Thor Mining PLC (LON:THR, ASX:THR) saw its interim pretax losses narrow helped by the exploration and development company’s sale of its Spring Hill gold project royalty entitlement.
Pretax losses for the six months to end December 2020 narrowed to £397,000 from £479,000 as the company received about £220,000 from the Spring Hill royalty sale. The remaining A$600,000 (£334,000) of the total consideration is linked to production milestones.
The company ended 2020 with a cash balance of £685,000 and has subsequently raised £750,000 via a share placement.
Thor, which in January 2021 announced a maiden mineral resource estimate at the Alford East copper project in Australia, noted the recovery in copper prices. The metal traded at around US$4,650 a tonne in March 2020, its lowest for the year, but rose to US$7,800/tonne by the end of December 2020 and continued its recovery to peak at US$9,500/tonne last month.
The company has a number of gold and base metals development projects in Australia and the US, including its flagship Molyhil tungsten and molybdenum project.
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