TIDMTHR
RNS Number : 8581X
Thor Mining PLC
27 February 2017
27 February 2017
THOR MINING PLC
HALF-YEARLY REPORT FOR THE SIX MONTHSED 31 DECEMBER 2016
HIGHLIGHTS
-- Pilot Mountain (USA): Regulatory approvals received for
drilling programs at the Garnet tungsten target and the Desert
Scheelite copper/tungsten target.
-- Molyhil (Australia): Successful aircore drilling program
testing anomalies adjacent to the Molyhil Tungsten Project provided
impetus to apply for an additional licence area contiguous with one
tested prospect.
-- Dundas (Australia): Advanced planning for new drilling program at Dundas gold project.
-- Detailed appraisal of a number of potential new projects,
including a specific focus on mainstream commodities.
REVIEW OF OPERATIONS
A drilling program aimed at potential new tungsten deposits near
Molyhil comprised the active field work for the period, while
substantial preparation work progressed in readiness for drill
programs at both Pilot Mountain and Dundas in the second half of
the financial year.
The cash receipt of A$1.5million, received after the period end,
from completion of the sale of the Spring Hill gold project,
strengthens the Company's cash position significantly, providing
funds to accelerate exploration field work on the Company's
projects.
The net result of operations for the half-year was a loss of
GBP394,000 (2015: GBP1,036,000).
Pilot Mountain Tungsten project (Nevada, USA) (100% Thor)
Thor's 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.
In December 2014, Thor outlined a proposed exploration
development plan with the objective of upgrading the knowledge and
status of the mineralisation of these deposits where historical
drilling outlined potentially economic mineralisation.
At Pilot Mountain, Thor holds 100% equity interest in:
-- An Indicated and Inferred Resource of 6.8 million tonnes
("Mt") at 0.31% tungsten trioxide ("WO(3) "), plus attractive
copper ("Cu") and silver ("Ag") credits at the Desert Scheelite
deposit; plus
-- Exploration targets(1) of 11.0 to 23.0Mt at 0.30 - 0.50%
WO(3) within very close proximity to the Desert Scheelite
deposit.
(1) Exploration Targets are conceptual in nature and there has
been insufficient exploration to define a Mineral Resource under
the 2012 JORC Code. It is uncertain if further exploration will
result in the determination of a Mineral Resource.
The Desert Scheelite Indicated and Inferred Resource comprises a
2012 JORC Compliant 6.8Mt at 0.31% WO(3) , 0.17% Cu, and 22.8g/t
("grams per tonne") Ag, announced on 10 June 2014.
Table 3: Desert Scheelite Resource Estimate - Compliant with
JORC 2012 (announced 10 June 2014)
Desert Resource WO(3) Ag Cu
Scheelite
---------------
Tonnes Grade Contained Grade Contained Grade Contained
% metal g/t metal (t) % metal (t)
(t)
--------------- ---------- ----- ---------- ------ ---------- ------ ----------
Indicated 6,090,000 0.31 18,900 24.2 150 0.16 10,000
Inferred 700,000 0.30 2,100 9.1 10 0.24 2,000
--------------- ---------- ----- ---------- ------ ---------- ------ ----------
Total 6,790,000 0.31 21,000 22.8 160 0.17 12,000
--------------- ---------- ----- ---------- ------ ---------- ------ ----------
Note: Thor Mining PLC holds 100% equity interest in this
resource
Table 4: Pilot Mountain Exploration Target summary (announced 1
December 2014)
Tonnage % WO(3) Comment
(Mt)
------------------ ------------ ----------- ----------------------------
Tier 1 Targets 7.5 - 13.5 0.3 - Based on historic drill
0.5 intersections
------------------ ------------ ----------- ----------------------------
Tier 2 Targets 3.5 - 9.1 0.3 - Based on favourable geology
0.5 and proximity to known
mineralisation.
------------------ ------------ ----------- ----------------------------
Total Exploration 11.0 - 23.0 0.3 - Combined Tier 1 & 2
Target* 0.5
------------------ ------------ ----------- ----------------------------
A full background on the project is available on the Thor Mining
website www.thormining.com/projects.
During the half year detailed planning and regulatory approvals
were completed in readiness for a drill program to commence in
February 2017.
