REG - Thor Energy PLC - Quarterly Activities and Cash Flow Report
31/07/2023 07:00
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RNS Number : 6393H Thor Energy PLC 31 July 2023
31 July 2023
Thor Energy Plc
("Thor" or the "Company")
Quarterly Activities and Cash Flow Report
April to June 2023
Highlights Outlook for September Quarter 2023
URANIUM
Wedding Bell & Radium Mountain, Colorado, USA · Ground truth uranium anomalies and key structures.
Vanadium King, Utah, USA · Drilling preparation and approvals are in progress.
· Several strong uranium anomalies identified from the high-resolution · Drilling to commence - Wedding Bell followed by Vanadium King.
magnetic and radiometric surveys completed over the 3 projects.
COPPER - RARE EARTH ELEMENTS (REE)
Alford East, SA, Australia
· REE results - 21AED005: · Updates on Metallurgical studies.
36.7m @ 1568ppm (0.16%) TREO and 1.2% Cu from 6.3m, including, · Ambient Noise Tomography (ANT) survey is currently being designed.
11.8m @ 2095ppm (0.21%) TREO from 10m. · Priority drill programme design is underway in conjunction with detailed
geochemical reviews of the historic drilling, along with further studies on
· Geochemical and metallurgical assessment of the REE mineralisation within the nature of the REE mineralisation encountered to date.
the kaolin altered, copper-rich oxide zones of IOCG style mineralisation.
· Continue In Situ Recovery (ISR) assessment and development of the project.
· Hydrometallurgical mini-column testing to determine copper and gold
recoveries is ongoing.
Kapunda, SA, Australia
(via 30% equity holding in EnviroCopper Ltd) · Copper-gold recoveries from lixiviant trials.
· Groundwater management plan submitted. Bores conditioned for Push-Pull test
pending approvals.
Alford West, SA, Australia
· ANT survey completed, with data combined with electro-seismic data for more
accurate estimation of controls on mineralisation and groundwater properties. · Continuing to assess the amenability of Alford West for In-Situ
Recovery.
GOLD/NICKEL
Ragged Range, Pilbara region, WA Australia
· Regional mapping and geochemical sampling program completed over nickel and · Continuation of target generation work through interpretation of historic
gold anomalies. Results include: geophysical and geochemical data in conjunction with Thor's drilling and
surface geochemical data.
· 0.2% nickel and 0.1% copper (R00169)
· 2g/t gold and 0.1% copper (R00183)
Corporate and Finances
· Cash balance of $1,711,000 at end of Quarter
Nicole Galloway Warland, Managing Director, Thor Energy Plc, commented:
"The June quarter has seen a strong focus on our USA uranium and vanadium
assets, with the completion of the first high-resolution airborne magnetic and
radiometric surveys in the region, covering the Wedding Bell, Radium Mountain
and Vanadium King projects. This has led to several exciting high order
uranium anomalies being identified in areas untested as well as along strike
of history uranium and vanadium workings. Concurrently, drilling preparation
and approvals are underway for follow-up drilling to the 2022 program at
Wedding Bell and Radium Mountain projects, plus a maiden drill program at
Vanadium King. We reported a positive set of vanadium assay results,
confirming the uranium mineralisation determined by downhole gamma and
highlighting broader enriched vanadium haloes of up to 0.27% vanadium.
"The Board is fully immersed in our new strategy, focusing on green energy
assets. We are in constant dialogue with the local Montrose and San Miguel
County communities in Colorado to provide insight into our activities and how
we can collaborate with the local community for tangible benefits to the
region. We now have Federal and State drilling approvals and are awaiting our
final meeting with San Miguel County for approval.
"At Alford East, copper-REE prospect mini-column metallurgical test work is
continuing, with positive copper recovery curves to date. Geochemical analysis
of the REE data in conjunction with the HyLogger and sulphate wash extraction
is pending. We were pleased to achieve a high set of Rare Earth Element drill
results, that compared very favourably to our peers in terms of depth,
thickness, and grade.
"In Alford West, ECL received results from the ANT survey that was successful
in subsurface mapping, providing us with the opportunity of potentially
highlighting higher-grade mineralised zones.
"The second half of 2023 is looking to be a very busy period with lots of
'boots on ground' activities at various projects, with our immediate focus on
drilling in the USA, followed by geophysics and drilling at Alford East. We
look forward to updating the markets with further progress.
"The July Issue of Global Mining Review features "The Power of Uranium", an
article on how uranium's complex supply and demand factors mean that miners
operating in friendly jurisdictions are certain to benefit, with reference to
Thor's Projects: To read the article, please click here
(https://issuu.com/palladianpublications/docs/gmr_kbkfoqp07?fr=sZWFmZjYyNTE2ODc)
."
Photo 1: Heliborne Magnetic and Radiometric Surveys completed over all three
USA uranium projects.
URANIUM AND VANADIUM PROJECTS (USA)
Thor holds a 100% interest in two US companies with mineral claims in Colorado
and Utah, USA. The claims host uranium and vanadium mineralisation in an area
known as the Uravan Mineral Belt, which has a history of high-grade uranium
and vanadium production.
Within an economical transport distance is the only uranium and vanadium
processing facility in the region (Energy Fuels White Mesa Mill), which
enables a low-hurdle processing option for any production from these projects.
Details of the projects may be found on the Thor website
(https://thorenergyplc.com/projects/uranium-vanadium-projects-usa/) .
Figure 1: Uravan Mineral Belt showing project locations and nearby White
Mesa processing plant
Magnetic and Radiometric Survey:
The helicopter-borne high-resolution aeromagnetic and radiometric surveys
completed in June 2023, covered all three projects, with a detailed line
spacing of 50m and a nominal flight height of 30m, for a total of 986 line
kilometres. The surveys were oriented north-south for all survey areas.
Radiometrics is a powerful first pass exploration tool for identifying uranium
anomalies and this was the first time a close spaced survey has been flown in
the region. The objective of flying the radiometric surveys was to map out
the natural spatial distribution of the three radioactive elements (potassium
(K), thorium (Th) and uranium (U)) in the earth's crust, over the project
areas to assist with delineating any uranium anomalies in untested areas, and
potential extensions to known mineralisation associated with the historic
workings at both the Wedding Bell and Radium Mountain projects.
