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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Thor Energy Plc | LSE:THR | London | Ordinary Share | GB00BRJ52319 | ORD GBP0.001 |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 0.90 | 0.80 | 1.00 | 0.90 | 0.90 | 0.90 | 235,437 | 08:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Misc Nonmtl Minrls, Ex Fuels | 0 | -520k | -0.0019 | -4.74 | 2.51M |
From May 2019 to May 2024
TIDMTHR
RNS Number : 1292Z
Thor Mining PLC
12 March 2012
Monday 12 March 2012
THOR MINING PLC
Thor Mining PLC ("Thor" or the "Company")
Half Yearly report for the six months to 31 December 2011
The Directors of Thor Mining PLC (AIM, ASX: THR, THRO), the exploration company focussed on gold and base metal projects and advancing tungsten-molybdenum projects in Australia are pleased to release the Company's half yearly report.
REVIEW OF OPERATIONS
The net result of operations for the half-year was a loss of GBP469,000 (2010: GBP570,000).
Molyhil Molybdenum/Tungsten project
Definitive Feasibility Study
During the half year ended 31 December 2011, the Company made substantial progress on the Definitive Feasibility Study (DFS) of the Molyhil project with the highlights including:
-- An overall increase of 25% in the resource estimate to 4.7 million tonnes; -- Increased tungsten recovery estimates; and -- Projected revenue increases of $7.0 million p.a. over the life of the mine.
A feature of the revised resource estimate is the high grade of tungsten in the upper levels of the resource (averaging >0.5%WO ), suggesting an early payback of capital from the proposed operation.
Key input parameters to the DFS include:
Hot Features
Premium
Capital Cost Estimate A$69 million
Operating Cost estimate (per tonne of ore A$84
processed)
Operating Cost / mtu WO US$115
After molybdenum bi-product credits
Assuming 75% recovery of WO
Revenue / mtu WO US$360
Source Roskill October 2011. (After APT discounts)
Annual throughput of ore 400,000 tpa
Tungsten recovery 75%
Molybdenum recovery 77.8%
Scheelite concentrate produced annually 2,200 tpa
Molybdenum concentrate produced annually 1,250 tpa
As at the date of this report the DFS study is nearing completion.
Regulatory Approvals
The Public Environmental Report for the Molyhil Project was approved in July 2007 by the Department of Regional Development, Primary Industry, Fisheries and Resources in the Northern Territory, who also confirmed in December 2011 that the environmental process was complete.
As required by the above department, the next process is for a Mining Management Plan to be prepared for approval.
The Tripartite Deed records the terms of the Agreement between the parties in accordance with the Native Title Act and is between the Arrapere People, the Central Land Council and Thor.
An Aboriginal Areas Protection Authority Certificate, granted in 2008, cleared the proposed Molyhil development in respect of sacred sites and areas of significant cultural heritage. This certificate has expired and is currently in the process of being renewed. Subject to this matter, Thor has obtained all the required agreements from the Traditional Owners of the land to enable the Molyhil Operations to proceed with the recognition and support of those Traditional Owners.
Next Steps
On completion of the DFS, the next stage of activities will involve securing off-take agreements for the concentrates to be produced and finance for the development. These processes have already commenced and it is hoped that these will be secured in time to allow project development to commence in the second half of 2012.
Table 1: Summary of Molyhil Mineral Resource Estimate (Reported to ASX and AIM on 30 January 2012)
Classification Resource MoS(2) WO(3) Fe
Tonnes Grade Tonnes Grade % tonnes Grade %
%
---------------- ---------- ------ ------ ------- ------- --------
Measured - - - - - -
Indicated 3,820,000 0.22 8,200 0.29 10,900 18.8
Inferred 890,000 0.25 2,200 0.25 2,200 15.2
---------------- ---------- ------ ------ ------- ------- --------
Total 4,710,000 0.22 10,400 0.28 13,100 18.1
---------------- ---------- ------ ------ ------- ------- --------
Mineral Resource reported at 0.1% combined Mo + WO(3) Cut-off and above 200mRL only.
Note: minor rounding errors may occur in compiled totals.
Gold Exploration projects
Spring Hill Project - Northern Territory
The acquisition of an interest in this exciting gold opportunity was completed in August 2011, and by the end of September the Company had commenced drilling. Six diamond drill holes were complete before the annual "wet season" commenced, with assays confirming extensions to the mineralisation.
