TIDMTHR
RNS Number : 8377E
Thor Mining PLC
15 March 2022
15 March 2022
Thor Mining PLC
("Thor" or the "Company")
Half year report
The Directors of Thor Mining plc (AIM, ASX: THR) are pleased to
announce the Company's results for the six months ended 31 December
2021.
The Company's Half Year Report was also today lodged with the
Australian Stock Exchange ("ASX") as required under the listing
rules of the ASX. A copy of the Half Year Report will shortly be
available on the Company's website www.thormining.com .
Key Highlights
Gold, Lithium, Nickel, Copper-Gold (Ragged Range in the Pilbara
region of Western Australia)
-- Maiden reverse circulation ("RC") drilling program at the
Sterling Prospect highlighted encouraging quartz veining and
sericite-pyrite-fuchsite alteration
Uranium & Vanadium (Colorado & Utah, USA)
-- The Company received Bureau of Land Management (BLM) approvals
-- Continued progress with the Colorado County approvals for an
initial drilling program over several of the Colorado claims
Tungsten-Molybdenum-Copper (Molyhil, NT, Australia)
-- Completed diamond drilling to test a newly modelled magnetic
target, adjacent to the Molyhil deposit
-- Drilling intercepted massive magnetite skarn with
disseminated scheelite, molybdenite, and chalcopyrite
Copper-Gold (SA, Australia)
Alford East
-- Results from the Company's first phase of diamond drilling
highlighted broad high-grade copper-gold intercepts and identified
key structural and lithological constraints on mineralisation,
suggesting potential zones for extended zones of higher grade
copper-gold along strike and at depth
-- The Company earned a 51% interest in Alford East by
completing the Stage 1 requirements by funding A$500,000 of
expenditure and issued the Stage 1 consideration of A$250,000 in
fully paid Thor shares
-- Initial favourable hydrometallurgical results demonstrate the
potential for the metal recovery of copper and gold using
environmentally friendly lixiviants
-- New 3D geological framework completed to assist drill targeting and hydrological studies.
Kapunda and Alford West
-- EnviroCopper Ltd (ECL), the holder and operator of the
Kapunda and Alford West projects, in which Thor has 30% equity
interest, continued to advance the Kapunda project with push-pull
hydrometallurgical test-work for copper extraction for In Situ
Recovery ("ISR") assessment
-- Alford West activities have focused on desktop
hydrogeological studies in preparation for field pump tests
Pilot Mountain
-- Pilot Mountain project in Nevada USA was divested in 2021 for US$1.8 million
Nicole Galloway Warland, Managing Director of Thor Mining,
commented:
"We are very pleased with the progress made across our project
portfolio during the six months ended 31 December 2021. Thor's
business model focuses on creating value through the advancement of
our diverse asset base targeting critical and battery minerals,
positioning the Company well for future growth.
During the period, Thor completed simultaneous drilling programs
at the Ragged Range Project in the Pilbara region of Western
Austrlalia and Molyhil in the Northern Territory, and, having
received Bureau of Land Management (BLM) approvals at our Uranium
& Vanadium Project in USA, has begun working through the
Colorado County approvals for an initial drilling program over
several of the Colorado claims.
At the Sterling Prospect, Ragged Range, our maiden RC drilling
program highlighted encouraging quartz veining and
sericite-pyrite-fuchsite alteration. Unfortunately, due to
mechanical issues, not all targets at the prospect were tested, so
the remaining targets will be subject to follow up testing in the
program planned for 2022, alongside further exploration for lithium
prospectivity, which could enhance the fundamentals of the project.
At Molyhil, we are pleased to have announced that diamond drilling
has reinforced the newly discovered extension of
scheelite-molybdenite-chalcopyrite mineralisation, confirming the
project as a new critical minerals discovery. Further exploration
drilling is expected at Molyhil in 2022.
We continue to be encouraged by the potential for the recovery
of copper and gold using environmentally friendly lixiviants at
Alford East, where the first phase of diamond drilling highlighted
broad high-grade copper-gold intercepts and identified key
structural and lithological constraints on mineralisation,
suggesting potential zones for extended zones of higher copper-gold
along strike and at depth. A second phase of drilling is currently
being designed which will also assess ISR viability. During the
period, EnviroCopper Ltd also completed push-pull
hydrometallurgical test-work at the Kapunda project and Site
Environment Lixiviant Testing (SELT) is anticipated in 2022 with
the aim of recovering copper in solution from the deposit.
"Commodity prices have performed well during the period and
forecasts are favourable that these conditions will continue
further into 2022. With a strong pipeline of news flow expected for
the coming months, and project milestones across the portfolio, we
look forward to providing further updates on our progress in due
course."
This announcement is authorised for release to the market by the
Board of Directors.
For further information, please contact:
Thor Mining PLC
Nicole Galloway Warland, Managing Director Tel: +61 (8) 7324
Ray Ridge, CFO / Company Secretary 1935
Tel: +61 (8) 7324
1935
WH Ireland Limited (Nominated Adviser Tel: +44 (0) 207
and Joint Broker) 220 1666
Jessica Cave / Darshan Patel / Megan Liddell
SI Capital Limited (Joint Broker) Tel: +44 (0) 1483
413 500
Nick Emerson
Yellow Jersey (Financial PR) thor@yellowjerseypr.com
Sarah Hollins / Henry Wilkinson Tel: +44 (0) 20 3004
9512
Updates on the Company's activities are regularly posted on
Thor's website www.thormining.com , which includes a facility to
register to receive these updates by email, and on the Company's
twitter page @ThorMining .
About Thor Mining PLC
Thor Mining PLC (AIM, ASX: THR; OTCQB: THORF) is a diversified
resource company quoted on the AIM Market of the London Stock
Exchange, ASX in Australia and OTCQB Market in the United
States.
The Company is advancing its diversified portfolio of precious,
base, energy and strategic metal projects across USA and Australia.
Its focus is on progressing its copper, gold, uranium and vanadium
projects, while seeking investment/JV opportunities to develop its
tungsten assets.
Thor owns 100% of the Ragged Range Project, comprising 92 km(2)
of exploration licences with highly encouraging early-stage gold
and nickel results in the Pilbara region of Western Australia, for
which initial drilling was carried out in 2021
At Alford East in South Australia, Thor is earning an 80%
interest in copper deposits considered amenable to extraction via
In Situ Recovery techniques (ISR). In January 2021, Thor announced
an Inferred Mineral Resource Estimate of 177,000 tonnes contained
copper & 71,000 oz gold(1).
Thor also holds a 30% interest in Australian copper development
company EnviroCopper Limited, which in turn holds rights to earn up
to a 75% interest in the mineral rights and claims over the
resource on the portion of the historic Kapunda copper mine and the
Alford West copper project, both situated in South Australia, and
both considered amenable to recovery by way of ISR.(2)(3)
Thor holds 100% interest in two private companies with mineral
claims in the US states of Colorado and Utah with historical
high-grade uranium and vanadium drilling and production
results.
Thor holds 100% of the advanced Molyhil tungsten project,
including measured, indicated and inferred resources , in the
Northern Territory of Australia, which was awarded Major Project
Status by the Northern Territory government in July 2020.
Adjacent to Molyhil, at Bonya, Thor holds a 40% interest in
deposits of tungsten, copper, and vanadium, including Inferred
resource estimates for the Bonya copper deposit, and the White
Violet and Samarkand tungsten deposits.
Notes
(1)
www.thormining.com/sites/thormining/media/pdf/asx-announcements/20210127-maiden-copper.gold-estimate-alford-east-sa.pdf
(2)
www.thormining.com/sites/thormining/media/pdf/asx-announcements/20172018/20180222-clarification-kapunda-copper-resource-estimate.pdf
(3)
www.thormining.com/sites/thormining/media/aim-report/20190815-initial-copper-resource-estimate---moonta-project---rns---london-stock-exchange.pdf
(4)
www.thormining.com/sites/thormining/media/pdf/asx-announcements/20210408-molyhil-mineral-resource-estimate-updated.pdf
(5)
www.thormining.com/sites/thormining/media/pdf/asx-announcements/20200129-mineral-resource-estimates---bonya-tungsten--copper.pdf
MAR
This announcement contains inside information for the purposes
of Article 7 of the UK version of Regulation (EU) No 596/2014 which
is part of UK law by virtue of the European Union (Withdrawal) Act
2018, as amended ("MAR"). Upon the publication of this announcement
via a Regulatory Information Service, this inside information is
now considered to be in the public domain.