Different ratio grids are used to interpret the radiometric data with uranium
squared divided by thorium (U(2)/Th) predominately used as an indicator of
anomalous uranium, with the uranium anomalies displayed in energy order from
red, green to light blue (Figure 1 to 3). The aeromagnetic data will assist by
defining key secondary structures controlling fluid flow.
The surveys were flown by Precision GeoSurveys Inc, a Canadian company that is
experienced in flying surveys in this area, with the geophysical data
processing and filtering generated by consultant geophysicist Kim Frankcombe,
ExploreGeo Pty Ltd.
Wedding Bell and Radium Mountain Project, Colorado:
The radiometric surveys conducted at the Wedding Bell and Radium Mountain
projects have delineated several high order uranium anomalies. These are along
strike of historic workings, as well as over previously untested areas (Figure
2). The old mine workings are very distinct in the radiometric uranium channel
(red anomalies as shown in Figure 2) due to ore and/or waste dumps being in
close vicinity to the workings. Pre 1950's, the focus in the area was on
mining the yellow uranium-vanadate secondary carnotite mineralisation, not the
high grade primary uraninite and coffinite mineralisation. Thus, Thor is
systematically reviewing the old workings (establishing if primary ore or only
secondary was mined) and digitising available historic mine plans.
There are also a few distinct 'red' uranium anomalies not associated with
historic workings, which may represent new areas to test as a possible
extension to know mineralisation, such as the anomalies to the southeast of
Groundhog (Figure 2). More subtle green and light blue anomalies, for example,
around Section 23 (no previous mining), may have a lower radiometric uranium
order due to sedimentary cover. However, they are equally valid anomalies,
warranting a follow-up (Figure 2). Both of these priority uranium anomalies
will be drill tested as part of the proposed upcoming drilling program (Figure
2).
At first pass, the structural interpretation of the magnetic data shows a
strong correlation between the historic workings and key structures (Figure
2), with the dominant orientation north-easterly (Figure 2). This could
indicate increased porosity or fluid conduits within the sediments, which
allowed the uranium and vanadium mineralisation to precipitate out. The known
uranium and vanadium mineralisation in the Uravan Mineral Belt is noticeably
elongated parallel to local sedimentary structures, major palaeochannels, or
axes of greater permeability. As a result, key structural features along these
trends and radiometric anomalies will be further investigated, including
ground truthing (mapping and geochemical sampling) and priority ranking.
Figure 2: Wedding Bell radiometric image (U(2)/Th ratio) draped over Digital
elevation Model (DEM) showing structural interpretation from magnetics data
relative to priority uranium anomalies in red, green and light blue (Priority
targets circled).
Vanadium King Project, Utah:
The Vanadium King Project, within the Thompson uranium district of Utah is a
greenfield exploration project with no historic workings (Figure 1). The
project area is predominantly covered by Cretaceous Mancos Shales, with the
targeted prospective uranium and vanadium lithologies (Brushy Basin and Salt
Wash Sandstone, Morrison Formation) at approximately 100m below the surface
(based on historic oil wells drilled in the project area (Figure 3). The
principal objective of the heliborne magnetics was to delineate faults or key
structures that may control underlying potential uranium mineralisation, with
any associated radiometric anomalies representing leakage from a discrete
uranium source under cover (Figure 3). The interpretation is preliminary and
ongoing at this stage, and will be reviewed in conjunction with ground
truthing.
Figure 3: Vanadium King Project showing radiometric image (U(2)/Th) overlaid
by structural interpretation from magnetics data (white dashed lines).
Next Steps:
The following activities are underway for Q1 2023/24:
§ Ground truthing is now underway over the uranium anomalies at all three
project areas, with the anomalies to be ranked for potential drill testing.
§ The priority uranium anomalies identified at Section 23 where there has
been no previous mining, and the anomalies along strike of Groundhog will both
be drill-tested as part of the proposed upcoming drilling program.
§ Federal (BLM) and Colorado (DRMS) drill permits received, and now awaiting
final approval from San Miguel County in order to commence follow-up drilling
from the successful 2022 Program, at Rim Rock, Groundhog and Section 23,
Wedding Bell Project (Figure 4).
§ Permitting has commenced for maiden drilling at Vanadium King Project, Utah
(Figure 4).
COPPER - REE PROJECTS (SA)
Thor holds direct and indirect interest in over 400,000 tonnes of Inferred
copper resources in SA, via its 80% farm-in interest in Alford East
copper-gold Project and its 30% equity interest in EnviroCopper Ltd (Kapunda
and Alford West) - Figure 4.
Each of these projects is considered by the Thor directors to have significant
growth potential, and each is being advanced towards development via low-cost,
environmentally friendly In-Situ Recovery (ISR) techniques.
Figure 4: Alford West Project (ECL) Location Map (Left) and Tenement Map
(right) with Thor's Alford East Project.
ALFORD EAST COPPER-GOLD PROJECT
Rare Earth Element Drill Results:
A review of the Alford East Project geochemical data, in particular, the drilling results from Thor's 2021 maiden drilling program (ASX/AIM: 22 February 2022), highlighted shallow high-grade REE results associated with the oxide copper-gold mineralisation (Figure 5-6) (ASX/AIM: 26 April 2023).
These wide zones of enriched REE occur in kaolin altered, oxide zones of
IOCG-style mineralisation (Figure 6).