The Company is planning, in 2012, to:
-- continue drill testing for depth extensions to the existing resource at Spring Hill, along with drill testing known mineralisation to the north, south and west;
-- drill test the deeper ("Callie" style) target later in the year;
-- conduct further metallurgical testwork, particularly to assess the potential for economic recovery of the near surface material, via fine crushing, followed by gravity extraction and vat leaching;
-- progress scoping and feasibility studies for development; -- progress regulatory and environmental approval activities.
Dundas - Western Australia
The Company has advanced the preparation of various regulatory and environmental reports which are the precursors to the lodgement of drilling applications. Although hampered by bad weather, a calcrete sampling programme was begun and preparations are in hand for a follow up RC drilling programme.
During 2012 it is expected that the calcrete sampling program over the 3 tenements will be completed and a number of targets generated from the activity will be drill tested.
Finance
During the period, the Company raised GBP792,500 before costs as a result of the issue of 68.9 million shares in the United Kingdom at prices between 1 p. and 1.34 pence. In addition, 462,500 unlisted UK warrants were exercised at the subscription price of 1.5 pence each.
Subsequent to the end of the period:
-- The Company raised GBP570,000 before costs as a result of a share placement to sophisticated investors in the United Kingdom. This resulted in the issue of 57,000,000 shares at a price of 1.00 p each in the United Kingdom.
-- The company raised GBP70,000 as a result of the early exercise, by two directors, of Australian CDI warrants with an expiry date of 26 March 2012.
Funds raised are directed towards the Company's continuing developments at the above projects, and meeting day to day running costs of the Company.
Comprehensive Income
The comprehensive income statement records a comprehensive loss for the period of GBP554,000 (2010: GBP683,000 gain) after taking into account a Directors review and write down due to an impairment of exploration costs for the half year amounting to GBP117,000 (2010: GBP115,000) and unfavourable (unrealised) exchange differences of GBP85,000 (2010: GBP1,253,000 favourable).
Mick Billing
Executive Chairman
9 March, 2012
Competent Persons statements
The information in this report that relates to the Molyhil Mineral Resource is based on information compiled by Mr Craig Allison, who is a Member of The Australasian Institute of Mining and Metallurgy. Mr Allison is a full-time employee of Runge Limited. 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 2004 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Mr Allison consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.
The information in this report that relates to exploration results 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 2004 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.
INDEPENDENT REVIEW REPORT TO THOR MINING PLC
Introduction
We have been engaged by the Company to review the interim consolidated financial statements for the six months ended 31(st) December 2011 comprising the Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet and Statement of Changes in Equity and Cash Flows and related notes. We have read the other information contained in the interim report and considered whether it contains any apparent misstatements or material inconsistencies with the information in the interim financial statements.
This report is made solely to the Company in accordance with guidance contained in ISRE 2410 (UK and Ireland) "Review of Interim Financial Information Performed by the Independent Auditor of the Entity" issued by the Auditing Practices Board. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company, for our work, for this report, or for the conclusions we have formed.
Directors' Responsibilities
The interim financial report is the responsibility of, and has been approved by the Directors. The Directors are responsible for preparing the interim financial report in accordance with the rules of the London Stock Exchange Plc for Companies trading securities on the AIM Market. As disclosed in Note 1 the accounting policies are consistent with those that the Directors intend to use in the next financial statements. The interim financial statements included in this interim report have been prepared in accordance with International Accounting Standard 34 "Interim Financial Reporting" as adopted by the European Union.
Our Responsibility
Our responsibility is to express to the Company a conclusion on the interim financial statements in the interim report based on our review.
Scope of Review
We conducted our review in accordance with International Standard on Review Engagements (UK and Ireland) 2410, "Review of Interim Financial Information Performed by the Independent Auditor of the Entity", issued by the Auditing Practices Board for use in the United Kingdom. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing (UK and Ireland) and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
Conclusion
Based on our review we are not aware of any material modifications that should be made to the financial information as presented in the interim financial statements for the six months ended 31(st) December 2011.