Thor Mining Plc
Half-year Report
For the six months ended
31 December 2021
HIGHLIGHTS
Gold, Lithium, Nickel, Copper-Gold
The Company focused its attention on the 13km trend of anomalous
gold defined by stream and soil sampling at the Sterling Prospect,
Ragged Range in the Pilbara region of Western Australia. A small
maiden RC drilling program highlighted encouraging quartz veining
and sericite-pyrite-fuchsite alteration, which will assist with
vectoring in on the stream and soil gold source. Drilling was
co-funded by the Western Australian government for A$160,000.
Uranium & Vanadium
The Company has Bureau of Land Management (BLM) approvals and is
working through the Colorado County approvals for an initial
drilling program over several of the Colorado claims.
Tungsten-Molybdenum-Copper
Diamond drilling to test a newly modelled magnetic target,
adjacent to the Molyhil deposit, was completed in December 2021.
Drilling intercepted massive magnetite skarn with disseminated
scheelite, molybdenite, and chalcopyrite. Drilling was co-funded by
the Northern Territory government for A$110,000.
Pilot Mountain project, Nevada USA was divested in 2021 for an
agreed value of US$1.8 million.
Copper-Gold
The Company's first phase of diamond drilling highlighted broad
high-grade copper-gold intercepts and identified key structural and
lithological constraints on mineralisation, suggesting potential
zones for extended zones of higher copper-gold along strike and at
depth. Initial favourable hydrometallurgical results demonstrate
the potential for the metal recovery of copper and gold using
environmentally friendly lixiviants. The Company continues to
progress the ISR assessment of the Alford East project. The Company
earned a 51% interest in Alford East by completing the Stage 1
requirements by funding A$500,000 of expenditure and issued the
Stage 1 consideration of A$250,000 in fully paid Thor shares. The
South Australian government is co-funding these initial ISR
assessment through a grant of A$300,000.
Thor has 30% equity interest in EnviroCopper Ltd (ECL), the
holder and operator of the Kapunda and Alford West projects. ECL
continued to advance the Kapunda project with push-pull
hydrometallurgical test-work for copper extraction for ISR
assessment.
OUTLOOK FOR 2022
Gold, Lithium, Nickel, Copper-Gold
Newly defined lithium targets identified in the highly
prospective untested area adjacent to the Split Rock Supersuite in
the north of the Ragged Range tenure. Ground truthing and potential
drilling are planned.
RC drilling is scheduled over the Sterling gold prospect
following encouraging sulphides and alteration intercepted in
maiden drillholes completed in 2021.
Uranium & Vanadium
The Company is working closely with Colorado County for drilling
approvals, for an initial drill program on several of the Colorado
claims.
Tungsten-Molybdenum-Copper
Exploration drilling at Molyhil is anticipated in 2022 following
the success of the recent magnetic modelling at Molyhil.
Copper
The second phase of drilling at Alford East is being designed,
including continuing hydrogeological and hydrometallurgical
studies, to assess the ISR viability in contrast to conventional
open cut or underground mining.
Kapunda Site Environment Lixiviant Testing (SELT) is anticipated
following on from the push-pull test work, aimed at recovering
copper in solution from the deposit.
REVIEW OF OPERATIONS
Commodity Prices (source: Argus Metals)
Commodity prices have all taken a run with favourable outlooks
for 2022.
Lithium price has soared over the last six months, with lithium
carbonates prices ranging from US$11.92/kg to US$38.19/kg in the
six-month reporting period. The current price is around
US$68.85/kg, forecast to increase further with high global demand
and projection of scarcity.
Uranium is on a steady upward trend with prices ranging from
US$31.87/lb to US$43.9/lb in the six-month period, as it moves into
the green energy space. The uranium futures is currently trading
above US$50/lb with a very positive global outlook for nuclear
energy following the Russian invasion of Ukraine and the impact of
Russian sanctions.
Copper prices have continued to perform well over the six-month
period in a tight range between US$9,400/tonne and US$9,681/t. As
copper usage surges based on increase demand for electric vehicles,
wind turbines and solar panels and the possibility of supply
disruption following the Russian invasive of Ukraine a robust
demand for copper is forecast with the current price at
US$10,220/t.
Due to the ongoing conflict between Russia and Ukraine, gold
prices have strengthened to around US$1,900/oz, with the price
outlook remaining positive.
Tungsten and molybdenum prices over the last six months have
been stable, with tungsten sitting around US$274/mtu and molybdenum
at US19.1/lb. The Molyhil project remains very well positioned,
with expected production costs of US$90/mtu at the lower end of
global production costs.
Copper Portfolio (South Australia)
Alford East
The Alford East Copper-Gold Project is located on EL6529, where
Thor is earning up to 80% interest (currently a 51% interest) from
unlisted Australian explorer Spencer Metals Pty Ltd, covering
portions of EL6255 and EL6529 (ASX: THR Announcement 23 November
2020). The Alford East Project covers the northern extension of the
Alford Copper Belt, located on the Yorke Peninsula, SA. The Alford
Copper Belt is a semi-coherent zone of copper-gold oxide
mineralisation, within a structurally controlled, north-south
corridor consisting of deeply kaolinised and oxidised troughs
within metamorphic units on the edge of the Tickera Granite, Gawler
Craton, SA. Utilising historic drillhole information, Thor
completed an inferred Mineral Resource Estimate (MRE) (ASX: THR
Announcement 27 January 2021):
-- 125.6Mt @ 0.14% Cu containing 177,000t of contained copper
-- 71,500oz of contained gold
www.thormining.com/sites/thormining/media/pdf/asx-announcements/20210127-maiden-copper.gold-estimate-alford-east-sa.pdf
The first phase of drilling, completed by Thor in September
2021, comprised nine diamond drillholes totalling 878m. This
initial program focussed only on the northern portion of the Alford
East copper-gold deposit, around the AE-5 mineralised domains, with
drilling targeting areas open at depth and along strike.
Significant intercepts included (ASX: THR 21 February 2022):
-- 21AED001 32.9m @ 0.4% Cu and 0.31g/t Au from 81.5m,
-- 21AED002 59.9m @ 0.3% Cu from 21.9m,
-- 21AED003 32.4m @ 0.2% Cu from 15m,
-- 21AED004 55.9m @ 0.53% Cu from 7m, including 11.7m @ 1.0% Cu
from 17.3m, including 5.7m @ 1.23% and 0.16g/t Au from 17.3,
and
-- 21AED005 72.7m @ 1.0% Cu and 0.19g/t Au from 6.3m, including
18.2m @ 2.0% Cu and 0.34g/t Au from 15.8m.
Drill targeting, vectoring in on the hanging wall side of the
north-south trending controlling structure, now referred to as
Netherleigh Park Fault, intercepted zones of high-grade copper and
gold grades resulted in a significant grade uplift in comparison to
the MRE.
Initial pump testing on 21AEDD001 which was developed into a
water bore showed favourable hydrogeological conditions for In-situ
recovery. The ground water Is classified as saline, precluding it
from agriculture or potable use, suitable for industrial use
only.
Thor's objective is to identify an In-Situ Recovery pathway,
ideally for both the copper and gold mineralisation at the Alford
East Project, that is socially and environmentally friendly rather
than using conventional acid In-Situ Recovery (ISR). This has led
to Thor engaging Mining Processing Solutions (MPS), trialling their
alkaline Glycine Leaching Technology (GLT), branded as their
GlyCat(TM) and GlyLeach(TM) processes, that have the capability to
selectively leach base and precious metals using glycine as the
principal, eco-friendly, reagent. Initial laboratory bottle roll
testing from samples in 21AED001 performed well, with GLT
extracting up to 98.1% of the gold and over 40% of the copper.
