TIDMTHR
RNS Number : 3482B
Thor Mining PLC
30 September 2022
30 September 2022
Thor Mining plc
("Thor" or the "Company")
Results for the year ended 30 June 2022
The Directors of Thor Mining PLC (AIM, ASX: THR) are pleased to
provide the Company's audited annual financial report for the year
ended 30 June 2022.
The Company's annual financial report will also be released
pre-market opening tomorrow on the Australian Stock Exchange
("ASX") as required under the listing rules of the ASX.
The annual report will be published and notified in due
course.
For further information on the Company, please visit
www.thormining.com or contact the following:
Thor Mining PLC
Nicole Galloway Warland, Managing Director Tel: +61 (8) 7324 1935
Ray Ridge, CFO / Company Secretary Tel: +61 (8) 7324 1935
WH Ireland Limited (Nominated Adviser Tel: +44 (0) 207 220
and Joint Broker) 1666
Antonio Bossi / 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.
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
2022 ANNUAL FINANCIAL REPORT
REVIEW OF OPERATIONS AND STRATEGIC REPORT
RAGGED RANGE (GOLD, COPPER, LITHIUM & NICKEL) - WESTERN
AUSTRALIA
The Ragged Range Project, located in the highly prospective
Eastern Pilbara Craton, Western Australia, is 100% owned by Thor
Mining - E46/1190, E46/1262, E46/1355, E46/1340, plus the recently
granted E46/1393 (Figure 1). The Project is adjacent to significant
gold resources, including De Greys Hemi gold project and two of the
world's largest and globally significant spodumene deposits at
Wodgina (Mineral Resources Ltd) and Pilgangoora (Pilbara
Minerals).
Since acquiring the Project, Thor has conducted several
geochemical and geophysical programs defining several priority
gold, nickel, lithium and copper prospects: including the Sterling
Prospect 13km gold corridor, Krona nickel gossan prospect, Kelly's
copper-gold prospect and the favourable lithium area to the north
around the Split Rock Supersuite (Figure 1).
In December 2021 Thor completed its maiden reverse circulation
drilling program at Sterling Prospect, with A$160,000 funding from
the Western Australia Government under the EIS Co-funded grants
program. A follow up second phase of RC drilling was completed in
July 2022 at Sterling Prospect.
Details of the projects may be found on the Thor website via
this link:
www.thormining.com/projects/ragged-range-pilbara-project
http://www.rns-pdf.londonstockexchange.com/rns/3482B_1-2022-9-30.pdf
Figure 1: Location Map showing Ragged Range and tenement licence
area
STERLING PROSPECT
A maiden RC drilling program comprising 41 shallow RC drillholes
totalling 2,155m was completed at the Sterling Prospect in December
2021. Drilling was designed to test eight strong gold anomalies at
Sterling Central and Sterling South prospects, defined from soil
and stream sediment sampling programs associated with the
structural controls of the dominant, faulted contact between the
Euro Basalt and the Dalton Suite ultramafics (Figure 1).
No significant gold intercepts (max of 0.1g/t Au) were
intercepted, although intersections of strong broad zones of quartz
veining, sericite, silica alteration, sulphides and fuchsite,
characteristic of gold mineralisation in the Pilbara, are positive
indicators of close proximity to the gold source. In many of the
drill holes close to the fault contact, sericite and silica
alteration of the Euro Basalt is strong. This alteration style
forms the distal alteration halo around many gold deposits.
Sulphide veining with chalcopyrite, pyrite and sphalerite was
observed in drill chips.
A second follow up drilling program at Sterling Prospect was
completed in July 2022 comprising 48 reverse circulation holes
totalling 3,120m, including one drillhole at Krona prospects,
Ragged Range Project, Figure 1 (ASX: THR 11 July 2022).
This second phase of drilling tested interpreted dilational
zones (potential trap sites for mineralisation and the potential
source of the gold anomalies found in stream and soil samples).
Surface anomalism is associated with a series of faults and folds,
subparallel or at a low angle to the regional thrust faulted
contact (Norman Cairns Fault) between the Euro Basalt and the
Dalton Suite ultramafics (Figure 1).
http://www.rns-pdf.londonstockexchange.com/rns/3482B_1-2022-9-30.pdf
Photo 2: RC drilling at Sterling Prospect
KRONA PROSPECT -Nickel Gossan
The Krona nickel gossan (Figure 1) was initially identified by
the Western Australian Geological Survey on the Split Rock 1:100K
mapping explanatory notes (Bagas et al., 2004), with Thor
undertaking a mapping and sampling program in mid-2020 (THR: ASX 31
July 2020). The gossan extends over 1km x 100m and sits at the base
of the Dalton Suite (ultramafic units), adjacent to the older
Felsic Volcanics of the Wyman Formation (Figure 1). This position
of the gossan at the base of the ultramafic contact is significant
from a geological nickel-sulphide model perspective.
A high-powered Fixed Loop Electromagnetics (FLEM) ground
geophysics survey was completed over the Krona Prospect in June
2022, covering the full extent of the nickel gossan ( ASX: THR 17
June 2022). The survey over the gossan was designed to detect
conductive anomalies at depth that may indicate the presence of
massive nickel-copper sulphide mineralisation to constrain initial
drill testing.
The single loop FLEM survey over the Krona prospect identified a
conductor at the southern end of the gossan (Figure 2). The
conductor was modelled as a shallow flat lying feature
approximately 100m deep and is consistent with sulphides. The
shallow (100m) conductor gave Thor a clear drill target, which was
subsequently drill tested in July 2022 as part of RC program at the
adjacent Sterling Prospect.
The drillhole intersected 66m @ 0.19% Nickel from 81m however
with minimum sulphides, hitting the edge of the FLEM conductor.
This hole was cased in preparation for a Downhole Electromagnetic
Survey ("DHEM") survey which was completed in August 2022. The DHEM
geophysics survey revealed an off-hole conductor at around 85m
consistent with sulphides and warrants drill testing to
validate.
http://www.rns-pdf.londonstockexchange.com/rns/3482B_1-2022-9-30.pdf
Figure 2: Krona Prospect showing Electromagnetic conductor
beneath Nickel Gossan and drillhole
Lithium Prospectivity
The Pilbara Craton is highly prospective for
lithium-caesium-tantalum ( LCT) enriched 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
possibly genetically related to the Split Rock Supersuite (2.85 to
2.83Ma) (Sweetapple, M, 2017) (Figure 3). Within Thor's tenure, the
Mondana Monzogranite part of the Split Rock Supersuite, mapped in
the northern portion of tenure, is untested for lithium potential
(Figure 1).
Thor's exploration strategy is to ground-truth the 10km halo
around the Mondana Monzongranite, considered the most favourable
position for the spatial zonation of LCT enriched pegmatites.
The current field program, guided by Thor's radiometrics and
aster data, has identified several priority areas for mapping and
sampling, including:
-- Investigation of all small granitic and pegmatitic bodies in
the lithium target area. Samples are to be assayed for lithium and
key pathfinder elements including Ce, Rb, Sn, Ta and W.
-- Reconnaissance soil sampling and prospecting within the 10km
halo of the Mondana Monzogranite (E46/1262, E46/1190, E461393 and
E46/1340) (Figure 1).
http://www.rns-pdf.londonstockexchange.com/rns/3482B_1-2022-9-30.pdf
Figure 3: Geological map of the units and terranes comprising
the North Pilbara Craton (adapted from Sweetapple and Collins, 2002
and Hickman, 2016), highlighting the distribution of the Split Rock
Supersuite (2.85-2.83 Ga) and pegmatite fields and groups of LCT
(Li-Cs-Ta), NYF (Nb-Y>F) and mixed (LCT-NYF) petrogenetic
families of Cerny and Ercit (2005). Ragged Range tenure is shown
covering the southern portion of the Split Rock Supersuite and
Corunna Downs Batholith (after Sweetapple., 2017 ).
Kelly's Prospect - Gold -Copper
A new tenement was acquired E46/1393 in the northeast, covers a
recently surrendered mining lease M46/171 (Figure 1). This area
covers several historic copper-gold and copper-base metals mines
and prospects. The copper mineralisation is associated with the
dacite Boolina porphyry, close to the margin of the Corunna
batholith, and intrudes the Kelly greenstone belt.
At Kelly's Mine, historic production between 1955-1970, although
small, was of very high-grade - 610t of ore averaging 19.47% Cu
(Figure 1).(1)
Historical exploration has been sporadic, with no systematic
approach over the Kelly's area. Thor will be targeting areas of
mineralisation, zones of alteration, shears/faults and zones of
brecciation.
The Ragged Range project is underexplored with Thor
progressively proving up targets across the tenure for drill
testing focusing on Gold, Nickel, Lithium and Copper.
References:
-- Bagas et al., 2004. Geology of the Spilt Roc 1:100,000 Sheet.
1:00,000 Geological Series. Geological Survey of Western
Australia
-- (1) https://www.mindat.org/loc-122951.html
URANIUM AND VANADIUM PROJECT - COLORADO AND UTAH, USA
Thor holds a 100% interest in two USA companies with mineral
claims in Colorado and Utah, USA. The claims host uranium and
vanadium mineralisation within the Uravan Mineral Belt, which has a
history of high-grade uranium and vanadium production (Figure
4).
The Projects benefit from easy access and are close to the White
Mesa toll treating mill which may be a low hurdle processing option
for any production from these projects.
http://www.rns-pdf.londonstockexchange.com/rns/3482B_1-2022-9-30.pdf
Figure 4: Location Map of Colorado & Utah projects (left)
and Priority Drill Prospects at wedding Bell Project (right)
The uranium-vanadium deposits within the Uravan Mineral Belt
(Figure 4), hosted mainly in the Salt Wash member of the Morrison
Formation on the Colorado Plateau are classified by the
International Atomic Energy Agency (IAEA) as "Saltwash type"
sandstone hosted uranium deposits. They are considered unique
amongst the sandstone-hosted type of deposits in that they are
predominantly vanadium (V(2) O(5) ) with accessory uranium (U(3)
O(8) ). They occur as tabular bodies in reduced sequences of highly
oxidised, feldspar-rich sandstones that have substantial fossilised
plant material. High-grade uranium and vanadium occur together
although vanadium has a much larger halo. Based on production
figures the vanadium exceeds uranium in ratios ranging from 3:1 to
10:1 with the ratio increasing southward; averaging 5:1 in the
Wedding Bell/Groundhog Project area.
Larger deposits are found in paleochannels (braided streams in
the Jurassic period) where accumulations of plant material led to
more reduced conditions being retained over time. The Salt Wash
member consists of interbedded fluvial sandstone and
floodplain-type mudstone. The Salt Wash member is gently folded
into a shallow dome meaning it is often close to surface or
exposed. The sandstone beds form cliffs or rims with the mudstone
units forming slopes. The upper most sandstone contains the
majority of the ore deposits.
Details of the projects may be found on the Thor website:
www.thormining.com/projects/us-uranium-and-vanadium .
Thor's initial exploration focus is on exploring and accessing
the Wedding Bell and Radium Mountain project, Colorado.
During the year Thor received full permitting to undertake a
small maiden drilling program at the Project. This drilling program
commenced in late September 2022.
High-grade assay results from due diligence work completed by
Thor returned up to 1.25% U(3) O(8) and 3.47% V(2) O(5) ,
confirming uranium and vanadium mineralisation within the Salt Wash
member of the Morrison Formation (ASX:THR 10 September 2020). This
is consistent with and typical of the historical production in the
Wedding Bell, Radium Mountain area of the Uravan mineral belt
(Figure 4).
Following this work, three priority areas within the Colorado
claims were highlighted for drill testing - Section 23, Rim Rock,
and Ground Hog (Figure 4).
Section 23 (Figure 4) in the southeast corner of the Wedding
Bell claims has been identified by Thor Mining and World Industrial
Minerals LLC (US Consulting team) as the highest priority drill
target in the Colorado Uranium-Vanadium Project. This area
represents the only large area in the claim block with the "Salt
Wash" Member precluded from historic prospecting, drilling and mine
production. Proposed drillholes for this area are designed to
target potential mineralisation in the third sandstone unit
estimated to be within 30-40m of surface, stratigraphically,
beneath the mapped contact with the overlying upper Brushy Basin
Member of the Morrison Formation.
Drilling at Rim Rock and Groundhog Prospects is designed to test
extensions to high-grade uranium and vanadium mineralisation
sampled within and around historic workings (Photo 3). At the
Groundhog prospect there are historic workings within the Brushy
Basin shales as well as the Salt Wash sandstone, hence drilling
will target both perspective horizons.
In conjunction, a geological evaluation of the Utah claims is
underway (Figure 4).
http://www.rns-pdf.londonstockexchange.com/rns/3482B_1-2022-9-30.pdf
Photo 3: Historic workings at Rim Rock showing uranium and
vanadium mineralisation
COPPER PROJECTS - SOUTH AUSTRALIA
Thor holds direct and indirect interests in over 400,000 tonnes
of Inferred copper resources (Tables A, B, & C) in South
Australia, via its 80% farm-in interest in the Alford East copper
project and its 30% interest in EnviroCopper Ltd (Alford West and
Kapunda Projects) (Figure 5). Each of these projects are considered
by Thor directors to have significant growth potential, and each
are being advanced towards development via low-cost,
environmentally friendly In Situ Recovery (ISR) techniques (Figure
6).
For further information on ISR please refer to Thor's website
via this link for an informative video:
www.youtube.com/watch?v=eG_1ZGD0WIw
http://www.rns-pdf.londonstockexchange.com/rns/3482B_1-2022-9-30.pdf
Figure 5. Alford East, Alford West & Kapunda Location Map
Figure 6. Schematic of ISR process
ALFORD EAST COPPER-GOLD PROJECT - SOUTH AUSTRALIA
The Alford East Copper-Gold Project is located on EL6529, where
Thor is earning up to an 80% interest from unlisted Australian
explorer Spencer Metals Pty Ltd, covering portions of EL6255 and
EL6529 (THR:ASX 23 November 2020).
The Project covers the northern extension of the Alford Copper
Belt, located on the Yorke Peninsula, SA (Figure 5). 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 drill hole information, Thor completed an
inferred Mineral Resource Estimate (MRE), with summaries in Table A
(THR:ASX 27 January 2021), consisting of:
-- 125.6Mt @ 0.14% Cu containing 177,000t of contained
copper
-- 71,500oz of contained gold
Diamond Drilling Program
Nine diamond drillholes totalling 878m were completed as part of
Thor's initial diamond drilling program. This initial program for
Thor, focussed only on the northern portion of the Alford East
copper-gold deposit around the AE-5 mineralised domain (Figure 7),
with drilling targeting areas open at depth and along strike,
whilst validating interpreted controlling mineralised structures.
AE-5 domain is only one of eight mineralised domains (Figure
7).
Drillhole assay results with significant copper and gold
intercepts include (THR:ASX Announcement 31 August 2021):
-- 21AED001 : 108.2m @ 0.17% Cu and 0.1g/t Au from 6.2m, including
32.9m @ 0.4% Cu and 0.31g/t Au from 81.5 m, and
-- 21AED002 : 59.9m @ 0.31% Cu from 21.9m
-- 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
-- 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
Note for ISR, Thor is targeting broad copper-gold oxide
intervals above the MRE cut-off grade of 0.05% copper.
For ISR purposes, drilling was limited to the deeply weathered
lithological profile, testing the extent of the oxide zone and the
depth boundary of the Top of Fresh Rock (TOFR). The copper-gold
oxide mineralisation is hosted within deeply kaolinised (clay) and
metasomatic altered units on the contact between the Olympic Domain
Wallaroo Group metasediments and the Hiltaba Suite, Tickera
Granite. Copper oxide mineralogy is dominated by malachite and
chalcocite.
Drillholes 21AED001, 21AED003 and 21AED005 (Section A-A'
6,256,360mN), were drilled through the central portion of AE-5 MRE
Domain (Figure 8), designed to validate the geological model and
test areas, open at depth. The high-grade copper and gold
intercepts in both 21AED001 and 21AED005 are, significantly above
the MRE cut-off and open up the potential for oxide mineralisation
at depth. Drillhole 21AED005 highlights the significant grade
uplift along the interpreted north-south controlling structure.
Copper (predominately malachite) and gold mineralisation in
21AED005 is hosted within residual friable clays.
The continuation of the visual copper mineralisation 100m north
of the MRE AE-5 domain envelope, (21AED002, 21AED006 and 21AED007),
confirms oxide copper mineralisation remains opens along strike and
the potentially links AE-5 to the AE-8 domain (Figure 7).
http://www.rns-pdf.londonstockexchange.com/rns/3482B_1-2022-9-30.pdf
Figure 7: MRE Mineralisation Domains (left); Domain AE-5 showing
drillhole collars (right)
http://www.rns-pdf.londonstockexchange.com/rns/3482B_1-2022-9-30.pdf
Figure 8: Cross section showing 21AED001, 21AED003 and
21AED05
A new robust 3D geological model was generated from recent
diamond drilling combined with all available regional geology,
structural and geophysics (magnetics and gravity) data (Figure
9).
Key geological outcomes:
-- The best oxide mineralisation seems to occur where a fault
has facilitated a more deeply weathered profile
-- Some faults appear to have had minor vertical offset on them
post-development of the weathering profile (for example, the
north-east trending Netherleigh Park Fault, central to the project
area).
-- Mineralisation shows a preference to metasediments.
-- A Sulphidic-Magnetic-Shale (SMS)stratigraphic-alteration unit
appears as a marker unit in the regional and more local magnetics
images, as well as in the regional 3D magnetics and gravity
inversions.
-- The SMS unit was modelled using the information above,
showing an overall synformal shape with AE3 sitting in the core or
trough of overlying metasediments formed by the synform.
-- Most supergene mineralisation appears to occur in the hanging
wall of the SMS, whilst the weathered primary mineralisation (such
as in the deeper sections of AE8 and AE5) appears to be associated
with major faults, such as the central Netherleigh Park Fault.
http://www.rns-pdf.londonstockexchange.com/rns/3482B_1-2022-9-30.pdf
Figure 9: 3D Geological Model
Hydrogeology
Pump testing for initial hydrogeological baseline work forming
part of the 'proof of concept' for ISR, including water
characteristics, porosity, and permeability testing was completed
in late 2021, with results confirming positive water parameters and
permeability for potential ISR at Alford East Project (THR:ASX 18
October 2021).
Key Findings:
-- The copper-gold mineralisation at the test site is saturated
below the water table. The water table elevation is approximately
38m Australian Height Datum (AHD). At the test site this equates to
a depth to water of 12m below ground surface. For ISR, the
mineralised zone needs to be saturated for lixiviant fluids to flow
through.
-- Groundwater salinity within 20km of site reports in the range
of 15,000 -55,000 milligrams per Litre total dissolved solids (mg/L
TDS), with onsite investigation reporting 19,000mg/L. This is
classified as saline and precludes agricultural or potable use. The
beneficial use category of this high salinity water as defined in
the South Australian Environmental Agency (EPA)water quality policy
(2015) and the Australian and New Zealand Guidelines for Fresh and
Marine Water Quality ANZECC Guidelines (2020) for industrial use
only, not suitable for irrigation or livestock.
-- Ground water is alkaline with pH -8.1, this is ideal for the
trial lixiviant, glycine. Glycine is a naturally occurring amino
acid, and an environmentally friendly reagent in an alkaline
carrier.
-- Groundwater is found within the weathered zone (saprolite)of
the basement rock, rather than in discrete fractures.
-- The rock hosting the copper and gold mineralisation is
moderately permeable.
-- Short term test pumping calculated an aquifer transmissivity
(T) of 2 to 3 m2/day. The resultant concomitant bulk hydraulic
conductivity is approximately 0.14 m/day. In an ISR setting, wells
with 18m long screens can be expected to yield around 0.5L/s. This
assumes transmissivity values consistent with results from recent
test pumping. This is very positive for ISR production.
Hydrometallurgy
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. A preliminary 'Discovery'
metallurgical test program has been carried out to determine the
amenability of the Alford East mineralisation to metal recovery
using GLT. The test work has involved two rounds of Diagnostic
Leach Tests (DLTs), and one round of Bottle Roll Tests (BRTs) on
the two samples from 21AED001. Ground water collected from Alford
East was used in the laboratory test work to ensure water
characteristic especially pH was tailored to Project
conditions.
