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

Three strong Asian stocks trading at bargain prices
Share tips

Three strong Asian stocks trading at bargain prices

Professional investor Nitin Bajaj of the Fidelity Asian Values investment trust picks three stocks that dominate their industries, earn good returns o…
20 Sep 2021
Why it pays to face up to your investment mistakes
Investment strategy

Why it pays to face up to your investment mistakes

Buying stocks can be a complicated business. But selling stocks can be tricky, too – even if you sell for the right reasons. Max King explains how to …
17 Sep 2021
Share tips of the week – 17 September
Share tips

Share tips of the week – 17 September

MoneyWeek’s comprehensive guide to the best of this week’s share tips from the rest of the UK's financial pages.
17 Sep 2021
Royal Mail will deliver for investors – here's how to play it
Trading

Royal Mail will deliver for investors – here's how to play it

Royal Mail Group has found its feet in the past 18 months and looks cheap. Matthew Partridge looks at how to trade the shares.
14 Sep 2021

Most Popular

The times may be changing, but don’t change how you invest
Small cap stocks

The times may be changing, but don’t change how you invest

We are living in strange times. But the basics of investing remain the same: buy fairly-priced stocks that can provide an income. And there are few be…
13 Sep 2021
Two shipping funds to buy for steady income
Investment trusts

Two shipping funds to buy for steady income

Returns from owning ships are volatile, but these two investment trusts are trying to make the sector less risky.
7 Sep 2021
Should investors be worried about stagflation?
US Economy

Should investors be worried about stagflation?

The latest US employment data has raised the ugly spectre of “stagflation” – weak growth and high inflation. John Stepek looks at what’s going on and …
6 Sep 2021