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(Alliance News) - Thor Mining PLC on Monday reported a narrowed full-year loss, helped by a fall in both exploration and share-based expenses.
In the year ended to June 30, pretax loss narrowed to GBP735,000 from GBP1.2 million.
Share-based costs and and exploration expenses fell by some 90% year-on-year to GBP22,000 and GBP21,000 respectively. In 2018, Thor Mining booked GBP229,000 in share expenses and GBP245,000 in exploration costs.
Also falling were corporate expenses, by 15% to GBP601,000 from GBP705,000.
Thor Mining said: "The year ended June 30, 2019 was one of significant progress in all core projects, with significant advances in each of our Molyhill and Pilot Mountain projects and significant progress with our copper investment."
At the Molyhill tungsten project, Australia, Thor said its aim "to secure finance remains core, and all activities with this project are central to that objective".
The company also owns the Pilot Mountain tungsten project in Nevada, US. A September 2018 study indicated the "potential for profitable operations for up to 12 years", Thor Mining said.
Thor Mining has a 25% interest in EnviroCopper Ltd a firm which holds an interest in the Kapunda copper and gold project and the Moonta copper project, both in Australia.
Thor Mining added: "During the year EnviroCopper conducted successful recovery tests, extracting both copper and gold from Kapunda drill samples, and established proof of concept for the insitu recovery process at Kapunda. Subsequent to the end of the year, EnviroCopper announced an initial resource estimate containing copper, at Moonta, adding to the existing resource estimate for Kapunda."
The company reported that tungsten prices fell during the year but have since showed signs of recovery.
Thor Mining explained: "While tungsten prices eased during the year, they have begun to recover and other relevant commodity prices remain firm. Our confidence that we can secure finance for the Molyhil tungsten project remains undiminished, while our other core investments, Pilot Mountain and EnviroCopper, have advanced considerably."
Shares in Thor Mining were 8.7% lower at 0.50 pence each in London on Tuesday afternoon.
By Eric Cunha; ericcunha@alliancenews.com
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