The drill program comprises, for the Desert Scheelite deposit,
two reverse circulation ("RC") drill holes, aimed at extending the
5.7% Cu equivalent intersection to the east (announced 19 January
2017) and also closer to the surface. This intersection assayed
17.5 metres ("m") at 1.80% Cu plus 2.2% Zinc ("Zn") and 32 g/t Ag,
along with 13.5m of 0.89% WO .
At Garnet, six RC drill holes are scheduled, aimed to twin
historical Union Carbide drill holes, which, if results match
reported historical assays, may allow a resource estimate for
portion of that deposit.
The proposed significant infrastructure works signalled by the
incoming US administration are likely to have a positive impact on
demand for tungsten products, and with no current tungsten mining
operations in the country, Pilot Mountain may be well placed to
fill portion of that demand.
Molyhil Tungsten project (NT, Australia) (100% Thor)
In January 2015, Thor announced an updated feasibility study for
its wholly-owned Molyhil tungsten project, with robust
outcomes.
The project development cost for Molyhil is estimated at A$64
million, or US$48 million at current exchange rates. Of this,
approximately US$10 million is for equipment, for which equipment
or leasing finance could be secured, thus reducing the project
finance requirement to below US$40 million.
Molyhil has a forecast 12 month construction schedule from
development commencement to first production.
A full background on the project is available on the Thor Mining
website www.thormining.com/projects.
During the half year, a program of 65 short holes, up to 18m in
depth, was drilled to sample bedrock beneath shallow alluvium in
five target areas satellite to the Molyhil tungsten deposit.
Prospective host rocks (skarn & calc-silicate, with proximal
granite) are confirmed to exist, under shallow alluvial cover, in
three prospects tested (Cattle Track, Gap Track, and Think
Big).
Laboratory analyses of drill samples (announced 19th October
2016) show tungsten elevated at several times background levels, in
the vicinity of the Molyhil Pinnacle (Cattle Track) and along the
southern margin of the Gap Track prospect. At Gap Track, where a
broader spread of data points were collected, a trend of elevated
tungsten is apparent, which reflects the trend in elevated magnetic
response. These are encouraging results albeit at subdued levels.
Additionally, elevated titanium assays were obtained from multiple
samples recovered from the Think Big prospect.
Subsequently, on the basis of these encouraging results, the
Company applied for an additional Exploration Licence ("EL") area
to secure prospective ground contiguous with the Gap Track prospect
to the south of existing tenements.
If granted, the new EL area will facilitate exploration access
to a further 68 square kilometres of ground highly prospective for
further Molyhil style skarn hosted tungsten deposits. Upon grant,
first steps will comprise reprocessing the latest aero-magnetic
data to prioritise targets for drill testing.
Gold Exploration projects
Spring Hill - Northern Territory
Thor announced in February 2016 it had executed an agreement to
sell 100% of the Spring Hill project to private company PC Gold Pty
Ltd, for:
-- A$2.0 million payable in cash, for a 60% interest, and 100% management control; and
-- A$1.5 million payable in cash, for the remaining 40% interest within 12 months.
In addition, following completion of the sale of the 100% stake,
Thor will receive a royalty of:
-- A$6.00 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
Subsequent to the end of the half year, the Company executed
final agreements with PC Gold Pty Ltd to complete the sale of the
residual 40% interest according to the agreement, and the
consideration of A$1.5 million was paid in full.
Dundas - Western Australia (60% Thor)
The Dundas gold project is located approximately 100km
east-south-east of Norseman in Western Australia. The tenements are
in close proximity to the sealed arterial Eyre Highway, providing
all-weather access to the project area. Within the tenements,
access is provided by bulldozed tracks. It is also approximately
250km south of the major regional mining centre of Kalgoorlie.
A full background on the project is available on the Thor Mining
website www.thormining.com/projects .
A significant calcrete gold geochemical anomaly identified from
infill sampling over two areas, based on previous BHP calcrete
data, has been permitted for drilling, and an Air Core drilling
program is scheduled for the June quarter of 2017.
Finance and Corporate
During the period, the Company raised GBP350,000 before costs
following the issue of 1,400,000,000 shares at an average issue
price of 0.025 pence per share, together with 1,400,000,000
warrants issued on the basis of one warrant for each share
subscribed.
