TIDMTHR
RNS Number : 7510U
Thor Mining PLC
31 July 2020
31 July 2020
THOR MINING PLC
("Thor" or the "Company")
Appendix 5B Quarterly Cash Flow Report
The Directors of Thor Mining PLC (AIM, ASX: THR) provide the
attached Quarterly Cash Flow Report for the quarter ended 30 June
2020, as lodged today with the ASX, in accordance with ASX Listing
Rules.
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.
Enquiries:
Mick Billing +61 (8) 7324 Thor Mining PLC Executive Chairman
1935
Ray Ridge +61 (8) 7324 Thor Mining PLC CFO/Company Secretary
1935
Samantha Harrison/ +44 (0) 207 383 Grant Thornton Nominated Adviser
Richard Tonthat/ Niall 5100 UK LLP
McDonald
Nick Emerson +44 (0) 1483 SI Capital Ltd Broker
413 500
Updates on the C o m pan y 's activities are regular ly p o sted
on Thor's we bsite w w w.th o r m i n i ng .c o m , which includes
a facility to regi ster to receive these updates by email, and on
the Co m pan y's twitter page @ThorMining.
Ab o u t T hor M i n i ng PLC
Thor Mining P LC (AI M, A S X: THR) is a r esources comp any
quoted on the AIM M a rket of the London Stock Exchange and on ASX
in Austr alia.
Thor holds 1 0 0% of the ad v anced Molyhil t ungsten p r oject
in t he No rthe rn T e rr ito ry of Aust r alia, for w hich an
updated feasibility study in August 2018(1) suggest ed attr a ctive
retur ns.
Adjacent Molyhil, at Bonya, Thor holds a 40% interest in
deposits of tungsten, copper, and vanadium, including Inferred
Resource estimates for the White Violet and Samarkand tungsten
deposits and the Bonya copper deposit (2).
Thor a lso holds 1 0 0% of t he Pilot Mountain tungst en p
roject in Nevada U SA which has a JORC 20 12 Indicated and Inferred
Res o u rces Estimate (3) on 2 of the 4 k nown 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 holds a 25% in ter est Aust r alian copper d evelopment
company EnviroCopper Limited (with rights to increase its interest
to 30%). EnviroCopper Limited holds:
-- r ights to earn up to a 7 5% interest in the mineral rights
and claims over the resource on the p o r tion of the historic
Kapunda copper mi ne in South Aust r alia considered recover able
by way of in situ recove ry; and
-- rights to earn up to 75% of the Moonta copper project, also
in South Australia comprising the northern portion of exploration
licence EL5984 and includes a resource estimate for several
deposits considered recover able by way of in situ recove ry .
N ot e s
(1) Refer ASX and AIM an n o u ncement of 23 August 2 0 18
(2) Refer ASX and AIM an n o u ncements of 26 November 2 0 18 and 29 January 2020
(3) Refer AIM ann o un cement of 13 December 2018 and ASX ann o
unce ment of 14 December 2018
Refer AIM a nn o un c e m e nt of 10 F e b r u ary 2 0 18 a nd
ASX ann o uncement of 12 February 2 0 18
Refer ASX and AIM an n o u ncement of 15 August 2 0 19
Appendix 5B
Mining exploration entity or oil and gas exploration entity
quarterly cash flow report
Name of entity
--------------------------------------------------
THOR MINING PLC
ABN Quarter ended ("current quarter")
------------ ----------------------------------
121 117 673 30 JUNE 2020
----------------------------------
Consolidated statement of cash Current quarter Year to date
flows (12 months)
$A'000 $A'000
1. Cash flows from operating
activities
1.1 Receipts from customers 32 68
1.2 Payments for
(a) exploration & evaluation
(if expensed) (21) (45)
(b) development
(c) production
(d) staff costs (31) (188)
(e) administration and corporate
costs (144) (877)
1.3 Dividends received (see note
3)
1.4 Interest received 2 4
Interest and other costs of
1.5 finance (leases) (1) (7)
1.6 Income taxes paid
1.7 Government grants - -
1.8 Other (due diligence costs) (84) (84)
---------------- -------------
Net cash from / (used in)
1.9 operating activities (247) (1,129)
----- ----------------------------------- ---------------- -------------
2. Cash flows from investing
activities
2.1 Payments to acquire:
(a) entities
(b) tenements
(c) property, plant and equipment
(d) exploration & evaluation
(if capitalised) (111) (1,024)
(e) investments -
(f) other non-current assets
2.2 Proceeds from the disposal
of:
(a) entities
(b) tenements
(c) property, plant and equipment
(d) investments - 103
(e) other non-current assets
Cash flows from loans to other
2.3 entities - (100)
2.4 Dividends received (see note
3)
2.5 Other (R&D Tax Incentive) - 222
---------------- -------------
Net cash from / (used in)
2.6 investing activities (111) (799)
----- ----------------------------------- ---------------- -------------
3. Cash flows from financing
activities
Proceeds from issues of equity
securities (excluding convertible
3.1 debt securities) 700 1,590
3.2 Proceeds from issue of convertible
debt securities