These activities, completed in 2021, were co-funded by the South
Australian Accelerated Discovery Grant (ADI) for A$300,000.
Based on a new geological model, approximately 10 diamond drill
holes have been designed to test potential high-grade zones along
strike and at depth. In addition, hydrogeological water bores and
pump testing is in planning to determine aquifer connectivity
between holes, with an initial focus in the northern area of the
mineralisation. Concurrent to drilling, hydrometallurgical work
will continue to investigate and optimise both copper and gold
metal extraction using environmentally friendly lixiviants.
EnviroCopper Limited
Thor holds a 30% interest in Australian private company
EnviroCopper Limited (ECL). ECL is earning a 75% effective
interest, in two stages, on rights over metals which may be
recovered via in-situ recovery ("ISR") contained in the Kapunda
deposit from Australian listed company Terramin Australia Limited
("Terramin", ASX: TZN), and up to 75% of the Alford West copper
project, comprising the northern portion of exploration licence
EL5984, held by Andromeda Metals Limited (ASX: ADN).
Kapunda Project
During the period, ECL completed the installation of test well
arrays and commenced ISR trials, including tracer and push-pull
test work. These tests are the final hydrometallurgical assessments
before ECL commences Site Environmental Lixiviant Trials (SELT).
The purpose of lixiviant trials, or 'push-pull tests', is to assess
the solubility of copper mineralisation, and therefore copper
recovery, using a specially designed solution called a "lixiviant"
under in-situ conditions. The trial is to be undertaken in two
stages. The first stage involves injecting and extracting a tracer
solution (Sodium Bromide - NaBr) from the same well to demonstrate
hydraulic connectivity between the observation and environmental
monitor well network. This is followed by injecting and extracting
lixiviant from the same well to test copper solubility from the
mineralisation.
Key outcomes anticipated from lixiviant trials:
i) Hydraulic connectivity between wells
ii) Copper solubility and recovery
iii) Establish lixiviant and time parameters for design of the
Site Environmental Lixiviant Trials (SELT)
It is anticipated that ECL will move into the SELT test work
with scoping study released in the first half of 2022.
Ragged Range Gold, Lithium, Nickel, Copper-Gold Project
(Pilbara, Western Australia) (100% Thor)
Thor now holds a 100% interest in five granted tenements in the
Pilbara region of Western Australia, approximately 40km west of the
township of Nullagine.
With the recent granting of E46/1393, Thor undertook a
geological review of the Ragged Range Project, highlighting the
lithium prospectivity in addition to gold, nickel and copper-gold.
The Pilbara Craton is highly prospective for
lithium-caesium-tantalum enriched (LCT) pegmatites and hosts two
large and globally significant spodumene deposits at Wodgina
(Mineral Resources Ltd) and Pilgangoora (Pilbara Minerals). The
lithium rich pegmatites in the Pilbara are spatially and appear to
be genetically related to the Split Rock Supersuite (2.85 to
2.83Ma), which outcrops in the northern portion of the Ragged Range
tenure, with three priority targets identified ready for ground
truthing in 2022.
During the reporting period, Thor completed 41 shallow (50-96m)
RC drillholes totalling 2,155m at the Sterling Prospect (ASX: THR
25 January 2022). This maiden RC program was designed to test eight
strong gold anomalies at Sterling Central and Sterling South
prospects, defined from soil and stream sediment sampling programs.
Drilling intercepted strong broad zones of quartz veining,
sericite, silica alteration, sulphides and fuchsite, characteristic
of gold mineralisation in the Pilbara; these are positive
indicators of proximity to the gold source. Unfortunately, due to
mechanical issues, not all targets were tested. Drilling was
co-funded by the West Australian Geological Survey for A$160,000.
Full drilling details may be viewed via following link:
https://www.thormining.com/sites/thormining/media/pdf/asx-announcements/20220125-gold-explorationupdate,
-ragged-range-wa.pdf
The program for 2022 includes follow up drilling at the Sterling
prospect, completing the planned program and targeting the fault
contact in the area between Sterling Central and Sterling South. In
parallel to the gold exploration activities at the Sterling
Prospect, the following exploration program is planned with
particular focus on lithium:
1) Airborne magnetic/radiometric survey to be flown over the
eastern portion of the tenure including E46/1340 and E46/1393
2) Ground 'fixed loop' electromagnetics (FLEM) is scheduled over the nickel gossan
3) Proposed lithium activities include:
a. A detailed review of all available high-resolution imagery
and aster data, to see if the presence of pegmatites can be
visually detected
b. Reconnaissance rock sampling and prospecting along the
contact of the Mondana Monzogranite, Split Rock Supersuite
(E46/1262, E46/1190, E461393 and E46/1340), with detailed
sampling
c. Investigation of all small granitic and pegmatitic bodies in the target area
Uranium & Vanadium Projects (Colorado & Utah USA) (100%
Thor)
Thor holds a 100% interest in two US companies with mineral
claims in Colorado and Utah, USA. The claims host uranium and
vanadium mineralisation in an area known as the Uravan mineral
belt, which has a history of high-grade uranium and vanadium
production.
Within probable economic transport distance is a processing
plant (Energy Fuels White Mesa Mill) which may be a low hurdle
processing option for any production from these projects.
Details of the project may be found on the Thor website:
https://www.thormining.com/projects/us-uranium-and-vanadium
Thor has completed BLM environmental approvals and is now
working through the Colorado County approvals. Thor is hoping to be
drilling by June quarter 2022.
Molyhil Tungsten/Molybdenum project (NT, Australia) (100%
Thor)
The Molyhil project is located 220 km north-east of Alice
Springs (320 km by road).
A full background on the project is available on the Thor Mining
website:
www.thormining.com/projects .
Three diamond drillholes (21MHDD001 - 21MHDD003) totalling
995.4m were completed in December 2021, designed to test a newly
identified large magnetic target to the south of the known Molyhil
tungsten-molybdenum-copper mineralisation (ASX: THR 7 December
2021). Both 21MHDD002 and 21MHDD003 intercepted disseminated
mineralisation, consisting of scheelite, molybdenite and
chalcopyrite within massive magnetite skarn. Drillhole 21MHDD002
intercepted over 45m of disseminated mineralisation, whilst
21MHDD003 intercepted two zones over 29m of disseminated
mineralisation. It appears 21MHDD001 intersected the edges of the
magnetite skarn drilling over the top of the magnetite skarn lode,
with negligible mineralisation. Initial interpretation of data
highlights a potential south-east plunging lode extending southeast
of the Southern lode with a possible offset (yet to be
determined).
Thor expects to receive assay results back in the first quarter
of 2022, with follow up drilling to be designed at Molyhil, as well
as regional exploration drilling targeting additional magnetic
targets.
The drilling program was co-funded by the Geophysics and
Drilling Collaborations (GDC) program as part of the Resourcing the
Territory initiative, with Thor Mining granted A$110,000 (ASX: THR
4 June 2021).
Bonya (Tungsten, Copper, Vanadium) (40% Thor)
The Bonya project sits approximately 30 km east of Molyhil and
holds tungsten and copper resources which are expected to
complement the Molyhil project. Thor, in joint venture with
Arafura, holds 40% equity interest in the resources.
A full background on the project is available on the Thor Mining
website:
www.thormining.com/projects .
Pilot Mountain Tungsten Project (Nevada, USA) (100% Thor)
During the reporting period, Thor divested the Pilot Mountain
Tungsten Project in Nevada, USA for an agreed value of US$1.8
million to Power Metal Resources Plc ("Power Metal") (ASX: THR
Announcement 1 September 2021).
Given the consideration was paid as a combination of cash and
equity in Power Metal, Thor currently maintains an indirect
interest in the project through it's holding of 44,118,920 shares
in Power Metal, representing a holding of 3.0%, as well as 12.5
million warrants to subscribe for ordinary shares in Power Metal,
with an exercise price of 4p and expiry period of 3 years. The
Pilot Mountain project is located approximately 200 km south of the
city of Reno and 20 km east of the town of Mina located on US
Highway 95.
The project is comprised of four tungsten deposits: Desert
Scheelite, Gunmetal, Garnet and Good Hope.