In order to conserve cash, the Directors (and former Directors)
of the Company elected to receive the following securities in lieu
of cash payments:
-- One of the Company's Directors Mr Thomas, a former Director
Mr Ashton, and myself, elected to receive 346,000,000 shares and
346,000,000 warrants in satisfaction of an aggregate amount of
A$150,000 owed by the Company, on the same terms as the GBP350,000
placement noted above. These securities were issued on 11 October
2016, following shareholder approval on 6 October 2016.
-- An incoming Director, Mr Paul Johnson, agreed to receive 250m
options (warrants) in lieu of directors fees for one year from the
date of appointment on 2 September 2016. These securities were
issued on 11 October 2016, following shareholder approval on 6
October 2016.
-- The Directors (and former Directors) again elected to receive
all of their directors' fees as shares, for the 12 months to 30
September 2016. A total of 446,570,973 shares were issued to
Directors (and former Directors) on 25 November 2016, following
shareholder approval on 24 November 2016.
-- The Company reorganised its issued ordinary share capital,
effective 30 November 2016, with the effect of reducing the number
of ordinary shares in issue by way of a consolidation in the ratio
of 1 new ordinary share of 0.01p each in the capital of the Company
for every 25 existing ordinary shares of 0.01p each in the capital
of the Company.
The Company continues to hold discussion with various parties
with the aim of securing project finance for the Molyhil project,
as tungsten prices improve.
The directors are continuing to assess opportunities on an
on-going basis to acquire interests in a variety projects which
have potential for substantial near term upside, with copper and
gold the preferred commodities, as well as tungsten.
Comprehensive Income
The comprehensive income statement records a comprehensive gain
of GBP205,000 (2015: GBP936,000 loss) after taking into account
unrealised exchange gains of GBP588,000 (2015: GBP126,000
gain).
Mick Billing
Executive Chairman
27 February, 2017
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 2016
Note GBP'000 GBP'000 GBP'000
6 months ended 6 months Year
31 December ended ended
2016 31 December 30 June
2015 2016
Unaudited Unaudited Audited
Administrative expenses (78) (33) (71)
Corporate expenses (370) (278) (596)
Unrealised gain on financial assets 52 - -
Unrealised loss on financial liabilities - (4) -
Realised gain on financial assets 2 - -
Realised loss on swap facilities - (2) (2)
Write off/Impairment of exploration
assets - (719) (1,029)
Operating Loss (394) (1,036) (1,698)
Interest received - - -
Interest payable - (26) (47)
Sundry Income 11 - -
Loss before Taxation (383) (1,062) (1,745)
Taxation - - -
-------------- ------------ --------
Loss for the period (383) (1,062) (1,745)
-------------- ------------ --------
Other comprehensive income:
Exchange differences on translating
foreign operations 588 126 1,225
Other comprehensive income for the period,
net of income tax 588 126 1,225
Total comprehensive income for the period 205 (936) (520)
============== ============ ========
Basic loss per share 2 (0.14)p (0.66)p (1.01)p
Condensed Consolidated Statement of Financial Position
For the 6 months ended 31 December 2016
Note GBP'000 GBP'000 GBP'000
31 December 31 December 30 June
2016 2015 2016
Unaudited Unaudited Audited
ASSETS
Non-current assets
Intangible assets - deferred
exploration costs 3 10,043 10,083 9,228
Deposits to support performance
bonds 11 13 11
Plant and equipment 4 8 4
Total non-current assets 10,058 10,104 9,243
------------ ------------ ------------
Current assets
Cash and cash equivalents 14 2 170
Trade receivables and other
assets 944 13 894
Prepayments - 38 -
Total current assets 958 53 1,064
------------ ------------ ------------
Total assets 11,016 10,157 10,307
------------ ------------ ------------
LIABILITIES
Current liabilities
Trade and other payables (450) (495) (503)
Provisions (19) (15) (16)
Non-interest bearing liabilities (72) - (96)
Interest bearing liabilities - (655) -
------------ ------------ ------------
Total current liabilities (541) (1,165) (615)
------------ ------------ ------------
Total liabilities (541) (1,165) (615)
------------ ------------ ------------
