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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 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.10 | 9.09% | 1.20 | 1.10 | 1.30 | 1.20 | 1.20 | 1.20 | 35,526 | 08:00:20 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Misc Nonmtl Minrls, Ex Fuels | 0 | -520k | -0.0019 | -6.32 | 3.34M |
From Apr 2019 to Apr 2024
TIDMTHR
RNS Number : 0626I
Thor Mining PLC
19 March 2018
19 March 2018
THOR MINING PLC
Half-Yearly Report for the six months ended 31 December 2017
HIGHLIGHTS
-- Significant progress on core tungsten and copper projects during the half year has influenced the directors to affirm absolute focus on Pilot Mountain, Molyhil, and Kapunda projects for the foreseeable term.
-- Molyhil (Australia): An increase in the Open Cut Ore Reserve extends the life of Molyhil to 7 years as an open cut mining operation, with demonstrated additional extensions beyond that period as an underground mine.
-- Pilot Mountain (USA): Successful drilling program intersects a new zone of mineralisation at Desert Scheelite and confirms high grade mineralisation at Good Hope. The Company has now commissioned a scoping study and stage two metallurgical test work to Pre-Feasibility standard.
-- Kapunda Copper (Australia): Low cost entry into the Kapunda copper development project, followed by a resource estimate well above expectations 6 months later.
-- Capital raisings, plus exercise of warrants and options provides sufficient funding for budgeted programs through until 2019.
REVIEW OF OPERATIONS
TUNGSTEN
Substantial progress with both Molyhil and Pilot Mountain reinforced by a strong recovery in key commodity prices with both tungsten and molybdenum, at time of writing, at their highest point respectively since 2014.
Pilot Mountain Tungsten project (Nevada, USA) (100% Thor)
The Pilot Mountain Project, acquired in 2014, is located approximately 200 kilometres ("km") south of the city of Reno and 20km 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 are in close proximity, approximately three km, of 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.
Table 1: Pilot Mountain Resource Summary 2017 (JORC 2012). Announced 22 May 2017
Hot Features
Premium
Resource WO(3) Ag Cu
MT Grade Contained Grade Contained Grade Contained
% metal g/t metal % metal
(t) (t) (t)
------------ ----------- ------ ----- ---------- ------ --------- ------ ---------
Garnet Indicated - -
Inferred 1.83 0.36 6,590
------------------------ ------ ----- ---------- ------ --------- ------ ---------
Sub Total 1.83 0.36 6,590
------------------------ ------ ----- ---------- ------ --------- ------ ---------
Desert
Scheelite Indicated 8.41 0.27 22,700 21.3 179 0.14 11,800
Inferred 1.49 0.23 3,430 9.07 13 0.17 2,500
------------------------ ------ ----- ---------- ------ --------- ------ ---------
Sub Total 9.90 0.26 26,130 19.39 192 0.14 14,300
------------------------ ------ ----- ---------- ------ --------- ------ ---------
Summary Indicated 8.41 0.27 22,700
Inferred 3.32 0.30 10,020
------------------------ ------ ----- ---------- ------ --------- ------ ---------
Pilot Mountain
Total 11.73 0.28 32,720
------------------------- ------ ----- ---------- ------ --------- ------ ---------
Notes:
-- Thor Mining PLC holds a 100% equity interest in this resource -- All figures are rounded to reflect appropriate levels of confidence.
-- Thor 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.
During the half year a drill program successfully intersected a new zone of mineralisation at Desert Scheelite as well as extending the existing know zone of mineralisation a further 60 metres downdip. In the second part of the campaign, a maiden drilling program at the Good Hope deposit intersected high grade mineralisation of tungsten, copper, and zinc.
Subsequent to the half year, the Company has commissioned scoping study to provide a high level operating and development parameters to further progress on technical, regulatory, and environmental aspects of the proposed project development. In addition, it has also commissioned stage two metallurgical test work to Pre-Feasibility standard.
Molyhil Tungsten project (NT, Australia) (100% Thor)
The Molyhil project is located 220 kilometres north-east of Alice Springs (320km by road).
