The latest Investing Matters Podcast with Jean Roche, Co-Manager of Schroder UK Mid Cap Investment Trust has just been released. Listen here.
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Has to be something to do with progressing Ragged Range, From today's RNS:
"The Molyhil divestment and Bonya sale reflect the Company's focus on our priority US uranium assets and the multi-element Ragged Range project, where we see the most significant and nearest-term value potential within Thor's portfolio."
Why do it now, before any significant news about Uranium or Gold prospects is released?
Thor Mining PLC (“Thor” or the “Company”) (AIM, ASX: THR, OTCQB: THORF), requests a trading halt be placed on its securities immediately, pending an announcement to the market in relation to a capital raising.
Thor is not aware of any reason that a trading halt should not be placed on its securities. The trading halt is expected to be lifted by no later than commencement of trading on Tuesday, 29 November 2022, pending release of an announcement by the Company in relation to the capital raising.
This request was authorised for release by the Board of the Company
Just announced on ASX
Thor market cap is under 10 milion gbp. Yet there is a 8 million aud potential investment partnership. Am I missing something? How much are the rest of the assets valued at????????
It's difficult to know how good, bad or OK the deal is, but it is a deal and I'll give Thor the benefit of the doubt, and accept that it was the best they could get. The only thing I'm disappointed in is the reaction both here (so far) and on ASX, but I see it as definite progress.
Investigator’s Managing Director, Andrew McIlwain commented:
“Whilst our key focus and priority remains on driving forward Investigator’s 100% owned
Paris Silver Project - Australia’s highest-grade undeveloped silver project – we have continued
to look value adding opportunities to diversify through acquisition of an advanced
project and leverage off our experience and skillset.
“The opportunity to earn-in to Molyhil is seen as one where we can utilise our skills and
experience across key areas such as stakeholder engagement, resource definition, and
project finance and development. Personally, I ran the Los Santos Tungsten Mine in Spain
for a number of years, which was divested into TSX listed Almonty Industries and sat on
their board as a founding Director. I have also had 15 years of NT exposure as Chair of
Emmerson Resources.
“Through our comprehensive due diligence analysis, we believe that value can be added
to the Molyhil Project with a re-evaluation of the existing resource, revision of the proposed
processing route and recasting the project execution model. With the staged approach,
it is anticipated that, if deemed feasible, a commitment to development would be
made early in the third and final stage of the agreement. We expect that there are a number
of potential financing facilities that would be available to support the advancement of this
project.
“Demand has seen the tungsten price rise over 50% in the past year. Tungsten is an essential
industrial metal unique in its hardness and utilised in aerospace, steel hardening,
cutting and drilling, armour plate, electronics and jewellery. As a rare and valuable industrial
Delays the next placing by a while. They're in Whac-a mole mode now. IMO.
Thor must be confident on the upcoming uranium drilling results if they are going to put all their priorities into it that's the way I see it, nice to see Nicole getting something to actually happen with molyhill something MB couldn't manage to do.
I was hoping for more cash up front than that.
Better than nothing?
Not sure how it explains a dip given the timing.
Interestingly there is no mention of a "proceeding" joint venture during the PAC presentation although the "Seeking joint venture partner (because we ain't up to it by ourselves) pretty much plays out in this now announced JV.
And yes once again they have shifted, what realistically was, a non-profit hold into a cash injection plus potential future earnings. So a focus on Raggety Range and the Uranium (another area where they will not be going lone wolf for many reasons, so JV there is also gonna be a thing.) Thor Mining (ASX:THR) - PAC Partners Uranium Forum - November 2022 https://www.youtube.com/watch?v=FFV0b9ZCjzU
Explains the dip,
The Directors of Thor Mining Plc (“Thor”) (AIM, ASX: THR, OTCQB: THORF) are pleased to announce the signing, through its wholly-owned subsidiary Molyhil Mining Pty Ltd (“Molyhil”), of a Heads of Agreement (“HOA”) with ASX-listed mineral exploration and development company Investigator Resources Limited (ASX: IVR, “IVR”) to fund the accelerated exploration of Thor’s 100%-owned Molyhil tenements (the “Tenements”), in the Northern Territory and the sale of Thor’s interest in the Bonya tenement (EL29701).
Project highlights:
HOA signed with IVR, through its wholly-owned subsidiary Fram Resources Pty Ltd (“Fram”), for Fram’s earn-in and the creation of a new joint venture to accelerate the exploration of the Molyhil tenements.
Fram to earn-in, via a 3-stage process, to 80% interest in the Tenements and acquire Thor’s 40% interest in the Bonya tenement (EL29701).
Fram will provide expenditure for a total value of up A$8m to explore for minerals within the Tenements and manage the joint venture exploration activities. If a Mineral Resource (in accordance with JORC 2012) is defined, the joint venture will develop and exploit such a resource, if it is economically feasible to do so.
Thor to receive up to a total of A$100,000 in cash and A$500,000 of IVR shares through the reduction of its holding in the Tenements, via Fram’s three-stage earn-in, and the sale of Thor’s interest in the Bonya tenement.