Net assets 10,475 8,992 9,692
============ ============ ============
Equity
Issued share capital 4 3,643 3,303 3,423
Share premium 4 16,341 15,858 16,022
Foreign exchange reserve 2,731 1,044 2,143
Merger reserve 405 405 405
Option revaluation reserve 39 25 9
Retained losses (12,684) (11,643) (12,310)
------------ ------------ ------------
Total equity 10,475 8,992 9,692
============ ============ ============
Condensed Consolidated Statement of Change in
Equity
For the 6 months ended 31 December
2016
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
2015 3,172 15,383 (10,586) 918 405 30 9,322
Loss for the period - - (1,062) - - - (1,062)
Foreign currency
translation reserve - - - 126 - - 126
Total comprehensive
loss for the period - - (1,062) 126 - - (936)
-------- -------- -------- ------------- --------- --------- -------
Transactions with owners in their capacity
as owners
Shares issued 131 496 - - - - 627
Cost of shares
issued - (21) - - - - (21)
Share options issued - - - - - - -
Share options lapsed - - 5 - - (5) -
-------- -------- -------- ------------- --------- --------- -------
At 31 December
2015 3,303 15,858 (11,643) 1,044 405 25 8,992
-------- -------- -------- ------------- --------- --------- -------
Balance at 1 July
2015 3,172 15,383 (10,586) 918 405 30 9,322
Loss for the period - - (1,745) - - - (1,745)
Foreign currency
translation reserve - - - 1,225 - - 1,225
Total comprehensive
(loss) for the period - - (1,745) 1,225 - - (520)
-------- -------- -------- ------------- --------- --------- -------
Transactions with owners in their capacity
as owners
Shares issued 251 676 - - - - 927
Cost of shares issued - (37) - - - - (37)
Share options lapsed - - 21 - - (21) -
Share options issued - - - - - - -
At 30 June 2016 3,423 16,022 (12,310) 2,143 405 9 9,692
-------- -------- -------- ------------- --------- --------- -------
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
-------- -------- -------- ------------- --------- --------- -------
Condensed Consolidated Statement of Cash Flow
For the 6 months ended 31 December
2016
GBP'000 GBP'000 GBP'000
6 months ended 6 months ended Year
31 December 31 December ended
2016 2015 30 June
2016
Unaudited Unaudited Audited
Cash flows from operating activities
Operating Loss (394) (1,036) (1,698)
(Increase)/decrease in trade and
other receivables (94) 3 24
Increase/(decrease) in trade and
other payables 97 (26) 89
Increase/(decrease) in provisions 3 - -
Depreciation 2 7 13
Exploration expenditure Impairment/
write off - 719 1,029
Share based payment expense 39 143 151
Unrealised loss on financial liabilities - 4 -
Unrealised loss on financial assets 52 - -
Realised gain on swap facility - - 2
Net cash outflow from operating activities (295) (186) (390)
Cash flows from investing activities
Interest received - - -
Interest paid - (17) (54)
Refund of performance bonds 4 - -
Proceeds from disposal of exploration
assets - - 1,110
Purchase of property, plant and equipment (2) - -
R&D Grants for exploration expenditure - 65 73
Payments for exploration expenditure (235) (320) (544)
Net cash (outflow)/inflow from investing
activities (233) (272) 585
Cash flows from financing activities
Loans advanced 18 178 217
Loans repaid (6) (177) (939)
Net issue of ordinary share capital 360 416 654
--------
Net cash inflow/(outflow) from financing
activities 372 417 (68)
Net decrease in cash and cash equivalents (156) (41) 127
Non cash exchange changes - - -
Cash and cash equivalents at beginning
of period 170 43 43
-------------------- -------------- --------
Cash and cash equivalents at end
of period 14 2 170
-------------------- -------------- --------
Notes to the Half-yearly Report
For the 6 months ending 31 December 2016
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 2016 annual report
and to be adopted in the 2017 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 2016 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
2016.
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. (Refer Note 6)
(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. A share
consolidation 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 the half year ended
31 December 2016 has been calculated allowing for the impact of the
share consolidation. Similarly the prior period comparatives have
been restated on the same basis.
