TIDMTHR
RNS Number : 4666L
Thor Mining PLC
30 April 2020
30 April 2020
THOR MINING PLC
("THOR" OR THE "COMPANY")
QUARTERLY REPORT JANUARY TO MARCH 2020
Highlights Outlook for June Quarter 2020
-------------------------------------------------------------------- --------------------------------------------------
COPPER
Kapunda, SA Australia
* Successful borehole pump testing * Large scale column leach work.
* Tracer testing demonstrated connectivity between * Trial groundwater ion exchange work to separate
holes necessary for successful ISR activities. dissolved copper from other metals.
* High tenor copper (preliminary) from pump test * Electrowinning (EW) testwork.
drilling.
* Bench scale copper cementation testwork.
TUNGSTEN & MULTI COMMODITIES
* Preparation work for field recovery trials.
Molyhil, NT Australia
* Marketing activities around potential project finance * Discussions with Australian government agencies
and off-take agreements for both tungsten and mandated to assist Australian critical minerals
molybdenum concentrates. projects.
* Drilling success at Bonya results in maiden resource * Continued discussions with potential Molyhil project
estimates. financiers and off-take partners.
Pilot Mountain, Nevada USA
* Ongoing discussions with various US parties aimed at * Continuing discussions with US parties to secure
securing specific investment to progress this project investment.
project.
GOLD & OTHER COMMODITIES
* Ground reconnaissance survey over Pilbara tenements * Secure grant of Hamersley tenements
provided very encouraging gold, nickel & chromium
results.
* Subject to relaxation of COVID-19 restrictions,
follow-up ground reconnaissance work over areas of
* Execution of agreements with traditional owners of gold, nickel, & chromium prospectivity.
Hamersley licences
NEW PROJECTS
The Company is in active due diligence and negotiations, in respect
of a potential new asset to enhance the portfolio. The Company
will provide further details as the process develops.
CORPORATE & FINANCE
The Spring Hill gold royalty sale process continues, and it is
expected that the Company will be in a position to advise
successful completion in June.
During the quarter the Company completed the sale of its
interest in Hawkstone Mining Limited.
Mr Mick Billing, Executive Chairman, commented:
"Challenging market conditions prevail, & we have taken
further steps to reduce overheads, along with taking advantage of
Australian government COVID-19 initiatives aimed at meeting some
employment costs. We expect also that we will be able to complete
the sale of the Spring Hill royalty shortly, and we look forward to
providing details of our exciting potential new asset acquisition
when finalised."
"Our ISR copper investments continue to develop value with
excellent outcomes from testwork at Kapunda. We hope to be able to
advise final drill assays shortly. Critically however the real
story at Kapunda is the ongoing buildup of evidence that the ISR
process will work in practice".
"We have continued to add value to the Molyhil project with the
release of resource estimates at Bonya in January, potentially
adding materially to the life and economic outcomes of the
project".
"In addition, recent renewed interest by the Australian
government in critical minerals has resulted in increased support
for projects of this nature, and we hope to be able to take
advantage of this."
"Finally, the initial sampling program in our 100% owned Pilbara
project produced some outstanding initial results, and we look
forward to follow up work on these, once COVID-19 access
restrictions are lifted."
COPPER PROJECTS
KAPUNDA and MOONTA COPPER PROJECTS - SA
Thor holds a 25% equity interest in private Australian company,
EnviroCopper Limited ("ECL"), along with rights to acquire a
further 5% interest via investment of an additional A$0.4million,
of which A$0.1million has been advanced. 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 in-situ recovery ("ISR")
contained in the Kapunda deposit from Australian listed company,
Terramin Australia Limited ("Terramin" ASX: "TZN"), and rights to
75% of Moonta 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:
https://www.envirocopper.com.au/
During 2018, the Australian Government Ministry for Science,
Jobs and Innovation announced an offer to ECR for research funding
of A$2,851,303, over a 30 month period, for the Kapunda In-Situ
Copper and Gold Recovery Trial.