Initial Findings:
-- Based on copper sequential analysis (identifies leachable
copper mineralogy) -15% of the copper from the upper zone and up to
50% from the lower zone should be theoretically leachable with
GLT.
-- Based on the gold diagnostic leach assays, extraction from
the lower zone of up to 73.4% should be theoretically leachable
with GLT. Upper zone had negligible gold.
-- Diagnostic Leach test-designed to be initial comparison tests
to ascertain the response to a range of conditions including a
baseline cyanidation test.
-- Bottle Roll tests (6):
-- The composite sample performed very well with GLT, extracting
98.1% of the gold and over 40% of the copper.
-- Lower zone using GLT extracting 78.3% of the gold and 33.5%
of the copper, whilst the Lower zone using cyanide extracted 64.1%
Au and 48.2% of the copper.
-- The alkaline Glycine Leaching Technology (GLT)has slower
leaching dynamics, than cyanidation, so if given more time higher
extractions would be expected
This work was co-funded by the SA Government Accelerated
Discovery Grant (ADI) of A$300,000.
From the work completed to date Thor believes Alford East
Project to be amenable to ISR with further assessment work planned
including resource drilling, pump testing and hydrometallurgical
work to increase copper recovery.
In conjunction with the technical assessment, Thor will continue
ongoing stakeholder and community engagement, and regulatory
activities.
ENVIROCOPPER COPPER PROJECTS - SOUTH AUSTRALIA
Thor holds a 30% equity interest in private Australian company,
EnviroCopper Limited ("ECL"). In turn, ECL has entered into an
agreement to earn, in two stages, up to 75% of the rights over
metals which may be recovered via ISR contained in the Kapunda
deposit from Australian listed company, Terramin Australia Limited
("Terramin" ASX: "TZN"), and rights to 75% of the Alford West
copper project comprising the northern portion of exploration
licence EL5984, held by Andromeda Metals Limited (ASX:ADN).
Information about EnviroCopper Limited and its projects can be
found on the EnviroCopper website:
www.envirocopper.com.au
ALFORD WEST
Based on substantial historic drilling, a Mineral Resource
Estimate (MRE) was completed in 2019 (ASX: THR 15 August 2019) on
several of the deposits at Alford West, totalling 66.1 million
tonnes (MT) grading 0.17% copper (Cu), containing 114,000 tonnes of
contained copper, using a cut-off grade of 0.05% Cu (Table B).
KAPUNDA
The Kapunda ISR Copper-Gold Project is located approximately 90
kilometres north north-east of Adelaide in South Australia (Figure
5). Terramin and ECR have estimated a combined Resource of 47.4
million tonnes at 0.25% copper containing 119,000 tonnes of copper
using a 0.05% copper cut off, summaries in Table C. This Resource
estimate is only in respect of that part of the Kapunda
mineralisation that is considered amendable to ISR (copper oxides
and secondary copper sulphides) and only reports mineralisation
that is within 100 metres of the surface (ASX:TZN Announcement 12
February 2018).
Test work to date has demonstrated that both copper and gold are
recoverable, using a range of lixiviants, from historical drill
samples, and that the ground conditions will allow the flow of
fluids necessary for ISR production.
In December 2021 ECL completed the installation of test well
arrays and commenced in-situ recovery trials ("ISR"), including
tracer and push pull test work (Photo 4). These tests are the final
hydrometallurgical assessments before ECL commences Site
Environmental Lixiviant Trials (SELT).
The purpose of push pull tests or lixiviant trials, 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:
1. Hydraulic connectivity between wells
2. Copper solubility and recovery
3. Establish lixiviant and time parameters for design of the
Site Environmental Lixiviant Trials (SELT).
http://www.rns-pdf.londonstockexchange.com/rns/3482B_1-2022-9-30.pdf
Photo 4: Push-Pull Tracer Trials Underway at Kapunda
In August 2022, after the reporting period OZ Minerals Limited
(ASX:OZL) ("OZL") entered into an agreement to fund technical
investigations into In-Situ Recovery technology at the Kapunda
copper-gold ISR Project (ASX:THR Announcement 9 September
2022).
OZL's Think & Act Differently innovation team, through OZ
Exploration Pty Ltd, a subsidiary of OZL, has committed AUD $2.5
million over 18 months into investigating the potential economic
extraction of copper via ISR at the Kapunda Project (the "Research
Agreement"). This funding expands on previous work by ECL in
cooperation with CSIRO and University of Adelaide under a CRC-P
grant (Commonwealth Research Centre Project). Any resulting IP from
the Research Agreement will be owned by ECL, and a license will be
granted to OZL which will be worldwide, perpetual, assignable,
irrevocable and royalty free.
Funding is non-dilutive to Thor's 30% interest in ECL.
MOLYHIL TUNGSTEN PROJECT - NORTHERN TERRITORY
The 100% owned Molyhil tungsten-molybdenum-copper project is
located 220 km north-east of Alice Springs (320km by road) within
the prospective polymetallic province of the Proterozoic Eastern
Arunta Block in the Northern Territory (Figure 10).
Thor Mining PLC acquired this project in 2004 as an advanced
exploration opportunity. Since then, the project has been taken to
the level where it is substantially permitted for development and,
by global standards, is recognised as one of the higher grade
open-pittable tungsten projects, with low capital and operating
costs per unit of tungsten production. The construction period for
the Molyhil development is estimated at 12 months from the time
finance is secured, and discussions with various parties in order
to secure finance for this purpose are proceeding. Thor is also
seeking a potential Joint Venture to assist with moving the Project
to development phase.
http://www.rns-pdf.londonstockexchange.com/rns/3482B_1-2022-9-30.pdf
Figure 10: Location Map
The deposit consists of two adjacent outcropping iron-rich skarn
bodies, the northern 'Yacht Club' lode and the 'Southern' lode.
Both lodes are marginal to a granite intrusion; both lodes contain
scheelite (CaWO(4) ) and molybdenite (MoS(2) ) mineralisation. Both
the outlines of the lodes and the banding within the lodes strike
approximately north and dip steeply to the east.
A revised Mineral Resource Estimate (MRE) was completed in 2021
comprising Measured, Indicated, and Inferred Mineral Resources,
totalling 4.4 million tonnes at 0.27% WO(3) (Tungsten trioxide),
0.10% Mo (Molybdenum), and 0.05% Cu (Copper) using a 0.07% WO(3)
cut-off (Table D). The estimation of WO(3) and Mo using Mixed
Support Kriging was undertaken by Golder Associates ("Golder"),
with the estimation of Fe and Cu by Ordinary Kriging was undertaken
by Resource Evaluation Services ("RES")
In conjunction with the Mineral Resource Estimate, 3D geological
modelling identified two prominent structures - Yacht Club fault
and South Offset fault (Figure 11 left). Based on the geological
timing of these faults they may have a significant impact on
mineralisation, hence creating targets for potential
extensions.
Modelling of the 3D magnetics and the position of the modelled
South Offset Fault strongly implies an offset of the magnetic
material (magnetite skarn) host to the tungsten-molybdenum
mineralisation, identifying a strong magnetic anomaly, south of the
fault. Although there are a few drillholes to the south of the
South Offset Fault, these have not intersected the magnetic body
(Figure 11 right).
Three diamond drillholes (21MHDD001, 21MHDD002, 21MHDD003)
totalling 995.4m, completed in late 2021, have successfully tested
and confirmed the newly identified 3D magnetic target located along
strike to the south of the Molyhil Critical Minerals Project. This
magnetic target represents a massive magnetite skarn hosting
disseminated tungsten-molybdenum-copper mineralisation.
Both 21MHDD002 and 21MHDD003 intercepted disseminated
mineralisation, consisting of low grade scheelite, molybdenite and
chalcopyrite within massive magnetite skarn. Drillhole 21MHDD002
intercepted 46m of disseminated mineralisation (Photo 5), whilst
21MHDD003 intercepted two zones of disseminated mineralisation over
29m of magnetite skarn . It appears 21MHDD001 intersected the edges
of the magnetite skarn drilling over the top into a granite, with
negligible mineralisation.
21MHDD002:
-- 46m @ 0.06% WO(3) , 0.05% Mo & 0.04% Cu from 249m,
including 11m @ 0.05% WO(3) , 0.13% Mo & 0.06 % Cu from
272m
21MHDD003:
-- 4m @ 0.13% WO(3) , 0.08% Mo & 0.06% Cu from 255m
Thor Mining was awarded A$110,000 from the Northern Territory
Government as part of the Resourcing the Territory, Geophysics and
Drilling Collaborations (GDC) program to co-fund the drilling
program.
A full background on the project is available on the Thor Mining
website: www.thormining.com/projects .
http://www.rns-pdf.londonstockexchange.com/rns/3482B_1-2022-9-30.pdf
Figure 11 (Left): Plan view, looking down at the conceptual pit
shell (brown), with the 0.3% WO(3) isosurface in blue, 0.15% Mo
isosurface in silver, and modelled 3D magnetics in transparent red.
The yellow dashed line shows the location of the long section
(right). Interpreted mineralisation model shown in yellow.
21MHDD001, 21MHDD002 and 21MHDD003 hole traces.
Figure 11 (Right): Long section of the Molyhil project looking
west-northwest, showing the three holes drilled in 2021 (21MHDD001,
21MHDD002 21MHDD003). Drilled holes 21MHDD002 and 21MHDD003
intercepted tungsten-molybdenum-copper mineralisation within
magnetite skarn, whilst 21MHDD001 is interpreted to have drilled
just over the top of the mineralised zone. Bar graph to the left of
the drillholes shows Fe in magnetic susceptibility readings,
indicating magnetite-rich skarn. Mineralisation remains open at
depth. The conceptual pit shell is shown in brown, 0.3% WO(3)
isosurface in blue, 0.15% Mo isosurface in silver, and modelled 3D
magnetics in red (0.175 SI), and as a transparent red envelope
(0.15 SI) and a conceptual shape representing the down-plunge
mineralised zone in yellow.
http://www.rns-pdf.londonstockexchange.com/rns/3482B_1-2022-9-30.pdf
Photo 5: 21MHDD02- 282-283m (282.4m) - 1m @ 0.02% WO(3) , 0.23%
Mo & 0.07% Cu - coarse grained visible molybdenite in magnetite
skarn
BONYA (TUNGSTEN, COPPER, VANADIUM) - NORTHERN TERRITORY
Adjacent to Molyhil, the Bonya tenements, in which Thor holds a
40% interest, host outcropping tungsten/copper resources, a copper
resource and a vanadium deposit (Figure 12).
In March 2020 quarter, the Joint Venture reported a maiden
resource estimate for the White Violet and Samarkand deposits
(Table E and F).
http://www.rns-pdf.londonstockexchange.com/rns/3482B_1-2022-9-30.pdf
Figure 12: Map showing Bonya prospects in proximity to
Molyhil
Details of the projects may be found on the Thor website via
this link: www.thormining.com/projects/us-uranium-and-vanadium
PILOT MOUNTAIN TUNGSTEN PROJECT - NEVADA, USA
In September 2021, Thor entered into an Option Agreement with
Power Metal Resources Plc to divest the 100% owned
Pilot Mountain Project, located in Nevada, USA. The sale agreed value of US$1.8 million.
A full background on the project and recent sale agreement is
available on the Thor Mining website:
www.thormining.com/projects
SPRING HILL GOLD PROJECT - NORTHERN TERRITORY
In September 2020, the Company announced the A$1.0million sale
of its royalty entitlement from the Spring Hill gold project in the
Northern Territory. The sale agreement provides for receipt of
A$400,000 on completion (received), followed by two production
milestone payments of A$300,000 each.
Competent Person's Report
The information in this report that relates to Exploration
Results and the Estimation and Reporting of Mineral Resource
Estimation 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.
JORC (2012) Compliant Mineral Resources and Reserves
Table A: Alford East Mineral Resource Estimate (Reported 22
January 2021)
Domain Tonnes Cu % Au g/t Contained Contained
(Mt) Cu (t) Au (oz)
AE_1 24.6 0.12 0.021 30,000 16,000
------- ----- ------- ---------- ----------
AE_2 6.8 0.13 0.004 9,000 1,000
------- ----- ------- ---------- ----------
AE_3 34.9 0.09 0.022 33,000 25,000
------- ----- ------- ---------- ----------
AE_4 8.0 0.11 0.016 8,000 4,000
------- ----- ------- ---------- ----------
AE_5 11.0 0.22 0.030 24,000 11,000
------- ----- ------- ---------- ----------
AE-8 31.3 0.19 0.008 61,000 8,000
------- ----- ------- ---------- ----------
AE-7 7.7 0.14 0.025 10,000 6,000
------- ----- ------- ---------- ----------
AE-6 1.3 0.13 0.011 2,000 500
------- ----- ------- ---------- ----------
Total 125.6 0.14 0.018 177,000 71,500
------- ----- ------- ---------- ----------
Notes:
-- Thor is earning up to 80% interest in oxide material from Spencer Metals
-- MRE reported on oxide material only, at a cut-off grade of
0.05% copper which is consistent with the assumed In Situ Recovery
technique.
-- Minor rounding errors may occur in compiled totals.
-- The Company is not aware of any information or data which
would materially affect this previously announced resource
estimate, and all assumptions and technical parameters relevant to
the estimate remain unchanged.
Table B: Alford West Copper Mineral Resource Estimate (Reported
15 August 2019)
Resource Classification COG Deposit Volume Tonnes Cu Cu metal Au Au (Oz)
(Cu %) (Mm3) (Mt) (%) (tonnes) (g/t)
Inferred 0.05 Wombat 20.91 46.5 0.17 80,000
-------- -------- ------- ------- ----- ---------- ------- --------
Bruce 5.51 11.8 0.19 22,000
-------- -------- ------- ------- ----- ---------- ------- --------
Larwood 3.48 7.8 0.15 12,000 0.04 10,000
-------- -------- ------- ------- ----- ---------- ------- --------
Total 29.9 66.1 0.17 114,000
------- ------- ----- ---------- ------- --------
Notes:
-- EnviroCopper are earning a 75% interest in this resource, and
Thor hold 30% equity in EnviroCopper.
-- Figures are rounded to reflect appropriate levels of
confidence. Apparent differences may occur due to rounding.
-- Cut-off grade used of 0.05% Cu.
-- The Company is not aware of any information or data which
would materially affect this previously announced resource
estimate, and all assumptions and technical parameters relevant to
the estimate remain unchanged.
Table C: Kapunda Resource Summary 2018 (Reported 12 February
2018)
Resource Copper
------------------------------------------------
Mineralisation Classification MT Grade % Contained Cu (t)
-------------------- ------------------- ------ --------- ------------------
Copper Oxide Inferred 30.3 0.24 73,000
Secondary copper
sulphide Inferred 17.1 0.27 46,000
-------------------- ------------------- ------ --------- ------------------
Total 47.4 0.25 119,000
---------------------------------------- ------ --------- ------------------
Notes:
-- EnviroCopper are earning a 75% interest in this resource, and
Thor hold 30% equity in EnviroCopper.
-- All figures are rounded to reflect appropriate levels of
confidence. Apparent differences may occur due to rounding.
-- Cut-off of 0.05% Cu.
-- The Company is not aware of any information or data which
would materially affect this previously announced resource
estimate, and all assumptions and technical parameters relevant to
the estimate remain unchanged.
Table D: Molyhil Mineral Resource Estimate (Reported March 31,
2021)
Classification '000 WO(3) Mo Cu Fe
Tonnes
--------
Grade Tonnes Grade Tonnes Grade Tonnes Grade %
% % %
---------------- -------- ----- ------ ----- ------- ----- ------ --------
Measured 464 0.28 1,300 0.13 600 0.06 280 19.12
Indicated 2,932 0.27 7,920 0.09 2,630 0.05 1,470 18.48
Inferred 990 0.26 2,580 0.12 1,170 0.03 300 14.93
-------- ----- ------ ----- ------- ----- ------ --------
Total 4,386 0.27 11,800 0.10 4,400 0.05 2,190 17.75
-------- ----- ------ ----- ------- ----- ------ --------
Notes:
-- Figures are rounded to reflect appropriate level of
confidence. Apparent differences may occur due to rounding.
-- Cut-off of 0.07% WO(3) .
-- 100% owned by Thor Mining Plc.
-- To satisfy the criteria of reasonable prospects for eventual
economic extraction, the Mineral Resources have been reported down
to 200 m RL which defines material that could be potentially
extracted using open pit mining methods.
Table E: Bonya Tungsten Mineral Resources (announced 29 January
2020)
Oxidation Tonnes WO(3) Cu
% Tonnes % Tonnes
White Violet Inferred Oxide 25,000 0.41 90 0.16 40
Fresh 470,000 0.21 980 0.06 260
Sub Total 495,000 0.22 1,070 0.06 300
Samarkand Inferred Oxide 25,000 0.11 30 0.07 20
Fresh 220,000 0.20 430 0.13 290
Sub Total 245,000 0.19 460 0.13 310
Combined Inferred Oxide 50,000 0.26 120 0.14 60
Fresh 690,000 0.21 1,410 0.08 550
Total 740,000 0.21 1,530 0.09 610
========================== =========== ======== ===== ======= ===== =======
Notes:
-- 0.05% WO3 cut-off grade.
-- Totals may differ from the addition of columns due to rounding.
-- Thor Mining PLC holds 40% equity interest in this project.
-- The Company is not aware of any information or data which
would materially affect this previously announced resource
estimate, and all assumptions and technical parameters relevant to
the estimate remain unchanged.
Table F: Bonya Copper Mineral Resources (announced 26 November
2018)
Oxidation Tonnes Cu
% Tonnes
Inferred Oxide 25,000 1.0 200
Fresh 210,000 2.0 4,400
Total 230,000 2.0 4,600
----------------------- -------- ---- -------
Notes:
-- 0.2% Cu cut-off grade.
-- Totals may differ from the addition of columns due to rounding.
-- Thor Mining PLC holds 40% equity interest in this project
-- The Company is not aware of any information or data which
would materially affect this previously announced resource
estimate, and all assumptions and technical parameters relevant to
the estimate remain unchanged.
Principal risks and uncertainties
The management of the business and the execution of the Group's
strategy are subject to a number of risks. The key business risks
affecting the Group are set out below.
Risks are formally reviewed by the Board, and appropriate
processes are put in place to monitor and mitigate them. If more
than one event occurs, it is possible that the overall effect of
such events would compound the possible adverse effects on the
Group.
Exploration risks
The exploration and mining business is controlled by a number of
global factors, principally supply and demand which in turn is a
key driver of global mineral prices; these factors are beyond the
control of the Group. Exploration is a high-risk business and there
can be no guarantee that any mineralisation discovered will result
in proven and probable reserves or go on to be an operating mine.
At every stage of the exploration process the projects are
rigorously reviewed to determine if the results justify the next
stage of exploration expenditure ensuring that funds are only
applied to high priority targets.
The principal assets of the Group comprising the mineral
exploration licences are subject to certain financial and legal
commitments. If these commitments are not fulfilled the licences
could be revoked. They are also subject to legislation defined by
the Government; if this legislation is changed it could adversely
affect the value of the Group's assets.
Dependence on key personnel
The Group and Company is dependent upon its executive management
team and various technical consultants. Whilst it has entered into
contractual agreements with the aim of securing the services of
these personnel, the retention of their services cannot be
guaranteed. The development and success of the Group depends on its
ability to recruit and retain high quality and experienced staff.
The loss of the service of key personnel or the inability to
attract additional qualified personnel as the Group grows could
have an adverse effect on future business and financial
conditions.
Uninsured risk
The Group, as a participant in exploration and development
programmes, may become subject to liability for hazards that cannot
be insured against or third party claims that exceed the insurance
cover. The Group may also be disrupted by a variety of risks and
hazards that are beyond control, including geological, geotechnical
and seismic factors, environmental hazards, industrial accidents,
occupational and health hazards and weather conditions or other
acts of God.
