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Thor Mining boss lauds “positive quarter”, highlighting progress on all core projects, strengthened cash position

The group said its cash position remains sound, with forecast activities fully financed until late 2019, having raised UK£581,000 from the exercise of warrants during the quarter
Tungsten lightbulbs
Thor boss Mick Billing also lauded: “The appointment of corporate advisors to support and guide our efforts towards off-take & financing for Molyhil"

Thor Mining PLC’s (LON:THR) (ASX:THR) executive chairman, Mick Billing has lauded a “positive quarter” for the Australian and United States-focused firm, highlighting “progress on all core projects, and a strengthened cash position."

In a quarterly update for the period from October to December 2018, the dual AIM and ASX-listed group said its cash position remains sound, with forecast activities fully financed until late 2019, having raised £581,000 (approximately A$1,035,000) from the exercise of warrants during the quarter.

WATCH: Thor Mining PLC focused on getting Molyhil financed and into development

Billing noted: “The appointment of corporate advisors to support and guide our efforts towards off-take & financing for Molyhil is a strategy we believe will improve our prospects of securing the best arrangement possible for our shareholders."

He said: "A number of potential scenarios are possible with various interested parties, and we hope to be in a position to advise progress shortly."

Additionally, Thor’s chairman said the potential of nearby Bonya tenements, hosting tungsten, copper, and vanadium, provides “potential upside for Molyhil, and also for other stand-alone development opportunities."

Away from Molyhil, Billing pointed out that the improvement in the resource estimate Pilot Mountain tungsten project in Nevada “is an additional welcome boost as we advance our technical studies."

And Thor’s boss added: "Proof of Concept for ISR recovery for the Kapunda copper project is a significant critical step in this very exciting project."

Billing concluded: "We will continue to provide investors with regular updates in respect of activities and progress."

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