During the June 2019 quarter the Company advised of successful
gold recovery from Kapunda core, in addition to copper recovery,
using a CSIRO developed thiosulphate product, instead of, the more
normal, cyanide. As reported (ref ASX announcement of 3 April
2019), gold has been intersected in a number of holes at Kapunda,
within the existing copper resource, and results for 28 surface
& drill core samples historically reported to range from 0.6 to
5.54 dwts /ton (approx 0.93 to 8.58 g/t), with best results of 95.1
metres @ 3.06g/t gold from 2.4metres depth.
Field pump tests of the flow of fluids through the deposit for
successful ISR activities were conducted during the quarter. The
program involved drilling three holes, in the southern portion of
the deposit during the December quarter, all of which intersected
copper, followed by a series of testwork which are ongoing. This
testwork continues, however to date, all results consistently
support the concept that ISR copper recovery at Kapunda is
technically feasible.
Pumping of groundwater from the holes drilled showed a rapid
response in the water levels from those nearby, indicating good
connectivity associated with favourable porosity and permeability.
This has been reinforced with specific inert tracer chemical tests
demonstrating successful flow through the ground rock between
holes.
Ongoing work includes large scale column leach testwork of
drilling samples, & also some extractive work (ion exchange
& electro-winning) on copper & other metals contained in
the local groundwater, which have dissolved naturally over time. We
expect to be able to release the results of these activities during
the June quarter.
Other near-term activities at Kapunda include continued
community liaison in respect of project activities, testwork on
historical drill core to determine the optimum extraction agent
(lixiviant) most suited to the Kapunda deposit and establishing
appropriate parameters for future field recovery trial work.
Moonta
During the September 2019 quarter the Company advised that
EnviroCopper Limited, on behalf of Environmental Metals Recovery,
had completed a Mineral Resource Estimate (MRE) on several of the
deposits at Moonta, based on substantial historical drilling. The
results of this study was an Inferred Resource estimate of 66.1
million tonnes (MT) grading 0.17% copper (Cu), containing 114,000
tonnes of contained copper, at a cutoff grade of 0.05%Cu.
The full details of the resource announcement may be accessed
via the following link:
https://www.asx.com.au/asxpdf/20190815/pdf/447hw9dbbkg94b.pdf
The Company is not aware of any new information or data which
would materially affect the Mineral Resource, and all assumptions
and key technical parameters relevant to the estimate remain
unchanged.
TUNGSTEN PROJECTS
Tungsten and Molybdenum Price Trends
During March and April, global tungsten and molybdenum prices
dipped in response to weaker manufacturing and infrastructure
demand, brought on by the global COVID-19 pandemic.
At the date of this report, the price of tungsten, per mtu of
APT (Ammonium Para Tungstate) sits between US$195/mtu and
US$220/mtu, while the molybdenum price sits at US$8.25/lb.
Industry discussion continues to forecast tight supply
conditions for tungsten concentrates and downstream products, with
dominant global supplier, China, enforcing improved environmental
standards, and restricting the issue of new mine production
licences . This implies a recovery in tungsten pricing when the
global economy commences an upturn. In addition, industry
expectations are that molybdenum will be subject to supply
constraints for several years.
MOLYHIL TUNGSTEN PROJECT - NT (100% Thor)
During the quarter, Thor continued discussions with various
potential partners who have expressed interest, in either off-take,
joint venture or debt finance arrangements. It is hoped that, on
the back of improved global markets, a favourable arrangement can
be finalised in the near term.
Adjacent to Molyhil, the Bonya tenements, in which Thor holds a
40% interest, host outcropping tungsten deposits, a copper resource
and a vanadium deposit.
During the quarter, following completion of a reverse
circulation (RC) drilling program at the nearby Bonya JV tenement,
maiden mineral resource estimates on the White Violet and Samarkand
tungsten deposits were published.
A full background on the project is available on the Thor Mining
website www.thormining.com/projects .
During the December quarter, on 10 October 2019, the Company
reported an updated Mineral resource estimate for the Molyhil
deposit comprising Indicated and Inferred Mineral Resources of 4.7
million tonnes at 0.28% WO (Tungsten trioxide), 0.14% Mo
(Molybdenum), 0.05% Cu (Copper), and 18.0% Fe (Iron) above a
cut-off grade of 0.12% WO(3) equivalent.
