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viewThor Mining PLC

APPENDIX 5B APRIL TO JUNE 2019

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RNS Number : 1142H
Thor Mining PLC
30 July 2019
 

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

Nick Emerson

+44 (0) 1483 413 500

SI Capital Ltd

Joint Broker

Claire Louise Noyce /

John Beresford-Peirse

 

+44 (0) 203 764 2341

Hybridan LLP

Joint Broker

Tim Blythe/ Camilla Horsfall

+44 (0) 207 138 3222

Blytheweigh

Financial PR

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 deposit.2

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 2017

 

 

+Rule 5.5

Appendix 5B

Mining exploration entity and oil and gas exploration entity quarterly report

Introduced 01/07/96  Origin Appendix 8  Amended 01/07/97, 01/07/98, 30/09/01, 01/06/10, 17/12/10, 01/05/13, 01/09/16

 

Name of entity

THOR MINING PLC

ABN

 

Quarter ended ("current quarter")

121 117 673

 

30 JUNE 2019

 

Consolidated statement of cash flows

Current quarter $A'000

Year to date            (12 months)
$A'000

1.

Cash flows from operating activities

 

7

13

1.1

Receipts

1.2

Payments for

(432)

(1,494)

 

(a)   exploration & evaluation

 

(b)   development

-

-

 

(c)   production

-

-

 

(d)   staff costs

(39)

(155)

 

(e)   administration and corporate costs

(340)

(1,221)

1.3

Dividends received (see note 3)

-

-

1.4

Interest received

5

31

1.5

Interest and other costs of finance paid

-

-

1.6

Income taxes paid

-

-

1.7

Research and development refunds

-

-

1.8

Other

-

-

1.9

Net cash from / (used in) operating activities

(799)

(2,826)

 

2.

Cash flows from investing activities

-

-

2.1

Payments to acquire:

 

(a)   property, plant and equipment

 

(b)   tenements (see item 10) *

74

74

 

(c)   investments

(150)

(400)

 

(d)   other non-current assets

-

-

2.2

Proceeds from the disposal of:

-

-

 

(a)   property, plant and equipment

 

(b)   tenements (see item 10)

commission paid on proceeds

-

-

-

-

 

(c)   investments

-

-

 

(d)   other non-current assets

-

-

2.3

Cash flows from loans to other entities

-

-

2.4

Dividends received (see note 3)

-

-

2.5

Other (security bonds)

(40)

(40)

2.6

Net cash from / (used in) investing activities

(116)

(366)

* Item 2.1(b) is the result of two companies acquired during the quarter.  There was no cash paid for the acquisition (the consideration being paid in Thor shares).  The two companies acquired had cash balances of $74,000 AUD.

3.

Cash flows from financing activities

732

732

3.1

Proceeds from issues of shares

3.2

Proceeds from issue of convertible notes

-

-

3.3

Proceeds from exercise of share options

-

1,018

3.4

Transaction costs related to issues of shares, convertible notes or options

(40)

(47)

3.5

Proceeds from borrowings

-

-

3.6

Repayment of borrowings (finance lease)

(5)

(18)

3.7

Transaction costs related to loans and borrowings

 

 

3.8

Dividends paid

 

 

3.9

Other

-

-

3.10

Net cash from / (used in) financing activities

687

1,685

 

4.

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

1,191

2,439

4.1

Cash and cash equivalents at beginning of period

4.2

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

(799)

(2,826)

4.3

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

(116)

(366)

4.4

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

687

1,685

4.5

Effect of movement in exchange rates on cash held

(19)

12

4.6

Cash and cash equivalents at end of period

944

944

         

 

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

944

741

5.2

Call deposits

 

 

5.3

Bank overdrafts

 

 

5.4

Other (term deposit)

 

450

5.5

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

944

1,191

 

6.

Payments to directors of the entity and their associates

Current quarter
$A'000

6.1

Aggregate amount of payments to these parties included in item 1.2

158

6.2

Aggregate amount of cash flow from loans to these parties included in item 2.3

-

6.3

Include below any explanation necessary to understand the transactions included in items 6.1 and 6.2

The amount at Item 6.1 above represents payments to Directors for Directors fees, other consulting services provided (Messrs Billing and Thomas only) and the salary paid to the Executive Director (Richard Bradey).

 

 

7.

Payments to related entities of the entity and their associates

Current quarter
$A'000

7.1

Aggregate amount of payments to these parties included in item 1.2

-

7.2

Aggregate amount of cash flow from loans to these parties included in item 2.3

-

7.3

Include below any explanation necessary to understand the transactions included in items 7.1 and 7.2

 

 

8.

Financing facilities available
Add notes as necessary for an understanding of the position

Total facility amount at quarter end
$A'000

Amount drawn at quarter end
$A'000

8.1

Loan facilities

 

 

8.2

Credit standby arrangements

 

 

8.3

Other (please specify)

 

 

8.4

Include below a description of each facility above, including the lender, interest rate and whether it is secured or unsecured. If any additional facilities have been entered into or are proposed to be entered into after quarter end, include details of those facilities as well.

 

 

9.

Estimated cash outflows for next quarter

$A'000

9.1

Exploration and evaluation

(528)

9.2

Development

-

9.3

Production

-

9.4

Staff costs

(10)

9.5

Administration and corporate costs

(179)

9.6

Other (earn-in contributions to Environmental Copper Recovery)

-

9.7

Total estimated cash outflows

(657)

         

Inflows in the next Quarter: In addition to opening cash at 1/7/19 of A$944,000, the Company will lodge its R&D Tax Incentive claim in the first week of August, expected to be in excess of $200,000.

 

10.

Changes in tenements
(items 2.1(b) and 2.2(b) above)

Tenement reference and location

Nature of interest

Interest at beginning of quarter

Interest at end of quarter

10.1

Interests in mining tenements and petroleum tenements lapsed, relinquished or reduced

EL295599

Exploration lease

100%

 

 

0%

 

 

10.2

Interests in mining tenements and petroleum tenements acquired or increased

EL32016

E46/1190

Exploration lease

Exploration lease

 

0%

0%

100%

100%

      

 

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.

 

Sign here:         ....... . ....................................................                      Date: .......30 July 2019............

(Company secretary)

Print name:       ..Ray Ridge.........................................

Notes

1.       The quarterly report provides a basis for informing the market how the entity's activities have been financed for the past quarter and the effect on its cash position. An entity that wishes to disclose additional information is encouraged to do so, in a note or notes included in or attached to this report.

2.       If this quarterly 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 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.

 


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.
 
END
 
 
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