THOR MINING (LON:THR)
SECTOR – MINING
RATING – CORP*
MARKET CAP – £10.8m
CURRENT PRICE – 1.65p#
ANALYST – BARRY GIBB
DR RYAN D. LONG
Year-end June
2017A
2018A
Revenue (£m)
-
-
No forecasts provided
EBITDA (£m)
(1.3)
(1.3)
Adj. pre-tax Profit (£m)
(1.3)
(1.2)
Adj. EPS (p)
(0.4)
(0.2)
DPS (p)
-
-
Net Cash/(Debt) (£m)
(0.1)
1.0
P/E (x)
n.a.
n.a.
Dividend yield (%)
-
-
EV/EBITDA (x)
n.a.
n.a.
SOURCE: Northland Capital Partners Limited estimates. #Priced at prior trading day close. *Northland Capital Partners Limited acts as Joint Broker and provides commissioned research coverage to Thor Mining and therefore this information should be viewed as a Marketing Communication.
From Thursday: Issue of shares for Bonya acquisition
NORTHLAND VIEW
- Thor Mining announced that it will issue 14,527,205 new ordinary shares, in satisfaction of the US$550,000 purchase price for the interests in two tenements acquired from Rox Resources Limited.
- This issuance was based on a price of AUD$0.03786 per Ordinary Share calculated, according to the contract terms, as a simple average of the VWAP for the five trading days immediately preceding the execution of the term sheet and the VWAP for the five days immediately prior to completion of the all of the conditions precedent
- The final condition precedent for their purchase was satisfied on 24th September by ministerial approval of the transfer of the tungsten, copper and vanadium hosted Bonya tenements.
- While these new ordinary shares are expected to be admitted to trading today, 5th October, they will remain in voluntary escrow until 27th December 2018.
Closing of the Bonya Project as expected. Bonya contains 13 known outcropping occurrences of tungsten and many other targets. It provides Thor with the potential to define additional mineable material that could extend the life of the Molyhil plant. Improving the project’s overall metrics in this way, can be expected to heighten interest from development financiers seeking such ‘shovel ready’ opportunities.
COMPANY DESCRIPTION
Thor Mining owns 100% of the Molyhil and Pilot Mountain Tungsten Projects, located in Australia and the USA, respectively. The Company is also earning up to a 60% interest in the Kapunda Copper Project and has a material interest in USA Lithium, a private business.