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

The top funds to invest in now
Funds

The top funds to invest in now

As market volatility continues, here are the top funds, stocks and investment trusts investors are putting their money into, according to one investme…
2 Dec 2022
7 sin stocks to buy yielding up to 8%!
Share tips

7 sin stocks to buy yielding up to 8%!

Sin stocks don’t have the best reputation, but when it comes to investment returns, they’re certainly worth a closer look.
2 Dec 2022
Share tips of the week – 2 December
Share tips

Share tips of the week – 2 December

MoneyWeek’s comprehensive guide to the best of this week’s share tips from the rest of the UK's financial pages.
2 Dec 2022
3 emerging-market stocks to watch
Share tips

3 emerging-market stocks to watch

The top emerging-market stocks to keep an eye on, according to Union Bancaire Privée’s Eli Koen.
1 Dec 2022

Most Popular

Is it cheaper to leave the heating on low all day?
Personal finance

Is it cheaper to leave the heating on low all day?

The weather is getting colder and energy bills are rising, but is it really cheaper to leave the heating on low all day or should you only turn it on …
1 Dec 2022
Radiator vs electric heater – which is cheaper?
Personal finance

Radiator vs electric heater – which is cheaper?

We compare the costs, pros and cons of radiators and electric heaters and see which one will help keep your energy bill as low as possible.
28 Nov 2022
State pension errors – why tens of thousands of mothers could be missing out on millions in state pension payments
State pensions

State pension errors – why tens of thousands of mothers could be missing out on millions in state pension payments

LCP launches Mothers Missing Millions campaign amid DWP state pension errors.
3 Dec 2022