Significant REE drill intercepts (>500ppm TREO(( 1 (#_ftn1) ))) include:
o 21AED005: 11m @ 2088ppm (0.21%) TREO and 0.8% Cu from 47m,
Including 2m @ 5042ppm (0.5%) TREO from 47m
o 21AED002: 11.6m @ 1699ppm (0.17%) TREO and 0.26% Cu from
30.4m
including 6.1m @ 2262ppm (0.22%) TREO from 34.0m
o 21AED001: 16.8m @ 1721ppm (0.17%) TREO and 0.5% Cu from
91.4m
o 21AED006: 29m @ 959ppm (0.1%) TREO from 20m, and
6.1m @ 1171ppm (0.12%) TREO and
0.1% Cu from 81m,
including 1.7m @ 3139ppm (0.31%) TREO from 84.3m
o 21AED004: 13.1m @ 1366ppm (0.14%) TREO and 0.5% Cu from
42.8m,
including 1.4m @ 2274ppm (0.23%) TREO from 35m
o 21AED007: 15m @ 961ppm (0.1%) and 0.12% Cu from 13m
including 1.0m @ 2213ppm (0.22%) TREO from 19m
Cross-section 6256360mN (Figure 6) illustrates the REE mineralisation with the
copper intercepts within the Mineral Resource Estimate (MRE) AE-5 area (Figure
5), where Thor in 2021 drilled 9 HQ diamond drillholes whilst targeting oxide
copper mineralisation. The proximity to the key structure on the eastern side
of the sections suggests the REE mineralisation is structurally controlled and
associated with significant metasomatic alteration and deep weathering or
kaolinisation of host rocks.
The kaolin association may represent an ionic style of REE mineralisation, a
highly valuable REE deposit class, often characterised by favourable low-cost
metallurgical recovery compared with many other types of REE deposits, with
HyLogger and sulphate wash studies underway.
This zone of oxide mineralisation lies in the Alford Copper Belt, which in
this area, is a structurally controlled, north-south corridor consisting of
deeply kaolinised and oxidised troughs within unweathered metamorphic units,
on the edge of the Tickera Granite (Figure 1), Gawler Craton, SA. A recently
completed Ambient Noise Tomography (ANT) survey over the adjacent Alford West
project successfully delineated the boundaries of the structures in that area
(ASX/AIM: 17 April 2023) (Figure 7).
Figure 5: Alford East Inferred Minerals Resource Domains (left) and 2021 Drill
Collar Map (right)
Figure 6: Cross Section 6256360mN showing REE (TREO) intercepts with copper
mineralisation.
Next Steps:
§ Continue to review the geochemical REE data, with selected historic samples
submitted to the Bureau Veritas laboratory for analysis, for a supplementary
REE package; along with mineralogy and preliminary metallurgical work to
determine the potential ionic nature of the REE.
§ Hydrogeology water characterisation sampling continues on a quarterly
basis, to develop baseline data for In-Situ Recovery ("ISR") assessment and
development approvals.
§ Thor has engaged Drasloka® to undertake 6 diagnostic mini column leach
tests to determine copper and gold recoveries using a glycine lixiviant. The
copper recovery curves to date are positive and results from these studies are
anticipated in late oct/Nov 2023 (Photo 4).
Photo 4: Alford East Mini Column Test work, Drasloka Labs Western Australia
Background:
The Alford East Copper-Gold Project is located on EL6529, where Thor is
earning up to 80% interest from unlisted Australian explorer Spencer Metals
Pty Ltd, covering portions of EL6255 and EL6529 (ASX/AIM: 20 November 2020).
The Project covers the northern extension of the Alford Copper Belt, located
on the Yorke Peninsula, SA (Figure 5). The Alford Copper Belt is a
semi-coherent zone of copper-gold oxide mineralisation, within a structurally
controlled, north-south corridor consisting of deeply kaolinised and oxidised
troughs within metamorphic units on the edge of the Tickera Granite, Gawler
Craton, SA.
Utilising historic drill hole information, Thor completed an inferred Mineral
Resource Estimate (MRE) by JORC (2012) classification as at 22 January 2021,
reporting for oxide material only, at a cut-off grade of 0.05% Copper which is
consistent with the assumed In Situ Recovery technique, (ASX/AIM: 27 January
2021), consisting of:
§ 125.6Mt @ 0.14% Cu containing 177,000t of contained copper
§ 71, 500oz of contained gold
Maiden Mineral Resources Estimate Release: (
(https://thorenergyplc.com/investor-updates/maiden-copper-gold-mineral-resource-estimate-alford-east-copper-gold-isr-project/)
27 January 2021)
KAPUNDA and ALFORD WEST COPPER PROJECTS
Thor holds a 30% equity interest in private Australian company, EnviroCopper
Limited ("ECL"). In turn, ECL has entered into an agreement to earn, in two
stages, up to 75% of the rights over metals which may be recovered via In-Situ
Recovery ("ISR") contained in the Kapunda deposit from Australian listed
company, Terramin Australia Limited ("Terramin" ASX: "TZN"), and rights to 75%
of the Alford West copper project comprising the northern portion of
exploration licence EL5984 held by Andromeda Metals Limited (ASX:ADN).
Information about EnviroCopper Limited and its projects can be found on the
EnviroCopper website (http://www.envirocopper.com.au/) :
KAPUNDA
EnviroCopper Ltd ("EnviroCopper" or "ECL"), have submitted the Ground Water
Monitoring and Management Plans and is currently awaiting approval to commence
In-Situ Recovery trials ("ISR"), including tracer and push-pull test work.
These tests are the final hydrometallurgical assessments before ECL commences
Site Environmental Lixiviant Trials (SELT).
The purpose of lixiviant trials, or 'push-pull tests', is to assess the
solubility of copper mineralisation, and therefore copper recovery, using a
specially designed solution called a lixiviant under in-situ conditions. The
trial is to be undertaken in two stages. The first stage involves injecting
and extracting a tracer solution (Sodium Bromide - NaBr) from the same well to
demonstrate hydraulic connectivity between the observation and environmental
monitor well network. This is followed by injecting and extracting lixiviant
from the same well to test copper solubility from the mineralisation.
Key outcomes anticipated from lixiviant trials:
1. Hydraulic connectivity between wells
2. Copper solubility and recovery
3. Establish lixiviant and time parameters for design of the
Site Environmental Lixiviant Trials (SELT).
ALFORD WEST
As part of its South Australian Government Accelerated Discovery Initiative
grant, ECL carried out an ANT survey over a portion of the Alford West project
in April 2023 using ExoSphere by Fleet® (ASX/AIM: 17 April 2023). This
technology is a particularly low-impact form of exploration and uses
environmental vibrations in the ground, caused by ocean waves, weather or
traffic, to analyse the earth's make-up down to 2000m depth in real-time over
a 10-day period.