CHAPMAN DAVIS LLP
Chartered Accountants
2 Chapel Court
London SE1 1HH
9(th) March 2012
Condensed Consolidated Statement of Comprehensive
Income
For the 6 months ended 31 December
2011
Note GBP'000 GBP'000 GBP'000
6 months 6 months Year Ended
ended 31 ended 30 June
December 31 December 2011
2011 2010
Unaudited Unaudited Audited
Administrative expenses (68) (98) (175)
Corporate expenses (307) (251) (686)
Other expenses 0 - -
Share based payment expense 0 (117) (155)
Gain (Loss) on disposal of assets 0 9 9
Impairment of exploration assets (117) (115) (1,834)
Operating Loss (492) (572) (2,841)
Interest received 23 9 32
Other income 0 5 9
Currency losses 0 (12) (52)
---------- -------------
Loss before Taxation (469) (570) (2,852)
Taxation - - -
Loss for the period (469) (570) (2,852)
---------- ------------- -----------
Other comprehensive income:
Exchange differences on translating
foreign operations (85) 1,253 1,354
Other comprehensive income for
the period, net of income tax (85) 1,253 1,354
---------- ------------- -----------
Total comprehensive income for
the period (554) 683 (1,498)
========== ============= ===========
Basic loss per share 2 (0.08)p (0.15)p (0.65)p
Condensed Consolidated Balance
Sheet
At 31 December 2011
Note
GBP'000 GBP'000 GBP'000
31 December 31 December 30 June
2011 2010 2011
Unaudited Unaudited Audited
ASSETS
Non-current assets
Intangible assets - deferred exploration
costs 3 9,432 8,550 7,310
Plant and equipment 4 66 42 35
Total non-current assets 9,498 8,592 7,345
------------- ------------ ---------
Current assets
Cash and cash equivalents 236 701 1,585
Trade & other receivables 168 29 24
Prepayments 12 12 5
------------- ------------ ---------
Total current assets 416 742 1,614
------------- ------------ ---------
Total assets 9,914 9,334 8,959
------------- ------------ ---------
LIABILITIES
Current liabilities
Trade and other payables (257) (90) (84)
Provisions - - -
Interest bearing liabilities (9) (9) (9)
------------- ------------ ---------
Total current liabilities (266) (99) (93)
------------- ------------ ---------
Non-current liabilities
Interest bearing liabilities (1) (10) (6)
------------- ------------ ---------
Total non-current liabilities (1) (10) (6)
------------- ------------ ---------
Total liabilities (267) (109) (99)
------------- ------------ ---------
Net assets 9,647 9,225 8,860
============= ============ =========
Equity
Issued share capital 1,919 1,319 1,591
Share premium 10,700 8,181 9,687
Foreign exchange reserve 3,927 3,911 4,012
Merger reserve 405 1,634 405
Option revaluation reserve 131 127 165
Retained losses (7,435) (5,947) (7,000)
------------- ------------ ---------
Total equity 9,647 9,225 8,860
============= ============ =========
Condensed Consolidated Cash Flow Statement
For the 6 months ended 31 December
2011
GBP'000 GBP'000 GBP'000
6 months 6 months Year
ended 31 ended Ended
December 31 December 30 June
2011 2010 2011
Unaudited Unaudited Audited
Cash flows from operating activities
Operating Loss (492) (572) (2,841)
Decrease/(increase) in trade and other
receivables (151) 30 33
Increase/(decrease) in trade and other
payables 50 (72) (78)
Depreciation 12 12 23
Exploration expenditure written off 117 115 1,834
Unrealised exchange gain 0 88 -
Share based payment expense 0 117 155
Sundry income 0 5 9
Profit/(loss) on sale of fixed assets 0 (9) (9)
---------- ------------- ---------
Net cash outflow from operating activities (464) (286) (874)
---------- ------------- ---------
Cash flows from investing activities
Interest received 23 9 32
Proceeds from sale of fixed assets 0 12 12
Purchase of property, plant and equipment (11) (25) (28)
Payments for exploration expenditure (1,643) (150) (609)
Net cash outflow from investing activities (1,631) (154) (593)
---------- ------------- ---------
Cash flows from financing activities
Repayment of borrowings (5) (4) (5)
Net issue of ordinary share capital 751 1,110 2,888
---------- ------------- ---------
Net cash inflow from financing activities 746 1,106 2,883
---------- ------------- ---------
Net decrease in cash and cash equivalents (1,349) 666 1,416
Exchange rate adjustments on opening
cash balances 0 0 134
Cash and cash equivalents at beginning
of period 1,585 35 35
---------- ------------- ---------
Cash and cash equivalents at end of
period 236 701 1,585
---------- ------------- ---------
Condensed Consolidated Statement of Change
in Equity
For the 6 months ended 31 December
2011
Foreign Share
Issued Currency Based
share Share Retained Translation Merger Payment