In January 2015, Thor announced an updated feasibility study for its wholly-owned Molyhil tungsten project, with robust outcomes.
A full background on the project is available on the Thor Mining website www.thormining.com/projects.
During the half year, Thor announced substantially improved results from ore sorting compared with prior test work with an upgrade via rejection of approximately 41% of sample mass. On the basis of this process improvement, and using some identified cost savings, the Company commissioned an upgrade of the Molyhil Open Cut Ore reserve. This upgrade was subsequently announced in January 2018 increasing the Open Cut Mine Life to 7 years, and demonstrated additional extensions beyond that period as an underground mine.
Table 2: Molyhil Open Cut Ore Reserve Statement (announced 8 January 2018)
Classification Reserve WO(3) Mo
'000 Tonnes Grade Tonnes Grade Tonnes
% %
------------------ --------------- --------- ---------- --------- ----------
Probable 3,500 0.29 10,200 0.12 4,300
Total 3,500 0.29 10,200 0.12 4,300
------------------ --------------- --------- ---------- --------- ----------
Notes:
-- Thor Mining PLC holds 100% equity interest in this reserve. -- All figures are rounded to reflect appropriate levels of confidence.
-- The Company is not aware of any information or data which would materially affect this previously announced Open Cut Ore Reserve Statement, and all assumptions and technical parameters relevant to the estimate remain unchanged.
The Company is currently conducting a review of operating and capital cost estimates to definitive feasibility (DFS) standard with the objective of preparation of an upgraded DFS for the benefit of prospective partners and project financiers.
Kapunda Copper Project (SA Australia - Thor earning into 45% effective interest)
Global copper prices improved strongly during calendar year 2017 with both demand & supply factors suggesting continued strength for the medium term.
During August 2017, the Company announced a new corporate transaction to earn into a 45% effective interest in the Kapunda Copper Project in South Australia, via an agreement to earn up to a 60% interest in a newly incorporated private Australian company, Environmental Copper Recovery SA Pty Ltd. ("ECR"), initially via convertible loan notes of up to A$1.8 million, which will be used to fund field test work and feasibility activities at Kapunda over the next 3 years. In turn ECR 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")
Kapunda is located approximately 90 kilometres north of Adelaide, and has ready access to substantial nearby infrastructure.
A full background on the project is available on the Thor Mining website www.thormining.com/projects.
Subsequent to the end of the half year, Thor announced an Inferred Resource estimate of 47.4 million tonnes (MT) grading 0.25% copper (Cu), containing 119,000 tonnes of contained copper.
Table 3: Kapunda copper Resource estimate (JORC 2012)
Resource Copper
------------------ ------------------ ------------------
MT Grade Contained
% metal (t)
------------------------------- ----- ----- -----------
Copper Oxide Inferred 30.3 0.24 73,000
Secondary copper
sulphide Inferred 17.1 0.27 46,000
------------------ ----------- ----- ----- -----------
Sub Total 47.4 0.25 119,000
------------------------------ ----- ----- -----------
Notes:
-- Figures are rounded to reflect appropriate levels of confidence. Apparent differences may occur due to rounding.
-- ECR are earning a 75% interest in this resource, and Thor have investment rights for up to 60% of ECR.
-- Cut off grade used of 0.05% Cu.
-- Thor 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.
The resource estimate is only for that part of the Kapunda mineralisation dominated by copper species (copper oxides and secondary copper sulphides) that is considered amenable to ISR techniques;
Estimate reports mineralisation that is within 100 metres of the surface.
The Resource grade is well within the recommended ranges for In Situ recovery of copper and preliminary investigations of hydro geological parameters appear favourable.
ISR processes are not burdened by the normally high capital and operating cost activities of mining, crushing, grinding, and often flotation associated with conventional mining and processing operations. Subject to feasibility study outcomes at Kapunda, there is therefore an expectation that copper production from shallow deposits, amenable to ISR techniques may be at relatively low cost.
Further work is required to advance a range of areas prior to commercial development including ongoing local government and community engagement, continuing technical assessment, and various environmental and regulatory matters.