Capital Raisings
During the period, the Company's cash balances were augmented by
two placements. In August 2021, the Company raised GBP800,000 via
the placing of 123,076,923 new ordinary shares of 0.01p each
("Ordinary Shares") at a price of GBP0.0065 (0.65 pence) per
Ordinary Share (approximately A$0.0123).
In December 2021, the Company raised gross proceeds of A$2.75m
via the placement of 220,000,000 Ordinary Shares at a price of
A$0.0125 (1.25 cents) per Ordinary Share. All placees received two
options for each three Ordinary Shares to subscribe for a further
new Ordinary Share at i) one option exercisable at A$0.015,
expiring 12 months from issue, ii) one option at A$0.02, expiring
24 months from issue.
The Board believes that these capital raisings put the Company
in a strong position to deliver on our 2022 drill programmes and
project developments.
Board and Management Changes
During the period, Mick Billing resigned as Executive Chair,
with Mark Potter appointed Non-Executive Chair and Alastair Clayton
joining the Board as Non-executive Director. The Board would like
to express appreciation and gratitude to Mick Billing for his
service lasting over 13 years.
Comprehensive Income
The comprehensive income statement records a comprehensive loss
of GBP1,004,000 (2020: GBP512,000 loss) after taking into account
unrealised exchange loss of GBP221,000 (2020: GBP115,000 loss).
Nicole Galloway Warland
Managing Director
15 March 2022
Competent Person's statements
The information in this report that relates to exploration
results is based on information compiled by Nicole Galloway
Warland, who holds a BSc Applied geology (HONS) and who is a Member
of The Australian Institute of Geoscientists. Ms Galloway Warland
is an employee of Thor Mining PLC. She has sufficient experience
which is relevant to the style of mineralisation and type of
deposit under consideration and to the activity which she is
undertaking to qualify as a Competent Person as defined in the 2012
Edition of the 'Australasian Code for Reporting of Exploration
Results, Mineral Resources and Ore Reserves'. Nicole Galloway
Warland consents to the inclusion in the report of the matters
based on her information in the form and context in which it
appears.
The Company confirms that it is not aware of any new information
or data that materially affects the information included in the
original market announcements and, in the case of estimates of
Mineral Resources or Ore Reserves, that all material assumptions
and technical parameters underpinning the estimates in the relevant
market announcement continue to apply and have not materially
changed. The Company confirms that the form and context in which
the Competent Person's findings are presented have not been
materially modified from the original market announcement.
Condensed Consolidated Statement of Comprehensive Income
For the 6 months ended 31 December 2021
Note GBP'000 GBP'000 GBP'000
6 months ended 6 months ended Year
31 December 31 December ended
2021 2020 30 June
2021
Unaudited Unaudited Audited
Administrative expenses (58) (54) (94)
Corporate expenses (347) (331) (635)
Share-based payments expense 8 (245) (106) (126)
Realised gain/loss on financial
assets (1) - (2)
Exploration expenses (26) (79) (81)
Write-off/impairment of exploration
assets 3 - (15) (1,450)
Operating Loss (677) (585) (2,388)
Interest Paid (1) (1) (1)
Share of (loss)/profit of associate,
accounted for using the equity
method 6 (36) (72) 22
Fair value decrement on financial
assets FVTPL (204) - -
Profit/(loss) on Sale of Investments 4 93 222 222
Sundry income 42 39 41
Loss before Taxation (783) (397) (2,104)
Taxation - - -
-------------- -------------- --------
Loss for the period (783) (397) (2,104)
-------------- -------------- --------
Other comprehensive income:
Items that may be subsequently
reclassified to profit or loss:
Exchange differences on translating
foreign operations (221) (115) (570)
Other comprehensive income for
the period, net of income tax (221) (115) (570)
Loss for the year and total comprehensive
loss attributable to the equity
holders (1,004) (512) (2,674)
============== ============== ========
Basic earnings per share 2 (0.05)p (0.03)p (0.14)p
Condensed Consolidated Statement of Financial Position
For the 6 months ended 31 December 2021
Note GBP'000 GBP'000 GBP'000
31 December 31 December 30 June
2021 2020 2021
Unaudited Unaudited Audited
ASSETS
Non-current assets
Intangible assets (deferred
exploration costs) 3 11,359 12,459 10,120
Assets held for sale 4 - - 1,050
Financial assets 5 744 - -
Investments accounted for
using the equity method 6 523 492 564
Deposits to support performance
bonds 42 43 41
Right of use asset - 27 10
Plant and equipment 14 9 7
Total non-current assets 12,682 13,030 11,792
------------ ------------ --------
Current assets
Cash and cash equivalents 1,579 685 783
Trade receivables and other
assets 124 70 60
Total current assets 1,703 755 843
------------ ------------ --------
Total assets 14,385 13,785 12,635
------------ ------------ --------
LIABILITIES
Current liabilities
Trade and other payables (206) (277) (306)
Employee annual leave provision (22) (1) (10)
Lease liability - (27) (10)
------------ ------------ --------
Total current liabilities (228) (305) (326)
------------ ------------ --------
Total non-current liabilities - - -
------------ ------------ --------
Total liabilities (228) (305) (326)
------------ ------------ --------
Net assets 14,157 13,480 12,309
============ ============ ========
Equity
Issued share capital 7 3,811 3,762 3,773
Share premium 26,576 23,485 24,379
Foreign exchange reserve 1,453 2,129 1,674
Merger reserve 405 405 405
Share based payments reserve 8 911 325 314
Retained earnings (18,999) (16,626) (18,236)
------------ ------------ --------
Total equity 14,157 13,480 12,309
============ ============ ========
Condensed Consolidated Statement of Change in
Equity
For the 6 months ended 31 December
2021
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Issued Share Retained Foreign Merger Share Total
share premium losses Currency Reserve Based
capital Translation Payment
Reserve Reserve
Balance at 1 July
2020 3,733 22,288 (16,339) 2,244 405 275 12,606
Loss for the
period - - (397) - - - (397)
Foreign currency
translation
reserve - - - (115) - - (115)
Total
comprehensive
loss for the
period - - (397) (115) - - (512)
-------- -------- -------- ------------- --------- --------- ----------
Transactions with owners in their capacity
as owners
Shares issued 29 1,396 - - - - 1,425
Cost of shares
issued - (199) - - - - (199)
Share options
lapsed - - 110 - - (110) -
Share options
issued - - - - - 160 160
-------- -------- -------- ------------- --------- --------- ----------
At 31 December
2020 3,762 23,485 (16,626) 2,129 405 325 13,480
-------- -------- -------- ------------- --------- --------- ----------
Balance at 1 July
2020 3,733 22,288 (16,339) 2,244 405 275 12,606
Loss for the
period - - (2,104) - - - (2,104)
Foreign currency
translation
reserve - - - (570) - - (570)
Total
comprehensive
(loss) for the
period - - (2,104) (570) - - (2,674)
-------- -------- -------- ------------- --------- --------- -------
Transactions with owners in their capacity
as owners
Shares issued 40 2,337 - - - - 2,377
Cost of shares
issued - (246) - - - - (246)
Share options
exercised - - 207 - - (207) -
Share options
issued - - - - 246 246
At 30 June 2021 3,773 24,379 (18,236) 1,674 405 314 12,309
-------- -------- -------- ------------- --------- --------- -------
Balance at 1 July
2021 3,773 24,379 (18,236) 1,674 405 314 12,309
Loss for the
period - - (783) - - - (783)
Foreign currency
translation
reserve - - - (221) - - (221)
Total
comprehensive
loss for the
period - - (783) (221) - - (1,004)
-------- -------- -------- ------------- --------- --------- ----------
Transactions with owners in their capacity
as owners
Shares issued 38 2,480 - - - - 2,518
Cost of shares
issued - (283) - - - - (283)
Share options
exercised - - 20 - - (20) -
Share options
issued - - - - - 617 617
-------- -------- -------- ------------- --------- --------- ----------
At 31 December
2021 3,811 26,576 (18,999) 1,453 405 911 14,157
-------- -------- -------- ------------- --------- --------- ----------
Condensed Consolidated Statement of Cash Flow
For the 6 months ended 31 December
2021
GBP'000 GBP'000 GBP'000
6 months ended 6 months ended Year
31 December 31 December ended
2021 2020 30 June
2021
Unaudited Unaudited Audited
Cash flows from operating activities
Operating loss (677) (585) (2,388)
Sundry income 33 39 41
(Increase)/decrease in trade and other
receivables (47) (17) 4
Increase/(decrease) in trade and other
payables 7 6 (9)
Increase/(decrease) in provisions 11 (53) (42)
Depreciation 11 19 38
Exploration expenditure written-off - 15 1,450
Share-based payments 245 106 126
Director fees settled by share issue - 23 23
Net cash outflow from operating activities (417) (447) (757)
Cash flows from investing activities
Interest paid (1) (1) (1)
Tenement Bond (1) - -
Investment in associated entity - (170) (170)
Purchase of property, plant & equipment (9) (6) (8)
Payments for exploration expenditure (1,124) (391) (706)
R&D Grants - 98 98
Proceeds from sale of assets 84 222 222
Net cash outflow from investing activities (1,051) (248) (565)
Cash flows from financing activities
Lease liability repayments (10) (16) (30)
Net issue of ordinary share capital 2,276 1,163 1,902
--------
Net cash inflow from financing activities 2,266 1,147 1,872
Net decrease in cash and cash equivalents 798 452 550
Non-cash exchange changes (2) - -
Cash and cash equivalents at beginning
of period 783 233 233
-------------- -------------- --------
Cash and cash equivalents at end of
period 1,579 685 783
-------------- -------------- --------
Notes to the Half-year Report
For the 6 months ending 31 December 2021
1. PRINCIPAL ACCOUNTING POLICIES
(a) Presentation of Half-year results
The half-year results have not been audited but were the subject
of an independent review carried out by the Company's auditors, PKF
Littlejohn LLP. Their review confirmed that the figures were
prepared using applicable accounting policies and practices
consistent with those adopted in the 2021 annual report and to be
adopted in the 2022 annual report. The financial information
contained in this half-year report does not constitute statutory
accounts as defined by Section 435 of the Companies Act 2006.