GBP'000 GBP'000 GBP'000
6 months ended 6 months ended Year
31 December 31 December ended
2016 2015 30 June
2016
Unaudited Unaudited Audited
Loss for the period (383) (1,062) (1,745)
Prior periods, as previously
reported: n/a 4,015,771,908 4,315,444,147
* Weighted average number of Ordinary shares in issue
n/a (0.03)p (0.03)p
* Loss per share - basic
273,617,106 160,630,876 172,617,766
Adjusted for the impact of (0.14)p (0.66)p (1.01)p
the 25:1 share consolidation:
* Weighted average number of Ordinary shares in issue
* Loss per share - basic
3. DEFERRED EXPLORATION COSTS
GBP'000 GBP'000 GBP'000
31 December 31 December 30 June
2016 2015 2016
Cost Unaudited Unaudited Audited
At commencement 9,228 10,401 10,401
Additions 185 286 430
Disposals - (12) (1,942)
Exchange gain 630 127 1,368
Write off exploration tenements for
year - - (1,029)
Business Combination - - -
------------ ----------- -------
At period end 10,043 10,802 9,228
------------ ----------- -------
Impairment
At commencement - - -
Exchange loss - - -
Impairment for period - 719 -
At period end - 719 -
------------ ----------- -------
Net book value at period end 10,043 10,083 9,228
------------ ----------- -------
Having reviewed the deferred exploration and evaluation
expenditure at 31 December 2016, the directors are satisfied that
no write off or provision for impairment is required.
For the comparative periods ending 31 December 2015 and 30 June
2016, the additions included the purchase of the Group's remaining
49% interest in the Spring Hill tenement that it did not already
own, consideration being GBP104,000 cash and GBP47,000 in Ordinary
Shares. As at 31 December 2015, Company's 100% owned subsidiary TM
Gold Pty Ltd (held the Spring Hill tenements) was subject to an
option agreement. That agreement provided a third party with the
option to acquire 100% of TM Gold Pty Ltd for total consideration
of A$3.5m (GBP1.73m) and production royalties. Based on this, the
Directors revalued the carrying value of the Spring Hill tenement
downwards by GBP719,000 to GBP1,730,000. In February 2016, the
option was exercised and the first cash instalments totalling
A$2.0m were received for a 60% interest in TM Gold Pty Ltd. The
final instalment of A$1.5m for remaining 40% interest in TM Gold
Pty Ltd was due to be received on 17 February 2017. The A$1.5m
remains in the Group's receivables at 31 December 2016 (being
GBP883,800 at the 31 December 2016 exchange rate). This A$1.5m cash
was subsequently received by Thor on the due date of 17 February
2017 (equivalent to GBP925,000 at the 17 February 2017 exchange
rate).
4. SHARE CAPITAL GBP'000 GBP'000 GBP'000
31 December 31 December 30 June
2016 2015 2016
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 - -
Ordinary shares of GBP0.0001 each 32 453 573
------------- ------------- -------------
3,643 3,303 3,423
============= ============= =============
Number Number Number
31 December 31 December 30 June
2016 2015 2016
Unaudited Unaudited Audited
Movement in share capital
Ordinary Shares of 0.01 pence 5,736,387,510 3,228,901,211 3,228,901,211
Shares issued for Acquisition - 76,398,285 76,398,285
Shares issued for cash 1,400,000,000 875,000,000 2,075,000,000
Exercise of warrants - - -
Shares issued to extinguish debt 346,000,000 - -
Shares issued in lieu of expenses 446,570,973 356,898,014 356,898,014
------------- ------------- -------------
7,928,958,483 3,228,901,211 5,736,387,510
(3) Share consolidation 25:1 317,158,340 n/a n/a
------------- ------------- -------------
At period end 317,158,340 3,228,901,211 5,736,387,510
============= ============= =============
GBP'000 GBP'000 GBP'000
31 December 31 December 30 June
2016 2015 2016
Nominal plus Premium Unaudited Unaudited Audited
At commencement 19,445 18,555 18,555
Shares issued for Acquisition - 47 47
Shares issued for cash (net of costs) 338 416 700
Shares issued to extinguish debt 87 - -
Shares issued in lieu of expenses 114 143 143
At period end 19,984 19,161 19,445
------------- ------------- -------------
(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.
