Thor Mining PLC (LON:THR) has switched its efforts to financing its Molyhil tungsten project following the recent definitive feasibility study (DFS) upgrade.
"We have intensified our efforts towards off-take & financing activities and we hope, during the coming months to announce progress towards these objectives,” said executive chairman Mick Billing in the junior’s latest quarterly statement.
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"Additionally, securing equity in the nearby Bonya tenements, provides potential to increase both the life and the scale of Molyhil, while also providing exposure to very exciting copper and vanadium opportunities."
The DFS upgrade indicated a net present value for the project of A$101mln and an internal rate of return of 59%.
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At Pilot Mountain, in Nevada, metallurgical work is being undertaken as part of a pre-feasibility study.
“The cash position remains sound with forecast activities fully financed well into 2019,” said the statement.