If Fram does not complete the required commitments of stage 1 by the agreed commitment date, Fram must pay any shortfall amount of the committed expenditure to Molyhil in order to satisfy the requirements.
The agreement enables Thor to focus on its priority USA Uranium assets and the multi-commodity Ragged Range Project, while retaining an interest in the Molyhil Project.
I agree with all of that Imp2
We shouldn't blame Nicole for selling POW shares; she's doing it to protect us, by delaying the next fund raise.
There's then a separate question about the price she accepted for Pilot Mountain, which looks to have been too low.
I'm not happy that Paul Johnson, Artemis and Metal Tiger have exited (as noted by Snooz); but the quality of the assets should see us through. In particular, we need to get the Alford copper into production, using ISU. And to get Molyhil into production; it's had a feasibility study, and is commercially viable.
Rolarcoaster the point batman (love the name ) was making was he believed thor was selling pow shares.
You disputed that , it wasn't about love for p.j or how well pow will be doing , wasn't saying thor will as a consequence now do bad etc etc
Simply thor are selling pow shares, as a thor sharehilder don't you even want to know why
And for what is worth I'm right behind p.j and his model at pow , and I too want thor to clear out as will stop the selling that they are doing and we can push on at a quicker rate
In my opinion of course , but as I said the original message was thor is selling no other reason
Thor’s share price has been lower than this and recovered I’m not worried roll on the uranium drill results.
Thor are for certain selling POW shares - Read the latest Thor quarterly news release. They are down to 35.1mil POW shares as at the last quarterly report dated 30/09/2022. That means they have been selling POW shares sub 1.5p. More shares become available to sell as at 31/10/2022 and based on the POW sells a block seller is clearly in the mix which can only really be Thor Mining.
If Thor sell down their entire POW holding at these prices, then Thor have effectively sold PIlot Mountain to POW for about £800,000 ... I would not be happy with that one bit as an investor! Fuming in fact!
I'm a POW shareholder and more than happy with this deal from POW's point of view. Just waiting for Thor to finish up so POW can continue on it's recovery.
As for Thor, they clearly need the cash and are unable to raise at 0.4p levels favourably. Looks like a tough road ahead unfortunately.
Thought the same myself, PJ killed our sp with his sly selling while posting THR love letters all over socialmedia. Id like to see Thor sell all POW just to give PJ the bird.
Bonkers PJ is partly to blame for Thor’s poor share price performance after years of ramping while sneakily selling shares, I would not get married to the POW share and have one eye on an exit strategy.
Now I’m not saying the POW share is not going up for a while what I am saying is take what he says with a pinch of salt.
Rollarcoaster , thought i would pop in and see what the opinion was here regarding this. Here's a a post from pow poster earlier.....
The seller appears to be Thor Mining ... I have just read their quarterly report dated 30/09/2022 and they are down to 35.1mil at that point (they received 48.6mil from the sale of Pilot Mountain + 4mil shares for the early tail benefit settlement)
From their 30/09/2022 quarterly report:
"The Company reports net cash outflows from operating and investing activities for the quarter of $840,000, comprising inflows of AUD$350,000 from the sale of Power Metal Resources Plc (POW) Shares and $293,000 from the receipt of government grants and total outflows of AUD$1,483,000. AUD$1,313,000 of the outflows related directly to exploration activities.
Thor holds a further 35,118,920 POW Shares with a mark to market value of £474,000 (approximately $846,000) based on the closing price of £0.0135 for POW Shares, as traded on the London Stock Exchange on 27 October 2022. Approximately one third of these POW Shares are freely tradeable, with the other third being released from escrow on 31 October 2022 and the remaining third being released from escrow on 31 January 2023."
Would appear the next batch of shares available to trade from 31/10/2022 are now getting dumped. Based on current prices and the assumption that some have been sold closer to 1p than 2p, Thor will have about £800k cash to show for the sale of Pilot Mountain with no tail benefit and 12.5mil 4p warrants (they will cost Thor £500,000 to convert!). ... As a Thor Mining shareholder you have to be very upset with that outcome!
POW boxed off the Thor Mining deal for Pilot Mountain when prices were around 1.75p .... bottom line here is that POW took that Pilot Mountain asset for less than £1mil including the tail benefit being settled early. That asset has now been put into GMR and I reckon POW's circa 50% investment once GMR goes live will be worth approx £5mil in the next 6-12 months easily. PJ with yet another financially savvy deal and the market still doesn't wake up to POW!
POW's balance sheet is building by the month and POW can therefore raise on the market on favourable terms at all times. Thor Mining down to 0.4p and it is almost impossible for them to get away a decent raise .... PJ financially positioning POW so that POW's financial decisions are in our hands all times. Fantastic work so far by POW and the market should really be taking note of this in my opinion.
Thor still hold 53.1m million shares just a tad over 3% of the company and just 30m shares less than PJ. There is only one top shareholder that’s been selling power metal and it’s not Thor.