Other Opportunities
Lithium (USA) - during the half year, the Company carried out due diligence activities on US Lithium Pty Ltd (USL) assets in Arizona and New Mexico in the USA. Following this, the directors elected to maintain the Company interest in USL, allowing other potential partners to contribute towards adding value to its assets. Subsequently USL has given notice that it is preparing to list on ASX in Australia.
Western Shaw (Western Australia) - the Company has carried out due diligence activities including site mapping and surface sampling of this prospect. Following completion of the due diligence and reflecting the board's strategic decision to focus entirely on the key Pilot Mountain, Molyhil and Kapunda interests, the Company has decided to let the option to acquire this project lapse.
Capital Raisings
In July 2017, the Company completed the second tranche of a placing of GBP460,000 before costs following the issue of 51,111,111 shares at an average issue price of 0.9 pence per share, together with 51,111,111 warrants exercisable at 1.8 pence within 2 years of issue.
In October the Company advised of a two-tranche placing of GBP565,000 before costs with the issue of 70,625,000 shares at an average issue price of 0.8 pence per share, together with 70,625,000 warrants exercisable at 1.2 pence within 1 year of issue. This placing was completed during November 2017.
During the period, the Company's cash balances were augmented via the exercise of 108,782,217 warrants and options, at various exercise prices, raising GBP1,308,198 at an average conversion price of 1.2 pence.
Board Changes
During the period Richard Bradey, previously Exploration Manager, was appointed to the board of Thor as Executive Director, and Gervaise Heddle (non-executive director) resigned.
Comprehensive Income
The comprehensive income statement records a comprehensive loss of GBP779,000 (2016: GBP205,000 gain) after taking into account unrealised exchange loss of GBP239,000 (2016: GBP588,000 gain).
Mick Billing
Executive Chairman
18 March 2018
Competent Person's statements
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.
Condensed Consolidated Statement of Comprehensive Income
For the 6 months ended 31 December 2017
Note GBP'000 GBP'000 GBP'000
6 months ended 6 months ended Year
31 December 31 December ended
2017 2016 30 June
2017
Unaudited Unaudited Audited
Administrative expenses (39) (78) (86)
Corporate expenses (342) (370) (641)
Share based payments expense (6) - (115)
Unrealised gain on financial assets - 52 -
Realised gain on financial assets - 2 70
Exploration expenses 3 (159) - -
Write off/Impairment of exploration
assets 3 - - (489)
Operating Loss (546) (394) (1,261)
Sundry Income 6 11 8
Loss before Taxation (540) (383) (1,253)
Taxation - - -
-------------- -------------- --------
Loss for the period (540) (383) (1,253)
-------------- -------------- --------
Other comprehensive income:
Exchange differences on translating
foreign operations (239) 588 512
Other comprehensive income for the period,
net of income tax (239) 588 512
Total comprehensive income for the period (779) 205 (741)
============== ============== ========
Basic loss per share 2 (0.12)p (0.14)p (0.40)p
Condensed Consolidated Statement of Financial Position
For the 6 months ended 31 December 2017
Note GBP'000 GBP'000 GBP'000
31 December 31 December 30 June
2017 2016 2017
Unaudited Unaudited Audited
ASSETS
Non-current assets
Intangible assets - deferred
exploration costs 3 10,051 10,043 9,867
Investments at cost 103 - 87
Loan receivable (Convertible
note) 4 116 - -
Deposits to support performance
bonds 21 11 21
Plant and equipment 25 4 29
Total non-current assets 10,316 10,058 10,004
------------ ------------ --------
Current assets
Cash and cash equivalents 1,321 14 405
Trade receivables and other
assets 62 944 29
Total current assets 1,383 958 434
------------ ------------ --------
Total assets 10,699 11,016 10,438
------------ ------------ --------
LIABILITIES
Current liabilities
Trade and other payables (213) (450) (459)
Provisions (22) (19) (20)
Non-interest bearing liabilities - (72) (30)
Interest bearing liabilities (10) - (9)
------------ ------------ --------
Total current liabilities (245) (541) (518)
------------ ------------ --------
Interest bearing liabilities (5) - (10)