Funding risk
The only sources of funding currently available to the Group are
through the issue of additional equity capital in the parent
company or through bringing in partners to fund exploration and
development costs. The Company's ability to raise further funds
will depend on the success of the Group's exploration activities
and its investment strategy. The Company may not be successful in
procuring funds on terms which are attractive and, if such funding
is unavailable, the Group may be required to reduce the scope of
its exploration activities or relinquish some of the exploration
licences held for which it may incur fines or penalties.
Financial risks
The Group's operations expose it to a variety of financial risks
that can include market risk (including foreign currency, price and
interest rate risk), credit risk, and liquidity risk. The Group has
a risk management programme in place that seeks to limit the
adverse effects on the financial performance of the Group by
monitoring levels of debt finance and the related finance costs.
The Group does not use derivative financial instruments to manage
interest rate costs and, as such, no hedge accounting is
applied.
COVID-19
The COVID-19 virus continues to disrupt supply chains and
services. The extent of the effect of the virus, including its
long-term impact, remains uncertain. The Group has implemented
procedures and contingency arrangements to ensure that they are
able to continue to operate.
Section 172(1) Statement - Promotion of the Company for the
benefit of the members as a whole
The Directors believe they have acted in the way most likely to
promote the success of the Company for the benefit of its members
as a whole, as required by s172 of the Companies Act 2006.
The requirements of s172 are for the Directors to:
-- Consider the likely consequences of any decision in the long term
-- Act fairly between the members of the Company
-- Maintain a reputation for high standards of business conduct
-- Consider the interests of the Company's employees
-- Foster the Company's relationships with suppliers, customers and others
-- Consider the impact of the Company's operations on the community and the environment
The Company continues to progress with its portfolio of
exploration projects and investments, which are inherently
speculative in nature and, without regular income, is dependent
upon fund-raising for its continued operation. The pre-revenue
nature of the business is important to the understanding of the
Company by its members, employees and suppliers, and the Directors
are as transparent about the cash position and funding requirements
as is allowed under AIM Rules for Companies.
An example of how the Company implemented S172 can be
demonstrated from the impact of COVID19 on Thor's operations which
have continued to cause some disruption mainly in respect of the
following:
-- Ensuring the health and safety of our staff and contractors;
-- Logistical issues surrounding supporting field operations; and
-- Volatility of capital markets and Thor's ability to secure equity capital.
These issues have all been directly addressed. In terms of
health of our staff we have standard practices in place to minimise
the risk of COVID19 contraction or spread: working from home where
appropriate, the use of face masks in public in compliance with
local requirements and ensuring the availability of sanitiser and
social distance in the office environment. Travel to major
population centres is minimised where possible and the company
retains a strict policy of staff staying at home if they feel
unwell.
As a mining exploration Company with projects in Australia and
United States of America, the Board takes seriously its ethical
responsibilities to the communities and environment in which it
works. Wherever possible, local communities are engaged in the
geological operations & support functions required for field
operations. The regions in which the Company operates have native
title laws. The Company is respectful of native title rights and
engages proactively with local communities. In addition, we are
careful to manage the environmental obligations of our work, and in
particular undertake site rehabilitation programmes, and prepare
mine management plans, in accordance with local laws and
regulations. Our goal is to meet or exceed standards, in order to
ensure we maintain our social licence to operate from the
communities with which we interact.
We abide by the local, including relevant UK, Australian and US
laws on anti-corruption & bribery.
The interests of our employees are a primary consideration for
the Board. Personal development opportunities are supported and
health and safety are central to planning for field
expeditions.
Other information
Other information that is usually found in the Strategic report
has been included in the Directors report.
Directors' Report
The Directors are pleased to present this year's annual report
together with the consolidated financial statements for the year
ended 30 June 2022.
Review of Operations
The net result of operations for the year was a loss of
GBP1,253,000 (2021 loss: GBP2,104,000).
A detailed review of the Group's activities is set out in the
Review of Operations & Strategic Report.
Directors and Officers
The names and details of the Directors and officers of the
company during or since the end of the financial year are:
Alastair Clayton - Non-Executive Chairman (Appointed 5 October
2021)
Alastair is a financier and geologist, has over 25 years'
experience in the mining and exploration industry, identifying,
financing and developing mineral, energy and materials processing
projects in Australia, Europe and Africa. He was previously a
Director of ASX100-list Uranium Developer Extract Resources where
he represented major shareholder AIM-listed Kalahari Minerals on
the Board. He was part of the team responsible for the eventual
A$2.2B sale to CGNPC in 2012. He was also Chairman of ASX-listed
Uranium Developer Bannerman Resources Limited and was a founding
Director of ASX-listed Universal Coal which was sold to Terracom in
2021 for A$175m.
Currently Alastair is an Executive Director of ASX/AIM-listed
Gold/Copper explorer Artemis Resources Limited.
Nicole Galloway Warland - Managing Director
Ms Galloway Warland, who graduated from the University of
Technology, Sydney with a BSc (Hons) Applied Geology, has had a
career spanning more than 25 years in the mining and exploration
industry, working across a broad range of jurisdictions and
geological provinces in Australia, Eastern Europe and South
America.
Nicole's experience spans from grass roots exploration to
project evaluation to open cut & underground mining with a
commodity focus of gold, copper, nickel, uranium & lithium.
Mark McGeough BSc dual honours Geol/Geog, FAusIMM -
Non-Executive Director
Mr McGeough is an experienced geologist who has spent nearly 40
years in Australia exploring for gold, IOCG copper-gold,
silver-lead-zinc and uranium. He was involved in the discovery of
the White Dam gold deposit in South Australia and the Theseus
uranium deposit in WA.
Mark's career includes a variety of small, mid-size and large
mining companies including Chinova Resources, Toro Energy, Xstrata
Copper, Mount Isa Mines and AGIP Australia. For Chinova Resources,
Mark combined the role of General Manager Exploration with
technical director roles for subsidiary companies. From 2005 to
2008 Mark was also the Manager of the SA Geological Survey,
promoting the PACE program.
Mark Potter - Former Non-Executive Director and Chairman
(Resigned 30 June 2022)
Michael Robert Billing CPA, B Bus MAICD - Former Executive
Chairman and CEO (Retired as CEO 21 April 2021 and retired as
Chairman 3 September 2021)
Ray Ridge - BA(Acc), CA, GIA(cert)
Chief Financial Officer / Joint Company Secretary
Mr Ridge is a chartered accountant with over 25 years accounting
and commercial management experience. Previous roles include Senior
Audit Manager with Arthur Andersen, Financial Controller and then
Divisional CFO with Elders Ltd, and General Manager Commercial
& Operations at engineering and construction company Parsons
Brinckerhoff. Mr Ridge is company secretary for two other ASX
listed companies.
Stephen F Ronaldson - Joint Company Secretary (UK)
Mr Stephen Ronaldson is the joint company secretary as well as a
partner of the Company's UK solicitors, Druces LLP.
Mr Ronaldson has an MA from Oriel College Oxford and qualified
as a solicitor in 1981. During his career Mr Ronaldson has
concentrated on company and commercial fields of practice
undertaking all issues relevant to those types of businesses
including capital raises, mergers and acquisitions, Financial
Services and Markets Act work, placings and admissions to AIM,
AQUIS and other regulated markets. Mr Ronaldson is currently
company secretary for a number of quoted companies including AIM
listed companies.
Executive Director Service contracts
All Directors are appointed under the terms of a Directors
letter of appointment. Applicable from October 2020, each
appointment provides for annual fees of Australian dollars $50,000
for services as Directors inclusive of the 10.0% as a company
contribution to Australian statutory superannuation scheme (10.50%
from 1 July 2022). Prior to October 2020, annual Directors' fees
were $40,000 inclusive of the 9.5% to Australian statutory
superannuation scheme. The agreement allows that any services
supplied by the Directors to the Company and any of its
subsidiaries in excess of two days in any calendar month, may be
invoiced to the Company at market rate, currently at A$1,000 per
day for each Director other than Mr Michael Billing who was paid
A$1,200 per day.
Principal activities and review of the business
The principal activities of the Group are the exploration for
and potential development of gold, copper, uranium, vanadium,
tungsten and other mineral deposits.
At the Company's 100% owned Ragged Range Project in the Pilbara
region of Western Australia, Thor completed RC drilling of 2,155m,
followed by a further 3,120m in July 2022, at its sterling
prospect. A high-powered fixed loop electromagnetics ground
geophysics was completed at the Krona prospect (Nickel Gossan) and
subsequent to 30 June 2022, Thor has undertaken a down hole
electromagnetic survey. Additionally, the Pilbara Craton remains
highly prospective for lithium-caesium-tantalum (LCT) enriched
pegmatites, and the Company is identifying several priority areas
for mapping and sampling. A new tenement (E46/1393) was acquired in
the northeast.
Thor holds mineral claims in the US states of Colorado and Utah
within the Uranvan Mineral Belt, with historical high-grade uranium
and vanadium production results. Thor has successfully obtained
permits for drilling at the Colorado prospects - Rim Rock,
Groundhog and Area 23, within the Wedding Bell and Radium Mountain
Projects. The initial drill program of 2,000m has commenced in late
September 2022.
At Alford East Copper-Gold Project in South Australia, Thor is
earning an 80% interest in copper gold oxide mineralisation
considered amenable to extraction via In Situ Recovery techniques
(ISR). Alford East has an Inferred Mineral Resource Estimate of
177,000 tonnes contained copper & 71,500 oz of contained gold.
Nine drill holes were completed totalling 878m, as part of Thor's
maiden drilling program, with assay results announced on 31 August
2021. In late 2021, pump testing for initial hydrogeological
baseline work was completed, forming part of the 'proof of concept'
for ISR, with results confirming positive water parameters and
permeability for potential ISR at Alford East Project. A
preliminary metallurgical test program has also been carried out to
determine the amenability of the Alford East mineralisation to
metal recovery using environmentally friendly Glycine Leaching
Technology.
Thor holds 30% of EnviroCopper Limited (ECL). ECL holds 1) an
agreement to earn, in two stages, up to 75% of the rights over
metals which may be recovered via in-situ recovery (ISR) contained
in the Kapunda deposit, from Australian listed company, Terramin
Australia Limited (ASX: TZN) and 2) a right to earn up to a 75%
interest in the Moonta Copper Project, which comprises the northern
section of exploration licence EL5984 held by Andromeda Metals
Limited (ASX: ADN). In December 2021, ECL completed the
installation of test well arrays and commenced in-situ recovery
trials ("ISR"), including tracer and push pull test work. These
tests are the final hydrometallurgical assessments before ECL
commences Site Environmental Lixiviant Trials. Subsequently in
August 2022, OZ Minerals Limited (ASX:OZL) ("OZL") entered into an
agreement to provide funding to ECL of $2.5 million over 18 months
for further technical investigations into In-Situ Recovery
technology at the Kapunda Project.
Thor holds 100% of the advanced Molyhil Tungsten-Molybdenum
Project in the Northern Territory of Australia, together with a 40%
interest in deposits of tungsten, copper, and vanadium, in two
tenements adjacent to Molyhil. In late 2021, three diamond
drillholes totalling 995.4m successfully tested and confirmed the
previously identified 3D magnetic target located along strike to
the south of the Molyhil Critical Minerals Project.
In September 2021, Thor completed the divestment of the Pilot
Mountain tungsten project in Nevada USA, (refer Note 7a of the
Annual Financial Report).
A detailed review of the Group's activities is set out in the
Review of Operations & Strategic Report.
Covid-19
The impact of COVID19 on Thor's operations has reduced with
modest business disruption mainly in respect of the following:
-- Ensuring the health and safety of our staff and contractors;
-- Logistical issues surrounding supporting field operations; and
-- Volatility of capital markets and Thor's ability to secure equity capital.
Business Review and future developments
A review of the current and future development of the Group's
business is provided in the Review of Operations & Strategic
Report.
Results and dividends
The Group incurred a loss after taxation of GBP1,253,000 (2021
loss: GBP2,104,000). No dividends have been paid or are
proposed.
Key Performance Indicators
Given the nature of the business and that the Group is on an
exploration and development phase of operations, the Directors are
of the opinion that analysis using KPIs is not appropriate for an
understanding of the development, performance or position of our
businesses at this time.
At this stage, management believe that the carrying value of
exploration assets and the management of cash is the main
performance indicator which is monitored closely to ensure the
group has sufficient funds to advance its exploration assets.
Events occurring after the reporting period
At the date these financial statements were approved, the
Directors were not aware of any other significant post balance
sheet events other than those set out in note 21 to the financial
statements.
Substantial Shareholdings
At 17 September 2022, there were no disclosable interests in 3%
or more of the nominal value of the Company's shares.
Directors & Officers Shareholdings
The Directors and Officers who served during the period and
their interests in the share capital of the Company at 30 June 2022
or their date of resignation if prior to 30 June 2022, were
follows:
Ordinary Shares/CDIs Options
30 June 2022 30 June 2021 30 June 2022 30 June 2021
Alastair Clayton (appointed 5/10/2021) - - 8,000,000 -
Nicole Galloway Warland 250,000 250,000 16,000,000 4,000,000
Mark McGeough 1,861,765 1,861,765 8,000,000 -
Mark Potter (retired 30/06/2022) 2,910,831 2,910,831 16,000,000 8,000,000
Michael Billing (retired 3/09/2021) 53,156,490 53,156,490 9,250,000 9,250,000
Directors' Remuneration
The remuneration arrangements in place for directors and other
key management personnel of Thor Mining PLC, are outlined
below.
The Company remunerates the Directors at a level commensurate
with the size of the Company and the experience of its Directors.
The Board has reviewed the Directors' remuneration and believes it
upholds the objectives of the Company with regard to this issue.
Details of the Director emoluments and payments made for
professional services rendered are set out in Note 4 to the
financial statements.
The Australian based directors are paid on a nominal fee basis
of A$50,000 per annum applicable from October 2020 (A$40,000 prior
to that date), and UK based directors are paid the GBP equivalent
of A$50,000 at an agreed average foreign exchange rate (applicable
from October 2020), with the exception of Ms Nicole Galloway
Warland who receive a salary in her respective executive role, no
further fees were payable Ms Galloway Warland as Executive
Director.
Directors and Officers
Summary of amounts paid to Key Management Personnel
The following table discloses the compensation of the Directors
and the key management personnel of the Group during the year.
2022 Salary Total Fees Short-term
and Shares Post Employment for Services employee Options Total
Fees issued Super rendered benefits (6) Benefit
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Directors (1)
Alastair Clayton
(2) 21 - - 21 21 52 73
Mark Potter
(3) 29 - - 29 29 52 81
Nicole Galloway
Warland (4) 127 - 13 140 140 79 219
Mark McGeough 25 - 2 27 27 52 79
Michael Billing
(5) 19 - 1 20 20 - 20
Key Personnel
(1)
Ray Ridge 46 - - 46 46 6 52
2022 Total 267 - 16 283 283 241 524
------- ------- --------------- ------------- ---------- ------- ----------
(1) As at 30 June 2022 amounts of GBP7,089, GBP7,089 and
GBP5,257 remained unpaid to Messrs Clayton, McGeough and Ridge
respectively.
(2) Appointed 5 October 2021.
(3) Retired 30 June 2022.
(4) Short term benefits in the table above for Ms Galloway
Warland include normal salary of GBP120,010 and a bonus of
GBP6,546, approved by the Board.
(5) Retired 3 September 2021.
(6) Following shareholder approval, 8,000,000 listed options
were granted to each of Messrs Clayton, Potter and McGeough and
12,000,000 to Ms Galloway Warland on 22 November 2021 (exercise
price $0.013, expiring 22 November 2025). These options were valued
at GBP0.00656 per option using the Black-Scholes method. On 17 May
2022, 2,400,000 unlisted options were granted to Mr Ridge under the
Company's Employee Share Option Plan (exercise price $0.025,
expiring 12 May 2025). These options were valued at GBP0.00630 per
option using the Black-Scholes method. 800,000 vest immediately and
were expensed. 800,000 vest 12 May 2023 and 800,000 vest 12 May
2024 - these options are expensed over their vesting periods.
2021 Salary Shares Total Fees Short-term
and issued Post Employment for Services employee Options Total
Fees (4) Super rendered benefits (5) Benefit
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Directors (1)
Mark Potter 24 12 - 36 36 14 50
Nicole Galloway
Warland (3) 82 - 8 90 90 20 110
Mark McGeough 17 6 2 25 25 - 25
Michael Billing 119 6 2 127 127 14 141
Richard Bradey
(2) 79 - 3 82 82 14 96
Key Personnel
(1)
Ray Ridge 50 - - 50 50 13 63
2021 Total 371 24 15 410 410 75 485
------- ------- --------------- ------------- ---------- ------- ----------
(1) As at 30 June 2021 amounts of GBP94,328, GBP6786, GBP6786
and GBP7,203, remained unpaid to Messrs Billing, Potter, McGeough
and Ridge respectively.
(2) Retired 29 October 2020.
(3) Appointed as Exploration Manager on 1 October 2020 and
appointed Managing Director 21 April 2021. Remuneration in the
above table for Ms Galloway Warland includes the period as
Exploration Manager and Managing Director, as both are considered
KMP roles.
(4) Messrs Billing and McGeough elected to receive 50% of their
gross directors' fees for the 6 months to 31 December 2020 by Thor
shares in lieu of cash payment. Mr Potter elected to receive 100%
of his directors' fees for the 6 months to 31 December 2020 by Thor
shares in lieu of cash payment. Following shareholder approval on
25 November 2020, 661,765 ordinary shares were issued on 27
November 2020, to each of Messrs Billing and McGeough in lieu of
$11,250 in directors fees owing to each and 1,323,529 ordinary
shares were issued to Potter in lieu of $22,500 in directors fees
owing.
(5) Following shareholder approval, 8,000,000 unlisted Options
were granted to each of Messrs Potter, Billing and Bradey on 8 July
2020 (exercise price $0.0095, expiring 8 July 2023). These options
were valued at GBP0.00172 per option using the Black-Scholes
method. Unlisted options were granted under the Company's Employee
Share Option Plan on 29 September 2020 to Ms Galloway Warland
(4,000,000 options) and Mr Ridge (2,500,000 options). These options
were valued at GBP0.00509 per option using the Black-Scholes
method.
Directors Meetings
The Directors hold meetings on a regular basis and on an as
required basis to deal with items of business from time to time.
Meetings held and attended by each Director during the year of
review were:
2022 Meetings held whilst in Office Meetings attended
Alastair Clayton (appointed 5 October 2021) 6 6
Nicole Galloway Warland 11 11
Mark McGeough 11 11
Mark Potter (resigned 30 June 2022) 11 11
Michael Billing (retired 3 September 2021) 3 3
Corporate Governance
The Board have chosen to apply the ASX Corporate Governance
Principles and Recommendations (ASX Corporate Governance Council,
4(th) Edition) as the Company's chosen corporate governance code
for the purposes of AIM Rule 26. Consistent with ASX listing rule
4.10.3 and AIM rule 26, this document details the extent to which
the Company has followed the recommendations set by the ASX
Corporate Governance Council during the reporting period. A
separate disclosure is made where the Company has not followed a
specific recommendation, together with the reasons and any
alternative governance practice, as applicable. This information is
reviewed annually.
The Company does not have a formal nomination committee, however
it does formally consider board succession issues and whether the
board has the appropriate balance of skills, knowledge, experience,
and diversity. This evaluation is undertaken collectively by the
Board, as part of the annual review of its own performance.
Whilst a separate Remuneration Committee has not been formed,
the Company undertakes alternative procedures to ensure a
transparent process for setting remuneration for Directors and
Senior staff, that is appropriate in the context of the current
size and nature of the Company's operations. The full Board fulfils
the functions of a Remuneration Committee, and considers and agrees
remuneration and conditions as follows:
-- All Director Remuneration is set against the market rate for
Independent Directors for ASX listed companies of a similar size
and nature.
-- The financial package for the Managing Director is
established by reference to packages prevailing in the employment
market for executives of equivalent status both in terms of level
of responsibility of the position and their achievement of
recognised job qualifications and skills.
The Company does not have a separate Audit Committee, however
the Company undertakes alternative procedures to verify and
safeguard the integrity of the Company's corporate reporting, that
are appropriate in the context of the current size and nature of
the Company's operations, including:
-- the full Board, in conjunction with the Australian Company
Secretary, fulfils the functions of an Audit Committee and is
responsible for ensuring that the financial performance of the
Group is properly monitored and reported.
