REG - Thor Mining PLC - APPENDIX 5B JULY TO SEPTEMBER 2019

Thor EnergyAnnouncement

31/10/2019 07:05

RNS Number : 7174R
Thor Mining PLC
31 October 2019
 


Thursday, 31 October 2019
 
THOR MINING PLC
 ("Thor" or the "Company")
 
Appendix 5B
 
The Directors of Thor Mining PLC (AIM, ASX: THR) today released the following announcement on the Australian Securities Exchange ("ASX"), as required under the listing rules of the ASX.
 
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/
Richard Tonthat/ Ben Roberts


+44 (0) 207 383 5100
 


Grant Thornton UK LLP
 


Nominated Adviser




Claire Louise Noyce /
John Beresford-Peirse
 


+44 (0) 203 764 2341


Hybridan LLP


Joint Broker, lead broker to the placing




Nick Emerson


+44 (0) 1483 413 500


SI Capital Ltd


Joint Broker





















 
 
Updates on the Company's activities are regularly posted on Thor's website www.thormining.com, which includes a facility to register to receive these updates by email, and on the Company's twitter page @ThorMining.
About Thor Mining PLC
Thor Mining PLC (AIM, ASX: THR) 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 August 2018¹ suggested attractive returns.
Adjacent Molyhil, at Bonya, Thor holds a 40% interest in deposits of tungsten, copper, and vanadium, including an Inferred resource for the Bonya copper deposit².
Thor also holds 100% of the Pilot Mountain tungsten project in Nevada USA which has a JORC 2012 Indicated and Inferred Resources Estimate³ on 2 of the 4 known deposits.  The US Department of the Interior has confirmed that tungsten, the primary resource mineral at Pilot Mountain, has been included in the final list of Critical Minerals 2018.
Thor is also acquiring up to a 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 resource⁴ on the portion of the historic Kapunda copper mine in South Australia recoverable by way of in situ recovery.
Thor has an interest in Hawkstone Mining Limited, an Australian ASX listed company with a 100% Interest in a Lithium project in Arizona, USA.
Finally, Thor also holds a production royalty entitlement from the Spring Hill Gold project⁵ 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 23 August 2018
² Refer ASX and AIM announcement of 26 November 2018
³ Refer AIM announcement of 13 December 2018 and ASX announcement of 14 December 2018
⁴ Refer AIM announcement of 10 February 2016 and ASX announcement of 12 February 2018
⁵ Refer AIM announcement of 26 February 2016 and ASX announcement of 29 February 2016
 
 
 
+Rule 5.5
Appendix 5B
Mining exploration entity and oil and gas exploration entity quarterly report
Introduced 01/07/96  Origin Appendix 8  Amended 01/07/97, 01/07/98, 30/09/01, 01/06/10, 17/12/10, 01/05/13, 01/09/16
 



Name of entity




THOR MINING PLC




ABN


 


Quarter ended ("current quarter")




121 117 673


 


30 SEPTEMBER 2019



 




Consolidated statement of cash flows


Current quarter $A'000


Year to date            (3 months)

$A'000





1.


Cash flows from operating activities


 
2


2




1.1


Receipts




1.2


Payments for


(363)


(363)




 


(a)   exploration & evaluation




 


(b)   development


-


-




 


(c)   production


-


-




 


(d)   staff costs


(62)


(62)




 


(e)   administration and corporate costs


(228)


(228)




1.3


Dividends received (see note 3)


-


-




1.4


Interest received


2


2




1.5


Interest and other costs of finance paid


-


-




1.6


Income taxes paid


-


-




1.7


Research and development refunds


222


222




1.8


Other


-


-




1.9


Net cash from / (used in) operating activities


(427)


(427)




 




2.


Cash flows from investing activities


-


-




2.1


Payments to acquire:




 


(a)   property, plant and equipment




 


(b)   tenements (see item 10) *


-


-




 


(c)   investments


-


-




 


(d)   other non-current assets


-


-




2.2


Proceeds from the disposal of:


-


-




 


(a)   property, plant and equipment




 


(b)   tenements (see item 10)
commission paid on proceeds


-
-


-
-




 


(c)   investments


-


-




 


(d)   other non-current assets


-


-




2.3


Cash flows from loans to other entities


-


-




2.4


Dividends received (see note 3)


-


-




2.5


Other (security bonds)


-


-




2.6


Net cash from / (used in) investing activities


-


-




* Item 2.1(b) is the result of two companies acquired during the quarter.  There was no cash paid for the acquisition (the consideration being paid in Thor shares).  The two companies acquired had cash balances of $74,000 AUD.