------------ ------------ --------
Total non-current liabilities (5) - (10)
------------ ------------ --------
Total liabilities (250) (541) (528)
------------ ------------ --------
Net assets 11,449 10,475 9,910
============ ============ ========
Equity
Issued share capital 5 3,671 3,643 3,648
Share premium 5 18,930 16,341 16,641
Foreign exchange reserve 2,416 2,731 2,655
Merger reserve 405 405 405
Share based payments reserve 107 39 115
Retained losses (14,080) (12,684) (13,554)
------------ ------------ --------
Total equity 11,449 10,475 9,910
============ ============ ========
Condensed Consolidated Statement of Change in
Equity
For the 6 months ended 31 December
2017
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Issued Share Retained Foreign Merger Share Total
share premium losses Currency Reserve Based
capital Translation Payment
Reserve Reserve
Balance at 1 July
2016 3,423 16,022 (12,310) 2,143 405 9 9,692
Loss for the period - - (383) - - - (383)
Foreign currency
translation reserve - - - 588 - - 588
Total comprehensive
loss for the period - - (383) 588 - - 205
-------- -------- -------- ------------- --------- --------- -------
Transactions with owners in their capacity
as owners
Shares issued 220 331 - - - - 551
Cost of shares
issued - (12) - - - - (12)
Share options issued - - - - 39 39
Share options lapsed - - 9 - - (9) -
-------- -------- -------- ------------- --------- --------- -------
At 31 December
2016 3,643 16,341 (12,684) 2,731 405 39 10,475
-------- -------- -------- ------------- --------- --------- -------
Balance at 1 July
2016 3,423 16,022 (12,310) 2,143 405 9 9,692
Loss for the period - - (1,253) - - - (1,253)
Foreign currency
translation reserve - - - 512 - - 512
Total comprehensive
(loss) for the period - - (1,253) 512 - - (741)
-------- -------- -------- ------------- --------- --------- -------
Transactions with owners in their capacity
as owners
Shares issued 225 641 - - - - 866
Cost of shares issued - (22) - - - - (22)
Share options lapsed - - 9 - - (9) -
Share options issued - - - - - 115 115
At 30 June 2017 3,648 16,641 (13,554) 2,655 405 115 9,910
-------- -------- -------- ------------- --------- --------- -------
Balance at 1 July
2017 3,648 16,641 (13,554) 2,655 405 115 9,910
Loss for the period - - (540) - - - (540)
Foreign currency
translation reserve - - - (239) - - (239)
Total comprehensive
loss for the period - - (540) (239) - - (779)
-------- -------- -------- ------------- --------- --------- -------
Transactions with owners in their capacity
as owners
Shares issued 23 2,339 - - - - 2,362
Cost of shares
issued - (50) - - - - (50)
Share options issued - - - - - 6 6
Share options exercised - - 14 - - (14) -
-------- -------- -------- ------------- --------- --------- -------
At 31 December
2017 3,671 18,930 (14,080) 2,416 405 107 11,449
-------- -------- -------- ------------- --------- --------- -------
Condensed Consolidated Statement of Cash Flow
For the 6 months ended 31 December
2017
GBP'000 GBP'000 GBP'000
6 months ended 6 months ended Year
31 December 31 December ended
2017 2016 30 June
2017
Unaudited Unaudited Audited
Cash flows from operating activities
Operating Loss (546) (394) (1,261)
Sundry income 5 - -
(Increase)/decrease in trade and other
receivables (29) (94) 5
Increase/(decrease) in trade and other
payables (35) 97 (23)
Increase/(decrease) in provisions 2 3 4
Depreciation 4 2 4
Exploration expenditure Impairment/
write off - - 489
Share based payment expense 6 39 115
Spring Hill sale commission - - 46
Tenement bond written off - - 8
Unrealised loss on financial assets - 52 -
Realised loss on disposal proceeds - - (68)
Net cash outflow operating activities (593) (295) (681)
Cash flows from investing activities
Interest received 1 - -
Purchase of property, plant and equipment (7) (2) (22)
Purchase of Investment (103) - -
Loan advanced (convertible note) (116) - -
Refund / (expenditure) on performance
bonds - 4 (18)
Proceeds from disposal of exploration
assets - - 900
Commission on the sale of exploration
assets - - (46)
R&D Grants for exploration expenditure - - 31
Payments for exploration expenditure (502) (235) (591)
Net cash (outflow)/inflow investing
activities (727) (233) 254
Cash flows from financing activities
Loans received - 18 18