-- in this regard, the Board is guided by a formal Audit
Committee Charter which is available on the Company's website at
http://www.thormining.com/aboutus#governance. The Charter includes
consideration of the appointment and removal of external auditors,
and partner rotation.
Further information on the Company's corporate governance
policies is available on the Company's website www.thormining.com
.
Environmental Responsibility
The Company is aware of the potential impact that its subsidiary
companies may have on the environment. The Company ensures that it
and its subsidiaries at a minimum comply with the local regulatory
requirements with regard to the environment.
Employment Policies
The Group will be committed to promoting policies which ensure
that high calibre employees are attracted, retained and motivated,
to ensure the ongoing success for the business. Employees and those
who seek to work within the Group are treated equally regardless of
gender, age, marital status, creed, colour, race or ethnic
origin.
Health and Safety
The Group's aim will be to achieve and maintain a high standard
of workplace safety. In order to achieve this objective, the Group
will provide training and support to employees and set demanding
standards for workplace safety.
Payment to Suppliers
The Group's policy is to agree terms and conditions with
suppliers in advance; payment is then made in accordance with the
agreement provided the supplier has met the terms and conditions.
Under normal operating conditions, suppliers are paid within 60
days of receipt of invoice.
Political Contributions and Charitable Donations
During the period the Group did not make any political
contributions or charitable donations.
Annual General Meeting ("AGM")
This report and financial statements will be presented to
shareholders for their approval at the AGM. The Notice of the AGM
will be distributed to shareholders together with the Annual
Report.
Auditors
A resolution to reappoint PKF Littlejohn LLP will be considered
at the Company's next Annual General Meeting expected to be held
mid to late November 2022.
Statement of disclosure of information to auditors
As at the date of this report the serving Directors confirm
that:
-- So far as each Director is aware, there is no relevant audit
information of which the Company's auditors are unaware, and
-- they have taken all the steps that they ought to have taken
as Directors in order to make themselves aware of any relevant
audit information and to establish that the Company's auditor is
aware of that information.
Going Concern
The Directors note the losses that the Group has made for the
Year Ended 30 June 2022. The Directors have prepared cash flow
forecasts for the period ending 30 September 2023 which take
account of the current cost and operational structure of the
Group.
The cost structure of the Group comprises a high proportion of
discretionary spend and therefore in the event that cash flows
become constrained, some costs can be reduced to enable the Group
to operate with a lower level of available funding. As a junior
exploration company, the Directors are aware that the Company must
go to the marketplace to raise cash to meet its exploration and
development plans, and/or consider liquidation of its investments
and/or assets as is deemed appropriate.
These forecasts demonstrate that the Group has sufficient cash
funds available to allow it to continue in business for a period of
at least twelve months from the date of approval of these financial
statements on the basis of continued ability to raise capital in
the marketplace. If additional capital is not obtained, the going
concern basis 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.
Accordingly, the financial statements have been prepared on a going
concern basis. Further consideration of the Group's Going Concern
status is detailed in Note 1 to the financial statements.
Statement of Directors' Responsibilities
The Directors are responsible for preparing the financial
statements in accordance with applicable law and regulations.
Company law requires the Directors to prepare financial
statements for each financial year. Under that law the Directors
have elected to prepare the group and parent company financial
statements in accordance with applicable law and UK-adopted
international accounting standards in conformity with the
requirements of the Companies Act 2006 and as regards the parent
company financial statements, as applied in accordance with the
provisions of the Companies Act 2006. Under company law the
Directors must not approve the financial statements unless they are
satisfied that they give a true and fair view of the state of
affairs of the company and of the group and of the profit or loss
of the company and the group for that year. In preparing those
financial statements, the Directors are required to:
-- select suitable accounting policies and then apply them consistently;
-- make judgments and estimates that are reasonable and prudent;
-- state whether applicable UK-adopted international accounting
standards in conformity with the requirements of the Companies Act
2006 have been followed subject to any material departures
disclosed and explained in the financial statements; and
-- prepare the financial statements on the going concern basis
unless it is inappropriate to presume that the group will continue
in business.
The Directors confirm that they have complied with the above
requirements in preparing the financial statements.
The Directors are responsible for keeping adequate accounting
records that are sufficient to show and explain the Company
transactions and disclose with reasonable accuracy at any time the
financial position of the Company and enable them to ensure that
the financial statements comply with the Companies Act 2006. They
are also responsible for safeguarding the assets of the Company and
hence for taking reasonable steps for the prevention and detection
of fraud and other irregularities.
Electronic communication
The maintenance and integrity of the Company's website is the
responsibility of the Directors: the work carried out by the
auditors does not involve consideration of these matters and,
accordingly, the auditors accept no responsibility for any changes
that may have occurred to the financial statements since they were
initially presented on the website.
The Company's website is maintained in accordance with AIM Rule
26.
Legislation in the United Kingdom governing the preparation and
dissemination of the financial statements may differ from
legislation in other jurisdictions.
This report was approved by the Board on 30 September 2022.
Alastair Clayton Ray Ridge
Non-Executive Chairman Chief Financial Officer
INDEPENT AUDITOR'S REPORT TO THE MEMBERS OF THOR MINING PLC
Opinion
We have audited the financial statements of Thor Mining Plc (the
'parent company') and its subsidiaries (the 'group') for the year
ended 30 June 2022 which comprise the Consolidated and Company
Statements of Comprehensive Income, the Consolidated and Parent
Company Statements of Financial Position, the Consolidated and
Company Statements of Cash Flows and the Consolidated and Company
Statements of Changes in Equity and notes to the financial
statements, including significant accounting policies. The
financial reporting framework that has been applied in their
preparation is applicable law and UK-adopted international
accounting standards.
In our opinion, the financial statements:
-- give a true and fair view of the state of the group's and of
the parent company's affairs as at 30 June 2022 and of the group's
and parent company's loss for the year then ended;
-- have been properly prepared in accordance with UK-adopted
international accounting standards; and
-- have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International
Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our
responsibilities under those standards are further described in the
Auditor's responsibilities for the audit of the financial
statements section of our report. We are independent of the group
and parent company in accordance with the ethical requirements that
are relevant to our audit of the financial statements in the UK,
including the FRC's Ethical Standard as applied to listed entities,
and we have fulfilled our other ethical responsibilities in
accordance with these requirements. We believe that the audit
evidence we have obtained is sufficient and appropriate to provide
a basis for our opinion. In addition to the matter described in the
Material uncertainty related to going concern section we have
determined the matters described below to be the key audit matters
to be communicated in our report.
Material uncertainty related to going concern
We draw attention to note 1c in the financial statements, which
identifies conditions that may cast doubt on the group's and parent
company's ability to continue as a going concern. The group
incurred a net loss of GBP1.2m, had operating cash outflows of
GBP0.626m in the year and has cash resources of GBP1.173m as at the
year-end. Based on cash flow forecasts prepared by management, all
current cash resources will be used prior to the 12 months period
from the date on which these financial statements are approved and
thus the group and parent company will be required to raise
additional funds.
As stated in note 1c, these events or conditions, along with the
other matters as set forth elsewhere, indicate that a material
uncertainty exists that may cast significant doubt on the group and
parent company's ability to continue as a going concern. Our
opinion is not modified in respect of this matter.
In auditing the financial statements, we have concluded that the
director's use of the going concern basis of accounting in the
preparation of the financial statements is appropriate. Our
evaluation of the directors' assessment of the company's ability to
continue to adopt the going concern basis of accounting
included:
-- Obtaining management's base case forecast for the period to
the 30 September 2023 and testing the mathematical accuracy of the
base case forecast;
-- Considering the reasonableness of mitigating actions
identified by management, which included an assessment of the
feasibility and quantification of such measures available to
management; and
-- Critically assessing the disclosures made within the
financial statements for consistency with management's assessment
of going concern.
Our responsibilities and the responsibilities of the directors
with respect to going concern are described in the relevant
sections of this report.
Our application of materiality
The concept of materiality is applied by the auditor both in
planning and performing the audit, and in evaluating the effect of
identified misstatements on the audit and of uncorrected
misstatements on the financial statements and in forming the
opinion in the auditor's report. Misstatements, including
omissions, are considered to be material if they, individually or
in the aggregate, could reasonably be expected to influence the
economic decisions of users taken on the basis of the financial
statements.
Materiality for the group financial statements as a whole was
GBP148,000 (2021: GBP139,00) with performance materiality set at
GBP103,600 (2021: GBP97,300), being 70% (2021: 70%) of group
materiality. Materiality for the financial statements as a whole
was based upon 1.0% (2021: 1%) of the group's gross assets.
In determining group materiality, we deemed assets to be the
main driver of the business as the group is in the exploration
stage with no revenue currently being generated. In determining
performance materiality, the significant judgements made were our
experience with auditing the financial statements of the group in
previous years, the number and quantum of identified misstatements
in the prior year audit and management's attitude towards
correcting misstatements identified.
We agreed with those charged with governance that we would
report all individual audit differences identified for the group
during the course of our audit in excess of GBP7,400 together with
any other audit misstatements below that threshold that we believe
warranted reporting on qualitative grounds.
Materiality applied to the parent company's financial statements
was GBP120,000 with performance materiality set at GBP84,000, being
70% of the parent company's materiality.
The benchmark for materiality of the parent company was 0.8% of
the parent company's gross assets. The significant judgements used
by us in determining this were that total assets are the primary
measure used by the shareholders in assessing the performance of
the parent company. The percentage applied to this benchmark has
been selected to bring into scope all significant classes of
transactions, account balances and disclosures relevant for the
shareholders, and also to ensure that matters that would have a
significant impact on the reported profit were appropriately
considered.
In determining performance materiality for the parent company,
the significant judgements made were our experience with auditing
the financial statements of the parent company in previous years
based on the number and quantum of identified misstatements in the
prior year audit and management's attitude to correcting
misstatements identified.
We agreed those charged with governance that we would report all
individual audit differences identified for the parent company
during the course of our audit in excess of GBP6,000 together with
any other audit misstatements below that threshold that we believe
warranted reporting on qualitative grounds.
Our approach to the audit
In designing our audit, we determined materiality and assessed
the risks of material misstatement in the financial statements. In
particular, we looked at areas involving significant accounting
estimates and judgement. In particular we considered future events
that are inherently uncertain such as the carrying value of the
exploration intangible assets.
As in all of our audits, we also addressed the risk of
management override of internal controls, including among other
matters consideration of whether there was evidence of bias by the
directors that represented a risk of material misstatement due to
fraud. Exploration and evaluation activities take place within the
subsidiaries based in Australia and this is also the location of
the accounting function.
Of the group's 8 components, 3 were subject to full scope audits
for group purposes. The components not subject to full scope audits
contained only balances that eliminated on consolidation, or
specific balances material to the financial statements were audited
for group purposes where necessary. The parent company was audited
separately to the materiality level noted above.
All work with respect to the components has been performed by a
component auditor under our instruction. The parent company audit
was principally performed in London, conducted by PKF Littlejohn
LLP using a team with specific experience of auditing mining
exploration entities and publicly listed entities. The Senior
Statutory Auditor and other members of the audit team interacted
regularly with the component audit teams during all stages of the
audit and was responsible for the scope and direction of the audit
process. This gave us sufficient and appropriate audit evidence to
support the audit opinion of the group and parent company financial
statements
Key audit matters
Key audit matters are those matters that, in our professional
judgment, were of most significance in our audit of the financial
statements of the current period and include the most significant
assessed risks of material misstatement (whether or not due to
fraud) we identified, including those which had the greatest effect
on: the overall audit strategy, the allocation of resources in the
audit; and directing the efforts of the engagement team. These
matters were addressed in the context of our audit of the financial
statements as a whole, and in forming our opinion thereon, and we
do not provide a separate opinion on these matters.
Key Audit Matter How our scope addressed this matter
Valuation of intangible
fixed assets (refer to
Note 7)
============================================================
The group holds exploration Our work included the following:
and evaluation assets with
a carrying value of GBP12.3m -- Obtaining the impairment assessment prepared
which relates to the Molyhill by management and reviewing for reasonableness;
Mine and Bonya tenements -- Obtaining the current exploration licences
in the Northern Territory and ensuring that they remain valid;
of Australia and the Ragged -- Making enquiries of management over the
Range Pilbara Project in future plans for each license including obtaining
Western Australia. cashflow projections where necessary and corroborating
to minimum spend requirements attached to
The carrying value and licences;
recoverability of these -- Reviewing for indicators of impairment
assets are tested annually listed in IFRS 6;
for impairment. The estimated -- Reviewing the working papers and reporting
recoverable amount of this deliverables of component auditors;
balance is subjective due -- Reviewing the exploration and evaluation
to the inherent uncertainty expenditures to assess their eligibility for
involved in the assessment capitalisation under IFRS 6 by corroborating
of exploration projects. to the original source documentation; and
-- Reviewing the disclosures presented in
As a result, there is the financial statements for accuracy and
a risk that the valuation that they are in accordance with IFRS disclosure
of intangible fixed assets requirements.
is materially incorrect.
============================================================
Valuation of parent company's
net investment in subsidiaries
(refer Note 8a)
============================================================
The carrying value of Our work included:
the net investment in subsidiaries
is GBP0.3m and is ultimately * Reviewing the impairment indicators listed in IFRS 6
dependent on the value including specific consideration regarding the
of the underlying assets. renewal of the exploration licenses;
Many of the underlying
assets are exploration
projects which are at an * Obtaining and reviewing available key external
early stage of exploration, reports;
making it difficult to
determine their value.
Valuations for these sites * Reviewing the audit working papers of certain
are therefore based on components to assess impairment considerations of
judgments and estimates exploration assets made by their auditors; and
made by the Directors.
As a result, there is a
risk that the valuation * Discussing with management the basis for impairment
of the net asset investments or non-impairment of investment in subsidiaries and
is materially incorrect. loans receivable from subsidiaries
============================================================
Other information
The other information comprises the information included in the
annual report, other than the financial statements and our
auditor's report thereon. The directors are responsible for the
other information contained within the annual report. Our opinion
on the group and parent company financial statements does not cover
the other information and, except to the extent otherwise
explicitly stated in our report, we do not express any form of
assurance conclusion thereon. Our responsibility is to read the
other information and, in doing so, consider whether the other
information is materially inconsistent with the financial
statements or our knowledge obtained in the course of the audit, or
otherwise appears to be materially misstated. If we identify such
material inconsistencies or apparent material misstatements, we are
required to determine whether this gives rise to a material
misstatement in the financial statements themselves. If, based on
the work we have performed, we conclude that there is a material
misstatement of this other information, we are required to report
that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act
2006
In our opinion, based on the work undertaken in the course of
the audit:
-- the information given in the strategic report and the
directors' report for the financial year for which the financial
statements are prepared is consistent with the financial
statements; and
-- the strategic report and the directors' report have been
prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and
the parent company and their environment obtained in the course of
the audit, we have not identified material misstatements in the
strategic report or the directors' report.
We have nothing to report in respect of the following matters in
relation to which the Companies Act 2006 requires us to report to
you if, in our opinion:
-- adequate accounting records have not been kept by the parent
company, or returns adequate for our audit have not been received
from branches not visited by us; or
-- the parent company financial statements are not in agreement
with the accounting records and returns; or
-- certain disclosures of directors' remuneration specified by law are not made; or
-- we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the statement of directors'
responsibilities, the directors are responsible for the preparation
of the group and parent company financial statements and for being
satisfied that they give a true and fair view, and for such
internal control as the directors determine is necessary to enable
the preparation of financial statements that are free from material
misstatement, whether due to fraud or error.
In preparing the group and parent company financial statements,
the directors are responsible for assessing the group and the
parent company's ability to continue as a going concern,
disclosing, as applicable, matters related to going concern and
using the going concern basis of accounting unless the directors
either intend to liquidate the group or the parent company or to
cease operations, or have no realistic alternative but to do
so.
Auditor's responsibilities for the audit of the financial
statements
Our objectives are to obtain reasonable assurance about whether
the financial statements as a whole are free from material
misstatement, whether due to fraud or error, and to issue an
auditor's report that includes our opinion. Reasonable assurance is
a high level of assurance but is not a guarantee that an audit
conducted in accordance with ISAs (UK) will always detect a
material misstatement when it exists. Misstatements can arise from
fraud or error and are considered material if, individually or in
the aggregate, they could reasonably be expected to influence the
economic decisions of users taken on the basis of these financial
statements.
Irregularities, including fraud, are instances of non-compliance
with laws and regulations. We design procedures in line with our
responsibilities, outlined above, to detect material misstatements
in respect of irregularities, including fraud. The extent to which
our procedures are capable of detecting irregularities, including
fraud is detailed below:
-- We obtained an understanding of the group and parent company
and the sector in which they operate to identify laws and
regulations that could reasonably be expected to have a direct
effect on the financial statements. We obtained our understanding
in this regard through discussions with management and our
experience of the resource exploration sector.
-- We determined the principal laws and regulations relevant to
the parent company and group in this regard to be those arising
from:
o Companies Act 2006;
o AIM, ASX & OTCQB listing rules;
o ASX corporate governance principles;
o Local laws and regulations in UK, Australia and USA where the
group operates; and
-- We designed our audit procedures to ensure the audit team
considered whether there were any indications of non-compliance by
the group and parent company with those laws and regulations. These
procedures included, but were not limited to:
o Enquires of management
o Review of Board minutes
o Review of legal expenses
o Review of RNS announcements
-- We also identified the risks of material misstatement of the
financial statements due to fraud. We considered, in addition to
the non-rebuttable presumption of a risk of fraud arising from
management override of controls, that there is a potential for
management bias in relation to the going concern of the group and
the parent company and as noted above, we addressed this by
challenging the assumptions and judgements made by management when
auditing that significant accounting estimate.
-- As in all of our audits, we addressed the risk of fraud
arising from management override of controls by performing audit
procedures which included, but were not limited to: the testing of
journals; reviewing accounting estimates for evidence of bias; and
evaluating the business rationale of any significant transactions
that are unusual or outside the normal course of business.
-- There was regular interaction with the component auditors
during all stages of the audit, including procedures designed to
identify non-compliance with laws and regulations, including
fraud.
Because of the inherent limitations of an audit, there is a risk
that we will not detect all irregularities, including those leading
to a material misstatement in the financial statements or
non-compliance with regulation. This risk increases the more that
compliance with a law or regulation is removed from the events and
transactions reflected in the financial statements, as we will be
less likely to become aware of instances of non-compliance. The
risk is also greater regarding irregularities occurring due to
fraud rather than error, as fraud involves intentional concealment,
forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of
the financial statements is located on the Financial Reporting
Council's website at: www.frc.org.uk/auditorsresponsibilities .
This description forms part of our auditor's report.
Use of our report
This report is made solely to the company's members, as a body,
in accordance with Chapter 3 of Part 16 of the Companies Act 2006.
Our audit work has been undertaken so that we might state to the
company's members those matters we are required to state to them in
an auditor'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 members as a body,
for our audit work, for this report, or for the opinions we have
formed.
Zahir Khaki (Senior Statutory Auditor) 15 Westferry Circus
For and on behalf of PKF Littlejohn LLP Canary Wharf
Statutory Auditor London E14 4HD
30 September 2022
Statements of Comprehensive Income for the year ended 30 June
2022
Consolidated Company
Note GBP'000 GBP'000 GBP'000 GBP'000
2022 2021 2022 2021
Administrative expenses (112) (94) (229) (165)
Corporate expenses (624) (635) (283) (295)
Share based payments expense (285) (126) (285) (126)
Realised gain/(loss) on financial
assets 77 (2) 80 (5)
Exploration expenses (27) (81) - -
Net impairment of subsidiary loans - - 434 (1,565)
Net impairment of investments - - (116) (850)
Write off/Impairment of exploration
assets 7 - (1,450) - -
Operating Loss 3 (971) (2,388) (399) (3,006)
Interest received - - - -
Interest paid (2) (1) - -
Share of profit of associate, accounted
for using the equity method 8d - 22 - -
Fair value decrement on financial
assets FVTPL 8c (542) - (542) -
Profit on sale of assets 7a 202 222 50 222
Loss on the sale of investments 8e (11) - (11) -
Sundry income 71 41 41 -
Loss before Taxation (1,253) (2,104) (861) (2,784)
Taxation 5 - - - -
Loss for the year attributable to
the equity holders (1,253) (2,104) (861) (2,784)
------- ------- ------- ----------
Other comprehensive income:
Items that may be subsequently reclassified
to profit or loss:
Exchange differences on translating
foreign operations 418 (570) - -
Other comprehensive income for the
period, net of income tax 418 (570) - -
------- ------- ------- ----------
Loss for the year and total comprehensive
loss attributable to the equity holders (835) (2,674) (861) (2,784)
======= ======= ======= ==========
Basic & diluted loss per share attributable
to the equity holders 6 (0.06)p (0.14)p
The accompanying notes form an integral part of these financial
statements.
