TIDMTHR
RNS Number : 3975Z
Thor Mining PLC
24 January 2022
This announcement contains inside information for the purposes
of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it
forms part of UK domestic law by virtue of the European Union
(Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with
the Company's obligations under Article 17 of MAR
24 January 2022
Thor Mining PLC
Pilot Mountain Project Sale
Tail Benefit Variation and Transaction Completion
The directors of Thor Mining Plc ("Thor" or "Thor Mining") (AIM,
ASX: THR, OTCQB: THORF) are pleased to advise that Power Metal
Resources Plc ("Power Metal") (AIM: POW) and Thor have agreed to a
Variation of Tail Benefit ("Variation") as part of the Sale
Agreement of the Pilot Mountain Tungsten Project ("Pilot Mountain")
in Nevada, USA, as previously announced on 1 November 2021.
HIGHLIGHTS
-- In consideration for the Variation,
-- Power Metal will pay Thor Mining GBP50,000.00 (A$94,126.00)
in cash within 7 days of 24 January 2022 ("Variation Date");
and
-- within 14 days of the Variation Date, Power Metal will issue
to Thor Mining 4,000,000 freely tradable new ordinary shares of
Power Metal of 0.1p at a deemed issue price of 2.5p (total value of
GBP100,000).
-- Original Tail Benefit comprised a US$500,000 milestone
payment, payable in Power Metal Ordinary Shares, if Golden Metal
Resources Limited, A subsidiary of Power Metal, publishes a JORC or
43-101 compliant resource at Pilot Mountain which increases against
current declared levels by 25% across total indicated and inferred
categories within two years.
All other terms of the Sale Agreement remain the same as
announced on 1 November 2021 and the announcement can be viewed at
the following link:
https://www.londonstockexchange.com/news-article/THR/sale-option-exercised-for-1-8m-at-pilot-mountain/15193842
Additionally, Power Metals have confirmed the completion of
their due diligence and therefore the sale of Pilot Mountain
completed on 24 January 2022.
Nicole Galloway Warland, Managing Director of Thor Mining,
commented:
"Thor are pleased with this tail benefit variation, although the
payment is less, there is no risk to Thor, with THR receiving the
cash and share payment upfront.
This finalises the Pilot Mountain strategic divestment allowing
Thor to focus on our critical minerals, uranium and gold
projects."
This announcement is authorised for release to the market by the
Board of Directors.
- Ends -
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 and Tel: +44 (0) 207 220 1666
Joint Broker)
Jessica Cave / Darshan Patel / Megan Liddell
SI Capital Limited (Joint Broker) Tel: +44 (0) 1483 413
500
Nick Emerson
Yellow Jersey (Financial PR) thor@yellowjerseypr.com
Sarah Hollins / Henry Wilkinson Tel: +44 (0) 20 3004 9512
Competent Persons Report
The information in this report that relates to Exploration
Results and the Estimation and Reporting Pilot Mountain 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.
Forward Looking Statements
This document may contain certain forward-looking statements.
Forward-looking statements include, but are not limited to,
statements concerning Thor Mining PLC current expectations,
estimates and projections about the industry in which Thor
operates, and beliefs and assumptions regarding Thor's future
performance. When used in this document, words such as
"anticipate", "could", "plan", "estimate", "expects", "seeks",
"intends", "may", "potential", "should", and similar expressions
are forward-looking statements. Although Thor believes that its
expectations reflected in these forward-looking statements are
reasonable, such statements are subject to known and unknown risks,
uncertainties and other factors, some of which are beyond the
control of Thor and no assurance can be given that actual results
will be consistent with these forward-looking statements
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-gold deposits considered amenable to extraction
via In Situ Recovery techniques (ISR). In January 2021, Thor has
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
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END
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January 24, 2022 07:00 ET (12:00 GMT)
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