Loans repaid (29) (6) (49)
Finance lease funding received - - 19
Finance lease funding repaid (4) - -
Net issue of ordinary share capital 2,266 360 674
--------
Net cash inflow/(outflow) financing
activities 2,233 372 662
Net decrease in cash and cash equivalents 913 (156) 235
Non cash exchange changes 3 - -
Cash and cash equivalents at beginning
of period 405 170 170
-------------------- -------------- --------
Cash and cash equivalents at end of
period 1,321 14 405
-------------------- -------------- --------
Notes to the Half-yearly Report
For the 6 months ending 31 December 2017
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 2017 annual report and to be adopted in the 2018 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 2017 have been prepared in accordance with International Financial Reporting Standards, including IAS 34 "Interim Financial Statements", and complies with the requirements for companies with securities admitted to trading on the AIM Market of the London Stock Exchange. This half-year report does not include all the notes of the type normally included in an annual financial report. Accordingly, this report should be read in conjunction with the annual report for the year ended 30 June 2017.
The Directors are of the opinion that on-going evaluations of the Company's interests indicate that preparation of the accounts on a going concern basis is appropriate.
(b) Basis of consolidation
The consolidated financial statements comprise the financial statements of Thor Mining PLC and its controlled entities. The financial statements of controlled entities are included in the consolidated financial statements from the date control commences until the date control ceases. All inter-company balances and transactions have been eliminated in full.
The financial statements of subsidiaries are prepared for the same reporting period as the parent Company, using consistent accounting policies.
2. LOSS PER SHARE
No diluted loss per share is presented as the effect of exercise of outstanding options is to decrease the loss per share. The loss per share for the comparative periods ending 31 December 2016 and 30 June 2017 have been adjusted for the share consolidation that occurred on 1 December 2016, on the basis of 25 shares pre consolidation into one share post consolidation. The weighted average number of Ordinary shares for those comparative periods has been calculated allowing for the impact of the share consolidation.
GBP'000 GBP'000 GBP'000
6 months ended 6 months ended Year
31 December 31 December ended
2017 2016 30 June
2017
Unaudited Unaudited Audited
Loss for the period (540) (383) (1,253)
Weighted average number of 453,883,040 273,617,106 315,181,478
Ordinary shares in issue
Loss per share - basic (0.12)p (0.14)p (0.40)p
3. DEFERRED EXPLORATION COSTS
GBP'000 GBP'000 GBP'000
31 December 31 December 30 June
2017 2016 2017
Cost Unaudited Unaudited Audited
At commencement 9,867 9,228 9,228
Additions 404 185 565
Disposals - - -
Exchange gain/(loss) (220) 630 563
Write off exploration tenements for
year - - (489)
At period end 10,051 10,043 9,867
------------ ----------- -------
Impairment
At commencement - - -
Exchange loss - - -
Impairment for period - - -
At period end - - -
------------ ----------- -------
Net book value at period end 10,051 10,043 9,867
------------ ----------- -------
Having reviewed the deferred exploration and evaluation expenditure at 31 December 2017, the directors are satisfied that no write off or provision for impairment is required.
In the year ending 30 June 2017 the Directors wrote off GBP489,000 relating to the Dundas tenement in Western Australia (tenement number EL63/872).
In the half year ended 31 December 2017, the Group incurred GBP159,000 in exploration related expenses that were expensed rather than capitalised to deferred exploration costs. GBP94,000 was a cash settlement of US$125,000 in satisfaction of a pre-existing commitment to pay US$1,500,000 upon first production at Pilot Mountain in Nevada, USA. The remaining GBP65,000 related to work undertaken on exploration activities on projects that the Group does not have a direct ownership interest, including the Kapunda Project (refer Note 4), the Western Shaw project and exploration due diligence on the US Lithium Project.
