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Mining Capital
Market: AIM
52-week High/Low: 4.49p / 1.18p
Sector: General Mining - Moly, Chrome, Tungsten & Manganese
Market Cap: 9.19M

Thor is an exploration and development company with an advanced tungsten/molybdenum project poised for development and exciting gold and tungsten exploration projects.

Thor is listed on the Alternative Investment Market (AIM) in London and the Australian Stock Exchange (ASX).

Thor Mining PLC

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Big picture - Why invest in Thor Mining PLC

Thor Mining PLC Snapshot

Thor Mining PLC is an exploration and development company with an advanced tungsten/molybdenum project poised for development and exciting gold and tungsten exploration projects.

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 a portfolio of properties in Australia in the Northern Territory and in Western Australia. Thor also owns the Pilot Mountain tungsten project in Nevada USA.

An updated feasibility study on Thor’s Molyhil tungsten project was completed in January 2015. Subject to securing the necessary project finance, the Molyhil project is scheduled to commence production during 2017.

The Molyhil Tungsten - Molybdenum Project:
100% Thor Mining PLC


Molyhil is located 220 kilometres north-east of Alice Springs (320km by road) within the prospective polymetallic province of the Proterozoic Eastern Arunta Block in the Northern Territory.


Thor Mining PLC holds 100% equity interest in this reserve. The Company confirms that it is not aware of any new information or data that materially affects the information included in the market announcement dated January 2015 and that all material assumptions and technical parameters underpinning those estimates continue to apply and have not materially changed.

The statement of reserves is derived from the Indicated portion of the resource estimate only, and the Inferred portion is excluded from the calculations. The long-term prices used were US$408/mtu for WO3 concentrate and US$12.76/lb for Mo concentrate at an exchange rate of US$0.83 to A$1.00. The WO3 and Mo Processing Recovery post ore sorting used was 85% and 77.8% respectively.

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The Spring Hill Gold Project
40% Thor Mining PLC


The Spring Hill project is located approximately 150 km south of Darwin in Australia’s Northern Territory.  The location is served by all-weather access and is in close proximity to the sealed arterial Stuart Highway, north–south rail line, gas pipeline and trunk powerlines.


In February 2016, Thor agreed to a staged sale of the Spring Hill project for A$3.5million, plus a royalty on future gold production. The second and final tranche of the sale, due in February 2017 will result in Thor relinquishing its remaining 40% interest for consideration of A$1.5 million. 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

Updated July 2016


The Pilot Mountain Tungsten Project
100% Thor Mining PLC

The Pilot Mountain tungsten project is situated 200km southeast of Reno in Nevada USA.


The Desert Scheelite Indicated and Inferred Resource comprises 6.8 million tonnes @ 0.31% WO3, 0.17% Copper, and 22.8g/t (grams/tonne) Silver, announced on 10 June 2014.


In addition to the 2014 Desert Scheelite resource, the Pilot Mountain project has significant exploration potential comprising Exploration Targets* totalling 11.0 – 22.6 Million Tonnes at 0.3 to 0.5% WO3 summarised in table 2.

* 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.

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The Dundas Gold Project
60% Thor Mining PLC

Thor holds a 60% interest and has rights to acquire up to a 100% interest.


The Dundas project is located in Western Australia approximately 250 kilometres south of the major regional mining centre of Kalgoorlie. Access is via tracks leading 60km south off of the sealed arterial Eyre Highway 80 kilometres east of Norseman.

The Dundas project tenement is situated in the highly prospective Albany-Fraser belt which hosts the +5 million ounce Tropicana gold deposit, and numerous other discoveries including Beachcomber, Socrates, Hercules, and Corona.


Exploration activities have focused upon near surface calcrete sampling followed by RAB and air-core drilling to intersect the top section of bedrock.  A number of prospects have been identified for drill testing which will be undertaken ni the short term.

The gold values reported within the anomalies identified in the adjacent plan are consistent with those associated with gold mineralisation elsewhere in the Albany-Fraser Belt, including that at Tropicana

Initial RAB/air core drilling at Asgard anomaly identified encouraging gold and copper mineralisation in the uppermost fresh bedrock below weathered material.

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Michael Robert Billing – CPA, B Bus, MAICD - Executive Chairman and CEO.

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 Edward Thomas - BSc(Eng), ARSM, FIMM, F.Aus IMM (CP Min) - Non-Executive Director

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.


Paul Johnson - Non-Executive Director

Paul Johnson was previously the Chief Executive Officer of Metal Tiger Plc, a company quoted on the AIM market of the London Stock Exchange, and is Non-executive Director of Metal NRG Plc, a company quoted on the ISDX Growth Market.

Mr Johnson is a Chartered Accountant, and an Associate of the Chartered Institute of Loss Adjusters and of the Chartered Insurance Institute. He holds a BSc (Hons) in Management Science from UMIST School of Management in Manchester.


Ray Ridge - Chief Financial Officer and Joint Company Secretary

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.

Stephen F Ronaldson - Joint Company Secretary

Mr Stephen F Ronaldson is the joint company secretary as well as a partner of the Company's UK legal advisers, Ronaldsons.

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



Richard Bradey - Exploration Manager

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.








Australian Office
Thor Mining
58 Galway Avenue

Postal Address
Thor Mining
PO Box 458

Fax +61 8 8351 5169

London Office
Thor Mining
3rd Floor
55 Gower Street
London WC1E 6HQ

Telephone +61 8 7324 

Nominated Adviser to the Company

Grant Thornton UK LLP
30 Finsbury Square
London EC2P 2YU
United Kingdom
Telephone: +44 (0) 20 7383 5100
Fax: +44 (0) 20 7184 4308

Auditors and Reporting Accountants

Chapman Davis LLP
2 Chapel Court
London SE1 1HH

Solicitors to the Company

Ronaldsons LLP
55 Gower Street
London WC1E 6HQ

Address of Share Registrars

United Kingdom
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 D182 Perth
Western Australia 6840
Level 11, 172 St Georges Terrace Perth
Western Australia 6000
Telephone: +61 (0) 8 9323 2000
Fax: +61 (0) 8 9323 2033

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