Appendix 5B - Quarterly Report for 30 June 2012

RNS Number : 8247I

Thor Mining PLC

31 July 2012

 



Tuesday 31 July 2012

THOR MINING PLC

Thor Mining PLC ("Thor" or the "Company")

The Directors of Thor Mining PLC (AIM, ASX: THR) the exploration company focussed on gold and base metal projects and advancing tungsten-molybdenum projects in Australia today released the following report on the Australian Stock Exchange ("ASX") as  required under the listing rules of the ASX.

Appendix 5B

Mining exploration entity quarterly report

Name of entity

THOR MINING PLC

ACN or ARBN		Quarter ended ("current quarter")
121 117 673		30 June 2012

Consolidated statement of cash flows

Cash flows related to operating activities		Current quarter $A'000	Year to date              (12 months) $A'000
1.1	Receipts from product sales and related debtors	0	0
1.2	Payments for    (a)  exploration & evaluation                              (b)  development                              (c)  production                              (d)  administration	(634) 0 0 (259)	(3,643) 0 0 (1,037)
1.3	Dividends received	0	0
1.4	Interest and other items of a similar nature received	6	47
1.5	Interest and other costs of finance paid	0	(1)
1.6	Income taxes paid	0	0
1.7	Other (provide details if material)	0	0
	Net Operating Cash Flows	(887)	(4,634)
	Cash flows related to investing activities
1.8	Payment for purchases of:  (a)  prospects                              (b)  equity investments                              (c)  other fixed assets	0 0 (2)	0 0 (68)
1.9	Proceeds from sale of:          (a)  prospects                              (b)  equity investments                              (c)  other fixed assets	0 0 0	0 0 0
1.10	Loans to other entities	0	0
1.11	Loans repaid by other entities	0	0
1.12	Other:- Deposits supporting guarantees	(12)	(112)
	Net investing cash flows	(14)	(180)
1.13	Total operating and investing cash flows (carried forward)	(901)	(4,814)
1.13	Total operating and investing cash flows (brought  forward)	(901)	(4,814)
	Cash flows related to financing activities
1.14	Proceeds from issues of shares, options, etc. (Refer Note 6)	1,201	3,257
1.15	Proceeds from sale of forfeited shares	0	0
1.16	Proceeds from borrowings	0	0
1.17	Repayment of borrowings	(4)	(14)
1.18	Dividends paid	0	0
1.19	Other (provide details if material)	0	0
	Net financing cash flows	1,197	3,243
	Net increase (decrease) in cash held	296	(1,571)
1.20	Cash at beginning of quarter/year to date	510	2,377
1.21	Exchange rate adjustments to item 1.20	0	0
1.22	Cash at end of quarter	806	806

Payments to directors of the entity and associates of the directors

Payments to related entities of the entity and associates of the related entities

		Current quarter $A'000
1.23	Aggregate amount of payments to the parties included in item 1.2	159
1.24	Aggregate amount of loans to the parties included in item 1.10	0
1.25	Explanation necessary for an understanding of the transactions
	$159,000 includes:  - Directors fees, including superannuation for 5 Directors, totalling  $31,000, and consulting fees totalling $128,000 (D Thomas $72,000, M Billing $44,000, T Ireland $12,000);

Non-cash financing and investing activities

2.1	Details of financing and investing transactions which have had a material effect on consolidated assets and liabilities but did not involve cash flows

2.2	Details of outlays made by other entities to establish or increase their share in projects in which the reporting entity has an interest
	Nil

 

 

Financing facilities available

Add notes as necessary for an understanding of the position.

		Amount available $A'000	Amount used $A'000
3.1	Loan facilities
3.2	Credit standby arrangements	0	0

 

Estimated cash outflows for next quarter (Note 10)

		$A'000
4.1	Exploration and evaluation	950
4.2	Development	0
4.3	Production	0
4.4	Administration	260
	Total	1,210

Reconciliation of cash

Reconciliation of cash at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts is as follows.		Current quarter $A'000	Previous quarter $A'000
5.1	Cash on hand and at bank	806	510
5.2	Deposits at call		0
5.3	Bank overdraft	0	0
5.4	Other  (90 day Term Deposit)		0
	Total: cash at end of quarter (item 1.22)	806	510

Changes in interests in mining tenements

		Tenement reference	Nature of interest (note (2))	Interest at beginning of quarter	Interest at end of quarter
6.1	Interests in mining tenements relinquished, reduced or lapsed
6.2	Interests in mining tenements acquired or increased	EL 28981	Lewis Prospect	0%	100%

 

Issued and quoted securities at end of current quarter

Description includes rate of interest and any redemption or conversion rights together with prices and dates.