4. LOAN RECEIVABLE (CONVERTIBLE NOTE)
On 2 August 2017, the Group signed a binding term sheet to acquire an interest in the historically mined Kapunda copper deposit in South Australia (Kapunda). The Group will invest in a newly incorporated private Australian company, Environmental Copper Recovery SA Pty Ltd (ECR), initially via convertible notes of up to A$1.8 million, which will be used to fund field test work and feasibility activities at Kapunda over the next three years. The Group made the first advance to ECR of AUD$200,000 (GBP116,000). Conversion of the convertible notes are at the sole discretion of Thor, and will result in Thor holding up to 60% equity interest in ECR. The term sheet also provides that Thor has immediate Board control of ECR.
In turn, ECR has entered into an agreement to earn a 50% interest in the rights over metals which may be recovered via in-situ recovery at the Kapunda deposit, from Australian ASX listed, Terramin Australia Limited (ASX: TZN), for expenditure of A$2.0 million on field test work. ECR can then opt to earn a further 25% interest through additional expenditure of A$4.0 million.
5. SHARE CAPITAL GBP'000 GBP'000 GBP'000
31 December 31 December 30 June
2017 2016 2017
Unaudited Unaudited Audited
Issued fully paid (Nominal Value)
(1) 982,870,766 'Deferred Shares'
of GBP0.0029 each 2,850 2,850 2,850
(2) 7,928,958,483 'A Deferred Shares'
of GBP0.000096 each 761 761 761
Ordinary shares of GBP0.0001 each 60 32 37
------------ ------------- -------------
3,671 3,643 3,648
============ ============= =============
Number Number Number
31 December 31 December 30 June
2017 2016 2017
Unaudited Unaudited Audited
Movement in share capital
Ordinary Shares of 0.01 pence - 5,736,387,510 5,736,387,510
Shares issued for Acquisition - - -
Shares issued for cash - 1,400,000,000 1,400,000,000
Exercise of warrants - - -
Shares issued to extinguish debt - 346,000,000 346,000,000
Shares issued in lieu of expenses - 446,570,973 446,570,973
------------ ------------- -------------
- 7,928,958,483 7,928,958,483
(3) Post share consolidation 373,013,208 317,158,340 317,158,340
Shares issued for cash 121,736,111 - 50,000,000
Warrants exercised 108,782,217 - 5,854,868
Shares issued for tenement option 1,127,580 - -
At period end 604,659,116 317,158,340 373,013,208
============ ============= =============
GBP'000 GBP'000 GBP'000
31 December 31 December 30 June
2017 2016 2017
Nominal Value Unaudited Unaudited Audited
At commencement 3,648 3,423 3,423
Issued for cash (including warrants
exercised) 23 140 145
Issued to extinguish debt - 35 35
Issued in lieu of expenses - 45 45
At period end 3,671 3,643 3,648
------------ ------------- -------------
(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.
(3) On 1 December 2016, immediately following the capital reorganisation at (2) above, the Ordinary Shares were consolidated on the basis of 1 new Ordinary Share with a nominal value of 0.01 pence for every 25 Ordinary Shares held with a nominal value of 0.0004 pence.
6. TURNOVER AND SEGMENTAL ANALYSIS - GROUP
The Group has a number of exploration licenses, and mining leases, in Australia and the US State of Nevada. All exploration licences in Australia are managed as one portfolio. The decision to allocate resources to individual Australian projects in that portfolio is predominantly based on available cash reserves, technical data and the expectations of future metal prices. The Group acquired the exploration assets in the US State of Nevada on 27 October 2014. All of these US licenses are located in the one geological region. Accordingly, the Group has identified its operating segments to be Australia and the United States. 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.
