THOR MINING (LON:THR)
SECTOR – MINING
RATING – CORP*
MARKET CAP – £10.4m
CURRENT PRICE – 1.5p#
ANALYST – BARRY GIBB
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.
Kapunda copper project proof of concept established
NORTHLAND VIEW
§ Thor Mining reports that proof of concept has been established for In-Situ-Recovery (ISR) of copper at the Kapunda Copper Project, in partnership with Environmental Copper Recovery SA Pty Ltd (ECR).
§ The Kapunda Copper project, in which the Company has a right to earn into a 45% effective interest, holds an inferred JORC-compliant resource of 119,000 tonnes of copper, as announced in the maiden resource estimate of February 2018 by the company in partnership with ECR and Terramin Pty Ltd (ASX: TZN).
§ Thor notes that the Kapunda project follows a typical series of well-defined project development steps with each step being a "go, no-go" decision point; proof of concept of ISR represents a significant step forward.
§ Highlights are: (i) completion of positive initial hydrogeological assessment and water sampling; (ii) construction of the necessary technical models of geology, ore grade, copper species distribution and fracture density; (iii) initial hydrogeological computer modelling which suggests that flow through the ore body is possible and the geology is amenable for ISR; (iv) completion of preliminary laboratory work determining that the copper species present are recoverable; (v) initial implementation of a community education programme on the benefits of ISR; (vi) start of Stage 2.
§ Commenting on the next stage (Stage 2) in the process, Executive Chairman Mick Billing said: “This … will include: relevant approval processes, pump and environmental testing, and will incorporate a field recovery trial to generate solution and test a variety of metal recovery options."
COMPANY DESCRIPTION
Thor Mining owns 100% of the Molyhil and Pilot Mountain Tungsten Projects plus an interest in the Kapunda Copper Project.