Statements of Financial Position at 30 June 2022 Co No: 05276414
Consolidated Company
Note GBP'000 GBP'000 GBP'000 GBP'000
2022 2021 2022 2021
ASSETS
Non-current assets
Intangible assets - deferred exploration
costs 7 12,329 10,120 - -
Assets held for sale 7a - 1,050 - -
Investment in subsidiaries 8a - - 318 448
Loans to subsidiaries 8b - - 12,650 11,252
Financial assets at fair value through
profit or loss 8c 395 - 395 -
Investments accounted for using the
equity method 8d 589 564 - -
Deposits 9 68 41 - -
Right of use asset 10 - 10 - -
Plant and equipment 11 62 7 - -
Total non-current assets 13,443 11,792 13,363 11,700
-------- -------- -------- -----------
Current assets
Cash and cash equivalents 17 1,173 783 1,096 663
Trade receivables & other assets 12 236 60 11 22
Total current assets 1,409 843 1,107 685
-------- -------- -------- -----------
Total assets 14,852 12,635 14,470 12,385
-------- -------- -------- -----------
LIABILITIES
Current liabilities
Trade and other payables 13 (397) (306) (30) (33)
Employee annual leave provision (32) (10) - -
Lease Liability 14 - (10) - -
-------- -------- -------- -----------
Total current liabilities (429) (326) (30) (33)
-------- -------- -------- -----------
Non Current Liabilities
Lease Liability 14 - - - -
Total non-current liabilities - - - -
-------- -------- -------- -----------
Total liabilities (429) (326) (30) (33)
-------- -------- -------- -----------
Net assets 14,423 12,309 14,440 12,352
======== ======== ======== ===========
Equity
Issued share capital 15 3,812 3,773 3,812 3,773
Share premium 26,632 24,379 26,632 24,379
Foreign exchange reserve 2,092 1,674 - -
Merger reserve 405 405 405 405
Share based payments reserve 16 866 314 866 314
Retained losses (19,384) (18,236) (17,275) (16,519)
-------- -------- -------- -----------
Total shareholders equity 14,423 12,309 14,440 12,352
======== ======== ======== ===========
The accompanying notes form part of these financial statements.
These Financial Statements were approved by the Board of Directors
on 30 September 2022 and were signed on its behalf by:
Alastair Clayton Ray Ridge
Non-Executive Chairman Chief Financial Officer
Statements of Cash Flows for the year ended 30 June 2022
Consolidated Company
Note GBP'000 GBP'000 GBP'000 GBP'000
2022 2021 2022 2021
Cash flows from operating activities
Operating Loss (971) (2,388) (399) (3,045)
Sundry income 71 41 32 -
Decrease/(increase) in trade and other
receivables (26) 4 11 27
(Decrease)/increase in trade and other
payables 10 (51) (4) -
Depreciation 15 38 - -
Write off/Impairment of exploration assets - 1,450 - -
Impairment subsidiary loans - - (434) 1,604
Impairment investments in subsidiaries - - 116 850
Share based payment expense 285 126 285 126
Exclusivity fee received in shares (10) - - -
Directors Fees settled by share issue - 23 - -
Net cash outflow from operating activities (626) (757) (393) (438)
------- ------- ------- -------
Cash flows from investing activities
Interest paid (2) (1) - -
R&D Grants for exploration expenditure 216 98 - -
Payments for exploration expenditure (1,634) (706) - -
Payments for bonds (25) - - -
Investment in associated entity - (170) - -
Purchase of property, plant & equipment (60) (8) - -
Proceeds from sale of assets 135 222 135 222
Proceeds from the sale of investments 58 - 58 -
Net cash in/(out)flow from investing
activities (1,312) (565) 193 222
------- ------- ------- -------
Cash flows from financing activities
Finance lease repaid (10) (30) - -
Loans to controlled entities - - (1,701) (1,252)
Net issue of ordinary share capital 2,334 1,902 2,334 1,902
------- ------- ------- -------
Net cash inflow from financing activities 2,324 1,872 633 650
------- ------- ------- -------
Net increase in cash and cash equivalents 386 550 433 434
Exchange gain on cash and cash equivalents 4 - - -
Cash and cash equivalents at beginning
of period 783 233 663 229
------- ------- ------- -------
Cash and cash equivalents at end of
period 1,173 783 1,096 663
======= ======= ======= =======
Major non-cash transactions
The Company has issued shares with a value of GBP128,000 and
share options with a value of GBP202,000 as consideration for
completion of the Stage 1 earn-in to acquire an interest in the
oxide mineral rights from Spencer Metals Pty Ltd (Spencer).
Statements of Changes in Equity For the year ended 30 June
2022
Foreign
Currency Share Based
Issued share Retained Translation Merger Payment
Consolidated capital Share premium losses Reserve Reserve Reserve Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
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)
Options
exercised/lapsed - - 207 - - (207) -
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 - - (1,253) - - - (1,253)
Foreign currency
translation
reserve - - - 418 - - 418
------------ ------------- ------------ ------------ ------------- ------------ -------
Total
comprehensive
(loss) for the
period - - (1,253) 418 - - (835)
------------ ------------- ------------ ------------ ------------- ------------ -------
Transactions with owners in their capacity as owners
Shares issued 39 2,536 - - - - 2,575
Cost of shares
issued - (283) - - - - (283)
Options
exercised/lapsed - - 105 - - (105)
Options issued - - - - - 657 657
------------ ------------- ------------ ------------ ------------- ------------ -------
At 30 June 2022 3,812 26,632 (19,384) 2,092 405 866 14,423
============ ============= ============ ============ ============= ============ =======
Company
Balance at 1 July
2020 3,733 22,288 (13,942) - 405 275 12,759
Loss for the
period - - (2,784) - - - (2,784)
------------ ------------- ------------ ------------ -------
Total
comprehensive
(loss) for the
period - - (2,784) - - - (2,784)
------------ ------------- ------------ ------------ ------------- ------------ -------
Transactions with owners in their capacity as owners
Shares issued 40 2,337 - - - - 2,377
Cost of shares
issued - (246) - - - - (246)
Options
exercised/lapsed - - 207 - - (207) -
Options issued - - - - - 246 246
------------ ------------- ------------ ------------ ------------- ------------ -------
At 30 June 2021 3,773 24,379 (16,519) - 405 314 12,352
============ ============= ============ ============ ============= ============ =======
Balance at 1 July
2021 3,773 24,379 (16,519) - 405 314 12,352
Loss for the
period (861) (861)
------------ ------------- ------------ ------------ ------------- ------------ -------
Total
comprehensive
(loss) for the
period (861) - (861)
------------ ------------- ------------ ------------ ------------- ------------ -------
Transactions with owners in their capacity as owners
Shares issued 39 2,536 - - - - 2,575
Cost of shares
issued - (283) - - - - (283)
Options
exercised/lapsed - - 105 - - (105) -
Options issued - - - - - 657 657
------------ ------------- ------------ ------------ ------------- ------------ -------
At 30 June 2022 3,812 26,632 (17,275) - 405 866 14,440
============ ============= ============ ============ ============= ============ =======
Notes to the Accounts for the year ended 30 June 2022
1 Principal accounting policies
a) Authorisation of financial statements
The Group financial statements of Thor Mining PLC for the year
ended 30 June 2022 were authorised for issue by the Board on 30
September 2022 and the Statements of Financial Position signed on
the Board's behalf by Alastair Clayton and Ray Ridge. The Company's
ordinary shares are traded on the AIM Market operated by the London
Stock Exchange, on the Australian Securities Exchange and on the
OTCQB market in the United States .
b) Statement of compliance with IFRS
The Consolidated Financial Statements of Thor Mining Plc (the
"Group") have been prepared in accordance with UK-adopted
International Accounting Standards ("IAS") in conformity with the
requirements of the Companies Act 2006. These accounting policies
comply with each IAS that is mandatory for accounting periods
ending on 30 June 2022.
c) Basis of preparation and Going Concern
The consolidated financial statements have been prepared on the
historical cost basis, except for the measurement of assets and
financial instruments to fair value as described in the accounting
policies below, and on a going concern basis.
The financial report is presented in Sterling and all values are
rounded to the nearest thousand pounds ("GBP'000") unless otherwise
stated.
The consolidated entity incurred a net loss before tax of
GBP1,253,000 during the period ended 30 June 2022, and had a net
cash outflow of GBP1,938,000 from operating and investing
activities. The consolidated entity continues to be reliant upon
capital raisings for continued operations and the provision of
working capital.
The Group's cash flow forecast for the 12 months ending 30
September 2023, highlight the fact that the Company is expected to
continue to generate negative cash flow over that period, inclusive
of the discretionary exploration spend. The Board of Directors are
of the view that the injection of funds into the Group during the
next 12 months (refer Note 21) need to be raised, and are confident
that any further necessary funds will be raised in order for the
Group to remain cash positive for the whole period. If additional
capital is not obtained, the going concern basis 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.
For the above detailed reasons, the Directors believe there is a
material uncertainty over the Company's status as a going concern.
However, the Directors have a reasonable expectation that the
Company will be able to raise sufficient funding to allow it to
cover its working capital for a period of twelve months from the
date of approval of the financial statements. It is for this reason
the financial statements have been prepared on a going concern
basis, with no adjustments in respect of the concerns of the
Group's ability to continue to operate under that assumption.
d) 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.
The Group applies the acquisition method of accounting to
account for business combinations where the acquisition meets the
definition of a business combination under IFRS 3. The
consideration transferred for the acquisition of a subsidiary is
the fair values of the assets transferred, the liabilities incurred
to the former owners of the acquiree and the equity interests
issued by the Group. The consideration transferred includes the
fair value of any asset or liability resulting from a contingent
consideration arrangement. Identifiable assets acquired and
liabilities and contingent liabilities assumed in a business
combination are measured initially at their fair values at the
acquisition date.
Acquisition-related costs are expensed as incurred unless they
result from the issuance of shares, in which case they are offset
against the premium on those shares within equity.
The financial statements of subsidiaries are prepared for the
same reporting period as the parent company, using consistent
accounting policies.
All intercompany balances and transactions have been eliminated
in full.
e) Intangible assets - deferred exploration costs
Exploration, evaluation and development expenditure incurred is
accumulated in respect of each identifiable area of interest. These
costs are only carried forward to the extent that they are expected
to be recouped through the successful development of the area or
where activities in the area have not yet reached a stage which
permits reasonable assessment of the existence of economically
recoverable reserves.
Exploration, evaluation and development expenditure are not
amortised, as all areas of interest remain in the pre-production
phase.
Accumulated costs in relation to an abandoned area are written
off in full against the income statement in the year in which the
decision to abandon the area is made.
A review is undertaken of each area of interest to determine the
appropriateness of continuing to carry forward costs in relation to
that area of interest.
Restoration, rehabilitation and environmental costs necessitated
by exploration and evaluation activities are expensed as incurred
and treated as exploration and evaluation expenditure.
Exploration and evaluation assets recorded at fair-value on
acquisition
Exploration assets which are acquired are recognised at fair
value. When an acquisition of an entity whose only significant
assets are its exploration asset and/or rights to explore, the
Directors consider that the fair value of the exploration assets is
equal to the consideration. Any excess of the consideration over
the capitalised exploration asset is attributed to the fair value
of the exploration asset.
f) Interest Revenue
Interest revenue is recognised as it accrues using the effective
interest rate method.
g) Deferred taxation
Deferred income tax is provided on all temporary differences at
the balance sheet date between the tax bases of assets and
liabilities and their carrying amounts for financial reporting
purposes.
Deferred income tax assets are recognised for all deductible
temporary differences, carry-forward of unused tax assets and
unused tax losses, to the extent that it is probable that taxable
profit will be available against which the deductible temporary
differences and the carry-forward of unused tax credits and unused
tax losses can be utilised.
Unrecognised deferred income tax assets are reassessed at each
balance sheet date and are recognised to the extent that it has
become probable that future taxable profit will allow the deferred
tax asset to be recovered.
Deferred income tax assets and liabilities are measured at the
tax rates that are expected to apply to the year when the asset is
realised or the liability is settled, based on tax rates (and tax
laws) that have been enacted or substantively enacted at the
Balance Sheet date.
The amount of any claim received during the year from the
Australian Government for eligible exploration expenditure claimed
as a Research & Development Tax Incentive and other grants are
treated as an offset or reduction of the deferred exploration
costs. The amounts received in the year ended 30 June 2022 was
A$406,000 (GBP216,000) (30 June 2021 was A$171,000
(GBP98,000)).
h) Financial liabilities
Financial liabilities are classified, at initial recognition, as
financial liabilities at fair value through profit or loss, loans
and borrowings, payables, or as derivatives designated as hedging
instruments in an effective hedge, as appropriate. All financial
liabilities are recognised initially at fair value and, in the case
of loans and borrowings and payables, net of directly attributable
transaction costs. The Group's financial liabilities include trade
and other payables.
Subsequent measurement
The measurement of financial liabilities depends on their
classification, as described below:
Financial liabilities at fair value through profit or loss
Financial liabilities at fair value through profit or loss
include financial liabilities held for trading and financial
liabilities designated upon initial recognition as at fair value
through profit or loss. Financial liabilities are classified as
held for trading if they are incurred for the purpose of
repurchasing in the near term. This category also includes
derivative financial instruments entered into by the Group that are
not designated as hedging instruments in hedge relationships as
defined by IFRS 9. Separated embedded derivatives are also
classified as held for trading unless they are designated as
effective hedging instruments. Gains or losses on liabilities held
for trading are recognised in the statement of profit or loss and
other comprehensive income.
Trade and other payables
After initial recognition, trade and other payables are
subsequently measured at amortised cost using the EIR method. Gains
and losses are recognised in the statement of profit or loss and
other comprehensive income when the liabilities are derecognised,
as well as through the EIR amortisation process.
Derecognition
A financial liability is derecognised when the associated
obligation is discharged or cancelled or expires.
The Company's functional currency is Sterling ("GBP"). Each
entity in the Group determines its own functional currency and
items included in the financial statements of each entity are
measured using that functional currency. As at the reporting date
the assets and liabilities of these subsidiaries are translated
into the presentation currency of Thor Mining PLC at the rate of
exchange ruling at the Balance Sheet date and their Income
Statements are translated at the average exchange rate for the
year. The exchange differences arising on the translation are taken
directly to a separate component of equity.
i) Foreign currencies
The Company's functional currency is Sterling ("GBP"). Each
entity in the Group determines its own functional currency and
items included in the financial statements of each entity are
measured using that functional currency. As at the reporting date
the assets and liabilities of these subsidiaries are translated
into the presentation currency of Thor Mining PLC at the rate of
exchange ruling at the Balance Sheet date and their Income
Statements are translated at the average exchange rate for the
year. The exchange differences arising on the translation are taken
directly to a separate component of equity.
All other differences are taken to the Income Statement with the
exception of differences on foreign currency borrowings, which, to
the extent that they are used to finance or provide a hedge against
foreign equity investments, are taken directly to reserves to the
extent of the exchange difference arising on the net investment in
these enterprises. Tax charges or credits that are directly and
solely attributable to such exchange differences are also taken to
reserves.
j) Share based payments
During the year the Group has provided share-based remuneration
to service providers, in the form of share options. For further
information refer to Note 16.
The cost of equity-settled transactions is measured by reference
to the fair value of the services provided. If a reliable estimate
cannot be made, the fair value of the Options granted is based on
the Black-Scholes model.
In valuing equity-settled transactions, no account is taken of
any performance conditions, other than conditions linked to the
price of the shares of Thor Mining PLC (market conditions) if
applicable.
The cost of equity-settled transactions is recognised, together
with a corresponding increase in equity, over the period in which
the performance and/or service conditions are fulfilled, ending on
the date on which the relevant holders become fully entitled to the
award (the vesting period).
The cumulative expense recognised for equity-settled
transactions at each reporting date until vesting date reflects (i)
the extent to which the vesting period has expired and (ii) the
Group's best estimate of the number of equity instruments that will
ultimately vest. No adjustment is made for the likelihood of market
performance conditions being met as the effect of these conditions
is included in the determination of fair value at grant date. The
Income Statement charge or credit for a period represents the
movement in cumulative expense recognised as at the beginning and
end of that period.
No expense is recognised for awards that do not ultimately vest,
except for awards where vesting is only conditional upon a market
condition.
If the terms of an equity-settled award are modified, as a
minimum an expense is recognised as if the terms had not been
modified. In addition, an expense is recognised for any
modification that increases the total fair value of the share-based
payment arrangement, or is otherwise beneficial to the holder, as
measured at the date of modification.
If an equity-settled award is cancelled, it is treated as if it
had vested on the date of cancellation, and any expense not yet
recognised for the award is recognised immediately. However, if a
new award is substituted for the cancelled award and designated as
a replacement award on the date that it is granted, the cancelled
and new award are treated as if they were a modification of the
original award, as described in the previous paragraph.
k) Share based payments reserve
This reserve is used to record the value of equity benefits
provided to employees, consultants and directors as part of their
remuneration and provided to consultants and advisors hired by the
Group from time to time as part of the consideration paid. The
reserve is reduced by the value of equity benefits which have
lapsed during the year.
l) Cash and cash equivalents
Cash and short-term deposits in the Balance Sheet comprise cash
at bank and in hand and short-term deposits with an original
maturity of three months or less.
For the purposes of the Cash Flow Statement, cash and cash
equivalents consist of cash and cash equivalents as defined above,
net of outstanding bank overdrafts.
m) Fair value measurement
IFRS 13 establishes a single source of guidance for all fair
value measurements. IFRS 13 does not change when an entity is
required to use fair value, but rather provides guidance on how to
measure fair value under IFRS when fair value is required or
permitted. IFRS 13 mainly impacts the disclosures of the Company.
It requires specific disclosures about fair value measurements and
disclosures of fair values.
Fair value is the price that would be received to sell an asset
or paid to transfer a liability in an orderly transaction between
market participants at the measurement date. The fair value
measurement is based on the presumption that the transaction to
sell the asset or transfer the liability takes place either:
o In the principal market for the asset or liability; or
o In the absence of a principal market, in the most advantageous
market for the asset or liability
The principal or the most advantageous market must be accessible
by the Group.
The fair value of an asset or a liability is measured using the
assumptions that market participants would use when pricing the
asset or liability, assuming that market participants act in their
economic best interest.
A fair value measurement of a non-financial asset takes into
account a market participant's ability to generate economic
benefits by using the asset in its highest and best use or by
selling it to another market participant that would use the asset
in its highest and best use.
The Company uses valuation techniques that are appropriate in
the circumstances and for which sufficient data are available to
measure fair value, maximising the use of relevant observable
inputs and minimising the use of unobservable inputs.
All assets and liabilities for which fair value is measured or
disclosed in the financial statements are categorised within the
fair value hierarchy, described as follows, based on the lowest
level input that is significant to the fair value measurement as a
whole:
Level 1 - Quoted (unadjusted) market prices in active markets
for identical assets or liabilities
Level 2 - Valuation techniques for which the lowest level input
that is significant to the fair value measurement is directly or
indirectly observable
Level 3 - Valuation techniques for which the lowest level input
that is significant to the fair value measurement is
unobservable
For assets and liabilities that are recognised in the financial
statements on a recurring basis, the Company determines whether
transfers have occurred between levels in the hierarchy by
re-assessing categorisation (based on the lowest level input that
is significant to the fair value measurement as a whole) at the end
of each reporting period.