GBP'000 GBP'000 GBP'000 GBP'000
Half Year ended 31/12/2017 Head office/ Australia United States Consolidated
Unallocated
Revenue
Interest & Sundry Income 6 - - 6
Total Segment Revenue 6 - - 6
------------ --------- ------------- ------------
Total Segment Expenditure (153) (299) (94) (546)
------------ --------- ------------- ------------
Loss from Ordinary Activities
before Income Tax (147) (299) (94) (540)
Income Tax Benefit/(Expense) - - - -
------------ --------- ------------- ------------
Loss after Income Tax (147) (299) (94) (540)
------------ --------- ------------- ------------
Assets and Liabilities
Segment assets - 8,522 1,696 10,218
Corporate assets 1,481 - - 1,481
------------ --------- ------------- ------------
Total Assets 1,481 8,522 1,696 11,699
------------ --------- ------------- ------------
Segment liabilities - (190) - (190)
Corporate liabilities (60) - - (60)
------------ --------- ------------- ------------
Total Liabilities (60) (190) - (250)
Net Assets 1,421 8,332 1,696 11,449
------------ --------- ------------- ------------
6. TURNOVER AND SEGMENTAL ANALYSIS - GROUP (continued)
GBP'000 GBP'000 GBP'000 GBP'000
Half Year ended 31/12/2016 Head office/ Australia United States Consolidated
Unallocated
Revenue
Interest Income - - - -
Total Segment Revenue - - - -
--------------- --------- -------------- ------------------
Total Segment Expenditure (228) (120) (35) (383)
--------------- --------- -------------- ------------------
Loss from Ordinary Activities
before Income Tax (228) (120) (35) (383)
Income Tax Benefit/(Expense) - - - -
--------------- --------- -------------- ------------------
Loss after Income Tax (228) (120) (35) (383)
--------------- --------- -------------- ------------------
Year ended 30/06/2016 Head office/ Australia United States Consolidated
Unallocated
Assets and Liabilities
Segment assets - 8,166 1,786 9,952
Corporate assets 486 - - 486
--------------- --------- -------------- ------------------
Total Assets 486 8,166 1,786 10,438
--------------- --------- -------------- ------------------
Segment liabilities - (380) (31) (411)
Corporate liabilities (117) - - (117)
--------------- --------- -------------- ------------------
Total Liabilities (117) (380) (31) (528)
Net Assets 369 7,786 1,755 9,910
--------------- --------- -------------- ------------------
7. POST BALANCE SHEET EVENTS
US Lithium Pty Ltd (USL)
In relation to the Group's investment in US Lithium Pty Ltd (recognised at cost GBP103,000), Thor received advice of a capital raise undertaken by USL, issuing 2,000,000 shares at AUD$0.12 per share, diluting the Group's ownership interest in USL from 25% to 20.83%. However, the pricing of the capital raise compares favourably to the cost of the Thor Group investment of approximately AUD$0.04 per share. The funds are to be used by USL to further activities associated with preparation to list on the ASX in Australia. Additional mining claims have been lodged by USL to the south of their Big Sandy project in Arizona, that will double the size of the land size within that project. Refer AIM and ASX announcements 16 January 2018
Molyhil Tungsten Project Increased Ore Reserve
The Group had commissioned a revised Ore Reserve study to draw together the technical data from various positive work completed since the last report prepared in 2014. The outcome of this study was an increase in the overall Ore Reserve and an extension of the Molyhil mine life. Significantly also, a new and potentially profitable additional underground mining option has been identified, in addition to the original plan for Open Pit mining. Refer AIM and ASX Announcements 8 January 2018.
7. POST BALANCE SHEET EVENTS (continued)
Kapunda Project
On the 12 February 2018, Environmental Copper Recovery SA Pty Ltd (ECR) and Terramin Australia Limited (ASX: "TZN") released a substantial resource estimate containing 119,000 tonnes of copper, considered amenable to Insitu Recovery techniques. Refer Note 4 for the Group's interest in the ECR.
Western Shaw (Western Australia)
The Company has carried out due diligence activities including site mapping and surface sampling of this prospect without finding any material mineralization. Following a review of these results, Thor will let the option, to acquire this project, lapse.
Further Warrants Exercised
Subsequent to 31 December 2017 through to the date of this report, Thor has issued a further 33,914,430 ordinary shares, as a result of warrant exercised. Cash received for the exercise of these warrants totalled GBP469,045 before costs.