The revised resource estimate increased contained WO by 1.5%,
and contained Mo by 9.3% compared with the previous estimate, and
includes copper, which had not previously been reported since
2006.
An update to the Open Cut Ore Reserve, and the Definitive
feasibility Study (DFS) has not been commissioned at this stage,
however the directors may elect to revisit these with any
improvement in the Bonya deposits resources classification beyond
Inferred status.
Table A: Molyhil Summary JORC (2012) Mineral Resource Estimate -
Reported 10 October, 2019
Classification '000 WO(3) Mo Cu Fe
Tonnes
--------
Grade Tonnes Grade Tonnes Grade Tonnes Grade
% % % %
---------------- -------- ----- ------ ----- ------- ----- ------ ------
Indicated 3,780 0.29 11,000 0.14 5,400 0.05 1,800 18.7
Inferred 930 0.25 2,300 0.15 1,400 0.04 300 15.2
-------- ----- ------ ----- ------- ----- ------ ------
Total 4,710 0.28 13,300 0.14 6,800 0.05 2,200 18.0
-------- ----- ------ ----- ------- ----- ------ ------
Notes:
-- Thor Mining PLC holds 100% equity interest in this
project.
-- The Mineral Resource is reported at 0.12% WO(3) equivalent
cut-off and above 200mRL only on a dry, in-situ basis
-- The Company is not aware of any information or data which
would materially affect the Mineral Resource, and all assumptions
and key technical parameters relevant to the previous estimate
remain unchanged.
Details of the resource announcement may be accessed via the
following link:
https://www.asx.com.au/asxpdf/20191011/pdf/449d2szw7y7hzy.pdf
The Company is in discussion with several Australian
Commonwealth government agencies each of which are mandated to
assist companies with projects to develop and produce critical
minerals, which includes tungsten. These agencies include; Export
Finance Australia, Defence Export Facility, Critical Minerals
Facilitation Office and the North Australian Infrastructure
Facility. Further announcements will be made as appropriate.
Bonya (Tungsten, Copper, Vanadium) (40% Thor)
During the quarter, after a December quarter RC drilling program
the Joint Venture was able to report a maiden resource estimate for
the White Violet and Samarkand deposits on 29 January 2020.
https://www.thormining.com/sites/thormining/media/pdf/asx-announcements/20200129-mineral-resource-estimates---bonya-tungsten--copper.pdf
The updated Mineral Resource Inventory for Bonya licence to date
is shown in Table B and Table C below:
Table B: 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% WO(3) 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 C: 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.
Vanadium
During the September quarter, Thor and Arafura Resources,
released details of a study outlining the potential of the Jervois
Vanadium Project, along with a proposed development plan. The study
details can be accessed via the following link:
https://www.asx.com.au/asxpdf/20190703/pdf/446bv386tvk7fh.pdf
PILOT MOUNTAIN TUNGSTEN PROJECT - NEVADA USA (100% Thor)
Thor's Pilot Mountain Project, acquired in 2014, is located
approximately 200 kilometres south of the city of Reno and 20
kilometres east of the town of Mina, located on US Highway 95.
The Pilot Mountain Project is comprised of four tungsten
deposits: Desert Scheelite, Gunmetal, Garnet and Good Hope. All of
these deposits are in close proximity (three kilometres) to each
other and have been subjected to small-scale mining activities at
various times during the 20th century.
A full background on the project is available on the Thor Mining
website www.thormining.com/projects .
The directors believe Pilot Mountain's resource is substantial
on a global scale, and has potential for significant growth, in
particular from the discovery in the August 2017 drilling program
of an additional parallel zone of scheelite mineralisation at the
Desert Scheelite deposit (Figure 6.).
The directors believe that the Desert Scheelite resource, which
outcrops at surface at the western end for more than 400 metres,
has potential to develop into a long term open pit mining operation
which, when supplemented by higher grade mineralisation from the
other deposits at Pilot Mountain, has the potential for a longer
term profitable operation.
