Thor Mining PLC is an exploration and development company with an advanced tungsten/molybdenum project poised for development, a growing tungsten resource, an exciting copper development project, and an interest in a lithium exploration company.
Thor’s Directors are experienced in the mining and finance sectors. They are practised in: evaluating mining assets; raising funds on international capital markets; evaluating acquisition and investment prospects and the day to day management of public companies and mining operations.
Thor has projects in Australia in the Northern Territory and in South Australia. Thor also owns the Pilot Mountain tungsten project in Nevada USA, and holds an interest in a company with a Lithium project in Arizina USA.
An updated feasibility study on Thor’s Molyhil tungsten project was completed in August 2018. Subject to securing the necessary project finance, the Molyhil project is scheduled to commence production during 2020.
A scoping study is currently being prepared for the Pilot Mountain tungsten project.
The Molyhil deposit occurs in two adjacent skarn bodies that contain outcropping molybdenite and scheelite mineralisation. Since mid 2004 it has been the subject of systematic testwork comprising of geophysical exploration, diamond and RC drilling programmes, surface and underground bulk sampling, metallurgical testwork and a geotechnical study.
Thor completed an updated Feasibility Study in August 2018. The study confirmed that the project is technically and economically viable, has a 7 year life, with strong financial returns and rapid capital payback.
Summary of Molyhil Mineral Resource Estimate - Compliant with JORC 2012 (Announced 30 January 2014)
Mineral Resource reported at 0.1% combined Mo + WO3 Cut-off and above 200mRL only. Note 1: minor rounding errors may occur in compiled totals.
Molyhil Open Cut Ore Reserve Statement – Compliant with JORC 2012 (Announced 8 January 2018)
Thor acquired the Pilot Mountain tungsten project in Nevada USA during 2014.
The project comprises a number of deposits within a radius of 3 kilometres. One of these, Desert Scheelite, has a JORC compliant resource, while others have substantial mineralisation supported by historical drilling.
The Desert Scheelite Indicated + Inferred Resource comprises a 2012 JORC Compliant 9.9 million tonnes @ 0.26% WO3, 0.14% Copper, and 19.4g/t (grams/tonne) Silver, announced on 22 May 2017.
The Garnet Inferred resource comprises a 2012 JORC Compliant 1.83 million tonnes @ 0.36% WO3, announced on 22 May 2017.
Compliant with JORC 2012(Announced 22 May 2017)
(Announcement 1 December 2014)
* Exploration Targets are conceptual in nature and there has been insufficient exploration to define a Mineral Resource under the 2012 JORC Code and it is uncertain if further exploration will result in the determination of a Mineral Resource.
In February 2017, Thor completed the staged sale of the Spring Hill project for A$3.5 million plus a royalty on future gold production. The terms of the royalty agreement provide that for every ounce of gold produced, Thor will receive:. A$15.00/ounce - if the gold price is above A$1,500/ounce
. A$6.00/ounce - if the gold price is below A$1,500/ounce
Michael Robert Billing (Executive Chairman)
Alastair Middleton (Non-Executive Director)
David Edward Thomas (Non-Executive Director)
Richard Bradey (Director and Exploration Manager)
Stephen Ronaldson (United Kingdom)
Ray Ridge (Australia)
London EC2M 5PS
58 Galway Ave
South Australia 5033
Telephone: +61 (0) 8 7324 1935
Fax:+61 (0) 8 8351 5169
Grant Thornton UK LLP
30 Finsbury Square
London EC2P 2YU
Telephone: +44 (0) 20 7383 5100
Fax: +44 (0) 20 7184 4308
Chapman Davis LLP
2 Chapel Court
London SE1 1HH
London EC2M 5PS
Computershare Investor Services Plc
PO Box 82
The Pavilions, Bridgewater Road
Bristol BS99 6ZY
Telephone: +44 (0) 370 703 1343
Fax: +44 (0) 370 703 6114
Computershare Investor Services Pty Ltd
GPO Box 1903
Adelaide SA 5000
Level 5, 115 Grenfell Street, Adelaide
South Australia 5000
Telephone: +61 (0) 3 9415 4000
Fax: +61 (0) 3 9473 2500
Mick Billing has over 40 years of mining and agri-business experience and a background in finance, specialising in recent years in assisting in the establishment and management of junior companies. His career includes experience in company secretarial, senior commercial, and CFO roles including lengthy periods with Bougainville Copper Ltd and WMC Resources Ltd. He has worked extensively with junior resource companies over the past 15 years. He was appointed to the Board in April 2008.