The half-year report has been prepared under the historical cost
convention.
The Directors acknowledge their responsibility for the half-year
report and confirm that, to the best of their knowledge, the
interim consolidated financial statements for the six months ended
31 December 2021 have been prepared in accordance with
International Financial Reporting Standards, including IAS 34
"Interim Financial Statements", and complies with the requirements
for companies with securities admitted to trading on the AIM Market
of the London Stock Exchange. This half-year report does not
include all the notes of the type normally included in an annual
financial report. Accordingly, this report should be read in
conjunction with the annual report for the year ended 30 June
2021.
The Directors are of the opinion that on-going evaluations of
the Company's interests indicate that preparation of the accounts
on a going concern basis is appropriate. Refer Note 11 for further
information.
(b) Basis of consolidation
The consolidated financial statements comprise the financial
statements of Thor Mining PLC and its controlled entities. The
financial statements of controlled entities are included in the
consolidated financial statements from the date control commences
until the date control ceases. All inter-company balances and
transactions have been eliminated in full.
The financial statements of subsidiaries are prepared for the
same reporting period as the parent Company, using consistent
accounting policies.
(c) Investments in Associates
Investments in associate companies are recognised in the
financial statements by applying the equity method of accounting.
The equity method of accounting recognises the Group's share of
post-acquisition reserves of its associates.
Where there has been a change recognised directly in an
associate's equity, the Group recognises its share of any changes
and discloses this in the statement of profit of loss and other
comprehensive income. The reporting dates of the associates and the
Group are identical and the associates accounting policies conform
to those used by the Group for like transactions and events in
similar circumstances.
(d) Risks and uncertainties
The Board continuously assesses and monitors the key risks of
the business. The key risks that could affect the Company's medium
term performance and the factors that mitigate those risks have not
substantially changed from those set out in the Company's 2021
Annual Report and Financial Statements. The key financial risks are
liquidity risk, credit risk, interest rate risk and fair value
estimation.
(e) Critical accounting estimates
The preparation of condensed interim financial statements
requires management to make estimates and assumptions that affect
the reported amounts of assets and liabilities at the end of the
reporting period. Significant items subject to such estimates are
set out in the Company's 2021 Annual Report and Financial
Statements. The nature and amounts of such estimates have not
changed significantly during the interim period.
Notes to the Half-year Report
For the 6 months ending 31 December 2021
2. EARNINGS PER SHARE
No diluted earnings per share is presented for the six months
ended 31 December 2021 as the effect on the exercise of share
options would be to decrease the loss per share .
GBP'000 GBP'000 GBP'000
6 months ended 6 months ended Year
31 December 31 December ended
2021 2020 30 June
2021
Unaudited Unaudited Audited
Loss for the period (783) (397) (2,104)
Weighted average number of 1,724,133,775 1,388,190,687 1,497,215,458
Ordinary shares in issue
Loss per share - basic (0.05)p (0.03)p (0.14)p
3. DEFERRED EXPLORATION COSTS
GBP'000 GBP'000 GBP'000
31 December 31 December 30 June
2021 2020 2021
Cost Unaudited Unaudited Audited
At commencement 10,120 12,252 12,252
Net additions 989 187 612
Acquired through acquisition 330 157 310
Exchange gain/(loss) (80) (122) (554)
Write off exploration tenements for
year - (15) (1,450)
Transfers to held for sale assets
(note 4) - - (1,050)
At period end 11,359 12,459 10,120
------------ ------------ -------
Impairment
At commencement - - -
Exchange loss - - -
Impairment for period - - -
At period end - - -
------------ ------------ -------
Net book value at period end 11,359 12,459 10,120
------------ ------------ -------
Notes to the Half-year Report
For the 6 months ending 31 December 2021
3. DEFERRED EXPLORATION COSTS (continued)
Acquired through acquisition
In the half year period ending 31 December 2021, Thor paid
consideration of GBP330,000 for completion of the Stage 1 earn-in
under the binding term sheet for Thor to acquire an interest in the
oxide mineral rights from Spencer Metals Pty Ltd (Spencer) over the
Alford East copper-gold project, located on the Yorke Peninsula,
South Australia. Under the term sheet, Thor is to acquire an
interest of 80% directly in the project, over two stages:
Stage 1: Thor has earned a 51% interest by funding A$500,000
expenditure over the 2 years to 11 November 2022, with the
GBP330,000 consideration comprising:
-- GBP128,000 fair value of 15,625,000 Thor Ordinary Shares
issued on 26 November 2021. The fair value was based on the closing
price of Thor Ordinary Shares of GBP0.0082 (0.82 pence) on the AIM
market of the London Stock Exchange on 10 November 2021 (being the
day prior to shareholder approval of the issuance of the Ordinary
Shares); and
-- GBP202,000 fair value of 31,250,000 unlisted options to
acquire Thor Ordinary Shares at an exercise price of A$0.03 (3
cents) at any time through to the expiry date of 25 November 2026.
The fair value was estimated using a Black Scholes model (refer
Note 8).
Stage 2: Thor may earn a further 29% interest (80% in total) by
funding an additional A$750,000 of expenditure over a subsequent 2
years to 11 November 2024 and for additional consideration of
A$250,000 in fully paid Thor shares, issued at the 5 day ASX VWAP
on the date immediately prior to allotment and two free attaching
options per share issued, exercisable at a$0.03 within years from
the date of issue (stage 2 expenditure). If Thor does not proceed
with the Stage 2 earn-in, then its interest in the project is
relinquished.
Upon Thor completing the acquisition of an 80% interest in the
project, Spencer will hold a free carried 20% interest in the
project, until a decision to mine.
The parties have agreed to use reasonable commercial endeavours
to negotiate and execute a formal Joint Venture agreement for the
development and operation of a mine and associated facilities
within 60 days from the end of Stage 2.
