Thor Mining : Receipt of R & D Grant

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Thor Mining PLC - THR Receipt of R&D Grant

Released 07:49 14-Aug-2019

RNS Number : 9964I

Thor Mining PLC

14 August 2019

14 August 2019

THOR MINING PLC

RECEIPT OF RESEARCH AND DEVELOPMENT GRANT OF A$222,0000

The Board of Thor Mining Plc ("Thor" or the "Company") (AIM, ASX: THR), is pleased to announce the receipt of A$222,512.51 by way of a research grant from the Australian Government, Department of Industry, Innovaon and Science.

The grant covers a poron of expenditure during the 2018/19 fiscal year on eligible research acvies on Australian projects.

Mick Billing, Execuve Chairman, commented:

"We are very pleased to have our cash reserves boosted by this R & D grant."

"We are proceeding with all scheduled 2019 acvies with the confidence that they are fully funded."

The informaon contained within this announcement is deemed to constute inside informaon as spulated under the Market Abuse Regulaons (EU) No. 596/2014. Upon the publicaon of this announcement, this inside informaon is now considered to be in the public domain.

Enquiries:

Mick Billing	+61	(8)	7324 1935	Thor Mining PLC	Execuve Chairman
Ray Ridge	+61	(8)	7324 1935	Thor Mining PLC	CFO/Company Secretary
Colin Aaronson/	+44	(0)	207 383 5100	Grant Thornton UK LLP	Nominated Adviser
Richard Tonthat/ Ben Roberts
Nick Emerson	+44	(0)	1483 413 500	SI Capital Ltd	Joint Broker
Claire Louise Noyce /	+44	(0)	203 764 2341	Hybridan LLP	Joint Broker
John Beresford-Peirse
Tim Blythe/ Camilla Horsfall	+44	(0)	207 138 3222	Blytheweigh	Financial PR

Updates on the Company's acvities 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 attracve 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 Crical Minerals ⁶2018.

Thor is also acquiring up to a 30% interest Australian copper development company EnviroCopper Limited, which in turn holds rights to earn up to a 75% interest in the mineral rights and claims over the resource on the poron of the historic Kapunda copper mine in South Australia recoverable by way of in situ recovery⁴, and also holds rights to earn a 75% interest in poron of the Moonta Copper project also in South Australia, and is considered amenable to recovery by way of in situ recovery⁵.

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 producon royalty entlement from the Spring Hill Gold project⁶ of:

• A$6 per ounce of gold produced from the Spring Hill tenements, sold for up to A$1,500 per ounce; and
• A$14 per ounce of gold produced from the Spring Hill tenements, 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

• 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

⁵Refer AIM announcement of 5March 2019 and ASX announcement of 6 March 2019

⁶Refer AIM announcement of 26 February 2016 and ASX announcement of 29 February 2016

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [e-mail] visit www.rns.com.

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Receipt of R&D Grant - RNS