The technology uses compact, battery-powered smart sensors called Geodes to
collect raw data. It can pre-process that data and deliver it directly via
Fleet's satellite connectivity. This technology means fewer drill holes, much
lower environmental impact, and less time on the land, which fits with ECL's
corporate objectives of minimising the impact of recovering metals necessary
to aid the green energy transition.
The survey delineated the deep weathered "trough" like structures in the survey area, that host the oxide copper-gold mineralisation within the Alford Copper Belt (Figure 5 and 7). With further processing and modelling, it may be possible to highlight mineralised zones within these structures.
The subsurface ANT results will be integrated with information that has been historically gathered by traditional air core and diamond drilling. This will result in drill targets with the potential for higher-grade oxide copper-gold mineralisation.
The speed and minimal impact of this technique compared with traditional
drilling mean that exploration impacts for landowners are kept to an absolute
minimum. ECL is currently combining the ANT data with other forms of
low-impact, remotely sensed data to further improve the definition of these
mineralised zones.
The ExoSphere program by Fleet Space Technologies consisted of laying an array of 40 lightweight, battery-powered surface sensors called Geodes over a paddock of 0.45km².
ECL have combined the ANT survey results with seismic data to estimate more accurately controls on mineralisation and ground water properties, further assessing the projects amenability to In-Situ Recovery.
Figure 7: 3D model showing the deeply weathered "trough" structure, host to
oxide copper-gold mineralisation in the Alford Copper Belt.
GOLD/COPPER PROJECT
RAGGED RANGE PROJECT (WA)
The Ragged Range Project, located in the prospective Eastern Pilbara Craton,
Western Australia is 100% owned by Thor - E46/1190, E46/1262, E46/1355,
E46/1340 and E46/1393 (Figure 8).
Since the acquisition, Thor has conducted several programs of stream sediment
and soil sampling to delineate drill targets. Thor has also flown an airborne
magnetics survey over the tenement area to better define the structural
features of the area.
Details of the projects may be found on the Thor website.
Figure 8: Ragged Range Project Location map (left) and Tenement Map (right)
showing priority targets.
Sampling:
During the quarter, a detailed geological interpretation of historic
geochemical and geophysical data in conjunction with recent drilling,
generated several gold and nickel targets. A small sampling program was
completed to assess these targets including rockchip (35 samples) and stream
(20 samples) - Table A & B and Figures 9, 10 and 11.
Rockchip sampling of ultramafic nickel targets in the vicinity of the Krona
Nickel gossan (parallel and along strike) returned up to 0.23% Ni (R0185), and
0.18% Ni and 0.1% Cu (R0169) - Table A. The mapped nickel prospective
ultramafic lithologies include pyroxenite and dunite intrusives, with spinifex
texture also confirming Komatiites (Photo 5a).
Anastomosing quartz veins within the highly altered Euro Basalts close to the
faulted ultramafic Dalton Suite contact in the Sterling Prospect, returned 2.0
g/t Au and 0.1% Cu (R000183). Zones of this quartz vein were previous sampled,
returning 6g/t Au (R00165) (THR: ASX/AIM 25 July 2022), hence confirming the
presence of gold along the veins (Figure 10) - Photo 5b.
Follow-up stream sampling was undertaken along the 13km structural trend of
the Sterling prospect, with Bulk Leach Extractable Gold (BLEG) returning up to
153ppb gold (ST0061) (Figure 11).
Photo 5: A) Gossan in ultramafic
komatiite B) Gold in Quartz
Vein
Figure 9: Ragged Range Project Rockchip Location map focused on nickel
anomalies.
Figure 10: Ragged Range Project Regional Rockchip Location map
Figure 11: Stream Sediment Sampling Location Map
TUNGSTEN PROJECT
MOLYHIL TUNGSTEN - MOLYBDENUM-COPPER PROJECT - NT (100% Thor)
The Molyhil tungsten-molybdenum-copper deposit is 100% owned by Thor Energy Figure 12: Molyhil Project Location map
Plc and is located 220km north-east of Alice Springs (320km by road) within
the prospective polymetallic province of the Proterozoic Eastern Arunta Block
in the Northern Territory (Figure 12).
The deposit consists of two adjacent outcropping iron-rich skarn bodies, the
northern 'Yacht Club' lode and the 'Southern' lode. Both lodes are marginal to
a granite intrusion; both lodes contain scheelite (CaWO(4)) and molybdenite
(MoS(2)) mineralisation (Figure 12). Both the outlines of the lodes and the
banding within the lodes strike approximately north and dip steeply to the
east.
Thor executed a A$8m Farm-in and Funding Agreement with Investigator Resources
Limited (ASX: IVR) to accelerate exploration at the Molyhil Project on 24
November 2022 and the sale of Thor's interest in the Bonya tenement (EL29701)
(ASX/AIM: 24 November 2022).
A full background on the project is available on the Thor website
(https://thorenergyplc.com/projects/molyhil-tungsten-project/) .
Bonya JV- Jervois Vanadium Projects (40% Thor)
The Bonya copper, tungsten and vanadium deposits are located approximately
30km to the northeast of Molyhil (Figure 13). Thor in a joint venture with
Arafura holds a 40% equity interest in the resources. Thor's interest in the
Bonya tenement EL29701 (copper and tungsten deposit) is planned to be divested
as part of the Farm-in and Funding agreement with Investigator Resources
Limited.
Figure 13: Molyhil Project location showing adjacent Bonya tenements.
CORPORATE, FINANCE, AND CASH MOVEMENTS
For the Quarter, the Company had total net cash outflows of $669,000,
comprising:
· Net cash outflows from Operating and Investing activities for the
quarter of $658,000 which included outflows of $466,000 directly related to
exploration activities.
· Cash outflows from financing activities for the quarter were $11,000,
related to repayments of lease liabilities.
· Providing an ending cash balance of $1,711,000.
In addition, Thor continues to hold 17,118,920 shares of Power Metal Resources
plc (AIM:POW). The current market value of the shares is £128,000
(approximately $245,000) based on the closing price of £0.0075 on the London
Stock Exchange on 27 July 2023.
Cashflows for the quarter include payments of $110,000 to Directors,
comprising the Managing Director's salary, and Non-Executive Directors'
fees.
