Appendix 5B - Quarterly Report to September 2011

RNS Number : 8788Q
Thor Mining PLC
27 October 2011
 

THOR MINING PLC

 

Appendix 5B - September 2011 Quarterly Report

 

Dated: 27 October 2011

 

The Directors of Thor Mining PLC ("Thor" or the "Company") (AIM, ASX: THR) the resources company focused on gold and base metals projects and advancing tungsten-molybdenum projects in the Northern Territory of 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


121 117 673

 

 30 September 2011

 

Consolidated statement of cash flows

 

Cash flows related to operating activities

 

Current quarter

$A'000

Year to date (3

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

(961)

0

0

(358)

 

(961)

0

0

(358)

 

1.3

Dividends received

0

0

1.4

Interest and other items of a similar nature received

26

26

1.5

Interest and other costs of finance paid

0

0

1.6

Income taxes paid

0

0

1.7

Other (provide details if material)

 

0

0


Net Operating Cash Flows

(1,293)

(1,293)


 

Cash flows related to investing activities



1.8

Payment for purchases of:  (a)  prospects

                             (b)  equity investments

                             (c)  other fixed assets

0

0

(8)

0

0

(8)

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

(100)

(100)


 

Net investing cash flows

(108)

(108)

1.13

Total operating and investing cash flows (carried forward)

 

 

 

(1,401)

(1,401)

1.13

Total operating and investing cash flows (brought  forward)

(1,401)

(1,401)


Cash flows related to financing activities



1.14

Proceeds from issues of shares, options, etc. (Refer Note 6)

641

641

1.15

Proceeds from sale of forfeited shares

0

0

1.16

Proceeds from borrowings

0

0

1.17

Repayment of borrowings

(3)

(3)

1.18

Dividends paid

0

0

1.19

Other (provide details if material)

0

0


Net financing cash flows

638

638


 

Net increase (decrease) in cash held

 

(763)

 

(763)

1.20

Cash at beginning of quarter/year to date

2,377

2,377

1.21

Exchange rate adjustments to item 1.20

0

0

1.22

Cash at end of quarter

1,614

1,614

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

97

 

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

 

 

                  $97,250 includes:  - Directors fees, including superannuation for 5 Directors, totalling  $20,000; Consulting fees totalling $77,250 (M Billing, $49,000, T Ireland, $28,250);

 

 

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


40,000,000 shares issued (escrowed until 2/8/2012) in part payment of 25% of Springhill Project

 

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



$A'000

4.1

Exploration and evaluation

 

1,250

 

4.2

Development

 

0

4.3

Production

 

0

4.4

Administration

 

370


 

Total

 

1,620

 

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

178

159

5.2

Deposits at call

 

936

 

1,218

5.3

Bank overdraft

 

0

 

0

5.4

Other  (90 day Term Deposit)

 

500

 

1,000


Total: cash at end of quarter (item 1.22)

 

1,614

 

2,377

 

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 22957

ML 23812

EL 28855

Springhill Gold Project

Springhill Gold Project

Springhill Gold Project

0%

0%

0%

25%

25%

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

601,512,950

601,512,950

Refer Note 7

N/A

Fully Paid

7.4

Changes during quarter

(a)  Increases through issues

(b) Issued shares escrowed until 2/8/2011

(c)  Decreases through returns of capital, buy-backs

 

 

31,059,518

 

40,000,000

 

 

0

 

 

 

31,059,5018

Refer Note 8

0

 

 

0

 

 

 

1.34 pence

 

N/A

 

 

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 B:

 

Options C

(Directors)

 

Options D

(associates)

 

Options D

(associates)

 

Share placement

-CDI Warrants

-UK Warrants

 

 

 

 

5,000,000

 

8,000,000

 

 

1,000,000

 

 

1,000,000

 

 

27,922,800

 

 

14,024,173

 

 

 

 

 

0

 

0

 

 

0

 

 

0

 

 

27,922,800

 

 

14,024,173

 

 

Exercise  price (Cents)

5.0

 

4.0

 

 

5.0

 

 

3.5

 

 

2.625

 

 

1.5 UK pence

 

 

Expiry date

 

31/03/2012

 

24/11/2013

 

 

20/12/2013

 

 

13/06/2014

 

 

25/03/2012

 

 

31/03/2012

7.8

Issued during quarter

Options D

 

 

0

0

-

 

 

7.9

Exercised during quarter

-CDI Warrants

-UK Warrants

 

 

0

462,500

            

0

462,500

 

0

1.5 UK pence


7.10

Expired during quarter

Options A*

 

Option B*

 

5,000,000

 

2,000,000

 

0

 

0

 

18

 

4.0

 

15/09/2011

 

24/11/2013

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: 26/10/2011

(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)                          314,910,824

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

Listed on Australian Stock Exchange (ASX) - as CDI's      246,602,126

Total Ordinary Shares at 3o September 2011                             601,512,950

                                                                                                                 

8            Issues during the quarter comprise of:
                     Listed on London Stock Exchange (AIM)                           31,059,518    

Escrowed until 2/8/2012 on ASX   - as CDI's                     40,000,000

Total Ordinary Shares issued to 30 September                           71,059,518

 

 

Enquiries:

 

Mick Billing

+61 (8) 7324 193

 

  Thor Mining PLC

Executive Chairman

Allan Burchard

+61 (8) 7324 1935

 

Thor Mining PLC

CFO/Company Secretary

John Simpson

+44 (0)20 7776 6550

 

Daniel Stewart & Co. Plc

Nominated

Adviser

Nick Emerson/

Renato Rufus

+44 (0) 1483 413500

Simple Investments

Broker

Alex Walters

+44 (0) 7771713608

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.

 

 


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