This significant tungsten resource is strategically located in
the USA and tungsten has been confirmed by the US Department of the
Interior as a critical mineral in 2018.
Locked cycle testwork on material from the Desert Scheelite
deposit, was completed during the June 2019 quarter, resulting in
production of a high grade scheelite concentrate grading 68% WO
with recovery of 73.6%.
Environmental study parameters are being established with
relevant agencies, and Infrastructure studies have also
commenced.
OTHER PROJECTS
During the quarter (on 16 January 2020), the Company released
results from a field reconnaissance program incorporating soil and
stream sediment sampling conducted during the December, on the
Pilbara Gold licences, in Western Australia.
The results showed mineralisation in 17 of the 44 sites sampled.
Of the mineralised samples, 15 contained gold, and two encountered
nickel and chromium. The released results can be accessed via the
following link:
https://www.thormining.com/sites/thormining/media/pdf/asx-announcements/20200117-asx-pilbara-gold-reconn-assays.pdf
The principle focus of the stream sediment survey was the
preliminary evaluation of the gold potential, and this appears to
have been very successful. The encouraging nickel and chrome
results achieved in the western part of E46/1262 were not expected.
A subsequent literature search specific to the nickel potential on
the tenement has highlighted the presence of a north south trending
gossan with anomalous nickel (1018 ppm) previously mapped by the WA
geological survey over a 1km strike length. The gossan occurs
approximately 2km south east and in the same ultramafic unit as the
recent positive stream sediment results. Because the gossan was not
identified before the recent stream sediment survey, that gossan
will not have been tested.
The Company now has a strong nickel target, as well as several
very promising gold targets, for follow up field evaluation during
the course of 2020, and once COVID-19 related restrictions are
eased, that will be scheduled as a priority.
SPRING HILL GOLD PROJECT - NT (ROYALTY ENTITLEMENT)
In February 2017 Thor completed the A$3.5 million sale of its
Spring Hill Gold project(1). The sale transaction carries an
ongoing residual royalty of:
-- 1B A$6 per ounce of gold produced from the Spring Hill
tenements where the gold produced is sold for up to A$1,500 per
ounce; and
-- A$14 per ounce of gold produced from the Spring Hill
tenements where the gold produced is sold for amounts over A$1,500
per ounce.
(1) Refer AI M a nn o un c e m e nt of 26 F e b r u ary 2 0 16 a
nd ASX ann o uncement of 29 February 2 0 16
No royalties were received during the quarter, however the
owners of the Spring Hill project have advised that they are
progressing mine permitting, and also that the treatment plant for
toll processing the ore has been refurbished. They are hopeful of
commencement of operations in the near term.
The Company is engaged in the process of selling this royalty,
and it is expected that this will be successfully concluded
shortly.
Competent Person's Report
The information in this report that relates to exploration
results, and exploration targets, is based on information compiled
by Richard Bradey, who is a Member of The Australasian Institute of
Mining and Metallurgy. Mr Bradey is an employee of Thor Mining PLC.
He has sufficient experience which is relevant to the style of
mineralisation and type of deposit under consideration and to the
activity which he 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'. Richard Bradey consents to the inclusion in the report
of the matters based on his information in the form and context in
which it appears.
Enquiries:
Mick Billing +61 (8) 7324 Thor Mining PLC Executive Chairman
1935
Ray Ridge +61 (8) 7324 Thor Mining PLC CFO/Company Secretary
1935
Colin Aaronson/ +44 (0) 207 383 Grant Thornton Nominated Adviser
Richard Tonthat 5100 UK LLP
Nick Emerson +44 (0) 1483 SI Capital Ltd Joint Broker
Claire Louise Noyce 413 500 Hybridan LLP Joint Broker
/ +44 (0) 203 764
John Beresford-Peirse 2341
The information contained within this announcement is deemed to
constitute inside information as stipulated under the Market Abuse
Regulations (EU) No. 596/2014. Upon the publication of this
announcement, this inside information is now considered to be in
the public domain.
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.