Notes to the Half-year Report
For the 6 months ending 31 December 2021
4. HELD FOR SALE ASSET
GBP'000 GBP'000 GBP'000
31 December 31 December 30 June
2021 2020 2021
Unaudited Unaudited Audited
Opening balance 1,050 - 1,050
Asset divested (1,050) - -
- - 1,050
------------ ------------ -------
On 31 August 2021, Thor Mining Plc announced the execution of an
Option Agreement with AIM listed Power Metal Resources Plc (AIM:
POW) ("Power Metal"), for the divestment of Thor's Pilot Mountain
Tungsten Project in Nevada in line with their focus on core copper
and gold projects. Accordingly, the carrying value of the
investment at 30 June 2021 was reclassified in the Statement of
Financial Position from 'Intangible assets - deferred exploration
costs; to 'Held for sale assets'. Thor received an exclusivity fee
of 500,000 Power Metal Ordinary Shares with an estimated fair value
of GBP9,750.
The divestment was successfully completed on 29 October 2021
with consideration of GBP1,022,000 received by Thor,
comprising:
-- GBP84,000 in cash (being US$115,000 at the exchange rate on 29 October 2021 of 0.7304); and
-- GBP938,000 fair value of 48,118,920 Ordinary Shares in Power
Metal. The fair value was determined by the closing price of
GBP0.0195 for Power Metal Ordinary Shares on the London Stock
Exchange on 31 August 2021 (being the day prior to execution of the
Option Agreement).
The consideration of GBP1,022,000, resulted in a loss of
(GBP28,000) compared to the book value of GBP1,050,000. The loss
was recognised as a (GBP121,000) loss through Other Comprehensive
Income as a reversal of the foreign currency translation reserve
and a GBP93,000 gain through the Profit or Loss.
In addition, Power Metal granted Thor 12.5 million unlisted
warrants to subscribe for Power Metal Ordinary Shares with an
exercise price of GBP0.04 (4 pence) per Ordinary Share at any time
through to the expiry date of 29 October 2024, subject to an
acceleration clause if the Power Metal Ordinary Share price is
above GBP0.10 (10 pence) for five consecutive days. Any warrants
exercised by 29 October 2022 receive replacement warrants with an
exercise price at GBP0.08 (8 pence) for a further 3 years to the
expiry date.
As part of the divestment Thor was also entitled to receive a
milestone payment of US$500,000, payable in Power Metal Ordinary
Shares, if Golden Metal publishes a JORC or 43-101 compliant
resource at Pilot Mountain increasing the existing declared levels
by 25% across the total indicated and inferred categories, within
two years. Subsequent to the half year period ended 31 December
2021, Thor agreed to relinquish this milestone entitlement in
return for GBP50,000 in cash and 4,000,000 Ordinary Shares in Power
Metal with an estimated fair value of GBP57,200 based on the
closing price of Power Metal Ordinary Shares on the London Stock
Exchange of GBP0.0143 (1.43 pence) on 21 January 2022 (being the
last trading day prior to execution of the variation
agreement).
Notes to the Half-year Report
For the 6 months ending 31 December 2021
5. FINANCIAL ASSETS
GBP'000 GBP'000 GBP'000
31 December 31 December 30 June
2021 2020 2021
Unaudited Unaudited Audited
Investment in Power Metal Resources
Plc 744 - -
744 - -
------------ ------------ -------
The investment balance at 31 December 2021, comprises 48,618,920
Power Metal Ordinary shares being the 50,000 Ordinary Shares
received as part of the exclusivity fee under the Option Agreement
and 48,118,920 Ordinary Shares received upon completion of the
divestment on 29 October 2021.
The 48,618,920 POW shares were initially recognised at
GBP948,000 being valued at the closing price of GBP0.0195 for Power
Metal Ordinary Shares on the London Stock Exchange on 31 August
2021 (being the day prior to execution of the Option
Agreement).
The shares were then revalued to fair value at 31 December 2021
of GBP744,000, based on the closing price of GBP0.0153 for Power
Metal Ordinary Shares on that date. The revaluation decrement of
(GBP204,000) was recognised as a fair value adjustment through the
Company's Profit or Loss (FVTPL), on the basis that Thor does not
consider the Ordinary Shares held as a strategic investment.
48,118,920 of the Ordinary Shares are subject to a voluntary
escrow, with 25% becoming tradeable at each of the following dates:
30 April 2022, 30 June 2022, 30 September 2022 and 30 December
2022.
6. INVESTMENTS ACCOUNTED FOR USING GBP'000 GBP'000 GBP'000
THE EQUITY METHOD
31 December 31 December 30 June 2021
2021 2020
Unaudited Unaudited Audited
A reconciliation of the carrying
amount of the investments in the
company is set out below:
EnviroCopper Limited
Conversion of loan to equity 391 391 391
Additional investment 170 170 170
------------ ------------ ------------
Initial cost of investment 561 561 561
Cumulative share of (loss)/profit
of associate, accounted for using
the equity method (14) (72) 22
Share of foreign currency translation
reserve (24) 3 (19)
------------ ------------ ------------
523 492 564
============ ============ ============
ECL is a copper development company which holds rights to earn
up to a 75% interest in the mineral rights and claims over the
resource on the portion of the historic Kapunda copper mine, in
South Australia, recoverable by way of in situ recovery (ISR) and
holds rights to earn a 75% interest in a portion of the Moonta
Copper Project, also in South Australia, that is considered
amenable to recovery by the way of in-situ recovery.
Notes to the Half-year Report
For the 6 months ending 31 December 2021
6. INVESTMENTS ACCOUNTED FOR USING THE EQUITY METHOD (continued)
On 30 July 2020, Thor announced the conversion of its $700,000
(GBP391,000) convertible loan to a 25% interest in ECL and
exercised its right to nominate a Board representative.
Accordingly, the investment is being accounted for using the equity
method from the date of loan conversion to equity.
On the 11 November 2020, the Company increased its ownership
interest to 30% through the payment of A$300,000 (GBP170,000).
The tables below provide summarised consolidated financial
information for EnviroCopper Limited and its wholly owned
subsidiaries Environmental Copper Recovery SA Pty Ltd and
Environmental Metals Recovery Pty Ltd. The information disclosed
reflects the amounts presented in the financial statements of the
relevant associate and not Thor's share of those amounts. They have
been amended to reflect adjustments made by Thor when using the
equity method, including modifications for differences in
accounting policies.
Summarised financial information for EnviroCopper Ltd
GBP'000 GBP'000 GBP'000
31 December 31 December 30 June 2021
2021 2020
Unaudited Unaudited Unaudited
Summarised balance sheet:
Current Assets
Cash and cash equivalents 43 10 648
Other current assets 119 62 14
Provision for income tax 132 772 129
------------ ------------ -------------
Total current assets 295 844 791
Non-current Assets
Plant & Equipment 44 10 22
------------ ------------ -------------
Total non-current assets 44 10 22
------------ ------------ -------------
Total assets 339 854 813
------------ ------------ -------------
Current Liabilities
Trade payables - -
Other current liabilities 118 - 472
------------ ------------ -------------
Total current liabilities - 472
Non-current Liabilities
Other non-current liabilities 17 - -
------------ ------------ -------------
Total non-current liabilities 17 - -
------------ ------------ -------------
Total Liabilities 135 - 472
------------ ------------ -------------
Net Assets 204 854 341
============ ============ =============
Notes to the Half-year Report
For the 6 months ending 31 December 2021
6. INVESTMENTS ACCOUNTED FOR USING THE EQUITY METHOD (continued)
Summarised statement of comprehensive income:
GBP'000 GBP'000 GBP'000
31 December 31 December 30 June 2021
2021 2020
Unaudited Unaudited Unaudited
Total Income 616 44 666
Less Expenses (734) (319) (595)
---------------- --------------- ----------------
Net Profit (118) (275) (71)
================ =============== ================
7. SHARE CAPITAL GBP'000 GBP'000 GBP'000
31 December 31 December 30 June 2021
2021 2020
Unaudited Unaudited Audited
Issued fully paid (Nominal Value)
982,870,766 'Deferred Shares' of
GBP0.0029 each 2,850 2,850 2,850
7,928,958,483 'A Deferred Shares'
of GBP0.000096 each 761 761 761
Ordinary shares of GBP0.0001 each 200 151 162
---------------- --------------- -------------
3,811 3,762 3,773
================ =============== =============
Number Number Number
31 December 31 December 30 June 2021
2021 2020
Unaudited Unaudited Audited
Movement in share capital
Ordinary Shares of 0.01 pence
At commencement 1,625,719,488 1,224,996,863 1,224,996,863
Shares issued for cash(1) 343,076,923 231,583,333 319,818,629
Warrants exercised(2) 11,800,000 11,566,667 12,566,667
Shares issued to Directors in lieu
of cash payment for Directors fees - 5,821,663 5,821,663
Shares issued to service providers(3) 7,200,000 - 8,015,666
Shares issued for acquisition(4) 15,625,000 42,000,000 54,500,000
---------------- --------------- -------------
At period end 2,003,421,411 1,515,968,526 1,625,719,488
================ =============== =============
(1) Comprises two separate placements. The first in August 2021,
being the issue of 123,076,923 Ordinary Shares at GBP0.0065 (0.65
pence), together with one free unlisted warrant for every two Ordinary
Shares subscribed, exercisable at GBP0.013 (1.3 pence) expiring 17
August 2023. The second in December 2021, being the issue of 220,000,000
Ordinary Shares at A$0.0125 (1.25 cents), together with two free listed
options for every three Ordinary Shares subscribed, one option exercisable
at A$0.015 (1.5 cents) expiring 20 December 2022, and the other option
exercisable at A$0.02 (2.0 cents) expiring 20 December 2023.