The Board of Thor Energy Plc has approved this announcement and authorised its
release.
For further information, please contact:
Thor Energy PLC
Nicole Galloway Warland, Managing Director Tel: +61 (8) 7324 1935
Ray Ridge, CFO / Company Secretary Tel: +61 (8) 7324 1935
WH Ireland Limited (Nominated Adviser and Joint Broker) Tel: +44 (0) 207 220 1666
Antonio Bossi / Darshan Patel
SI Capital Limited (Joint Broker) Tel: +44 (0) 1483 413 500
Nick Emerson
Yellow Jersey (Financial PR) thor@yellowjerseypr.com
Sarah Hollins / Shivantha Thambirajah / Bessie Elliot Tel: +44 (0) 20 3004 9512
Competent Person's Report
The information in this report that relates to exploration results is based on
information compiled by Nicole Galloway Warland, who holds a BSc Applied
geology (HONS) and who is a Member of The Australian Institute of
Geoscientists. Ms Galloway Warland is an employee of Thor Energy PLC. She has
sufficient experience which is relevant to the style of mineralisation and
type of deposit under consideration and to the activity which she is
undertaking to qualify as a Competent Person as defined in the 2012 Edition of
the 'Australasian Code for Reporting of Exploration Results, Mineral Resources
and Ore Reserves'. Nicole Galloway Warland consents to the inclusion in the
report of the matters based on her information in the form and context in
which it appears.
Updates on the Company's activities are regularly posted on Thor's website
https://thorenergyplc.com (https://thorenergyplc.com) which includes a
facility to register to receive these updates by email, and on the Company's
twitter page @thorenergyplc
About Thor Energy Plc
The Company is focused on uranium and energy metals that are crucial in the
shift to a 'green' energy economy. Thor has a number of highly prospective
projects that give shareholders exposure to uranium, nickel, copper, lithium
and gold. Our projects are located in Australia and the USA.
Thor holds 100% interest in three uranium and vanadium projects (Wedding Bell,
Radium Mountain and Vanadium King) in the Uravan Belt Colorado and Utah, USA
with historical high-grade uranium and vanadium drilling and production
results.
Thor owns 100% of the Ragged Range Project, comprising 92 km(2) of exploration
licences with highly encouraging early-stage gold and nickel results in the
Pilbara region of Western Australia.
At Alford East in South Australia, Thor is earning an 80% interest in oxide
copper deposits considered amenable to extraction via In-Situ Recovery
techniques (ISR). In January 2021, Thor announced an Inferred Mineral Resource
Estimate¹. Thor also holds a 30% interest in Australian copper development
company EnviroCopper Limited, which in turn holds rights to earn up to a 75%
interest in the mineral rights and claims over the resource on the portion of
the historic Kapunda copper mine and the Alford West copper project, both
situated in South Australia, and both considered amenable to recovery by way
of ISR.²³
Thor holds 100% of the advanced Molyhil tungsten project, including measured,
indicated and inferred resources⁴, in the Northern Territory of Australia,
which was awarded Major Project Status by the Northern Territory government in
July 2020. Thor executed a $A8m Farm-in and Funding Agreement with
Investigator Resources Limited (ASX: IVR) to accelerate exploration at the
Molyhil Project on 24 November 2022.(6)
Adjacent to Molyhil, at Bonya, Thor holds a 40% interest in deposits of
tungsten, copper, and vanadium, including Inferred resource estimates for the
Bonya copper deposit, and the White Violet and Samarkand tungsten deposits.⁵
Thor's interest in the Bonya tenement EL29701 is planned to be divested as
part of the Farm-in and Funding agreement with Investigator Resources
Limited.(6)
Notes
(1)
https://thorenergyplc.com/investor-updates/maiden-copper-gold-mineral-resource-estimate-alford-east-copper-gold-isr-project/
(2)
www.thorenergyplc.com/sites/thormining/media/pdf/asx-announcements/20172018/20180222-clarification-kapunda-copper-resource-estimate.pdf
(http://www.thormining.com/sites/thormining/media/pdf/asx-announcements/20172018/20180222-clarification-kapunda-copper-resource-estimate.pdf)
³
www.thorenergyplc.com/sites/thormining/media/aim-report/20190815-initial-copper-resource-estimate---moonta-project---rns---london-stock-exchange.pdf
(http://www.thormining.com/sites/thormining/media/aim-report/20190815-initial-copper-resource-estimate---moonta-project---rns---london-stock-exchange.pdf)
(4)
https://thorenergyplc.com/investor-updates/molyhil-project-mineral-resource-estimate-updated/
(5)
www.thorenergyplc.com/sites/thormining/media/pdf/asx-announcements/20200129-mineral-resource-estimates---bonya-tungsten--copper.pdf
(http://www.thormining.com/sites/thormining/media/pdf/asx-announcements/20200129-mineral-resource-estimates---bonya-tungsten--copper.pdf)
(6)
https://thorenergyplc.com/wp-content/uploads/2022/11/20221124-8M-Farm-in-Funding-Agreement.pdf
(https://thorenergyplc.com/wp-content/uploads/2022/11/20221124-8M-Farm-in-Funding-Agreement.pdf)
Table A: Significant Gold (0.1g/t), Copper and Nickel (>1400ppm) Rock
chip samples
Coordinate Project: GDA 94 Zone 50
Sample ID Sample Type Easting Northing Au g/t Cu ppm Ni ppm Pb ppm Zn ppm