Ab o u t T hor M i n i ng PLC
Thor Mining P LC (AI M, A S X: THR) is a r esources comp any
quoted on the AIM M a rket of the London Stock Exchange and on ASX
in Austr alia.
Thor holds 1 0 0% of the ad v anced Molyhil t ungsten p r oject
in t he No rthe rn T e rr ito ry of Aust r alia, for w hich an
updated feasibility study in August 2018(1) suggest ed attr a ctive
retur ns.
Adjacent Molyhil, at Bonya, Thor holds a 40% interest in
deposits of tungsten, copper, and vanadium, including an Inferred
resource for the Bonya copper deposit (2).
Thor a lso holds 1 0 0% of t he Pilot Mountain tungst en p
roject in Nevada U SA which has a JORC 20 12 Indicated and Inferred
Res o u rces Estimate (3) on 2 of the 4 k nown deposits. The US
Department of the Interior has confirmed that tungsten, the primary
resource mineral at Pilot Mountain, has been included in the final
list of Critical Minerals 2018.
Thor is also acquiring up to a 30% interest 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 in South Australia recoverable by way of in situ
recovery , and also holds rights to earn a 75% interest in portion
of the Moonta Copper project also in South Australia, and is
considered amenable to recovery by way of in situ recovery .
Finall y, Thor also holds a production royalty entitleme nt from
t he S p ring Hill Gold project of :
-- A$6 p er ounce of gold p rod uced from the S p ring Hill te
neme nts whe re the gold produced is sold for up to A$ 1,5 00 per
ounce; and
-- A$14 p er ounce of gold p roduced from the S p ring Hill
tenements where the gold p roduced is sold for amounts over A $1 ,
5 00 per ounce.
N ot e s
(1) Refer ASX and AIM an n o u ncement of 23 August 2 0 18
(2) Refer ASX and AIM an n o u ncement of 26 November 2 0 18
(3) Refer AIM ann o un cement of 13 December 2018 and ASX ann o
unce ment of 14 December 2018
Refer AIM a nn o un c e m e nt of 10 F e b r u ary 2 0 16 a nd
ASX ann o uncement of 12 February 2 0 18
Refer AIM a nn o un c e m e nt of 26 F e b r u ary 2 0 16 a nd
ASX ann o uncement of 29 February 2 0 16
TENEMENT SCHEDULE
At 31 March 2020, the consolidated entity holds an interest in
the following Australian tenements:
Project Tenement Area kms(2) Area ha. Holder Company Interest
Molyhil Mining Pty
Molyhil EL22349 228.10 Ltd 100%
---------- ----------- -------- -------------------- ----------------
Molyhil Mining Pty
Molyhil EL31130 9.51 Ltd 100%
---------- ----------- -------- -------------------- ----------------
Molyhil Mining Pty
Molyhil EL31443 31.66 Ltd 100%
---------- ----------- -------- -------------------- ----------------
Molyhil Mining Pty
Molyhil ML23825 95.92 Ltd 100%
---------- ----------- -------- -------------------- ----------------
Molyhil Mining Pty
Molyhil ML24429 91.12 Ltd 100%
---------- ----------- -------- -------------------- ----------------
Molyhil Mining Pty
Molyhil ML25721 56.2 Ltd 100%
---------- ----------- -------- -------------------- ----------------
Molyhil Mining Pty
Molyhil AA29732 38.6 Ltd 100%
---------- ----------- -------- -------------------- ----------------
Molyhil Mining Pty
Molyhil MLS77 16.18 Ltd 100%
---------- ----------- -------- -------------------- ----------------
Molyhil Mining Pty
Molyhil MLS78 16.18 Ltd 100%
---------- ----------- -------- -------------------- ----------------
Molyhil Mining Pty
Molyhil MLS79 8.09 Ltd 100%
---------- ----------- -------- -------------------- ----------------
Molyhil Mining Pty
Molyhil MLS80 16.18 Ltd 100%
---------- ----------- -------- -------------------- ----------------
Molyhil Mining Pty
Molyhil MLS81 16.18 Ltd 100%
---------- ----------- -------- -------------------- ----------------
Molyhil Mining Pty
Molyhil MLS82 8.09 Ltd 100%
---------- ----------- -------- -------------------- ----------------
Molyhil Mining Pty
Molyhil MLS83 16.18 Ltd 100%
