First-half losses widen at Thor Mining

AIM-listed mineral and development company Thor Mining has unveiled its half yearly report for the six months ended December 31st showing an operating loss of 750,000 pounds.

AIM-listed mineral and development company Thor Mining has unveiled its half yearly report for the six months ended December 31st showing an operating loss of 750,000 pounds.

The group reported a loss for the period of £744,000, compared to a loss of £469,000 in the six months ended December 31st 2011.

An impairment of exploration assets was recorded at £259,000 compared to £117,000 in the corresponding period one year earlier.

A basic loss per share of 0.09p was recorded.

Thor Mining reported that it was "well positioned for discussions with third parties on potential off-take agreements for the Molyhil Tungsten project."

It said that it had funding throughout the period with a A$1m secured debt facility from a private investor and the group reported a resource upgrade at its Spring Hill gold project.

In its review of operations, the company stated: "The company has continued to make progress on its projects and whilst this has been slow and at times frustrating, the company remains well positioned in its discussions with third parties on potential off-take agreements for the Molyhil Tungsten project and the prospects for Spring Hill and Dundas continuing to improve.

"We reported a resource upgrade at the Spring Hill gold project and elevated levels of nickel and copper being found at Dundas. Importantly, the company has been able to attract additional funds to progress these projects and the directors were delighted to recently announce further funding after the period end."

Thor Mining's share price was down 2.08% to 0.47p at 13:43 on Friday.

MF

Recommended

Persimmon yields 12.3%, but can you trust the company to deliver?
Share tips

Persimmon yields 12.3%, but can you trust the company to deliver?

With a dividend yield of 12.3%, Persimmon looks like a highly attractive prospect for income investors. But that sort of yield can also indicate compa…
1 Jul 2022
Don’t try to time the bottom – start buying good companies now
Investment strategy

Don’t try to time the bottom – start buying good companies now

Markets are having a rough time, so you may be tempted to wait to try to call the bottom and pick up some bargains. But that would be a mistake, says …
1 Jul 2022
Share tips of the week – 1 July
Share tips

Share tips of the week – 1 July

MoneyWeek’s comprehensive guide to the best of this week’s share tips from the rest of the UK's financial pages.
1 Jul 2022
Bunzl: boring is good for business
Share tips

Bunzl: boring is good for business

Food-service distribution company Bunzl is not a terribly exciting business, but it looks cheap and could be a great investment, says Rupert Hargreave…
30 Jun 2022

Most Popular

UK house prices are definitely cooling off – but are they heading for a fall?
House prices

UK house prices are definitely cooling off – but are they heading for a fall?

UK house prices hit a fresh high in June, but as interest rates start to rise, the market is cooling John Stepek assesses just how much of an effect h…
30 Jun 2022
The ten highest dividend yields in the FTSE 100
Income investing

The ten highest dividend yields in the FTSE 100

Rupert Hargreaves looks at the FTSE 100’s top yielding stocks for income investors to consider.
22 Jun 2022
Gold has been incredibly boring to own – but that’s no bad thing right now
Gold

Gold has been incredibly boring to own – but that’s no bad thing right now

Stocks, bonds and cryptocurrencies have all seen big falls this year. But gold remains at its one-year average. It may be dull, but it’s doing what it…
29 Jun 2022