For the purpose of fair value disclosures, the Company has
determined classes of assets and liabilities on the basis of the
nature, characteristics and risks of the asset or liability and the
level of the fair value hierarchy, as explained above.
n) Financial assets
(i) Classification
The Group classifies its financial assets at amortised cost and
at fair value through the profit or loss. The classification
depends on the purpose for which the financial assets were
acquired. Management determines the classification of its financial
assets at initial recognition.
(ii) Recognition and measurement
Amortised cost
Regular purchases and sales of financial assets are recognised
on the trade date at cost - the date on which the Group commits to
purchasing or selling the asset. Financial assets are derecognized
when the rights to receive cash flows from the assets have expired
or have been transferred, and the Group has transferred
substantially all of the risks and rewards of ownership.
Fair value through the profit or loss
Financial assets that do not meet the criteria for being
measured at amortised cost or FVTOCI are measured at FVTPL.The
Group holds equity instruments that are classified as FVTPL as
these were acquired principally for the purpose of selling in the
near term.
Financial assets at FTVPL, are measured at fair value at the end
of each reporting period, with any fair value gains or losses
recognised in profit or loss. Fair value is determined by using
market observable inputs and data as far as possible. Inputs used
in determining fair value measurements are categorised into
different levels based on how observable the inputs used in the
valuation technique utilised are (the 'fair value hierarchy'):
- Level 1: Quoted prices in active markets for identical items
(unadjusted)
- Level 2: Observable direct or indirect inputs other than Level
1 inputs
- Level 3: Unobservable inputs (i.e. not derived from market
data).
The classification of an item into the above levels is based on
the lowest level of the inputs used that has a significant effect
on the fair value measurement of the item. Transfers of items
between levels are recognised in the period they occur.
The Group measures its investments in quoted shares using the
quoted market price.
(iii) Impairment of financial assets
The Group recognises an allowance for expected credit losses
(ECLs) for all debt instruments not held at fair value through
profit or loss. ECLs are based on the difference between the
contractual cash flows due in accordance with the contract and all
the cash flows that the Group expects to receive, discounted at an
approximation of the original EIR. The expected cash flows will
include cash flows from the sale of collateral held or other credit
enhancements that are integral to the contractual terms.
At each reporting date, the Group assesses whether financial
assets carried at amortised cost are credit impaired. A financial
asset is credit-impaired when one or more events that have a
detrimental impact on the estimated future cash flows of the
financial asset have occurred.
(iv) Derecognition
The Group derecognises a financial asset only when the
contractual rights to the cash flows from the asset expire, or when
it transfers the financial asset and substantially all the risks
and rewards of ownership of the asset to another entity.
On derecognition of a financial asset measured at amortised
cost, the difference between the asset's carrying amount and the
sum of the consideration received and receivable is recognised in
profit or loss. This is the same treatment for a financial asset
measured at FVTPL.
o) Investments
Investments in subsidiary undertakings are stated at cost less
any provision for impairment in value, prior to their elimination
on consolidation.
Investments in associates are initially recognised at cost and
subsequently accounted for using the equity method "Equity
accounted investments". Any goodwill or fair value adjustment
attributable to the Group's share in the associate is not
recognised separately and is included in the amount recognised as
investment in associate. The carrying amount of the investment in
associates is increased or decreased to recognise the Group's share
of the profit or loss and other comprehensive income of the
associate, adjusted where necessary to ensure consistency with the
accounting policies of the Group. Unrealised gains and losses on
transactions between the Group and its associates are eliminated to
the extent of the Group's interest in those entities. Where
unrealised losses are eliminated, the underlying asset is also
tested for impairment.
p) Merger reserve
The difference between the fair value of an acquisition and the
nominal value of the shares allotted in a share exchange have been
credited to a merger reserve account, in accordance with the merger
relief provisions of the Companies Act 2006 and accordingly no
share premium for such transactions is set-up. Where the assets
acquired are impaired, the merger reserve value is reversed to
retained earnings to the extent of the impairment.
q) Property, plant and equipment
Plant and equipment are stated at cost less accumulated
depreciation and any accumulated impairment losses. Land is
measured at fair value less any impairment losses recognised after
the date of revaluation.
Depreciation is provided on all tangible assets to write off the
cost less estimated residual value of each asset over its expected
useful economic life on a straight-line basis at the following
annual rates:
Land (including option costs) - Nil
Plant and Equipment - between 5% and 25%
All assets are subject to annual impairment reviews.
r) Impairment of assets
The Group assesses at each reporting date whether there is an
indication that an asset may be impaired. If any such indication
exists, or when annual impairment testing for an asset is required,
the Group makes an estimate of the asset's recoverable amount. An
asset's recoverable amount is the higher of its fair value less
costs to sell and its value in use and is determined for an
individual asset, unless the asset does not generate cash inflows
that are largely independent of those from other assets or Groups
of assets and the asset's value in use cannot be estimated to be
close to its fair value. In such cases the asset is tested for
impairment as part of the cash-generating unit to which it belongs.
When the carrying amount of an asset or cash-generating unit
exceeds its recoverable amount, the asset or cash-generating unit
is considered impaired and is written down to its recoverable
amount.
In assessing value in use, the estimated future cash flows are
discounted to their present value using a pre-tax discount rate
that reflects current market assessments of the time value of money
and the risks specific to the asset. Impairment losses relating to
continuing operations are recognised in those expense categories
consistent with the function of the impaired asset unless the asset
is carried at its revalued amount (in which case the impairment
loss is treated as a revaluation decrease).
An assessment is also made at each reporting date as to whether
there is any indication that previously recognised impairment
losses may no longer exist or may have decreased. If such
indication exists, the recoverable amount is estimated. A
previously recognised impairment loss is reversed only if there has
been a change in the estimates used to determine the asset's
recoverable amount since the last impairment loss was recognised.
If that is the case the carrying amount of the asset is increased
to its recoverable amount.
That increased amount cannot exceed the carrying amount that
would have been determined, net of depreciation, had no impairment
loss been recognised for the asset in prior years. Such reversal is
recognised in the Income Statement unless the asset is carried at
its revalued amount, in which case the reversal is treated as a
revaluation increase. After such a reversal the depreciation charge
is adjusted in future periods to allocate the asset's revised
carrying amount, less any residual value, on a systematic basis
over its remaining useful life.
s) Provisions
Provisions are recognised when the Group has a present
obligation (legal or constructive) as a result of a past event, it
is probable that an outflow of resources embodying economic
benefits will be required to settle the obligation and a reliable
estimate can be made of the amount of the obligation.
When the Group expects some or all of a provision to be
reimbursed, for example under an insurance contract, the
reimbursement is recognised as a separate asset but only when the
reimbursement is virtually certain. The expense relating to any
provision is presented in the Income Statement net of any
reimbursement.
If the effect of the time value of money is material, provisions
are discounted using a current pre-tax rate that reflects the risks
specific to the liability.
t) Loss per share
Basic loss per share is calculated as loss for the financial
year attributable to members of the parent, adjusted to exclude any
costs of servicing equity (other than dividends) and preference
share dividends, divided by the weighted average number of ordinary
shares, adjusted for any bonus element.
Diluted loss per share is calculated as loss for the financial
year attributable to members of the parent, adjusted for:
-- costs of servicing equity (other than dividends) and preference share dividends;
-- the after tax effect of dividends and interest associated
with dilutive potential ordinary shares that have been recognised
as expenses; and
-- other non-discretionary changes in revenues or expenses
during the period that would result from the dilution of potential
ordinary shares;
divided by the weighted average number of ordinary shares and
dilutive potential ordinary shares, adjusted for any bonus
element.
u) Share based payments reserve
This reserve is used to record the value of equity benefits
provided to employees, consultants and directors as part of their
remuneration and provided to consultants and advisors hired by the
Group from time to time as part of the consideration paid. The
reserve is reduced by the value of equity benefits which have
lapsed during the year.
v) Foreign currency translation reserve
The foreign currency translation reserve is used to record
exchange differences arising from the translation of the financial
statements of foreign subsidiaries.
w) Lease accounting
The Company as Lessee
At the inception of a contract, the Group assesses if the
contract is a lease or contains a lease. If there is a lease
present, a right-of-use asset and a corresponding lease liability
are recognised by the Group where the Group is a lessee. However,
all contracts that are classified as short-term leases (ie a lease
with a term of 12 months or less) and leases of low-value assets
are recognised as an operating expense on a straight-line basis
over the term of the lease.
Initially the lease liability is measured at the present value
of the lease payments still to be paid at the commencement date.
The lease payments are discounted at the interest rate implicit in
the lease. If this rate cannot be readily determined, the Group
uses the incremental borrowing rate.
Lease payments included in the measurement of the lease
liability are as follows:
-- fixed lease payments less any lease incentives;
-- variable lease payments that depend on an index or rate,
initially measured using the index or rate at the commencement
date;
-- the amount expected to be payable by the lessee under residual value guarantees;
-- the exercise price of purchase options, if the lessee is
reasonably certain to exercise the options;
-- lease payments under extension options, if the lessee is
reasonably certain to exercise the options; and
-- payments of penalties for terminating the lease, if the lease
term reflects the exercise of an option to terminate the lease.
The right-of-use assets comprise the initial measurement of the
corresponding lease liability, any lease payments made at or before
the commencement date and any initial direct costs. The subsequent
measurement of the right-of-use assets is at cost less accumulated
depreciation and impairment losses.
Right-of-use assets are depreciated over the lease term or
useful life of the underlying asset, whichever is the shortest.
Where a lease transfers ownership of the underlying asset or the
cost of the right-of-use asset reflects that the Group anticipates
to exercise a purchase option, the specific asset is depreciated
over the useful life of the underlying asset.
The Company's weighted average incremental borrowing rate
applied to the lease liabilities is 4.58%.
The Company as Lessor
As the Group has no contracts as a lessor, the provisions of
IFRS 16 relating accounting for lease contracts as a lessor are not
applicable.
x) Held for sale assets
Non-current assets classified as held for sale are presented
separately and measured at the lower of their carrying amounts
immediately prior to their classification as held for sale and
their fair value less costs to sell.
However, some held for sale assets such as financial assets or
deferred tax assets, continue to be measured in accordance with the
Group's relevant accounting policy for those assets. Once
classified as held for sale, the assets are not subject to
depreciation or amortisation. Any profit or loss arising from the
sale of a discontinued operation or its remeasurement to fair value
less costs to sell is presented as part of a single line item,
profit or loss from discontinued operations.
y) New standards, amendments and interpretations not yet adopted
At the date on which these Financial Statements were authorised,
there were no Standards, Interpretations and Amendments which had
been issued but were not effective for the year ended 30 June 2022
that are expected to materially impact the Group's Financial
Statements.
z) Critical accounting estimates and judgements
The preparation of the Financial Statements in conformity with
IFRS requires management to make estimates and assumptions that
affect the reported amounts of assets and liabilities and
disclosure of contingent assets and liabilities at the date of the
financial statements and the reported amount of expenses during the
period. Actual results may vary from the estimates used to produce
these Financial Statements.
Estimates and judgements are regularly evaluated and are based
on historical experience and other factors, including expectations
of future events that are believed to be reasonable under the
circumstances.
Items subject to such estimates and assumptions, that have a
significant risk of causing a material adjustment to the carrying
amounts of assets and liabilities within the next financial years,
include but are not limited to:
-- Impairment of intangible assets - exploration and evaluation costs (Note 7)
The group assesses impairment at each reporting date by
evaluating conditions specific to the group that may lead to
impairment of exploration and evaluation assets. Where an
impairment trigger exists, the recoverable amount of the asset is
determined.
The group capitalises expenditure relating to exploration and
evaluation where it is considered likely to be recoverable or where
the activities have not reached a stage which permits a reasonable
assessment of the existence of reserves. While there are certain
areas of interest from which no reserves have been extracted, the
Directors are of the continued belief that such expenditure should
not be written off since feasibility studies in such areas have not
yet concluded.
-- Share based payment transactions
The Group awards options and warrants over its unissued share
capital to certain Directors as part of their remuneration package.
Certain warrants have also been issued to shareholders as part of
their subscription for shares and suppliers for various services
received.
The valuation of these options and warrants involves making a
number of critical estimates relating to price volatility, future
dividend yields, expected life of the options and forfeiture rates.
These assumptions have been described in more detail in Note
16.
-- Impairment of investments
The Company assesses impairment of each investment with respect
to the net asset position of each investment. Any impairment charge
recorded does not automatically indicate that the underlying assets
of the Group need to be impaired as well. Exploration assets are
tested separately as part of Note 7.
2. 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
Head office/
Year ended 30 June 2022 Unallocated Australia United States Consolidated
Revenue
Sundry Income & Equity
Accounting 71 - - 71
Profit/(loss) on sale investments 202 - - 202
Total Segment Expenditure (695) (800) (31) (1,526)
------------ --------- ------------- ------------
(Loss) from Ordinary Activities
before Income Tax (422) (800) (31) (1,253)
Income Tax (Expense) - - - -
------------ --------- ------------- ------------
Retained (loss) (422) (800) (31) (1,253)
------------ --------- ------------- ------------
Assets and Liabilities
Segment assets - 13,745 - 13,745
Corporate assets 1,107 - - 1,107
------------ --------- ------------- ------------
Total Assets 1,107 13,745 - 14,852
------------ --------- ------------- ------------
Segment liabilities - (402) - (402)
Corporate liabilities (27) - - (27)
------------ --------- ------------- ------------
Total Liabilities (27) (402) - (429)
------------ --------- ------------- ------------
Net Assets 1,080 13,343 - 14,423
------------ --------- ------------- ------------
GBP'000 GBP'000 GBP'000 GBP'000
Head office/
Year ended 30 June 2021 Unallocated Australia United States Consolidated
Revenue
Sundry Income & Equity
Accounting 63 - - 63
Profit/(loss) on sale investments 222 - - 222
Total Segment Expenditure (650) (303) (1,436) (2,389)
------------ --------- ------------- ------------
(Loss) from Ordinary Activities
before Income Tax (365) (303) (1,436) (2,104)
------------ --------- ------------- ------------
Income Tax (Expense) - - - -
------------ --------- ------------- ------------
Retained (loss) (365) (303) (1,436) (2,104)
Assets and Liabilities
Segment assets - 10,900 1,050 11,950
------------ --------- ------------- ------------
Corporate assets 685 - - 685
------------ --------- ------------- ------------
Total Assets 685 10,900 1,050 12,635
Segment liabilities - (293) - (293)
------------ --------- ------------- ------------
Corporate liabilities (33) - - (33)
------------ --------- ------------- ------------
Total Liabilities (33) (293) - (326)
------------ --------- ------------- ------------
Net Assets
------------ --------- ------------- ------------
652 10,607 1,050 12,309
------------ --------- ------------- ------------
3. Expenses by nature
2022 2021
GBP'000 GBP'000
Items of expenditure not otherwise
disclosed on the Statement of Comprehensive
Income:
Depreciation 15 38
Auditors' remuneration - audit services 45 35
Auditors' remuneration - non audit
services - -
Directors emoluments - fees and salaries 237 360
Other employee and contractor costs 346 248
Director and employees costed to exploration (343) (199)
Listing costs (ASX, AIM, registry,
investor relations) 343 320
Legal costs 33 20
Auditors' remuneration for audit services above includes
GBP34,376 (2021: GBP28,200) to PKF Littlejohn for the audit of the
Company and Group. Remuneration to BDO for the audit of the
Australian subsidiaries was GBP10,637 (2021: GBP11,788) .
4. Directors and executive disclosures - Group
All Directors are appointed under the terms of a Directors
letter of appointment. Each appointment, with the exception of Ms
Nicole Galloway Warland, provides for annual fees of Australian
dollars $40,000 for services as Directors. This annual fee
increased to $50,000 from 1 October 2020. In the case of Australian
base Directors this annual fee is inclusive of 10.0% (10.50% from 1
July 2022) as a company contribution to Australian statutory
superannuation schemes. The agreement allows for any services
supplied by any Directors, other than Ms Nicole Galloway Warland,
to the Company and any of its subsidiaries in excess of two days in
any calendar month, can be invoiced to the Company at market rate,
currently at A$1,000 per day, other than Mr Michael Billing whose
rate was A$1,200 per day.
Ms Galloway Warland receives an annual full-time salary of
$220,000 plus $22,000 in superannuation benefits in her role as
Managing Director. Ms Galloway Warland does not receive additional
remuneration as a Director.
(a) Details of Key Management Personnel (KMP) during the year
ended 30 June 2022
(i) Chairman
Alastair Clayton Non-executive Chairman (Appointed 5 October
2021)
Michael Billing Executive Chairman and Chief Executive Officer
(Retired as CEO 21 April 2021, and retired
as a Director 3 September 2021)
(ii) Directors
Nicole Galloway Warland Managing Director
Mark McGeough Non-Executive Director
Mark Potter Non-Executive Director (Resigned 30 June
2022)
(iii) Executives
Ray Ridge CFO/Company Secretary (Australia)
Stephen Ronaldson Company Secretary (UK)
(b) Compensation of Key Management Personnel
Compensation Policy
The compensation policy is to provide a fixed remuneration
component and a specific equity related component. There is no
separation of remuneration between short term incentives and
long-term incentives. The Board believes that this compensation
policy is appropriate given the stage of development of the Company
and the activities which it undertakes and is appropriate in
aligning director and executive objectives with shareholder and
businesses objectives.
The compensation policy, setting the terms and conditions for
the executive Directors and other executives, has been developed by
the Board after seeking professional advice and taking into account
market conditions and comparable salary levels for companies of a
similar size and operating in similar sectors. Executive Directors
and executives receive either a salary or provide their services
via a consultancy arrangement. Directors and executives do not
receive any retirement benefits other than compulsory
Superannuation contributions where the individuals are directly
employed by the Company or its subsidiaries in Australia. All
compensation paid to Directors and executives is valued at cost to
the Company and expensed.
The Board policy is to compensate non-executive Directors at
market rates for comparable companies for time, commitment and
responsibilities. The Board determines payments to the
non-executive Directors and reviews their compensation annually,
based on market practice, duties and accountability. Independent
external advice is sought when required. The maximum aggregate
amount of fees that can be paid to Directors is subject to approval
by shareholders at a General Meeting. Fees for non-executive
Directors are not linked to the performance of the economic entity.
However, to align Directors' interests with shareholder interests,
the Directors are encouraged to hold shares in the Company and may
receive options.
Paid/Payable Total Salary Options
in cash Shares & Fees (6) Total
30 June 2022 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
------------ ------- ------------ ------- -------
Directors: (1)
Alastair Clayton (2) 21 - 21 52 73
Mark Potter (3) 29 - 29 52 81
Nicole Galloway Warland
(4) 140 - 140 79 219
Mark McGeough 27 - 27 52 79
Michael Billing (5) 20 - 20 - 20
Key Personnel: (1)
Ray Ridge 46 - 46 6 52
(1) As at 30 June 2022 amounts of GBP7,089, GBP7,089 and
GBP5,257 remained unpaid to Messrs Clayton, McGeough and Ridge
respectively.
(2) Appointed 5 October 2021.
(3) Resigned 30 June 2022.
(4) Short term benefits in the table above for Ms Galloway
Warland include normal salary of GBP120,010, a bonus of GBP6,546,
approved by the Board, as well as postemployment superannuation of
GBP12,656.
(5) Retired 3 September 2021.
(6) Following shareholder approval, 8,000,000 listed options
were granted to each of Messrs Clayton, Potter and McGeough and
12,000,000 to Ms Galloway Warland on 22 November 2021 (exercise
price $0.013, expiring 22 November 2025). These options were valued
at GBP0.00656 per option using the Black-Scholes method. On 17 May
2022, 2,400,000 unlisted options were granted to Mr Ridge under the
Company's Employee Share Option Plan (exercise price $0.025,
expiring 12 May 2025). These options were valued at GBP0.00630 per
option using the Black-Scholes method. 800,000 vest immediately and
were expensed. 800,000 vest 12 May 2023 and 800,000 vest 12 May
2024 - these options are expensed over their vesting periods.