5. 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 31/12/2016 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)
--------------- --------- -------------- ------------------
Assets and Liabilities
Segment assets - 8,475 1,626 10,101
Corporate assets 915 - - 915
--------------- --------- -------------- ------------------
Total Assets 915 8,475 1,626 11,016
--------------- --------- -------------- ------------------
Segment liabilities - (469) - (469)
Corporate liabilities (72) - - (72)
--------------- --------- -------------- ------------------
Total Liabilities (72) (469) - (541)
Net Assets 843 8,006 1,626 10,475
--------------- --------- -------------- ------------------
GBP'000 GBP'000 GBP'000 GBP'000
Half Year ended 31/12/2015 Head office/ Australia United States Consolidated
Unallocated
Revenue
Interest Income - - - -
Total Segment Revenue - - - -
------------ --------- ------------- ------------
Total Segment Expenditure (84) (978) - (1,062)
------------ --------- ------------- ------------
Loss from Ordinary Activities
before Income Tax (84) (978) - (1,062)
Income Tax Benefit/(Expense) - - - -
------------ --------- ------------- ------------
Loss after Income Tax - - - (1,062)
------------ --------- ------------- ------------
Year ended 30/06/2016 Head office/ Australia United States Consolidated
Unallocated
Assets and Liabilities
Segment assets - 7,839 1,405 9,244
Corporate assets 1,063 - - 1,063
------------ --------- ------------- ------------
Total Assets 1,063 7,839 1,405 10,307
------------ --------- ------------- ------------
Segment liabilities - (489) (30) (519)
Corporate liabilities (96) - - (96)
------------ --------- ------------- ------------
Total Liabilities (96) (489) (30) (615)
Net Assets 967 7,350 1,375 9,692
------------ --------- ------------- ------------
6. GOING CONCERN BASIS OF ACCOUNTING
The financial report has been prepared on the basis of a going
concern.
The consolidated entity incurred a net loss before tax of
GBP383,000 during the period ended 31 December 2016, and a net cash
outflow of GBP528,000 from operating and investing activities. The
consolidated entity continues to be reliant upon completion of
capital raising for continued operations and the provision of
working capital. The Group received the final payment of
A$1.5million (GBP925,000 approximately) from the sale of TM Gold
Pty Ltd on 17 February 2017, as detailed in Note 3. This receipt
provides the Directors with further confidence that the preparation
of the financial statements on the going concern basis remains
appropriate.
7. POST BALANCE SHEET EVENTS
Placement
The Company raised a total of GBP262,500 (approximately
A$433,900), before expenses, through the placement of 50,000,000
ordinary shares of 0.01p each ("Ordinary Shares") on 27 January
2017 at a price of 0.525p each, to certain existing and a number of
new investors (the "Placement"). Under the Placement, subscribers
for the Ordinary Shares were also granted one free attaching
warrant (Option) for every two shares subscribed for, to enable
them to subscribe for further Ordinary Shares at a price of 0.9p
per share, valid for a period of 18 months from the date of
issue.
In connection with the Placement, the Company also issued
1,300,000 warrants (options) over Ordinary Shares to Beaufort
Securities Limited (the "Broker Warrants"). Each Broker Warrant
entitles the holder to subscribe for one Ordinary Share at an
exercise price of 0.9p per Ordinary Share. The Broker Warrants will
be exercisable at any time for a period of 18 months from the date
of issue.
Spring Hill instalment received
The final instalment of A$1.5m was received by Thor on the due
date of 17 February 2017. Refer to Note 3 for further detail.
Other than the above, no matters or circumstances have arisen
since the end of the half year which significantly affected, or may
significantly affect, the operations of the consolidated entity,
the results of those operations or state of affairs of the
consolidated entity in future financial years.
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 5100 Grant Thornton UK Nominated Adviser
Daniel Bush/ LLP
Richard Tonthat
Elliot Hance +44 (0) 207382 8300 Beaufort Securities Joint Broker
Limited
Nick Emerson +44 (0) 1483 413 500 SI Capital Ltd Joint Broker
/
Andy Thacker
Tim Blythe/ +44 (0) 207 138 3222 Blytheweigh Financial PR
Camilla Horsfall
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.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR SEEFWMFWSESE
(END) Dow Jones Newswires
February 27, 2017 02:01 ET (07:01 GMT)
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