3.3 Proceeds from exercise of
options
Transaction costs related
to issues of equity securities
3.4 or convertible debt securities (55) (136)
3.5 Proceeds from borrowings
3.6 Repayment of lease principal (14) (54)
3.7 Transaction costs related
to loans and borrowings
3.8 Dividends paid
3.9 Other (provide details if
material)
---------------- -------------
Net cash from / (used in)
3.10 financing activities 631 1,400
----- ----------------------------------- ---------------- -------------
4. Net increase / (decrease)
in cash and cash equivalents
for the period
Cash and cash equivalents
4.1 at beginning of period 154 944
Net cash from / (used in)
operating activities (item
4.2 1.9 above) (247) (1,129)
Net cash from / (used in)
investing activities (item
4.3 2.6 above) (111) (799)
Net cash from / (used in)
financing activities (item
4.4 3.10 above) 631 1,400
Effect of movement in exchange
4.5 rates on cash held (11) -
---------------- -------------
Cash and cash equivalents
4.6 at end of period 416 416
----- ----------------------------------- ---------------- -------------
5. Reconciliation of cash and Current quarter Previous quarter
cash equivalents $A'000 $A'000
at the end of the quarter
(as shown in the consolidated
statement of cash flows) to
the related items in the accounts
5.1 Bank balances 416 154
5.2 Call deposits
5.3 Bank overdrafts
5.4 Other (provide details)
---------------- -----------------
Cash and cash equivalents
at end of quarter (should
5.5 equal item 4.6 above) 416 154
---- ----------------------------------- ---------------- -----------------
6. Payments to related parties of the entity Current quarter
and their associates $A'000
Aggregate amount of payments to related
parties and their associates included in
6.1 item 1 91
-----------------
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 payments to Directors
for Directors fees, the salary paid to the Executive Director,
Richard Bradey, and other consulting services provided, including
services provided by Mick Billing as CEO.
7. Financing facilities Total facility Amount drawn
Note: the term "facility' amount at quarter at quarter end
includes all forms of financing end $A'000
arrangements available to $A'000
the entity.
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 $A'000
activities
Net cash from / (used in) operating activities
8.1 (Item 1.9) (247)
8.2 Capitalised exploration & evaluation (Item (111)
2.1(d))
8.3 Total relevant outgoings (Item 8.1 + Item (358)
8.2)
8.4 Cash and cash equivalents at quarter end 416
(Item 4.6)
8.5 Unused finance facilities available at quarter -
end (Item 7.5)
8.6 Total available funding (Item 8.4 + Item 416
8.5)
Estimated quarters of funding available
8.7 (Item 8.6 divided by Item 8.3) 1.16
---- -----------------------------------------------------------------
8.8 If Item 8.7 is less than 2 quarters, please provide answers
to the following questions:
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: The net operating cashflows for the next quarter
are expected to be less than or consistent with the most
recent quarter ending 30 June 2020.
----------------------------------------------------------------------------
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: On the 16 July 2020 Thor announced the sale of
it's Spring Hill gold project royalty entitlement, conditional
on approval from the Australian Government Foreign Investment
Review Board (FIRB). Initial payment of $50,000 will be
followed by $350,000 upon completion, including FIRB approval.
A further two payments of $300,000 each are subject to
milestones associated with the Spring Hill gold project,
the first milestone being sales of 25,000 ounces of gold,
and the second milestone being the sale of a further 25,000
ounces of gold.
The Company also expects to lodge a claim for the Research
& Development Tax Incentive (RDTI) in the coming quarter.
The quantum of the RDTI is expected to be in the vicinity
of $150,000.
----------------------------------------------------------------------------
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: The Company expects to continue operations and
to meet its business objectives on the basis of the imminent
finalisation of the sale of the Spring Hill royalty, the
expected RDTI claim, together with other alternatives
being considered to raise funds.
----------------------------------------------------------------------------
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 2020........................................................
Authorised by: ...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.
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END
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