---------- ----------- -------- -------------------- ----------------
Molyhil Mining Pty
Molyhil MLS84 16.18 Ltd 100%
---------- ----------- -------- -------------------- ----------------
Molyhil Mining Pty
Molyhil MLS85 16.18 Ltd 100%
---------- ----------- -------- -------------------- ----------------
Molyhil Mining Pty
Molyhil MLS86 8.05 Ltd 100%
---------- ----------- -------- -------------------- ----------------
Molyhil Mining Pty
Bonya EL29701 204.5 Ltd 40%
---------- ----------- -------- -------------------- ----------------
Molyhil Mining Pty
Bonya EL32167 74.54 Ltd 40%
---------- ----------- -------- -------------------- ----------------
Pilbara Goldfields
Panorama E46/1190 35.03 Pty Ltd 100%
---------- ----------- -------- -------------------- ----------------
Pilbara Goldfields
Ragged Range E46/1262 57.3 Pty Ltd 100%
---------- ----------- -------- -------------------- ----------------
Hamersley Metals
Tramore South E52/3681 62.77 Pty Ltd 100%
---------- ----------- -------- -------------------- ----------------
Hamersley Metals
March Fly EL 32016 110.44 Pty Ltd 100%
---------- ----------- -------- -------------------- ----------------
Hamersley Metals
Hillside E45/5245 188.1 Pty Ltd 100%
---------- ----------- -------- -------------------- ----------------
At 31 March 2020, the consolidated entity holds an interest in
the following tenements in the US State of Nevada:
Claim Group Prospect Claim Number Area Holders Company
Interest
45 blocks
(611ha or
Platoro Desert Scheelite NT #55 - 64 1,510 acres) 100%
------------ ----------------- ---------------- --------------------------------- ---------
Garnet NT #9 - 18
Pilot Metals
Inc
------------ ----------------- ---------------- ---------------- ---------
Gunmetal NT #19 - 22,
6, 7
----------------- ----------------
Good Hope NT #1 - 5,
41 - 54
------------ ----------------- ---------------- ---------------- --------------- ---------
109 blocks
Black Fire (1,481ha or BFM Resources
BFM 1 Claims BFM1 - BFM109 3,660 acres) Inc 100%
----------------- ---------------- ---------------- --------------- ---------
Des Scheel 22blocks (299ha BFM Resources
BFM 2 East BFM109 - BFM131 or 739Acre) Inc 100%
----------------- ---------------- ---------------- --------------- ---------
Dunham BFM Resources
Mill Dunham Mill MS1 - MS4 4 blocks Inc 100%
----------------- ---------------- ---------------- --------------- ---------
Appendix 5B
1.1 Mining exploration entity or oil and gas exploration entity
quarterly cash flow report
1.2 Name of entity
--------------------------------------------------
THOR MINING PLC
1.3 ABN 1.4 1.5 Quarter ended ("current
quarter")
------------ -----------------------------
121 117 673 31 MARCH 2020
-----------------------------
1.6 Consolidated statement of Current quarter Year to date
cash flows (9 months)
$A'000 $A'000
1. Cash flows from operating
activities
1.1 Receipts from customers 4 36
1.2 Payments for
(a) exploration & evaluation
(if expensed) (11) (24)
(b) development
(c) production
(d) staff costs (45) (157)
(e) administration and corporate
costs (145) (733)
1.3 Dividends received (see note
3)
1.4 Interest received - 2
Interest and other costs of
1.5 finance (leases) (2) (6)
1.6 Income taxes paid
1.7 Government grants - -
1.8 Other (provide details if
material)
---------------- -------------
Net cash from / (used in)
1.9 operating activities (199) (882)
----------------- ----------------------------------- ---------------- -------------
2. Cash flows from investing
activities
2.1 Payments to acquire:
(a) entities
(b) tenements
(c) property, plant and equipment
(d) exploration & evaluation
(if capitalised) (265) (913)
(e) investments
(f) other non-current assets
2.2 Proceeds from the disposal
of:
(a) entities
(b) tenements
(c) property, plant and equipment
(d) investments 32 103
(e) other non-current assets
Cash flows from loans to other