R00156 ROCK 782952 7581072 X 38.4 1908.8 1.8 536
R00160 ROCK 781780 7583568 X 10.4 1407.5 2.2 580
R00161 ROCK 781790 7583560 X 30.7 1428.9 3.4 468
R00162 ROCK 781808 7583556 X 7.7 1188.5 1.3 304
R00164 ROCK 782381 7580799 X 60.9 1241.9 10.2 465
R00165 ROCK 782348 7580758 X 66.3 1740 5.2 437
R00166 ROCK 782344 7580736 0.001 118.2 1613.6 6.3 388
R00167 ROCK 782339 7580706 X 151.8 1462.6 11.2 671
R00168 ROCK 782312 7580656 0.004 493.1 1379.5 16.9 930
R00169 ROCK 782307 7580630 X 1049 1795.7 22.7 1147
R00171 ROCK 782668 7581842 X 39.4 1998.2 1.7 117
R00178 ROCK 794180 7586274 0.027 54757 52.5 5.2 60
R00183 ROCK 781441 7584154 2.02 1008 10.8 4.4 8
R00185 ROCK 782659 7581191 X 61.4 2322.3 2.6 91
R00186 ROCK 780818 7584815 0.165 232.9 47 3 538
R00189 ROCK 780810 7582464 X 55.7 1844.1 2226.6 1433
R00193 ROCK 783958 7581419 0.315 10.9 37.6 30.4 32
X = Below detection
Table B: Stream Sediment Results
Coordinate Project GDA94 Zone 50
Sample ID Sample Type Easting Northing BLEG - Au ppb Ni ppm
ST00053 STREAM 780422 7586690 1 106.8
ST00054 STREAM 781083 7586643 5 159.3
ST00055 STREAM 781355 7585723 1 111.5
ST00056 STREAM 781458 7585718 2 130.7
ST00057 STREAM 781170 7585519 2 111.9
ST00058 STREAM 780365 7585533 37 212.5
ST00059 STREAM 781037 7585347 1 109.2
ST00060 STREAM 780781 7584786 1 163
ST00061 STREAM 780990 7584615 153 325.5
ST00062 STREAM 781853 7584153 1 155.8
ST00063 STREAM 781678 7583571 1 1613.9
ST00064 STREAM 781674 7583561 0 1525
ST00065 STREAM 781548 7583632 1 1449.3
ST00066 STREAM 781826 7583952 1 196.2
ST00067 STREAM 779877 7590522 3 72.6
ST00068 STREAM 784045 7581340 1 139.7
ST00069 STREAM 783972 7580512 11 177.8
ST00070 STREAM 783921 7580569 4 184.4
ST00071 STREAM 779840 7590628 1 83.8
ST00072 STREAM 779823 7587701 1 102
TENEMENT SCHEDULE
At 30 June 2023, the consolidated entity holds an interest in the following
Australian tenements:
Project Tenement Area kms(2) Area ha. Holders Company Interest
Molyhil EL22349 228.10 Molyhil Mining Pty Ltd 100%
Molyhil EL31130 9.51 Molyhil Mining Pty Ltd 100%
Molyhil ML23825 95.92 Molyhil Mining Pty Ltd 100%
Molyhil ML24429 91.12 Molyhil Mining Pty Ltd 100%
Molyhil ML25721 56.2 Molyhil Mining Pty Ltd 100%
Molyhil AA29732 38.6 Molyhil Mining Pty Ltd 100%
Molyhil MLS77 16.18 Molyhil Mining Pty Ltd 100%
Molyhil MLS78 16.18 Molyhil Mining Pty Ltd 100%
Molyhil MLS79 8.09 Molyhil Mining Pty Ltd 100%
Molyhil MLS80 16.18 Molyhil Mining Pty Ltd 100%
Molyhil MLS81 16.18 Molyhil Mining Pty Ltd 100%
Molyhil MLS82 8.09 Molyhil Mining Pty Ltd 100%
Molyhil MLS83 16.18 Molyhil Mining Pty Ltd 100%
Molyhil MLS84 16.18 Molyhil Mining Pty Ltd 100%
Molyhil MLS85 16.18 Molyhil Mining Pty Ltd 100%
Molyhil MLS86 8.05 Molyhil Mining Pty Ltd 100%
Bonya EL29701 204.5 Molyhil Mining Pty Ltd 40%
Bonya EL32167 74.54 Molyhil Mining Pty Ltd 40%
Panorama E46/1190 35.03 Pilbara Goldfields Pty Ltd 100%
Ragged Range E46/1262 57.3 Pilbara Goldfields Pty Ltd 100%
Corunna Downs E46/1340 48 Pilbara Goldfields Pty Ltd 100%
Bonney Downs E46/1355 38 Pilbara Goldfields Pty Ltd 100%
Hamersley Range E46/1393 11 Pilbara Goldfields Pty Ltd 100%
On 30 June 2023, the consolidated entity holds 100% interest in the uranium
and vanadium projects in USA States of Colorado and Utah as follows:
Claim Group Serial Number Claim Name Area Holders Company Interest
Vanadium King (Utah) UMC445103 to UMC445202 VK-001 to VK-100 100 blocks (2,066 acres) Cisco Minerals Inc 100%
Radium Mountain (Colorado) CMC292259 to CMC292357 Radium-001 to Radium-099 99 blocks (2,045 acres) Standard Minerals Inc 100%
Groundhog (Colorado) CMC292159 to CMC292258 Groundhog-001 to Groundhog-100 100 blocks (2,066 acres) Standard Minerals Inc 100%
1 JORC Code, 2012 Edition - Table 1 report template
1.1 Section 1 Sampling Techniques and Data
Criteria JORC Code explanation Commentary
Sampling techniques · Nature and quality of sampling (eg cut channels, random chips, or The programme comprised stream sediment trap site sampling with coarse (3kg -
specific specialised industry standard measurement tools appropriate to the 5mm+2mm) and fine (3kg - 2mm) fraction samples collected for geochemical
minerals under investigation, such as down hole gamma sondes, or handheld XRF analysis for Au 2kg BLEG (fine fraction), aqua regia (fine and coarse
instruments, etc). These examples should not be taken as limiting the broad fractions) and multi-element analysis.
meaning of sampling.
Rock chip sampling was based on geological outcrops, with analysis for Au by
· Include reference to measures taken to ensure sample representivity 25g fire assay and multi-element by four acid digest.
and the appropriate calibration of any measurement tools or systems used.
· Aspects of the determination of mineralisation that are Material to
the Public Report.
· In cases where 'industry standard' work has been done this would be
relatively simple (eg 'reverse circulation drilling was used to obtain 1 m
samples from which 3 kg was pulverised to produce a 30 g charge for fire
assay'). In other cases more explanation may be required, such as where there
is coarse gold that has inherent sampling problems. Unusual commodities or
mineralisation types (eg submarine nodules) may warrant disclosure of detailed
information.