He is also a director of ASX listed company Southern Gold Limited.
David Thomas is a Mining Engineer from Royal School of Mines, London, with experience in all facets of the mining industry.
He has worked for Anglo American in Zambia, Selection Trust in London, BP Minerals, WMC and BHP Billiton in Australia in senior positions in mine and plant operational management, and is experienced in project management and completion of feasibility studies. He has also worked as a consultant in various parts of the world in the field of mine planning, process plant optimisation, business improvement and completion of studies.
His most recent role was as Deputy Project Director for BHP Billiton’s proposed expansion at Olympic Dam, South Australia. David was appointed to the Board 11 April 2012.
Alastair Middleton is a mining industry executive with more than 27 years of international experience, in both underground and open pit operations. He is a qualified geologist and has a Master of Science Degree in Mineral Exploration from the Royal School of Mines, Imperial College.
Mr Middleton worked for four years as a Mining Geologist with Goldfields of South Africa in the early 1990s before joining Datamine International (UK) where he worked for 14 years as a Mining Consultant. In 2008 he joined Standard Bank as a Technical Advisor where he had overall responsibility of technical approvals and “signing off” mining finance deals.
Mr Middleton worked on a number of deal transactions involving debt finance, corporate finance, off-takes, equipment finance, M&A, advisory and business recoveries.
Richard Bradey holds a Bachelor of Science in Applied Geology and a Masters Degree in Natural Resource Management. His recent career includes exploration, resource development, and mine geology, with Hillgrove Resources Limited, Xstrata Zinc, and Aditya Birla Minerals Limited, at senior levels.
Mr Ridge is a chartered accountant with over 20 years accounting and commercial management experience.
Previous roles include Senior Audit Manager with Arthur Andersen, Financial Controller and then Divisional CFO with Elders Ltd, and more recently, General Manager Commercial & Operations at engineering and construction company Parsons Brinckerhoff.
Mr Stephen F Ronaldson is the joint company secretary as well as a partner of the Company's UK legal advisers, Druces LLP.
Mr Ronaldson has an MA from Oriel College, Oxford and qualified as a solicitor in 1981. During his career Mr Ronaldson has concentrated on company and commercial fields of practice undertaking all issues relevant to those types of businesses including capital raisings, Financial Services and Markets Act work and placings and admissions to AIM and Ofex.
Mr Ronaldson is currently company secretary for a number of companies including eight AIM-listed PLCs
Please click on the links below to view our latest Corporate Governance documentation.
The Company has adopted the ASX Corporate Governance Council Principles and Recommendations (“ASX Code”) in line with the requirement for AIM-listed companies to adopt and comply with a recognised corporate governance code. A statement of compliance with the ASX Code can be accessed via the link below. This was approved by the Board on 21 September 2018 and will be updated annually.
With effect from 3 July 2016 the UK's civil market abuse regime was replaced by a new EU-wide regime through the new Market Abuse Regulation ("MAR”). The key regulatory implications from the introduction of MAR is that companies admitted to trading on the AIM Market of the London Stock Exchange (“AIM”) are now subject to new rules and FCA’s oversight in relation to inter alia the:
The Board implemented the necessary procedures to ensure compliance with the new MAR regulatory requirements. These procedures have been integrated into the Board’s standard meeting agenda to ensure ongoing compliance.