Paid/Payable Total Salary Options
in cash Shares (4) & Fees (5) Total
30 June 2021 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
------------ ---------- ------------ ------- -------
Directors: (1)
Mark Potter 24 12 36 14 50
Nicole Galloway Warland
(3) 90 - 90 20 110
Mark McGeough 19 6 25 - 25
Michael Billing 121 6 127 14 141
Richard Bradey (2) 82 - 82 14 96
Key Personnel: (1)
Ray Ridge 50 - 50 13 63
(1) As at 30 June 2021 amounts of GBP94,328, GBP6786, GBP6786
and GBP7,203, remained unpaid to Messrs Billing, Potter, McGeough
and Ridge respectively.
(2) Retired 29 October 2020.
(3) Appointed as Exploration Manager on 1 October 2020 and
appointed Managing Director 21 April 2021. Remuneration in the
above table for Ms Galloway Warland includes the period as
Exploration Manager and Managing Director, as both are considered
KMP roles.
(4) Messrs Billing and McGeough elected to receive 50% of their
gross directors' fees for the 6 months to 31 December 2020 by Thor
shares in lieu of cash payment. Mr Potter elected to receive 100%
of his directors' fees for the 6 months to 31 December 2020 by Thor
shares in lieu of cash payment. Following shareholder approval on
25 November 2020, 661,765 ordinary shares were issued on 27
November 2020, to each of Messrs Billing and McGeough in lieu of
$11,250 in directors fees owing to each and 1,323,529 ordinary
shares were issued to Potter in lieu of $22,500 in directors fees
owing.
(5) Following shareholder approval, 8,000,000 unlisted Options
were granted to each of Messrs Potter, Billing and Bradey on 8 July
2020 (exercise price $0.0095, expiring 8 July 2023). These options
were valued at GBP0.00172 per option using the Black-Scholes
method. Unlisted options were granted under the Company's Employee
Share Option Plan on 29 September 2020 to Ms Galloway Warland
(4,000,000 options) and Mr Ridge (2,500,000 options). These options
were valued at GBP0.00509 per option using the Black-Scholes
method.
(c) Compensation by category Group
2022 2021
GBP'000 GBP'000
------------ -----------
Key Management Personnel
Short-term (cash) 267 371
Short-term (shares) - 24
Share Option charges 241 75
Post-employment 16 15
524 485
============ ===========
(d) Equity and rights over equity instruments granted as
remuneration
Following shareholder approval, 8,000,000 listed options were
granted to each of Messrs Clayton, Potter and McGeough and
12,000,000 to Ms Galloway Warland on 22 November 2021 (exercise
price $0.013, expiring 22 November 2025). These options were valued
at GBP0.00656 per option using the Black-Scholes method.
On 17 May 2022, 2,400,000 unlisted options were granted to Mr
Ridge under the Company's Employee Share Option Plan. These options
were valued at GBP0.00630 per option using the Black-Scholes
method. 800,000 vest immediately and were expensed. 800,000 vest 12
May 2023 and 800,000 vest 12 May 2024 - these options are expensed
over their vesting periods.
(e) Options holdings of Key Management Personnel
The movement during the reporting period in the number of
options over ordinary shares in Thor Mining PLC held, directly,
indirectly or beneficially, by key management personnel, including
their personally related entities, is as follows:
Held at 30/6/21 Held at 30/6/22 Vested and
Key Management or appointment Options Granted Options Granted or retirement exercisable
Personnel date (Note A) (Note B) date at 30/6/22
Alastair Clayton - -
Nicole Galloway
Warland 4,000,000 12,000,000 - 16,000,000 16,000,000
Mark Potter 8,000,000 8,000,000 - 16,000,000 16,000,000
Mark McGeough - 8,000,000 - 8,000,000 8,000,000
Michael Billing 9,250,000 - - 9,250,000 9,250,000
Ray Ridge 2,500,000 - 2,400,000 4,900,000 3,300,000
Notes:
A. Options granted to Directors on 22 November 2021.
B. Options issued under the Company's Employee Share Option Plan on 17 May 2022.
Held at
30/6/20 Options Options Options Options Held at Vested
or Granted Granted Granted Lapsed Options 30/6/21 and
Key Management appointment (Note (Note (Note Exercised or retirement exercisable
Personnel date A) B) C) (Note D) date at 30/6/21
Michael
Billing 4,500,000 8,000,000 2,250,000 - (4,500,000) (1,000,000) 9,250,000 9,250,000
Nicole
Galloway
Warland - - - 4,000,000 - - 4,000,000 4,000,000
Mark Potter - 8,000,000 - - - - 8,000,000 8,000,000
Mark McGeough - - 416,667 - - (416,667) - -
Richard Bradey 8,000,000 8,000,000 1,000,000 - - - 17,000,000 17,000,000
Ray Ridge - - - 2,500,000 - - 2,500,000 2,500,000
Notes:
A. Options granted to Directors on 8 July 2020.
B. Options granted as participation in capital raisings on the
same terms as external placees. 1,000,000 listed options to Mr
Billing and 1,000,000 listed options to Mr Bradey on 8 July 2020.
1,250,000 unlisted options to Mr Billing and 416,667 unlisted
options to Mr McGeough on 23 October 2020.
C. Options issued under the Company's Employee Share Option Plan on 29 September 2020.
D. Mr Billing exercised 1,000,000 listed options on 28 May 2021.
Mr McGeough exercised 416,667 listed options on 2 December 2020.
The exercise price of both options was GBP0.01 per share.
(f) Other transactions and balances with related parties
Specified Directors Transaction Note 2022 2021
GBP'000 GBP'000
------- -------
Consulting
Michael Billing Fees (i) 13 101
Consulting
Mark Potter Fees (ii) - 10
(i) The Group used the consulting services of MBB Trading Pty
Ltd a company of which Mr Michael Billing is a shareholder and
Director. Services were provided as Executive Chairman.
(ii) In the year ended 30 June 2021, Mark Potter provided
additional consulting fees through Kiran Capital.
Amounts were billed based on normal market rates for such
services and were due and payable under normal payment terms. These
amounts paid to related parties of Directors are included as Salary
& Fees in Note 4(b).
5. Taxation - Group
2022 2021
GBP'000 GBP'000
Analysis of charge in year - -
------- -------
Tax on profit on ordinary activities - -
======= =======
Factors affecting tax charge for year
The differences between the tax assessed for the year and the
standard rate of corporation tax are explained as follows:
2022 2021
GBP'000 GBP'000
Loss on ordinary activities before tax ( 1,253) (2,104)
-------- -------
Effective rate of corporation tax in the UK 19.0% 24.4%
Loss on ordinary activities multiplied by the standard
rate of corporation tax (238) (513)
Effects of:
Future tax benefit not brought to account 238 513
-------- -------
Current tax charge for year - -
======== =======
No deferred tax asset has been recognised because there is
insufficient evidence of the timing of suitable future profits
against which they can be recovered.
6. Loss per share
2022 2021
Loss for the year (GBP 000's) (1,253) (2,104)
Weighted average number of Ordinary shares
in issue 2,014,341,411 1,497,215,458
Loss per share (pence) - basic (0.06)p (0.14)p
The basic loss per share is derived by dividing the loss for the
period attributable to ordinary shareholders by the weighted
average number of shares in issue.
As the inclusions of the potential Ordinary Shares would result
in a decrease in the loss per share they are considered to be
anti-dilutive and as such not included.
7. Intangible fixed assets - Group
Deferred exploration costs
GBP'000 GBP'000
2022 2021
Cost
At 1 July 10,120 12,252
Exploration expenditure 1,354 612
Acquisitions (1) 330 310
Exchange gain/(loss) 525 (554)
Exploration written off - (1,450)
Transfers to held for sale assets (note 7a) - (1,050)
At 30 June 12,329 10,120
------- -------
The Directors undertook an assessment of the following areas and
circumstances that could indicate the existence of impairment:
-- The Group's right to explore in an area has expired, or will
expire in the near future without renewal;
-- No further exploration or evaluation is planned or budgeted for;
-- A decision has been taken by the Board to discontinue
exploration and evaluation in an area due to the absence of a
commercial level of reserves; or
-- Sufficient data exists to indicate that the book value will
not be fully recovered from future development and production.
In the year ended 30 June 2022, this impairment assessment
resulted in an impairment expense of Nil (2021: Nil), and Nil in
deferred exploration costs written off (2021: $1,450,000).
(1) Acquisitions
During the year ended 30 June 2022, the Group 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 $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 in full.
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. The Directors have
concluded that the transaction was an asset acquisition and not a
business combination. The fair value adjustment to the deemed
exploration intangible assets of GBP330,000 represents over the
excess of the net assets acquired of GBPNil.
7a. Held for sale assets
GBP'000 GBP'000
2022 2021
Opening Balance 1,050 -
Transfers from exploration and evaluation assets - 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 GBP1,024,000 received by Thor,
comprising:
-- GBP85,000 in cash (being US$115,000 at the exchange rate on 29 October 2021 of 0.7389); and
-- GBP939,000 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).
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. In January 2022, Thor agreed to relinquish this
milestone entitlement in return for consideration of GBP107,000,
comprising GBP50,000 in cash and 4,000,000 Ordinary Shares in Power
Metal (estimated fair value of the POW Shares was GBP57,000 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).
The total consideration of GBP1,131,000, resulted in a gain of
GBP81,000 compared to the book value of GBP1,050,000. The gain was
recognised as a (GBP121,000) loss through Other Comprehensive
Income as a reversal of the foreign currency translation reserve
and a GBP202,000 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. These options have not been recognised in the
financial statements.
In the prior year ended 30 June 2021, Thor divested its Spring
Hill gold project royalty entitlement to AIM quoted Trident
Royalties Plc (Trident), for total consideration of A$1.0 as
follows:
-- A$400,000 (GBP222,000) cash which has been received and
recognised as consideration during the year ended 30 June 2021;
-- the remaining $600,000 (approximately GBP333,000) is linked
to production milestones and will be recognised in Thor's financial
statements as and when received;
o First production milestone payment of A$300,000 upon
cumulative sales reaching 25,000 ounces of gold;
o Second production milestone payment of A$300,000 upon
cumulative sakes reaching 50,000 ounces of gold.
The two milestone payments above may, at the election of
Trident, be made via the issue to Thor of Trident ordinary shares
at an issue price equivalent to the volume weighted average price
of Trident shares on the AIM Market over the 5 business days prior
to Trident's election to make such payment in shares. Any Trident
shares issued will not be subject to a minimum hold period.
8. Investments
The Company holds 20% or more of the share capital of the
following companies:
Company Country of registration Shares held Class %
or incorporation
Molyhil Mining Pty Ltd (1) Australia Ordinary 100
Hale Energy Limited Australia Ordinary 100
Hamersley Metals Pty Ltd (2) Australia Ordinary 100
Pilbara Goldfields Pty Ltd (3) Australia Ordinary 100
EnviroCopper Limited (4) Australia Ordinary 30
American Vanadium Pty Ltd (5) Australia Ordinary 100
Standard Minerals Inc (6) United States Ordinary 100
Cisco Minerals Inc (7) United States Ordinary 100
The registered office for each of the above companies incorporated in Australia is 58 Galway
Avenue, Marleston, South Australia 5033. The registered office of Standard Minerals Inc and
Cisco Minerals Inc is 3500 Washington Avenue, Ste 200, Houston, TX 77007, United States.
(1) Molyhil Mining Pty Ltd is engaged in exploration and evaluation activities focused at
the Molyhil project in the Northern Territory of Australia.
(2) Hamersley Metals Pty Ltd was acquired on 27 March 2019. The company holds tenements in
the Northern Territory of Australia.
(3) Pilbara Goldfields Pty Ltd was acquired on 27 March 2019. The company holds a number
of exploration tenements, in Western Australia.
(4) EnviroCopper Ltd. On the 11 November 2020, the Company announced that it had increased
its investment in ECR through the payment of A$300,000 (GBP170,000) to increase its ownership
interest to 30% and continues to be accounted for using the equity method.
(5) American Vanadium Pty Ltd (AV) was acquired on the 15(th) September 2020. AVU holds 100%
interest in two US subsidiaries Standard Minerals Inc and Cisco Minerals Inc. As part of AVU
acquisition agreement, two further payments are required through the issue of up to 84 million
Ordinary Shares in Thor at an agreed price of A$0.006 per Ordinary Share, subject to the
achievement
of the following project milestones:
* A$252,000 through the issue of 42,000,000 Ordinary
Shares on drilling ore grade intercepts from at least
three holes from any deposits within the licences, at
a product of grade and thickness of >= 0.4% U3O8, or
equivalent. For example, 4 million tonnes@ 1,000ppm
U3O8 or 1 million tonnes @ 4,000ppm U3O8.
* A$252,000 through the issue of 42,000,000 Ordinary
Shares on reporting a mineral resource in either the
inferred, indicated or measured category (reported in
accordance with the JORC Code, 2012 Edition) of, or
equivalent* to 5 million tonnes @ >= 0.1% U3O8, or
1.0% V2O5, or equivalent. These milestones have yet
to be achieved and have been excluded from any
investment value of American Vanadium.
(6) Standard Minerals Inc is a 100% owned subsidiary of AV and holds 199 claims in the US
State of Colorado.
(7) Cisco Minerals Inc is a 100% owned subsidiary of AV and holds 100 claims in the US State
of Utah.
With the exception of EnviroCopper Limited, Ms Galloway Warland and Mr McGeough are Directors
of each of the above companies and Mr Billing retired as a Director on 3 September 2021. Mr
McGeough is a Director of EnviroCopper Limited.
Consolidated Company
GBP'000 GBP'000 GBP'000 GBP'000
2022 2021 2022 2021
(a) Investments Subsidiary
companies:
Molyhil Mining Pty Ltd - - 700 700
Less: Impairment provision
against investment - - (700) (700)
Hale Energy Limited - - 1,277 1,277
Less: Impairment provision
against investment - - (1,277) (1,277)
Black Fire Industrial Minerals
Pty Ltd - - - 688
Less: Impairment provision
against investment - - - (673)
Hamersley Metals - - 170 170
Less: Impairment provision
against investment - - (170) (170)
Pilbara Goldfields - - 349 349
Less: Impairment provision
against investment - - (124) -
American Vanadium - - 141 140
Less: Impairment provision
against investment - - (48) (56)
- - 318 448
----------------------- ----------------- -------- ------------
(b) Loans to s ubsidiaries:
Molyhil Mining Pty Ltd - - 11,221 10,813
Less: Impairment provision against loan - -(1,648) (2,060)
Hale Energy Limited - - 2,582 2,098
Less: Impairment provision against loan - -(1,306) (1,324)
Black Fire Industrial Minerals Pty Ltd - - - 1,035
Pilot Metals Inc - - - 1,204
Less: Impairment provision against loan - - - (1,204)
Hamersley Metals - - 10 15
Less: Impairment provision against loan - - (10) (14)
Pilbara Goldfields - - 1,608 616
American Vanadium - - 193 73
- - 12,650 11,252
------------------------------------------- ------- -------
The loans to subsidiaries are non-interest bearing, unsecured
and are repayable upon reasonable notice having regard to the
financial stability of the company.
Consolidated Company
GBP'000 GBP'000 GBP'000 GBP'000
2022 2021 2022 2021
(c) Financial assets at fair value through
profit or loss:
Investment in Power Metal Resources Plc 395 - 395 -
395 - 395 -
------- ------- ------- -------
The initial investment comprised 48,618,920 Power Metal
Resources Plc Ordinary shares (POW Shares) being the 500,000 POW
Shares received as part of the exclusivity fee under the Option
Agreement for the sale of the Pilot Mountain project and 48,118,920
POW Shares received upon completion of the divestment on 29 October
2021. (Refer Note 7a)
Owing to its listing on the London Stock Exchange, Power Metal
Resources Plc is categorised as a Level 1 investment within the
fair value hierarchy in IFRS 13. The 48,618,920 POW shares were
initially recognised at GBP948,000 being valued at the closing
price of GBP0.0195 for POW Shares on the London Stock Exchange on
31 August 2021 (being the day prior to execution of the Option
Agreement).
The POW 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).
A further 4,000,000 POW Shares were received (along with
GBP50,000 cash) for relinquishing a milestone entitlement that had
been part of the Pilot Mountain Sale Agreement. The 4,000,000 POW
Shares were recognised at fair value of GBP57,000 (refer Note
7a).
4,500,000 POW shares were sold on market (refer Note 8(e)).
The remaining 48,118,920 POW Shares were revalued to fair value
as of 30 June 2022 at GBP395,000, being revalued at LSE closing
price of GBP0.0082 for POW Shares on that date. A further
revaluation decrement of (GBP338,000) was recognised as a fair
value adjustment through the Company's Profit or Loss (FVTPL). The
total revaluation decrement recognised at 31 December 2021 and 30
June 2022 was (GBP542,000).
Of the 48,118,920 POW Shares held at 30 June 2022, 12,029,730
are freely tradeable with the remainder subject to a voluntary
escrow. A further 12,029,730 becomes tradeable at each of the
following dates: 31 July 2022, 31 October 2022 and 31 January
2023.
Consolidated Company
GBP'000 GBP'000 GBP'000 GBP'000
2022 2021 2022 2021
(d) Investments accounted for using the
equity method:
A reconciliation of the carrying amount
of the investments in the company is set
out below:
EnviroCopper Ltd
Conversion of loan to equity 391 391 - -
Additional investment 170 170 - -
------- ------- ------- -------
Initial cost of the equity accounted investment 561 561 - -
Share of profit of associate, accounted
for using the equity method 21 22 - -
Share of foreign currency translation reserve 7 (19) - -
------- ------- ------- -------
589 564 - -
======= ======= ======= =======
EnviroCopper Limited (EnviroCopper), via its subsidiary
Environmental Copper Recovery SA Pty Ltd (ECR), holds an agreement
to earn, in two stages, up to 75% of the rights over metals which
may be recovered via in-situ recovery (ISR) contained in the
Kapunda deposit, from Australian listed company, Terramin Australia
Limited (ASX: TZN). Another subsidiary of EnviroCopper,
Environmental Metals Recovery Pty Ltd (EMR) has a right to earn up
to a 75% interest in the Moonta Copper Project, which comprises the
northern section of exploration licence EL5984 held by Andromeda
Metals Limited (ASX: ADN).
Prior to 30 July 2020, Thor had been investing in EnviroCopper's
subsidiary ECR through convertible notes. On 30 July 2020, Thor
announced the conversion of $700,000 (GBP391,000) of its
convertible loan to a 25% interest in EnviroCopper Limited (ECL)
and exercised its right to nominate a Board representative.
Accordingly, the investment commenced accounted for using the
equity method from the date of loan conversion to equity. On the 11
November 2020, the Company further announced that it had increased
its investment in ECR through the payment of A$300,000 (GBP170,000)
to increase its ownership interest to 30%.
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
Audited Audited
GBP'000 GBP'000
2022 2021
Summarised statement of financial position:
ASSETS
Current assets
Cash and cash equivalents 155 648
Other current assets 102 13
Provision for income tax 89 133
-------- -------
Total current assets 346 794
Non current assets
Plant and equipment 32 31
Right-of-use assets 19 28
-------- -------
Total non current assets 51 59
-------- -------
TOTAL ASSETS 397 853
-------- -------
LIABILITIES
Current liabilities
Trade and other payables 12 66
Contract liabilities - 434
Current lease liabilities 11 10
-------- -------
Total current liabilities 23 510
Non current liabilities
Deferred tax liability 27 -
Non current lease liability 8 18
-------- -------
Total non current liabilities 35 18
-------- -------
TOTAL LIABILITIES 58 528
-------- -------
NET ASSETS 339 325
======== =======
Summarised statement of comprehensive
income:
Total income 707 795
Less expenses (606) (602)
-------- -------
Net profit before tax 101 193
-------- -------
Tax expense (102) (122)
Net profit/(loss) after tax (1) 71
-------- -------
Thor's Share of Net profit/(loss) - 22
(e) Profit or loss on the sale of investments:
4,500,000 POW shares were sold on market for GBP0.013 per share
for proceeds of GBP58,000 and a loss on sale of (GBP11,000) - for
further details refer Note 8(c).