		Total number	Number quoted	Issue price per security (see note 3) (cents)	Amount paid up per security (see note 3) (cents)
7.1	Preference +securities  (description)
7.2	Changes during quarter (a)  Increases (b)  Decreases
7.3	+Ordinary securities	761,483,067	721,483,067 (Refer Note 7)	N/A	Fully Paid
7.4	Changes during quarter (a)  Increases through issues: -    Placement -    Exercise of CDI Options -    Exercise of UK Warrants (b)  Decreases through returns of capital, buy-backs	51,100,000 4,946,174 4,583,127	51,100,000 4,946,174 4,583,127	1.25 pence 2.6250 cents 1.5 pence	Fully Paid Fully Paid Fully Paid
7.5	+Convertible debt securities (description)
7.6	Changes during quarter (a)  Increases (b)  Decreases
7.7	Options (description and conversion factor) Options C (Directors) Options D (associates) Options E (associates)	8,000,000 1,000,000 1,000,000	0 0 0	Exercise  price (Cents) 4.0 5.0 3.5	Expiry date 24/11/2013 20/12/2013 13/06/2014
7.8	Issued during quarter Options D	0	0	-
7.9	Exercised during quarter (Refer Note 9) CDI Options UK Warrants	4,946,174 4,583,127	4,946,174 4,583,127	2.6250 cents 1.5 pence
7.10	Expired during quarter Options B (Refer Note 9) CDI Options UK Warrants	5,000,000 18,885,810 9,441,046	0 18,885,810 9,441,046	5.00 cents 2.6250 cents 1.5 UK pence	31/03/2012 25/03/2012 31/03/2012
7.11	Debentures (totals only)
7.12	Unsecured notes (totals only)

 

Compliance statement

1             This statement has been prepared under accounting policies which comply with accounting standards as defined in the Corporations Act or other standards acceptable to ASX (see note 4).

2             This statement does give a true and fair view of the matters disclosed.              

Sign here:            ............................................................                      Date: 31/07/2012

(Company Secretary)

Print name:         Allan Burchard

Notes

1             The quarterly report provides a basis for informing the market how the entity's activities have been financed for the past quarter and the effect on its cash position.  An entity wanting to disclose additional information is encouraged to do so, in a note or notes attached to this report.

2             The "Nature of interest" (items 6.1 and 6.2) includes options in respect of interests in mining tenements acquired, exercised or lapsed during the reporting period.  If the entity is involved in a joint venture agreement and there are conditions precedent which will change its percentage interest in a mining tenement, it should disclose the change of percentage interest and conditions precedent in the list required for items 6.1 and 6.2.

3             Issued and quoted securities. The issue price and amount paid up is not required in items 7.1 and 7.3 for fully paid securities.

4            The definitions in, and provisions of, AASB 1022: Accounting for Extractive Industries and AASB 1026: Statement of Cash Flows apply to this report.

5             Accounting Standards ASX will accept, for example, the use of International Accounting Standards for foreign entities.  If the standards used do not address a topic, the Australian standard on that topic (if any) must be complied with.

6            Proceeds are net of issue costs.

7             Ordinary securities comprise of:

Listed on London Stock Exchange (AIM)                             372,254,862

Listed on Australian Stock Exchange (ASX) - as CDIs         349,228,205

Total Listed Securities                                                                          761,483,067

Escrowed until 2/8/2012 on Australian Stock Exchange        40,000,000

Total Ordinary Securities at 30 June 2012                                     761,483,067

8            Issues during the quarter comprise of:

Listed on London Stock Exchange (AIM)                                55,683,127 

        Listed on Australian Stock Exchange (ASX) - as CDIs            4,946,174                                     

Total Ordinary Securities issued to 30 June 2012                           60,629,301

9            CDI Options and Warrants

Cash for 4,946,174 Australian CDI options which expired on 25 March 2012 and for 4,583,127 U.K. warrants which expired on 31 March 2012 was banked to our credit in April 2012. The remaining 18,885,810 Australian CDI options lapsed as did the remaining 9,441,046 U.K warrants.

10           Estimated cash flow for the quarter to 30 September 2012.

In support of the company's ongoing exploration programme, a further44.4 million shares were issued in United Kingdom in July 2012, raising GBP $555,000, or approximately A$845,000, before costs.            

Enquiries:

Mick Billing	[phone]	Thor Mining PLC	Executive Chairman
Allan Burchard	[phone]	Thor Mining PLC	CFO/Company Secretary
Gerry Beaney / David Hignell	[phone]	Grant Thornton Corporate Finance	Nominated Adviser
Nick Emerson/ Renato Rufus	[phone]	Simple Investments	Broker
AlexWalters/ Emma Wigan	[phone] [phone]	Cadogan PR	Financial PR

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.

 

END

 

 

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