Notes to the Half-year Report
For the 6 months ending 31 December 2021
7. SHARE CAPITAL (continued)
(2) Comprises 8,000,000 Ordinary shares issued 17 September 2021
following the exercise of options at a price of A$0.0095 (0.95 cents),
and 3,800,000 Ordinary shares issued 23 December 2021 following the
exercise of options at a price of A$0.01 (1.0 cent).
(3) Ordinary Shares issued on 22 December 2021 to PAC Partners as
part payment of commission as broker to the December 2021 placement.
(4) Ordinary shares issued 26 November 2021 as part consideration
for the acquisition of a 51% direct interest in the oxide mineral
rights over the Alford East copper-gold project, located on the Yorke
Peninsula, South Australia. Refer Note 3.
GBP'000 GBP'000 GBP'000
31 December 31 December 30 June 2021
2021 2020
Nominal Value Unaudited Unaudited Audited
At commencement 3,773 3,733 3,733
Issued for cash 34 23 32
Warrants exercised 1 1 1
Shares issued to Directors in lieu
of cash payment for Directors fees - 1 1
Issued to service providers 1 - 1
Issued for acquisition 2 4 5
At period end 3,811 3,762 3,773
---------------- --------------- -------------
Notes to the Half-year Report
For the 6 months ending 31 December 2021
8. SHARE BASED PAYMENTS RESERVE
Options are valued at an estimate of the cost of the services
provided. Where the fair value of the services provided cannot be
estimated, the value unlisted options granted are calculated using
the Black-Scholes model taking into account the terms and
conditions upon which the options are granted.
GBP'000 GBP'000
31 December 30 June 2021
2021
Unaudited Audited
Opening balance at 1 July 314 275
36,000,000 options issued GBP0.00656 236 -
31,250,000 options issued GBP0.00646 202 -
22,000,000 listed options issued @ GBP0.00466 103 -
22,000,000 listed options issued @ GBP0.00306 67 -
Exercised 3,8000,000 options @ GBP0.00156 (6) -
Exercised 8,000,000 options @ GBP0.001720 (14) -
5,000,000 options to a service provider @ GBP0.003620
(1) 9 9
Exercised 9,450,000 options @ GBP0.0013 - (12)
Lapsed 10,000,000 @ GBP0.0098 - (98)
Lapsed 5,000,000 @ GBP0.0034 - (17)
Lapsed 15,000,000 @ GBP0.0053 - (80)
Issued 24,000,000 to Directors @ GBP0.0017 - 41
Issued 7,500,000 ESOP @ GBP0.0051 - 38
Issued 4,000,000 to service provider @ GBP0.0066 - 27
Issued 2,433,526 to service a provider @ GBP0.0045 - 11
Issued 5,647,058 to a service provider @ GBP0.0058 - 32
Issued 35,000,000 to a service provider @ GBP0.0016 - 55
Issued 8,333,000 for tenements acquired @ GBP0.0039 - 33
Closing balance 911 314
----------- ------------
(1) In June 2021, 6,000,000 options were issued to a service
provider. The options vested at 1,000,000 per month. The fair value
of the options was being expensed over their vesting periods.
1,000,000 of the options were relinquished prior to vesting.
Notes to the Half-year Report
For the 6 months ending 31 December 2021
8. SHARE BASED PAYMENTS RESERVE (continued)
The following table lists the inputs used for the calculation of
share options granted as Share Based Payments during the half year
ended 31 December 2021.
36,000,000 issued to Directors on 22 November 2021
Dividend yield 0.00%
Underlying Security spot price GBP0.0087
Exercise price GBP0.0130
Standard deviation of returns 126%
Risk free rate 0.87%
Expiration period 4yrs
Black Scholes valuation per option GBP0.00656
Fair value expensed as a share-based payment*
31,250,000 issued for acquisition 26 November 2021
Dividend yield 0.00%
Underlying Security spot price A$0.015
Exercise price A$0.030
Standard deviation of returns 126%
Risk free rate 1.44%
Expiration period 5yrs
Black Scholes valuation per option GBP0.00646
Fair value capitalised as part of the cost of acquisition
(refer Note 3)
22,000,000 issued to a service provider on 20 December
2021
Dividend yield 0.00%
Underlying Security spot price A$0.015
Exercise price A$0.02
Standard deviation of returns 126%
Risk free rate 0.53%
Expiration period 2yrs
Black Scholes valuation per option GBP0.00466
Fair Value recognised as part of the cost of the capital
raising.
22,000,000 issued to a service provider on 20 December
2021
Dividend yield 0.00%
Underlying Security spot price A$0.015
Exercise price A$0.015
Standard deviation of returns 98%
Risk free rate 0.53%
Expiration period 1yr
Black Scholes valuation per option GBP0.00306
Fair Value recognised as part of the cost of the capital
raising.
Notes to the Half-year Report
For the 6 months ending 31 December 2021
8. SHARE BASED PAYMENTS RESERVE (continued)
* The total value of options expensed as share-based payments
during the half year ended 31 December 2021 is GBP245,000
comprising GBP236,000 for the options issued to the Directors and
GBP9,000 for expensing the remaining value of the 5,000,000 options
issued to a service provider in the year ended 30 June 2021 (being
expensed over their vesting period).
9. TURNOVER AND SEGMENTAL ANALYSIS - GROUP
Operating segments are reported in a manner consistent with the
internal reporting provided to the chief operating decision-maker.
The chief operating decision-maker, who is responsible for
allocating resources and assessing performance of the operating
segments, has been identified as the Board of Directors that makes
strategic decisions.
The Group's operations are located Australia and the United
States of America, with the head office located in the United
Kingdom. The main tangible assets of the Group, cash and cash
equivalents, are held in the United States of America and
Australia. The Board ensures that adequate amounts are transferred
internally to allow all companies to carry out their operational on
a timely basis.
The Directors are of the opinion that the Group is engaged in a
single segment of business being the exploration for commodities.
The Group currently has two geographical reportable segments -
United States of America and Australia.
