Thor Mining PLC - Uranium Acquisition Q & A
Q & A - URANIUM ACQUISITION
The Board of
Q What impact will the acquisition of American Vanadium have for the cash and funding requirements of
A The cash commitment for the acquisition of American Vanadium is
The funds we raised in the recent placement, and the funds expected from the forecast sale of our Spring Hill royalty entitlement are expected to be sufficient to meet our envisaged project expenditure for these new assets, and also our copper, gold, tungsten and molybdenum projects for the balance of this calendar year.
Q What attracted Thor to these Assets?
A There are three particularly positive features of this new initiative for Thor.
1. The fundamentals for the uranium market are very good right now. Global demand during 2020 is expected to exceed supply in 2020, and importantly the US administration has initiated a program of acquiring a locally sourced stockpile of uranium fuel for its power generation needs of
2. The project claims are in an area of historical high grade production. The best place to locate high grade resources of any commodity is very often adjacent to areas where high grade mining has historically happened.
3. There is a processing plant close by, which;
a. Has significant spare capacity
b. Has historically acquired and / or toll treated ore from mines in the region for processing and conversion into saleable uranium and vanadium concentrates.
While we do not have an agreement with the operators of this facility, it is our intention to approach them, and if successful the capital cost and regulatory hurdles for development of a simple mining activity, followed by ore haulage to an existing processing facility are significantly reduced.
Q What are the implications of this acquisition for Thor's other projects?
A In addition to these new assets, Thor has a diversified portfolio including quite advanced copper, tungsten and molybdenum projects and some early stage gold projects.
(a) Our copper investment in the ISR (in Situ Recovery) projects held by
(b) The Molyhil tungsten / molybdenum project (
(c) The Pilbara Gold (
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.
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
Adjacent Molyhil, at Bonya, Thor holds a 40% interest in deposits of tungsten, copper, and vanadium, including Inferred Resource estimates for the White Violet and Samarkand tungsten deposits and 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.
Thor holds a 25% interest Australian copper development company
· 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 considered recoverable by way of in situ recovery; and
· rights to earn up to 75% of the Moonta copper project, also in
Thor also holds a production royalty entitlement from the Spring Hill Gold project⁶ of:
• A$5.70 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$13.30 per ounce of gold produced from the Spring Hill tenements where the gold produced is sold for amounts over A
¹ Refer ASX and AIM announcement of 23 August 2018
² Refer ASX and AIM announcements of 26 November 2018 and
³ Refer AIM announcement of
⁴ Refer AIM announcement of 10 February 2018 and ASX announcement of 12 February 2018
⁵ Refer ASX and AIM announcement of 15 August 2019
⁶ Refer AIM announcement of 26 February 2016 and ASX announcement of 29 February 2016
This information is provided by RNS, the news service of the
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