9. Deposits
Consolidated Company
GBP'000 GBP'000 GBP'000 GBP'000
2022 2021 2022 2021
Deposits with banks and Government agencies 68 41 - -
68 41 - -
------- ------- ------- -------
10. Right of use asset
The Company's Right of use assets relates to leased office
space. The lease has been fully extinguished during the year and
has not been renewed.
Options to extend or terminate
The Company's lease contains no option to extend.
Variable lease payments
The company does not have any variable lease payments.
Consolidated Company
GBP'000 GBP'000 GBP'000 GBP'000
2022 2021 2022 2021
(i) IFRS 16 related amounts recognised
in the Statement of Financial Position
Leased building 10 70 - -
Less: accumulated depreciation (10) (60) - -
------- ------- ------- -------
Right of use asset - 10 - -
------- ------- ------- -------
Movements in Carrying Amount
Opening balance 10 41 --
Recognised on initial application of IFRS16 - - --
(previously classified as an operating
lease)
Depreciation expense (10) (31) --
---- ----
- 10 --
---- ----
(ii) IFRS 16 related amounts recognised
in the Statement of Comprehensive
Income/(Loss)
Depreciation charge related to right
of use asset (10) (31) --
Interest expense on lease liabilities - (1) --
Short term lease expenses (24) - --
-
(iii) Total Full Year cash out flows
for leases (10) (30) --
11. Property, plant and equipment Consolidated Company
GBP'000 GBP'000 GBP'000 GBP'000
Plant and Equipment: 2022 2021 2022 2021
At cost 128 60 - -
Accumulated depreciation (66) (53) - -
Total Property, Plant and Equipment 62 7 - -
======= ======= ======= =======
Movements in Carrying Amounts
Movement in the carrying amounts for each class of property,
plant and equipment between the beginning and the end of the
current financial year.
At 1 July 7 7 --
Additions 60 8 --
Foreign exchange impact, net - - --
Depreciation expense (5) (8) --
At 30 June 62 7 --
=== ===
12. Trade receivables and other assets
Consolidated Company
GBP'000 GBP'000 GBP'000 GBP'000
Current 2022 2021 2022 2021
Trade and other receivables 196 36 9 22
Prepayments 40 24 2 -
236 60 11 22
======= ======= ======= =======
At 30 June 2022 all trade and other receivables were fully
performing. No ageing analysis is considered necessary as the Group
has no significant trade receivable receivables which would require
such an analysis to be disclosed under the requirements of IFRS
9.
The above trade receivables and other assets are held
predominantly in Australian Dollars.
The maximum exposure to credit risk at the reporting date is the
carrying value of each class of receivable mentioned above. The
Group does not hold any collateral as security.
13. Current trade and other payables
Consolidated Company
GBP'000 GBP'000 GBP'000 GBP'000
2022 2021 2022 2021
Trade payables (332) (201) (14) (33)
Other payables (65) (105) (16) -
(397) (306) (30) (33)
------- ------- ------- -------
The carrying amounts of the Group and Company's trade and other
payables are denominated in the following currencies:
UK Pounds (30) (33) (30) (33)
Australian Dollars (367) (273) - -
(397) (306) (30) (33)
----- ----- ---- ----
14. Lease liability
Consolidated Company
GBP'000 GBP'000 GBP'000 GBP'000
2022 2021 2022 2021
Lease Liability is represented by:
Current - 10 - -
Non Current - - - -
========= ======= ======= =========
Total Lease Liability - 10 - -
========= ======= ======= =========
15. Issued share capital
2022 2021
GBP'000 GBP'000
Issued up and fully paid :
982,870,766 'Deferred Shares' of GBP0.0029 each (1) 2,850 2,850
7,928,958,500 'A Deferred Shares' of GBP0.000096 each
(2) 761 761
2,014,341,411 Ordinary shares of GBP0.0001 each 201 162
(2021: 982,870,766 'Deferred Shares' of GBP0.0029 each,
7,928,958,500 'A Deferred Shares' of GBP0.000096 each
and 1,625,719,488 ordinary shares of GBP0.0001 each)
------------- -------
3,812 3,773
============= =======
Movement in share capital
2022 2021
Ordinary shares of GBP0.0001 Number GBP'000 Number GBP'000
At 1 July 1,625,719,488 3,773 1,224,996,863 3,733
Shares issued for cash 343,076,923 34 319,818,629 32
Shares issued in lieu of Directors
fees - - 5,821,663 1
Shares issued for acquisitions 15,625,000 2 54,500,000 5
Shares issued to service providers 7,200,000 1 8,015,666 1
Warrants Exercised 22,720,000 2 12,566,667 1
At 30 June 2,014,341,411 3,812 1,625,719,488 3,773
--------------- ------- ------------- ---------
Nominal Value
(1) The nominal value of shares in the company was originally
0.3 pence. At a shareholders meeting in September 2013, the
Company's shareholders approved a re-organisation of the company's
shares which resulted in the creation of two classes of shares,
being:
-- Ordinary shares with a nominal value of 0.01 pence, which
continued as the company's listed securities, and
-- 'Deferred Shares' with a nominal value of 0.29 pence which,
subject to the provisions of the Companies Act 2006, may be
cancelled by the company, or bought back for GBP1 and then
cancelled. These deferred shares are not quoted and carry no rights
whatsoever.
(2) At a shareholders meeting in November 2016, the Company's
shareholders approved a re-organisation of the company's shares
which, on the 1 December 2016, resulted in the existing Ordinary
Shares of 0.01 pence being further split as follows:
-- Ordinary shares with a nominal value of 0.0004 pence, and
-- 'A Deferred Shares' with a nominal value of 0.0096 pence
which, subject to the provisions of the Companies Act 2006, may be
cancelled by the company, or bought back for GBP1 and then
cancelled. These deferred shares are not quoted and carry no rights
whatsoever.
Warrants and Options on issue
The following warrants (UK terminology) and options (Australian
terminology) have been granted by the Company and have not been
exercised as at 30 June 2022:
Number Grant Date Expiry Date Exercise Price
61,875,000 (4) 28 Sep 2020 28 Sep 2022 GBPGBP0.01
26,500,000 (6) 23 Oct 2020 23 Oct 2022 GBPGBP0.01
8,333,000 (8) 20 Jan 2021 10 Nov 2022 AUD$0.03
5,000,000 (12) 25 Jun 2021 4 Dec 2022 USD$0.0175
44,117,648 (9) 27 Jan 2021 27 Jan 2023 GBPGBP0.016
20,280,000 (1) 8 Jul 2020 8 Jul 2023 AUD$0.01
94,300,000 (2) 8 Jul 2020 8 Jul 2023 AUD$0.01
16,000,000 (3) 8 Jul 2020 8 Jul 2023 AUD$0.0095
7,500,000 (5) 29 Sep 2020 28 Sep 2023 AUD$0.026
4,000,000 (7) 23 Oct 2020 23 Oct 2023 GBPGBP0.0054
5,647,058 (10) 27 Jan 2021 27 Jan 2024 GBPGBP0.0085
2,433,526 (11) 28 May 2021 4 Mar 2024 GBPGBP0.010273
36,000,000 (13) 22 Nov 2021 22 Nov 2025 GBPGBP0.13
31,250,000 (14) 26 Nov 2021 25 Nov 2026 AUD$0.03
95,333,333 (15) 22 Dec 2021 20 Dec 2023 AUD$0.015
95,333,333 (16) 22 Dec 2021 20 Dec 2023 AUD$0.02
14,400,000 (17) 17 May 2022 12 May 2025 AUD$0.025
53,846,153 (18) 17 Aug 2021 17 Aug 2023 GBPGBP0.013
7,692,308 (19) 20 Aug 2021 17 Aug 2023 GBPGBP0.013
629,841,359 Total outstanding
-------------------------------
Share options (termed warrants in the UK) carry no rights to
dividends and no voting rights.
(1) ASX listed options granted to lead broker of a capital
raise.
(2) ASX listed options granted to investors as part of a capital
raise.
(3) Options were granted to Directors of the Company, as
approved by shareholders.
(4) Granted to investors as part of a capital raise 28 September
2020.
(5) Options granted to employees under the terms of the
company's shareholder approved employees share option plan.
(6) Granted to investors as part of a capital raise.
(7) Granted to lead broker of a capital raise.
(8) Options granted as part of the consideration for the
acquisition of additional Ragged Range tenements.
(9) Granted to investors as part of a capital raise.
(10) Options granted to lead investor of placement.
(11) Options granted to a service provider.
(12) Options granted to a service provider. The Options vest at
the rate of 1,000,000 per month commencing June 2021.
(13) Options were granted to Directors of the Company, as
approved by shareholders.
(14) Options granted as part of the consideration for an
acquisition.
(15) Granted to investors as part of a capital raise.
(16) Granted to investors as part of a capital raise.
(17) Options granted to employees under the terms of the
Company's shareholder approved employees share option plan.
(18) Granted to investors as part of a capital raise.
(19) Granted to investors as part of a capital raise.
The following reconciles the outstanding warrants and options at
the beginning and end of the financial year
Number Number of Warrants Weighted Average Exercise Price (GBP)
Balance at the beginning of the year 393,265,055 0.0120
Granted during the year 333,855,127 0.0111
Lapsed during the year (74,558,823) 0.0130
Exercised during the year (22,720,000) 0.0056
Balance at the end of the year 629,841,359 0.0103
The options outstanding at 30 June 2022 had a weighted average
remaining number of days until expiry of 370 (2021: 575 days).
16. Share based payments reserve
2022 2021
GBP'000 GBP'000
At 1 July 314 275
Options exercised or lapsed
Exercised 14,720,000 service provider options @ GBP 0.00156 (23) -
Exercised 8,000,000 options @ GBP0.001720 (14) -
Lapsed 26,500,000 options @ GBP 0.002582 (68) -
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)
(105) (207)
Options expensed through the Statement of comprehensive
income
36,000,000 options issued @ GBP0.00656 236 -
5,000,000 options to a service provider @ GBP0.003620
(1) 9 -
Issued 14,400,000 ESOP @ GBP0.006300 (2) 40 -
Issued 24,000,000 to Directors @ GBP0.00170 - 41
Issued 7,500,000 ESOP @ GBP0.0051 - 38
Issued 4,000,000 to service provider @ GBP0.0066 - 27
Issued 6,000,000 to a service provider @ GBP0.0036 - 9
Issued 2,433,526 to service a provider @ GBP0.0045 - 11
285 126
Options recognised as capital raising costs
Issued 22,000,000 to a service provider @ GBP 0.00466 102
Issued 22,000,000 to a service provider @ GBP 0.00306 68
Issued 5,647,058 to a service provider @ GBP0.0058 - 32
Issued 35,000,000 to a service provider @ GBP0.0016 - 55
170 87
Options issued for an acquisition
31,250,000 options issued @ GBP0.00646 202
Issued 8,333,000 for tenements acquired @ GBP0.0039 - 33
--- ---
202 33
At 30 June 866 314
--- ---
(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.
(2) 4,800,000 of 14,400,000 options valued at GBP0.006300;
9,600,000 options are to be expensed over their vesting period.
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 of the options granted is calculated using the
Black-Scholes model taking into account the terms and conditions
upon which the options are granted. The following table lists the
inputs to the model used for the share options in the balance of
the Share Based Payments Reserve as at 30 June 2022 or lapsed
during the year ended 30 June 2022.
(i) Options comprising the share-based payments reserve at 30
June 2022
20,280,000 granted to a broker on 8 July 2020
Dividend yield 0.00%
Underlying Security spot price GBP0.0035
Exercise price A$0.010
Standard deviation of returns 93%
Risk free rate 2.7%
Expiration period 3 yrs
Black Scholes valuation per option GBP0.0016
16,000,000 granted to directors 8 July 2020
Dividend yield 0.00%
Underlying Security spot price GBP0.0035
Exercise price A$0.0095
Standard deviation of returns 93%
Risk free rate 2.7%
Expiration period 3 yrs
Black Scholes valuation per option GBP0.0017
4,000,000 granted to a service provider 23 October 2020
Dividend yield 0.00%
Underlying Security spot price GBP0.0093
Exercise price GBP0.0054
Standard deviation of returns 100%
Risk free rate 0.13%
Expiration period 3 yrs
Black Scholes valuation per option GBP0.0066
7,500,000 granted ESOP 29 September 2020
Dividend yield 0.00%
Underlying Security spot price GBP0.0095
Exercise price A$0.0260
Standard deviation of returns 100%
Risk free rate 0.17%
Expiration period 3 yrs
Black Scholes valuation per option GBP0.0051
8,333,000 granted for an acquisition 20 January 2021
Dividend yield 0.00%
Underlying Security spot price GBP0.00998
Exercise price A$0.030
Standard deviation of returns 108%
Risk free rate 0.08%
Expiration period 1.72yrs
Black Scholes valuation per option GBP0.0039
5,000,000 granted to a service provider 25 June 2021
Dividend yield 0.00%
Underlying Security spot price GBP0.00925
Exercise price USD$0.0175
Standard deviation of returns 102%
Risk free rate 0.030%
Expiration period 1.5 yrs
Black Scholes valuation per option GBP0.0036
5,647,058 granted to service provider 27 January 2021
Dividend yield 0.00%
Underlying Security spot price GBP0.00925
Exercise price GBP0.0085
Standard deviation of returns 98%
Risk free rate 0.110%
Expiration period 3yrs
Black Scholes valuation per option GBP0.0058
2,433,526 granted to service provider 28 May 2021
Dividend yield 0.00%
Underlying Security spot price GBP0.0083
Exercise price GBP0.010273
Standard deviation of returns 96%
Risk free rate 0.130%
Expiration period 3yrs
Black Scholes valuation per option GBP0.0045
36,000,000 granted 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 granted 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 7)
22,000,000 granted 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 granted 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.
14,400,000 granted under an ESOP on 17 May 2022
Dividend yield 0.00%
Underlying Security spot price A$0.016
Exercise price A$0.025
Standard deviation of returns 128%
Risk free rate 2.51%
Expiration period 3yrs
Black Scholes valuation per option GBP0.0063
4,800,000 Options vested immediately and were fully expensed when granted.
4,800,000 Options vest 12 May 2023 and are being expensed over their
vesting period.
4,800,000 Options vest 12 May 2024 and are being expensed over their
vesting period.
(ii) Options exercised or lapsed in the year ended 30 June
2022
26,500,000 lapsed (granted for an acquisition on 23
May 2019)
Dividend yield 0.00%
Underlying Security spot price GBP0.0085
Exercise price GBP0.013
Standard deviation of returns 60%
Risk free rate 2.23%
Expiration period 3.16yrs
Black Scholes valuation per option GBP0.0026
14,720,000 exercised (granted to service provider on
8 July 2020)
Dividend yield 0.00%
Underlying Security spot price GBP0.0035
Exercise price A$0.010
Standard deviation of returns 93%
Risk free rate 2.7%
Expiration period 3 yrs
Black Scholes valuation per option GBP0.0016
8,000,000 exercised (granted to directors 8 July 2020)
Dividend yield 0.00%
Underlying Security spot price GBP0.0035
Exercise price A$0.0095
Standard deviation of returns 93%
Risk free rate 2.7%
Expiration period 3 yrs
Black Scholes valuation per option GBP0.0017
17. Analysis of changes in net cash and cash equivalents
Non-cash
1 July 2021 Cash flows changes 30 June 2022
GBP'000 GBP'000 GBP'000 GBP'000
Cash at bank and in hand -
Group 783 385 5 1,173
----------- ---------- -------- -------------
18. Contingent liabilities and commitments
a) Exploration commitments
Ongoing exploration expenditure is required to maintain title to
the Group mineral exploration permits. The Group's total annual
exploration commitments, including rent, at 30 June 2022 were
GBP293,000 (2021: GBP297,000). No provision has been made in the
financial statements for these amounts as the expenditure is
expected to be fulfilled in the normal course of the operations of
the Group.
b) Claims of native title
The Directors are aware of native title claims which cover
certain tenements in the Northern Territory. The Group's policy is
to operate in a mode that takes into account the interests of all
stakeholders including traditional owners' requirements and
environmental requirements. At the present date no claims for
native title have seriously affected exploration by the
Company.
c) Contingent Liability
As at 30 June 2022, the Group had no contingent liabilities.
19. Financial instruments
The Group uses financial instruments comprising cash, liquid
resources and debtors/creditors that arise from its operations.
The Group's exposure to currency and liquidity risk is not
considered significant. The Group's cash balances are held in
Pounds Sterling and in Australian Dollars, the latter being the
currency in which the significant operating expenses are
incurred.
To date the Group has relied upon equity funding to finance
operations. The Directors are confident that they will be able to
raise additional equity capital to finance operations to commercial
exploitation but controls over expenditure are carefully
managed.
The net fair value of financial assets and liabilities
approximates the carrying values disclosed in the financial
statements. The currency and interest rate profile of the Group's
financial assets is as follows:
2022 2021
GBP'000 GBP'000
Sterling 145 663
Australian Dollars 1,028 120
1,173 783
------- -------
The financial assets comprise interest earning bank deposits and
a bank operating account.
Set out below is a comparison by category of carrying amounts
and fair values of all of the Group's financial instruments
recognised in the financial statements, including those classified
under discontinued operations. The fair value of cash and cash
equivalents, trade receivables and payables approximate to book
value due to their short-term maturity.
The fair values of derivatives and borrowings have been
calculated by discounting the expected future cash flows at
prevailing interest rates. The fair values of loan notes and other
financial assets have been calculated using market interest
rates.
For investments in listed shares, the fair values have been
determined based on closing quoted bid prices at the end of the
reporting period.
For investments in unlisted shares, the fair values have been
determined using the most recently observed purchase price.
Investments held (refer to note 8) are classified as level 1 and
level 3 assets on the fair-value hierarchy with regards to
value.
2022 2021
Carrying Fair Value Carrying Fair Value
Amount GBP'000 GBP'000 Amount GBP'000 GBP'000
--------------- ---------- --------------- ----------
Financial assets measured at
fair value:
Investment in Power Metal Resources
Plc (level 1) 395 395 - -
Financial assets not measured
at fair value:
Cash and cash equivalents 1,173 1,173 783 783
Trade & other receivables 236 236 60 60
Deposits supporting performance
guarantees 68 68 41 41
Financial liabilities:
Trade and other payables 397 397 306 306
The following table sets out the carrying amount, by maturity,
of the financial instruments exposed to interest rate risk:
Maturing Total
------------------ -------- -------
Effective
Interest >1 to <2 >2 to <5
30-June 2022 - Group Rate % < 1 year Years Years
GBP'000 GBP'000 GBP'000 GBP'000
-------- -------- -------- -------
Financial Assets
Fixed rate
At call Account - AUD 0% 1,028 - - 1,028
At call Account - STG 0.00% 145 - - 145
1,173 - - 1,173
-------- -------- -------- -------
Financial Liabilities
Fixed Rate
Interest bearing liabilities - - - -
-------- -------- -------- -------
30-June 2021 - Group
Financial Assets
Fixed rate
At call Account - AUD 0% 120 - - 120
At call Account - STG 0.05% 663 - - 663
-------- -------- -------- -------
783 - - 783
Financial Liabilities
Fixed Rate
Interest bearing liabilities - - - -
-------- -------- -------- -------
20. Related party transactions
There is no ultimate controlling party.
Thor has lent funds to its wholly owned subsidiaries to enable
those companies to carry out their operations. At 30 June 2022, the
estimated recoverable amount converted to GBP12,672 (refer Note
8(b)).
Thor Mining PLC engages the services of Druces LLP Solicitors, a
company in which Mr Stephen Ronaldson is a Partner. Mr Ronaldson is
the UK based Company Secretary of Thor. During the year GBP26,066
was paid to Druces LLP Solicitors (2021: GBP16,402) on normal
commercial terms.
Transactions with Directors and Director related entities are
disclosed in Note 4.
21. Subsequent events
There were no material events arising subsequent to 30 June 2022
to the date of this report which may significantly affect the
operations of the Group or Company, the results of those operations
and the state of affairs of the Group or Company in the future.
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END
ACSFIFIAAEIIVIF
(END) Dow Jones Newswires
September 30, 2022 05:10 ET (09:10 GMT)
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