (used in) 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



2.3

Cash flows from loans to other entities

(100)

(100)

2.4

Dividends received (see note 3)



2.5

Other (provide details if material)



2.6

Net cash from / (used in) investing activities

(314)

(677)


3.

Cash flows from financing activities

890

890

3.1

Proceeds from issues of equity securities (excluding convertible debt securities)

3.2

Proceeds from issue of convertible debt securities



3.3

Proceeds from exercise of options



3.4

Transaction costs related to issues of equity securities 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)



3.10

Net cash from / (used in) financing activities

783

783


4.

Net increase / (decrease) in cash and cash equivalents for the period



4.1

Cash and cash equivalents at beginning of period

517

944

4.2

Net cash from / (used in) operating activities (item 1.9 above)

(397)

(461)

4.3

Net cash from / (used in) investing activities (item 2.6 above)

(314)

(677)

4.4

Net cash from / (used in) financing activities (item 3.10 above)

783

783

4.5

Effect of movement in exchange rates on cash held

4

4

4.6

Cash and cash equivalents at end of period

593

593

 

5.

Reconciliation of cash and cash equivalents
at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts

Current quarter
$A'000

Previous quarter
$A'000

5.1

Bank balances

593

517

5.2

Call deposits



5.3

Bank overdrafts



5.4

Other (provide details)



5.5

Cash and cash equivalents at end of quarter (should equal item 4.6 above)

593

517

 

6.

Payments to related parties of the entity and their associates

Current quarter
$A'000

6.1

Aggregate amount of payments to related parties and their associates included in 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
Note: the term "facility' includes all forms of financing arrangements available to the entity.

Add notes as necessary for an understanding of the sources of finance available to the entity.

Total facility amount at quarter end
$A'000

Amount drawn at quarter end
$A'000

7.1

Loan facilities


Quick facts: Thor Mining PLC

Price: 0.165

Market: AIM
Market Cap: £1.78 m
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