Thor Mining PLC (LON:THR) told investors it is confident of continued progress across the group in the coming year.
In the company’s annual results statement, it highlighted that it has been developing a focus on projects with potential for near-term production at modest cost.
READ: Thor Mining wraps up drilling at Pilot Mountain
“We believe that this strategy, in commodities which are experiencing strong demand growth, can deliver strong returns to our investors,” the company said.
“The improvement in tungsten prices supports our confidence that we can secure finance for the Molyhil tungsten project, while the Pilot Mountain tungsten project resource continues to grow towards what we believe will be a globally significant tungsten and multi commodity deposit.”
Thor also noted its recent investment in the Kapunda copper project, highlighting that this has added another near term production opportunity in a very robust market with a strong growth forecast.
In terms of financial result, Thor reported a £1.25mln loss for the period, and at the end of June it had $405,000 of cash and equivalents.