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MarketScreener Homepage  >  Equities  >  Australian Stock Exchange  >  Thor Mining PLC    THR   AU000000THR2

THOR MINING PLC

(THR)
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10/24THOR MINING : Ragged Range Project - Visible gold in follow up sampling
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Thor Mining : A$222,000 R & D Receipt

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08/14/2019 | 09:52pm EDT

ASX Code: "THR"

15 August 2019

THOR MINING PLC

Registered Numbers:

United Kingdom 05276 414

Australia 121 117 673

Registered Office:

58 Galway Avenue

MARLESTON, SA, 5035

Australia

Ph: +61 8 7324 1935

Fx: +61 8 8351 5169

Email: corporate@thormining.com

Website:

www.thormining.com

Twitter @ThorMining

Enquiries:

Mick Billing Executive Chairman Thor Mining PLC +61 8 7324 1935

Nominated Advisor Colin Aaronson Grant Thornton

+44 (0) 20 7383 5100

AIM & ASX Listings:

Shares: THR

Directors:

Michael Billing

David Thomas

Paul Johnson

Alastair Middleton

Richard Bradey

Key Projects:

  • Tungsten Molyhil NT
    Pilot Mountain USA
  • Copper Kapunda SA

Company Announcements Office

ASX Securities Limited,

20, Bridge Street,

Sydney, N.S.W. 2000

RECEIPT OF RESEARCH AND DEVELOPMENT TAX INCENTIVE 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 & Development Tax Incentive refund from the Australian Government, Department of Industry, Innovation and Science.

The refund covers a portion of expenditure during the 2018/19 fiscal year on eligible research activities on Australian projects.

Mick Billing, Executive Chairman, commented:

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

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

For further information, please contact:

THOR MINING PLC

Mick Billing Executive Chairman

+61 8 7324 1935

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.

Page | 1

ASX Code: "THR"

15 August 2019

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 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 portion 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 portion 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 production royalty entitlement 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
    ³ Refer AIM announcement of 13 December 2018 and ASX announcement of 14 December 2018 Refer AIM announcement of 10 February 2016 and ASX announcement of 12 February 2018 Refer AIM announcement of 5 March 2019 and ASX announcement of 6 March 2019
    Refer AIM announcement of 26 February 2016 and ASX announcement of 29 February 2016

Page | 2

Disclaimer

Thor Mining plc published this content on 15 August 2019 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 15 August 2019 00:51:09 UTC


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Financials
Sales 2020 - - -
Net income 2020 -0,92 M -1,20 M -1,20 M
Net cash 2020 0,19 M 0,25 M 0,25 M
P/E ratio 2020 -3,28x
Yield 2020 -
Capitalization 17,9 M 23,4 M 23,4 M
EV / Sales 2019 -
EV / Sales 2020 -
Nbr of Employees 7
Free-Float 54,7%
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Managers
NameTitle
Michael Robert Billing Executive Chairman & Chief Executive Officer
Ray Ridge Chief Financial Officer & Co-Secretary
Richard Simon Bradey Executive Director & Chief Exploration Geologist
Mark Roderick Potter Non-Executive Director
Mark McGeough Non-Executive Director