capital premium earnings Reserve Reserve Reserve Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Balance at 1 July
2010 729 7,275 (5,377) 2,658 1,634 10 6,929
Loss for the period - - (570) - - - (570)
Foreign currency
translation reserve - - - 1,253 - - 1,253
Total comprehensive
income / (loss) for
the period - - (570) 1,253 - - 683
--------- --------- ---------- -------------- ---------- ---------- --------
Transactions with owners in their capacity
as owners
Shares issued 590 1,038 - - - - 1,628
Cost of shares issued (132) - - - - (132)
Share options issued - - - - 117 117
--------- ---------
At 31 December 2010 1,319 8,181 (5,947) 3,911 1,634 127 9,225
--------- --------- ---------- -------------- ---------- ---------- --------
At 1 July 2010 729 7,275 (5,377) 2,658 1,634 10 6,929
Loss for the period - - (2,852) - - - (2,852)
Foreign currency
translation reserve - - - 1,354 - - 1,354
Total comprehensive
income / (loss) for
the period - - (2,852) 1,354 - - (1,498)
--------- --------- ---------- -------------- ---------- ---------- --------
Transactions with owners in their capacity
as owners
Shares issued 862 2,654 - - - - 3,516
Cost of shares issued (242) - - - - (242)
Reserve written back 1,229 - (1,229) - 0
Share options issued - - - 155 155
At 30 JUNE 2011 1,591 9,687 (7,000) 4,012 405 165 8,860
--------- --------- ---------- -------------- ---------- ---------- --------
Balance at 1 July
2011 1,591 9,687 (7,000) 4,012 405 165 8,860
Loss for the period - - (469) - - - (469)
Foreign currency
translation reserve - - - (85) - - (85)
Total comprehensive
income / (loss) for
the period - - (469) (85) - - (554)
--------- --------- ---------- -------------- ---------- ---------- --------
Transactions with owners in their capacity
as owners
Shares issued 328 1,061 - - - - 1,389
Cost of shares issued (48) - - - - (48)
Share options lapsed 34 - - (34) 0
--------- ---------
At 31 December 2011 1,919 10,700 (7,435) 3,927 405 131 9,647
--------- --------- ---------- -------------- ---------- ---------- --------
Notes to the Half-yearly Report
For the 6 months ending 31 December 2011
1. PRINCIPAL ACCOUNTING POLICIES (a) Presentation of Half-yearly results
The half-yearly results have not been audited, but were the subject of an independent review carried out by the Company's auditors, Chapman Davis LLP. Their review confirmed that the figures were prepared using applicable accounting policies and practices consistent with those adopted in the 2011 annual report and to be adopted in the 2012 annual report. The financial information contained in this half-yearly report does not constitute statutory accounts as defined by Section 435 of the Companies Act 2006.
The half-yearly report has been prepared under the historical cost convention.
The Directors acknowledge their responsibility for the half-yearly report and confirm that, to the best of their knowledge, the interim consolidated financial statements for the six months ended 31 December 2011 have been prepared in accordance with International Financial Reporting Standards, including IAS 34 "Interim Financial Statements", and complies with the listing requirements for companies trading securities on the AIM market. This half-year report does not include all the notes of the type normally included in an annual financial report. Accordingly, this report should be read in conjunction with the annual report for the year ended 30 June 2011.
The Directors are of the opinion that ongoing evaluations of the Company's interests indicate that preparation of the accounts on a going concern basis is appropriate.
(b) Basis of consolidation
The consolidated financial statements comprise the financial statements of Thor Mining PLC and its controlled entities. The financial statements of controlled entities are included in the consolidated financial statements from the date control commences until the date control ceases.
The financial statements of subsidiaries are prepared for the same reporting period as the parent Company, using consistent accounting policies.
All inter-company balances and transactions have been eliminated in full.
2. LOSS PER SHARE
GBP'000 GBP'000 GBP'000
6 months 6 months Year Ended
ended 31 ended 31 30 June
December December 2011
2011 2010
Unaudited Unaudited Audited
Loss for the year (469) (570) (2,852)
Weighted average number
of Ordinary shares in issue 593,346,548 378,664,708 438,071,586
Loss per share - basic (0.08)p (0.15)p (0.65)p
No diluted loss per share is presented as the effect of exercise of outstanding options is to decrease the loss per share.