2.3 entities - (100)
2.4 Dividends received (see note
3)
2.5 Other (R&D Tax Incentive) - 222
---------------- -------------
Net cash from / (used in)
2.6 investing activities (233) (688)
----------------- ----------------------------------- ---------------- -------------
3. Cash flows from financing
activities
Proceeds from issues of equity
securities (excluding convertible
3.1 debt securities) - 890
3.2 Proceeds from issue of convertible
debt securities
3.3 Proceeds from exercise of
options
Transaction costs related
to issues of equity securities
3.4 or convertible debt securities - (81)
3.5 Proceeds from borrowings
3.6 Repayment of lease principal (14) (40)
3.7 Transaction costs related
to loans and borrowings
3.8 Dividends paid
3.9 Other (provide details if
material)
---------------- -------------
Net cash from / (used in)
3.10 financing activities (14) 769
----------------- ----------------------------------- ---------------- -------------
4. Net increase / (decrease)
in cash and cash equivalents
for the period
Cash and cash equivalents
4.1 at beginning of period 593 944
Net cash from / (used in)
operating activities (item
4.2 1.9 above) (199) (882)
Net cash from / (used in)
investing activities (item
4.3 2.6 above) (233) (688)
Net cash from / (used in)
financing activities (item
4.4 3.10 above) (14) 769
Effect of movement in exchange
4.5 rates on cash held 7 11
---------------- -------------
Cash and cash equivalents
4.6 at end of period 154 154
----------------- ----------------------------------- ---------------- -------------
5. 1.7 Reconciliation of cash Current quarter Previous quarter
and cash equivalents $A'000 $A'000
at the end of the quarter
(as shown in the consolidated
statement of cash flows) to
the related items in the accounts
5.1 Bank balances 154 593
5.2 Call deposits
5.3 Bank overdrafts
5.4 Other (provide details)
---------------- -----------------
Cash and cash equivalents
at end of quarter (should
5.5 equal item 4.6 above) 154 593
----------------- ------------------------------------ ---------------- -----------------
1.7.1
6. 1.8 Payments to related parties of the entity Current quarter
and their associates $A'000
Aggregate amount of payments to related
parties and their associates included in
6.1 item 1 98
----------------
6.2 Aggregate amount of payments to related
parties and their associates included in
item 2
----------------
Note: if any amounts are shown in items 6.1 or 6.2, your quarterly
activity report must include a description of, and an explanation
for, such payments
--------------------------------------------------------------------------------------
The amount at Item 6.1 above represents payments to Directors
for Directors fees, the salary paid to the Executive Director,
Richard Bradey, and other consulting services provided, including
services provided by Mick Billing as CEO.
7. 1.9 Financing facilities Total facility Amount drawn
Note: the term "facility' amount at quarter at quarter end
includes all forms of financing end $A'000
arrangements available to $A'000
the entity. 1.10 Add notes
as necessary for an understanding
of the sources of finance
available to the entity.
7.1 Loan facilities
------------------- ----------------
7.2 Credit standby arrangements
------------------- ----------------
7.3 Other (please specify)
------------------- ----------------
7.4 Total financing facilities
------------------- ----------------
7.5 Unused financing facilities available at
quarter end
----------------
7.6 Include in the box below a description of each facility
above, including the lender, interest rate, maturity date
and whether it is secured or unsecured. If any additional
financing facilities have been entered into or are proposed
to be entered into after quarter end, include a note providing
details of those facilities as well.