Placement to Metal Tiger Plc (Metal Tiger)
Thor issued 10,000,000 ordinary shares to Metal Tiger on 30 January 2018 at 3 pence per ordinary share, for total consideration of GBP300,000. The placement was undertaken at a 20% premium to the closing share price of Thor shares on AIM of 2.5 pence on 22 January 2018 (being the day prior to the date the placement pricing was agreed). Metal Tiger also received 10,000,000 warrants to subscribe for Thor shares at 5 pence per share. The warrants expire on 29 January 2020. Reflective of the premium, Metal Tiger have been granted a 90 day first right of refusal to participate in any new joint venture, acquisition or similar transaction undertaken by Thor Mining during the period.
Other than the above matters, there were no material events arising subsequent to 31 December 2017 to the date of this report which may significantly affect the operations of the Company, the results of those operations and the state of affairs of the Company in the future.
DIRECTORS, SECRETARY AND ADVISERS
Directors Michael Robert Billing (Executive Chairman)
David Edward Thomas (Non-executive Director)
Alastair Middleton (Non-executive Director)
Paul Johnson (Non-executive Director)
Richard Bradey (Executive Director) - appointed 27 December
2017
Gervaise Robert John Heddle (Non-executive Director) - resigned
14 December 2017
In UK In Australia
------------------------------ ----------------------------------
Registered Office Third Floor 58 Galway Avenue
and Directors' business 55 Gower Street Marleston, South Australia
address London WC1E 6HQ Australia 5033
United Kingdom
Company Secretaries Stephen Frank Ronaldson Ray Ridge
Website www.thormining.com www.thormining.com
Nominated Adviser Grant Thornton UK LLP
to 30 Finsbury Square
the Company London EC2P 2YU
United Kingdom
Auditors to the Company Chapman Davis LLP
2 Chapel Court
London SE1 1HH
United Kingdom
Solicitors to the Ronaldsons LLP
Company 55 Gower Street
London WC1E 6HQ
United Kingdom
Registrars Computershare Investor Computershare Investor
Services Plc Services Pty Ltd
The Pavilions Level 5, 115 St Grenfell
Bridgewater Road St
Bristol BS99 6ZY Adelaide, South Australia
United Kingdom Australia 5000
Enquiries:
Mick Billing +61 (8) 7324 1935 Thor Mining PLC Executive Chairman
Ray Ridge +61 (8) 7324 1935 Thor Mining PLC CFO/Company
Secretary
Colin Aaronson/ +44 (0) 207 383 Grant Thornton UK Nominated Adviser
Richard Tonthat 5100 LLP
Nick Emerson +44 (0) 1483 413 SI Capital Ltd Broker
500
Tim Blythe/ Camilla +44 (0) 207 138 Blytheweigh Financial PR
Horsfall 3222
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.
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.
About Thor Mining PLC
Thor Mining PLC is a resources company quoted on the AIM Market of the London Stock Exchange and on ASX in Australia.
Thor holds 100% of the advanced Molyhil tungsten project in the Northern Territory of Australia, for which an updated feasibility study in 2015(1) suggested attractive returns.
Thor also holds 100% of the Pilot Mountain tungsten project in Nevada USA which has a JORC 2012 Indicated and Inferred Resources Estimate(2) on 2 of the 4 known deposits.
Thor is also acquiring up to a 60% interest Australian copper development company Environmental Copper Recovery SA Pty Ltd, which in turn holds rights to earn up to a 75% interest in the mineral rights and claims over the portion of the historic Kapunda copper mine in South Australia recoverable by way of in situ recovery.
Thor has a material interest in US Lithium Pty Limited, an Australian private company with a 100% interest in a Lithium project in Nevada, USA.
Finally, Thor also holds a production royalty entitlement from the Spring Hill Gold project(3) of:
-- 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.
Notes
(1) Refer ASX and AIM announcement of 12 January 2015
(2) Refer AIM announcement of 22 May 2017 and ASX announcement of 23 May 2017
(3) Refer AIM announcement of 26 February 2016 and ASX announcement of 29 February 2016
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR SFEFFAFASELD
(END) Dow Jones Newswires
March 19, 2018 03:00 ET (07:00 GMT)
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