Drilling techniques · Drill type (eg core, reverse circulation, open-hole hammer, rotary Not applicable - no drilling reported
air blast, auger, Bangka, sonic, etc) and details (eg core diameter, triple or
standard tube, depth of diamond tails, face-sampling bit or other type,
whether core is oriented and if so, by what method, etc).
Drill sample recovery · Method of recording and assessing core and chip sample recoveries and Not applicable - no drilling reported
results assessed.
· Measures taken to maximise sample recovery and ensure representative
nature of the samples.
· Whether a relationship exists between sample recovery and grade and
whether sample bias may have occurred due to preferential loss/gain of
fine/coarse material.
Logging · Whether core and chip samples have been geologically and No logging was undertaken.
geotechnically logged to a level of detail to support appropriate Mineral
Resource estimation, mining studies and metallurgical studies. Lithological description recorded for all samples collected
· Whether logging is qualitative or quantitative in nature. Core (or
costean, channel, etc) photography.
· The total length and percentage of the relevant intersections logged.
Sub- sampling techniques · If core, whether cut or sawn and whether quarter, half or all core Samples were screened in the field as described in "Sampling Techniques"
taken. above.
· If non-core, whether riffled, tube sampled, rotary split, etc and The sample sizes are as per industry standard for stream
whether sampled wet or dry.
· For all sample types, the nature, quality and
and sample preparation appropriateness of the sample preparation technique. sediment geochemistry.
· Quality control procedures adopted for all sub-sampling stages to Field duplicates and blank samples were submitted for assay with the other
maximise representivity of samples. samples.
· Measures taken to ensure that the sampling is representative of the
in situ material collected, including for instance results for field
duplicate/second-half sampling.
· Whether sample sizes are appropriate to the grain size of the
material being sampled.
Quality of assay data and laboratory tests · The nature, quality and appropriateness of the assaying and The proposed assay method is appropriate for preliminary exploration.
laboratory procedures used and whether the technique is considered partial or
total.
· For geophysical tools, spectrometers, handheld XRF instruments, etc,
the parameters used in determining the analysis including instrument make and
model, reading times, calibrations factors applied and their derivation, etc.
· Nature of quality control procedures adopted (eg standards, blanks,
duplicates, external laboratory checks) and whether acceptable levels of
accuracy (ie lack of bias) and precision have been established.
Verification of sampling and assaying · The verification of significant intersections by either independent Not undertaken
or alternative company personnel.
· The use of twinned holes.
· Documentation of primary data, data entry procedures, data
verification, data storage (physical and electronic) protocols.
· Discuss any adjustment to assay data.
Location of data points · Accuracy and quality of surveys used to locate drill holes (collar Hand held GPS - MGA94 zone 50 (GDA)
and down-hole surveys), trenches, mine workings and other locations used in
Mineral Resource estimation.
· Specification of the grid system used.
· Quality and adequacy of topographic control.
Data spacing and distribution · Data spacing for reporting of Exploration Results. Data reported is for a preliminary reconnaissance survey and is indicative of
the mineral prospectivity. No inferences are made as to mineralisation
· Whether the data spacing and distribution is sufficient to establish potential.
the degree of geological and grade continuity appropriate for the Mineral
Resource and Ore Reserve estimation procedure(s) and classifications applied.
· Whether sample compositing has been applied.
Orientation of data in relation to geological structure · Whether the orientation of sampling achieves unbiased sampling of Orientational bias is not applicable to stream and rockchip sampling at this
possible structures and the extent to which this is known, considering the stage
deposit type.
· If the relationship between the drilling orientation and the
orientation of key mineralised structures is considered to have introduced a
sampling bias, this should be assessed and reported if material.
Sample security · The measures taken to ensure sample security. Geochemistry samples were trucked back from
Nullagine to the Intertek, WA
Sample Security levels are considered appropriate for preliminary surface
geochemistry assessment.
Audits or reviews · The results of any audits or reviews of sampling techniques and data. None undertaken
Section 2 Reporting of Exploration Results
Criteria JORC Code explanation Commentary
Mineral tenement and land tenure status · Type, reference name/number, location and ownership including Exploration results are reported on E46/1190, E46/1262, E46/1340, E46/1355 and
agreements or material issues with third parties such as joint ventures, E46/1393 in Western Australia held 100% by Pilbara Goldfields Pty Ltd, Thor
partnerships, overriding royalties, native title interests, historical sites, Mining PLC.
wilderness or national park and environmental settings.
· The security of the tenure held at the time of reporting along with
any known impediments to obtaining a licence to operate in the area.
Exploration done by other parties · Acknowledgment and appraisal of exploration by other parties. Sporadic surface geochemistry over tenure carried out by Great Southern Mines
up to 1997.
Geology · Deposit type, geological setting and style of mineralisation. Yet to be determined
Drill hole Information · A summary of all information material to the understanding of the No drilling has been undertaken or reported
exploration results including a tabulation of the following information for
all Material drill holes:
o easting and northing of the drill hole collar
o elevation or RL (Reduced Level - elevation above sea level in metres) of
the drill hole collar
o dip and azimuth of the hole
o down hole length and interception depth
o hole length.
· If the exclusion of this information is justified on the basis that
the information is not Material and this exclusion does not detract from the
understanding of the report, the Competent Person should clearly explain why
this is the case.
Data aggregation methods · In reporting Exploration Results, weighting averaging techniques, Only rock chip and stream assays have been reported. There has been no data
maximum and/or minimum grade truncations (eg cutting of high grades) and aggregation.
cut-off grades are usually Material and should be stated.
· Where aggregate intercepts incorporate short lengths of high-grade
results and longer lengths of low-grade results, the procedure used for such
aggregation should be stated and some typical examples of such aggregations
should be shown in detail.
· assumptions used for any reporting of metal equivalent
· The values should be clearly stated.
Relationship between mineralisation widths and intercept lengths · These relationships are particularly important in the reporting of No drilling has been undertaken or reported
Exploration Results.
· If the geometry of the mineralisation with respect to the drill hole
angle is known, its nature should be reported.
· If it is not known and only the down hole lengths are reported, there
should be a clear statement to this effect (eg 'down hole length, true width
not known').
