The mine development company, in its interim results statement, noted that early in its first half, tungsten price fell by around 20%, but, also highlighted that with the anticipated production cost of US$90 per metric ton unit, Molyhil is positioned in the first quartile of global projects.
It also noted that molybdenum pricing maintained the gains made in early 2018, pitched at US$11-12 per pound.
The results statement highlighted key operational milestones, including the completion of an upgraded Definitive Feasibility Study (DFS) which confirmed Molyhil as a low cost yet attractive project, with the potential for a very early return on capital.
Thor also acquired nearby tenements, hosting outcropping tungsten deposits and a copper resource, to expand its footprint in the vicinity of Molyhil.
Elsewhere, at the company’s Pilot Mountain project a scoping study was released in September and it showed potential for a profitable 12-year mine life - a revised resource assessment further boosted the project.
In terms of financial results, the pre-revenue firm reported a £455,000 loss for the six months ended 31 December 2018.
During the period, it raised £625,623 of new capital and Thor ended the half year with £1.04mln of cash and equivalents.