3.


Cash flows from financing activities


-


-




3.1


Proceeds from issues of shares




3.2


Proceeds from issue of convertible notes


-


-




3.3


Proceeds from exercise of share options


-


-




3.4


Transaction costs related to issues of shares, convertible notes or options


-


-




3.5


Proceeds from borrowings


-


-




3.6


Repayment of borrowings (finance lease)


-


-




3.7


Transaction costs related to loans and borrowings












3.8


Dividends paid












3.9


Other


-


-




3.10


Net cash from / (used in) financing activities


-


-




 




4.


Net increase / (decrease) in cash and cash equivalents for the period


944


944




4.1


Cash and cash equivalents at beginning of period




4.2


Net cash from / (used in) operating activities (item 1.9 above)


(427)


(427)




4.3


Net cash from / (used in) investing activities (item 2.6 above)


-


-




4.4


Net cash from / (used in) financing activities (item 3.10 above)


-


-




4.5


Effect of movement in exchange rates on cash held


-


-




4.6


Cash and cash equivalents at end of period


517


517










 



5.


Reconciliation of cash and cash equivalents
 at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts


Current quarter

$A'000


Previous quarter

$A'000




5.1


Bank balances


517


944




5.2


Call deposits












5.3


Bank overdrafts












5.4


Other (term deposit)












5.5


Cash and cash equivalents at end of quarter (should equal item 4.6 above)


517


944



 



6.


Payments to directors of the entity and their associates


Current quarter

$A'000




6.1


Aggregate amount of payments to these parties included in item 1.2


135




6.2


Aggregate amount of cash flow from loans to these parties included in item 2.3


-




6.3


Include below any explanation necessary to understand the transactions included in items 6.1 and 6.2




The amount at Item 6.1 above represents payments to Directors for Directors fees, other consulting services provided, and the salary paid to the Executive Director (Richard Bradey).
 



 



7.


Payments to related entities of the entity and their associates


Current quarter

$A'000




7.1


Aggregate amount of payments to these parties included in item 1.2


-




7.2


Aggregate amount of cash flow from loans to these parties included in item 2.3


-




7.3


Include below any explanation necessary to understand the transactions included in items 7.1 and 7.2




 



 



8.


Financing facilities available
Add notes as necessary for an understanding of the position


Total facility amount at quarter end

$A'000


Amount drawn at quarter end

$A'000




8.1


Loan facilities












8.2


Credit standby arrangements












8.3


Other (please specify)












8.4


Include below a description of each facility above, including the lender, interest rate and whether it is secured or unsecured. If any additional facilities have been entered into or are proposed to be entered into after quarter end, include details of those facilities as well.




 
 




9.


Estimated cash outflows for next quarter


$A'000




9.1


Exploration and evaluation


(280)




9.2


Development


-




9.3


Production


-




9.4


Staff costs


(30)




9.5


Administration and corporate costs


(163)




9.6


Other (earn-in contributions to Environmental Copper Recovery)


-




9.7


Total estimated cash outflows


(473)










Funding inflows in the next Quarter: The Company has announced a placement of £510,000 (A$956,000) comprising a tranche 1 placement of 113,333,333 shares at 0.2 pence each which was completed on 29 October 2019 and a tranche 2 placement of 141,666,667 shares at a price of 0.2 pence each.  The tranche 2 placement is subject to shareholder approval, with the shareholder meeting date expected to be 28 November 2019 and the Notice of Meeting to be lodged imminently.
 



10.


Changes in tenements
(items 2.1(b) and 2.2(b) above)


Tenement reference and location


Nature of interest


Interest at beginning of quarter


Interest at end of quarter




10.1


Interests in mining tenements and petroleum tenements lapsed, relinquished or reduced


 


 


 
 
 


 
 




10.2


Interests in mining tenements and petroleum tenements acquired or increased


E46/1262


Exploration lease


0%


100%      
 



 
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.
 
Sign here:         ....... . ....................................................                      Date: .......31 October 2019............
(Company secretary)
Print name:       ..Ray Ridge.........................................
Notes
1.       The quarterly report provides a basis for informing the market how the entity's activities have been financed for the past quarter and the effect on its cash position. An entity that wishes to disclose additional information is encouraged to do so, in a note or notes included in or attached to this report.
2.       If this quarterly 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 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.
 




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