Diagrams · Appropriate maps and sections (with scales) and tabulations of A sample location plan including current 1:100k scale geology has been
intercepts should be included for any significant discovery being reported provided along with location tables.
These should include, but not be limited to a plan view of drill hole collar
locations and appropriate sectional views.
Balanced reporting · Where comprehensive reporting of all Exploration Results is not All results have been reported
practicable, representative reporting of both low and high grades and/or
widths should be practiced to avoid misleading reporting of Exploration
Results.
Other substantive exploration data · Other exploration data, if meaningful and material, should be All data have been reported
reported including (but not limited to): geological observations; geophysical
survey results; geochemical survey results; bulk samples - size and method of
treatment; metallurgical test results; bulk density, groundwater, geotechnical
and rock characteristics; potential deleterious or contaminating substances.
Further work · The nature and scale of planned further work (eg tests for lateral It is anticipated that follow up and reconnaissance geochemistry (rockchip,
extensions or depth extensions or large-scale step- out drilling). soil & stream) and geological mapping will be undertaken over tenure,
including Sterling and Kelly's prospects.
· Diagrams clearly highlighting the areas of possible extensions,
including the main geological interpretations and future drilling areas,
provided this information is not commercially sensitive.
Appendix 5B
Mining exploration entity or oil and gas exploration entity
quarterly cash flow report
Name of entity
THOR ENERGY PLC
ABN Quarter ended ("current quarter")
121 117 673 30 JUNE 2023
Consolidated statement of cash flows Current quarter Year to date (12 months)
$A'000
$A'000
1. Cash flows from operating activities
1.1 Receipts from customers
1.2 Payments for
(a) exploration & evaluation
(b) development
(c) production
(d) staff costs (6) (117)
(e) administration and corporate costs (267) (1,137)
1.3 Dividends received (see note 3)
1.4 Interest received 7 7
1.5 Interest and other costs of finance paid (2) (5)
1.6 Income taxes paid
1.7 Government grants and tax incentives
1.8 Other - 110
1.9 Net cash from / (used in) operating activities (268) (1,142)
2. Cash flows from investing activities
2.1 Payments to acquire or for:
(a) entities
(b) tenements
(c) property, plant and equipment (5) (16)
(d) exploration & evaluation (466) (3,010)
(e) equity accounted investments
(f) other non-current assets (bonds) (9) (86)
2.2 Proceeds from the disposal of:
(a) entities
(b) tenements
(c) property, plant and equipment
(d) investments 90 750
(e) other non-current assets
2.3 Cash flows from loans to other entities
2.4 Dividends received (see note 3)
2.5 Other (Government grants) - 546
2.6 Net cash from / (used in) investing activities (390) (1,816)
3. Cash flows from financing activities - 2,650
3.1 Proceeds from issues of equity securities (excluding convertible debt
securities)
3.2 Proceeds from issue of convertible debt securities
3.3 Proceeds from exercise of options
3.4 Transaction costs related to issues of equity securities or convertible debt - (179)
securities
3.5 Proceeds from borrowings
3.6 Repayment of borrowings (lease liability) (11) (26)
3.7 Transaction costs related to loans and borrowings
3.8 Dividends paid
3.9 Other (funds received in advance of a placement)
3.10 Net cash from / (used in) financing activities (11) 2,445
4. Net increase / (decrease) in cash and cash equivalents for the period
4.1 Cash and cash equivalents at beginning of period 2,316 2,069
4.2 Net cash from / (used in) operating activities (item 1.9 above) (268) (1,142)
4.3 Net cash from / (used in) investing activities (item 2.6 above) (390) (1,816)
4.4 Net cash from / (used in) financing activities (item 3.10 above) (11) 2,445
4.5 Effect of movement in exchange rates on cash held 64 155
4.6 Cash and cash equivalents at end of period 1,711 1,711
5. Reconciliation of cash and cash equivalents Current quarter Previous quarter
at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts
$A'000
$A'000
5.1 Bank balances 1,711 2,316
5.2 Call deposits
5.3 Bank overdrafts
5.4 Other (provide details)
5.5 Cash and cash equivalents at end of quarter (should equal item 4.6 above) 1,711 2,316
6. Payments to related parties of the entity and their associates Current quarter
$A'000
6.1 Aggregate amount of payments to related parties and their associates included 110
in item 1
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 fees paid to Non-Executive Directors,
and remuneration paid to the Managing Director.
7. Financing facilities Total facility amount at quarter end Amount drawn at quarter end
Note: the term "facility' includes all forms of financing arrangements available to the entity.
$A'000
$A'000
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. Estimated cash available for future operating activities $A'000
8.1 Net cash from / (used in) operating activities (item 1.9) (268)
8.2 (Payments for exploration & evaluation classified as investing activities) (466)
(item 2.1(d))
8.3 Total relevant outgoings (item 8.1 + item 8.2) (734)
8.4 Cash and cash equivalents at quarter end (item 4.6) 1,711
8.5 Unused finance facilities available at quarter end (item 7.5) -
8.6 Total available funding (item 8.4 + item 8.5) 1,711
8.7 Estimated quarters of funding available (item 8.6 divided by item 8.3) 2.3
No
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7.
8.8 If item 8.7 is less than 2 quarters, please provide answers to the following
questions:
8.8.1 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:
8.8.2 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:
8.8.3 Does the entity expect to be able to continue its operations and
to meet its business objectives and, if so, on what basis?
Answer:
Note: where item 8.7 is less than 2 quarters, all of questions 8.8.1, 8.8.2
and 8.8.3 above must be answered.
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: ..31 July
2023...........................................................
Authorised by: .....the
Board....................................................................
(Name of body or officer authorising release - see note 4)
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.
1 (#_ftnref1) TREO = (Total Rare Earth Oxides) = (La(2)O(3) + CeO(2) +
Pr(6)O(11) + Nd(2)O(3) +Sm(2)O(3) + Eu(2)O(3) + Gd(2)O(3) + Tb(4)O(7) +
Dy(2)O(3) + Ho(2)O(3) + Er(2)O(3) + Tm(2)O(3) + Yb(2)O(3) + Lu(2)O(3) +
Y(2)O(3))
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