3. DEFERRED EXPLORATION COSTS
GBP'000 GBP'000 GBP'000
31 December 31 December 30 June
2011 2010 2011
Cost Unaudited Unaudited Audited
At commencement 9,353 8,531 8,328
Exchange gain/(loss) (112) 1,195 1,420
Additions 2,325 510 995
Write off exploration tenements (1,390)
------------- ------------ ---------
At period end 11,566 10,236 9,353
------------- ------------ ---------
Less: Impairments
At commencement 2,043 1,342 1,342
Exchange (gain)/loss (26) 229 257
Impairment for period 117 115 1,834
Write off exploration tenements (1,390)
------------- ------------ ---------
At period end 2,134 1,686 2,043
------------- ------------ ---------
Net book value at period end 9,432 8,550 7,310
------------- ------------ ---------
At 31 December 2011 the Directors undertook an impairment review of the deferred exploration costs, as a result of which, an additional provision for impairment for GBP117,000 has been made.
4. PROPERTY, PLANT AND EQUIPMENT
As at 31 December 2011 the Group assets had a cost of GBP158,000 (six months ending 31 December 2010: GBP110,000). This comprised of motor vehicles and other equipment amounting to GBP43,000 and GBP115,000 respectively. The net book values at 31 December 2011 are GBP1,000 for motor vehicles and GBP65,000 for other equipment.
5. POST BALANCE SHEET EVENTS
On 16(th) February 2012, the Company raised GBP570,000 by the placing of 57 million shares at 1.00 p per share.
This raising will be used to progress the Company's exploration programme in Australia, including:
-- Updating the ore reserve estimate and mining plan at the Molyhil Tungsten/Molybdenum project,
-- Further drilling and evaluation at each of the Spring Hill gold project in Northern Territory and the Dundas gold prospect in Western Australia,
and to meet day to day running expenses of the Company.
6. N0N CASH SHARE BASED TRANSACTIONS
The Company issued 40 million shares on 2 August 2011 valued at GBP590,000 as part of the consideration to purchase an initial 25% interest in the Springhill gold tenements.
7. TURNOVER AND SEGMENTAL ANALYSIS - GROUP
The Group has not commenced production and therefore recorded no revenue.
The Group has a number of exploration licenses in Australia which are managed on a portfolio basis. The decision to allocate resources to individual projects in the portfolio is predominantly based on available cash reserves, technical data and the expectations of future metal prices. Accordingly, the Group effectively operates as one segment, being exploration in Australia. This is the basis on which internal reports are provided to the Directors for assessing performance and determining the allocation of resources within the Group.
DIRECTORS, SECRETARY AND ADVISERS
Directors Michael Robert Billing (Executive Chairman)
Michael Kevin Ashton (Non-executive Director)
Gregory Michael Durack (Non-executive Director)
Trevor John Ireland (Non-executive Director)
In UK In Australia
----------------------------------------- --------------------------------------------
Registered Third Level 1,
Office and Floor 32
Directors' 55 Richmond
business Gower Road
address Street Keswick,
London South
WC1E Australia
6HQ Australia
5035
Company Secretaries Stephen Frank Ronaldson Allan Charles Burchard
Website www.thormining.com www.thormining.com
Nominated Adviser to With effect from 24
the Company February 2012:
Grant Thornton Corporate
Finance
30 Finsbury Square
London EC2P2YU
Previously:
Daniel Stewart & Company
Plc
Becket House, 36 Old
Jewry, London EC2R 8DD
UK Broker to the Company Simple Investments
1 High Street
Godalming
Surrey
GU7 1AZ
Auditors to the Company Chapman Davis LLP
2 Chapel Court
London SE1 1HH
Solicitors to the Company Ronaldsons LLP Watson Lawyers
55 Gower Street Ground Floor,
London WC1E 6HQ 60 Hindmarsh Square
Adelaide SA 5000
Registrars Computershare Investor Computershare Investor
Services Plc Services Pty Ltd
The Pavilions Level 2, 45 St Georges
Bridgewater Road Terrace
Bristol BS99 6ZY Perth
Western Australia 6000
Enquiries:
Mick Billing +61 (0) 8 7324 1935 Thor Mining PLC Executive Chairman Allan Burchard +61 (0) 8 7324 1935 Thor Mining PLC CFO/Company Secretary Gerry Beaney +44 (0) 20 7383 5100 Grant Thornton Nominated Adviser / David Hignell Corporate Finance Nick Emerson/ +44 (0) 1483 413500 Simple Investments Broker Renato Rufus Alex Walters/ +44 (0) 77 7171 3608 Cadogan PR Financial PR Emma Wigan +44 (0) 20 7839 9260
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.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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