----------------- ---------------------------------------------------------------------------
8. 1.11 Estimated cash available for future $A'000
operating activities
Net cash from / (used in) operating activities
8.1 (Item 1.9) (199)
8.2 Capitalised exploration & evaluation (Item (265)
2.1(d))
8.3 Total relevant outgoings (Item 8.1 + Item (464)
8.2)
8.4 Cash and cash equivalents at quarter end 154
(Item 4.6)
8.5 Unused finance facilities available at quarter -
end (Item 7.5)
8.6 Total available funding (Item 8.4 + Item 154
8.5)
Estimated quarters of funding available
8.7 (Item 8.6 divided by Item 8.3) 0.3
----------------- ---------------------------------------------------------
8.8 If Item 8.7 is less than 2 quarters, please provide answers
to the following questions:
1. Does the entity expect that it will continue to have
the current level of net operating cash flows for the
time being and, if not, why not?
-------------------------------------------------------------------
Answer: The net operating cashflows for the next quarter
are expected to be less than the most recent quarter ending
31 March 2020 as overheads and project expenditure have
been reduced to preserve cash
-------------------------------------------------------------------
2. Has the entity taken any steps, or does it propose
to take any steps, to raise further cash to fund its operations
and, if so, what are those steps and how likely does it
believe that they will be successful?
-------------------------------------------------------------------
Answer: Thor holds a production royalty entitlement, from
the Spring Hill Gold project, of $13.30 per ounce of gold
produced while the gold price is above $1,500 per ounce
(otherwise $5.70 per ounce). The owners of the Spring
Hill project have advised that they are progressing mine
permitting, and also that the treatment plant for toll
processing the ore has been refurbished and is production
ready. Thor has engaged with several royalty companies
who have expressed interest in acquiring this royalty
entitlement from Thor. Offers have been received, and
due diligence is in progress.
-------------------------------------------------------------------
3. Does the entity expect to be able to continue its operations
and to meet its business objectives and, if so, on what
basis?
-------------------------------------------------------------------
Answer: The Company expects to continue operations and
to meet its business objectives on the basis of the imminent
finalisation of the sale of the Spring Hill royalty, together
with other alternatives being considered to raise funds.
-------------------------------------------------------------------
1.12 Compliance statement
1 This statement has been prepared in accordance with accounting
standards and policies which comply with Listing Rule 19.11A.
2 This statement gives a true and fair view of the matters disclosed.
Date: 30 April 2020........................................................
Authorised by: ...By the
Board...........................................................
(Name of body or officer authorising release - see note 4)
1.13 Notes
1. This quarterly cash flow report and the accompanying activity
report provide a basis for informing the market about the entity's
activities for the past quarter, how they have been financed and
the effect this has had on its cash position. An entity that wishes
to disclose additional information over and above the minimum
required under the Listing Rules is encouraged to do so.
2. If this quarterly cash flow report has been prepared in
accordance with Australian Accounting Standards, the definitions
in, and provisions of, AASB 6: Exploration for and Evaluation of
Mineral Resources and AASB 107: Statement of Cash Flows apply to
this report. If this quarterly cash flow report has been prepared
in accordance with other accounting standards agreed by ASX
pursuant to Listing Rule 19.11A, the corresponding equivalent
standards apply to this report.
3. Dividends received may be classified either as cash flows
from operating activities or cash flows from investing activities,
depending on the accounting policy of the entity.
4. If this report has been authorised for release to the market
by your board of directors, you can insert here: "By the board". If
it has been authorised for release to the market by a committee of
your board of directors, you can insert here: "By the [name of
board committee - eg Audit and Risk Committee]". If it has been
authorised for release to the market by a disclosure committee, you
can insert here: "By the Disclosure Committee".
5. If this report has been authorised for release to the market
by your board of directors and you wish to hold yourself out as
complying with recommendation 4.2 of the ASX Corporate Governance
Council's Corporate Governance Principles and Recommendations, the
board should have received a declaration from its CEO and CFO that,
in their opinion, the financial records of the entity have been
properly maintained, that this report complies with the appropriate
accounting standards and gives a true and fair view of the cash
flows of the entity, and that their opinion has been formed on the
basis of a sound system of risk management and internal control
which is operating effectively.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
MSCSDMSWSESSEEL
(END) Dow Jones Newswires
April 30, 2020 03:34 ET (07:34 GMT)
Thor Energy (LSE:THR)
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