A$8M Farm-in Funding Agreement to Accelerate Molyhil Project, Northern Territory23 Nov 2022 23:01
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.
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