Thor Mining PLC (LON:THR) said in its full-year results, it is in a significantly enhanced position compared with the same time a year ago.
The improvement in tungsten prices, and the upgraded definitive feasibility study for the Molyhil tungsten project in Australia’s Northern Territory, support the board’s confidence that it can secure finance for the project.
Meanwhile, the group’s other two core projects – Pilot Mountain and Kapunda – have advanced considerably.
READ: Thor Mining looks well set to start “turning resources into money”
During the year to the end of June, the company looked at a number of potential new opportunities but none quite made the cut.
The Directors of Thor Mining PLC (AIM, ASX: THR) are pleased to announce the Company's annual results for the year ended 30 June 2018. #THR
A copy of the annual report will shortly be available on the Company's website: https://t.co/mH9ZeyGRX2https://t.co/BCyAcluyw0 pic.twitter.com/VAZ4PlPSPR
— Thor Mining PLC (@ThorMining) September 21, 2018
The pre-revenue development company saw the loss before tax remain steady at £1.25mln compared to the year earlier.
Cash and cash equivalents at the end of June stood at £1.37mln, up from £405,000 a year earlier.
#THR @ThorMining is setting up nicely - ridiculous undervaluation and I am expecting a stunning return. One of best opps I have seen imo.
— paul johnson (@pauljohnson9691) September 21, 2018
The directors look to the coming year with confidence.
Shares in Thor slipped to 1.55p from 1.57p overnight.