GBP'000 GBP'000 GBP'000 GBP'000
Half Year ended 31/12/2021 Head office/ Australia United States Consolidated
Unallocated
Operating Expenditure (399) (248) (30) (677)
Non-Operational items (70) (36) - (106)
------------ --------- ------------- ------------
Loss from Ordinary Activities
before Income Tax (469) (284) (30) (783)
Income Tax Benefit/(Expense) - - - -
------------ --------- ------------- ------------
Retained (loss) (469) (284) (30) (783)
------------ --------- ------------- ------------
As at 31/12/2021 Head office/ Australia United States Consolidated
Unallocated
Assets and Liabilities
Segment assets - 11,933 218 12,151
Corporate assets 2,234 - - 2,234
------------ --------- ------------- ------------
Total Assets 2,234 11,933 218 14,385
------------ --------- ------------- ------------
Segment liabilities - (202) - (202)
Corporate liabilities (26) - - (26)
------------ --------- ------------- ------------
Total Liabilities (26) (202) - (228)
Net Assets 2,208 11,731 218 14,157
------------ --------- ------------- ------------
Notes to the Half-year Report
For the 6 months ending 31 December 2021
9. TURNOVER AND SEGMENTAL ANALYSIS - GROUP (continued)
GBP'000 GBP'000 GBP'000 GBP'000
Half Year ended 31/12/2020 Head office/ Australia United States Consolidated
Unallocated
Total Segment Expenditure (257) (179) - (436)
Non-operational items 39 - - 39
------------ --------- ------------- ------------
Loss from Ordinary Activities
before Income Tax (218) (179) - (397)
Income Tax Benefit/(Expense) - - - -
------------ --------- ------------- ------------
Retained (loss) (218) (179) - (397)
------------ --------- ------------- ------------
As at 31/12/2020 Head office/ Australia United States Consolidated
Unallocated
Assets and Liabilities
Segment assets - 10,656 2,432 13,088
Corporate assets 697 - - 697
------------ --------- ------------- ------------
Total Assets 697 10,656 2,432 13,785
------------ --------- ------------- ------------
Segment liabilities - (217) - (217)
Corporate liabilities (88) - - (88)
------------ --------- ------------- ------------
Total Liabilities (88) (217) - (305)
Net Assets 609 10,439 2,432 13,480
------------ --------- ------------- ------------
GBP'000 GBP'000 GBP'000 GBP'000
10. POST BALANCE SHEET EVENTS
As part of the divestment of the Pilot Mountain project, Thor
was also entitled to receive a milestone payment of US$500,000,
payable in Power Metal Ordinary Shares, if Golden Metal publishes a
JORC or 43-101 compliant resource at Pilot Mountain increasing the
existing declared levels by 25% across the total indicated and
inferred categories, within two years. Subsequent to the half year
period ended 31 December 2021, Thor agreed to relinquish this
milestone entitlement in return for GBP50,000 in cash and 4,000,000
Ordinary Shares in Power Metal with an estimated fair value of
GBP57,200 based on the closing price of Power Metal Ordinary Shares
on the London Stock Exchange of GBP0.0143 (1.43 pence) on 21
January 2022 (being the last trading day prior to execution of the
variation agreement). Refer RNS Announcement dated 23 January 2022
(ASX Announcement 24 January 2022). For further details in relation
to the divestment of the Pilot Mountain project, refer Note 4.
Other than the above t here were no other material events
arising subsequent to 31 December 2021 to the date of this report
which may significantly affect the operations of the Group, the
results of those operations and the state of affairs of the Group
in the future.
Notes to the Half-year Report
For the 6 months ending 31 December 2021
11. GOING CONCERN BASIS OF ACCOUNTING
The financial report has been prepared on the going concern
basis of accounting.
The Group incurred a net loss after tax from continuing
operations of GBP783,000 for the half year ended 31 December 2021,
and net cash outflows of GBP1,468,000 from operating and investing
activities. The Group is reliant upon completion of asset sales or
a capital raising to fund continued operations and the provision of
working capital.
In this regard, the Company notes a cash balance of GBP1,579,000
as at 31 December 2021.
If additional capital is not obtained, the going concern basis
of accounting may not be appropriate, with the result that the
Group may have to realise its assets and extinguish its
liabilities, other than in the ordinary course of business and at
amounts different from those stated in the financial report. No
allowance for such circumstances has been made in the financial
report.
DIRECTORS, SECRETARY AND ADVISERS
Directors Mark Potter (Non-executive Chairman)
Nicole Galloway Warland (Managing Director)
Mark McGeough (Non-executive Director)
Alastair Clayton (Non-executive Director) - appointed 4 October
2021
Michael Billing (Executive Chairman) - retired 3 September
2021
In UK In Australia
------------------------ ----------------------------
Registered Office Salisbury House 58 Galway Avenue
and Directors' business London Wall Marleston, South Australia
address London, EC2M 5PS Australia 5033
United Kingdom
Company Secretaries Stephen Frank Ronaldson Ray Ridge
Website www.thormining.com www.thormining.com
Nominated Adviser to WH Ireland Limited
the Company 24 Martine Lane
London,
EC4R 0DR
Auditors to the Company PKF Littlejohn LLP
1 Westferry Circus
Canary Wharf
London, E14 4HD
Solicitors to the Druces LLP
Company Salisbury House
London Wall
London, EC2M 5PS
United Kingdom
Registrars Computershare Investor Computershare Investor
Services Plc Services Pty Ltd
The Pavilions Level 5, 115 St Grenfell
Bridgewater Road St
Bristol BS99 6ZY Adelaide, South Australia
United Kingdom 5000
REPORT ON REVIEW OF INTERIM FINANCIAL INFORMAITON
INDEPENDENT REVIEW REPORT TO THOR MINING PLC
Introduction
We have been engaged by the Company to review the condensed set
of financial statements in the half-yearly financial report for the
six months ended 31 December 2021 which comprises the consolidated
income statement, consolidated balance sheet, consolidated
statement of changes in equity, consolidated cash flow statement
and related notes. We have read the other information contained in
the half-yearly financial report and considered whether it contains
any apparent misstatements or material inconsistencies with the
information in the condensed set of financial statements.
Directors' responsibilities
The half-yearly financial report is the responsibility of, and
has been approved by, the Directors. The Directors are responsible
for preparing the half-yearly financial report in accordance with
the AIM Market of London Stock Exchange Rules for Issuers.
The annual financial statements of the Group are prepared in
accordance with UK adopted International Accounting Standards. The
condensed set of financial statements included in this half-yearly
financial report has been prepared in accordance with International
Accounting Standard 34, "Interim Financial Reporting", as adopted
by the UK.
Our responsibility
Our responsibility is to express to the Group a conclusion on
the condensed set of financial statements in the half-yearly
financial report based on our review.
This report, including the conclusion, is made solely to the
Group for the purpose of the AIM Market of London Stock Exchange
Rules for Issuers. We do not, in producing this report, accept or
assume responsibility to anyone, other than the Group, for our
work, for this report, or for the conclusion we have formed. This
report may not be provided to third parties without our prior
written consent.
Scope of review
We conducted our review in accordance with International
Standard on Review Engagements (UK and Ireland) 2410 "Review of
Interim Financial Information Performed by the Independent Auditor
of the Entity", issued by the Auditing Practices Board for use in
the United Kingdom. A review of interim financial information
consists of making enquiries, primarily of persons responsible for
financial and accounting matters, and applying analytical and other
review procedures. A review is substantially less in scope than an
audit conducted in accordance with International Standards on
Auditing (UK), and consequently does not enable us to obtain
assurance that we would become aware of all significant matters
that might be identified in an audit. Accordingly, we do not
express an audit opinion.
Conclusion
Based on our review, nothing has come to our attention that
causes us to believe that the condensed set of financial statements
in the half-yearly financial report for the six months ended 31
December 2021 is not prepared, in all material respects, in
accordance with International Accounting Standard 34 as adopted by
the UK and the AIM Market of London Stock Exchange Rules for
Issuers.
Use of our report
This report is made solely to the company's directors, as a
body, in accordance with the terms of our engagement letter. Our
review has been undertaken so that we may state to the company's
directors those matters we have agreed to state to them in a
reviewer's report and for no other purpose. To the fullest extent
permitted by law, we do not accept or assume responsibility to
anyone other than the company and the company's directors as a body
for our work, for this report or the conclusion we have formed.
PKF Littlejohn LLP
15 Westferry Circus
Canary Wharf
London
E14 4HD
15 March 2022
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END
IR UVSARUNUOAAR
(END) Dow Jones Newswires
March 15, 2022 08:16 ET (12:16 GMT)
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