Thor Mining PLC (LON:THR) has released its financial results statement for the year ended 31 December 2019, with the pre-revenue firm reporting a loss of £479,000 and ending the period with £316,000 of cash and equivalent.
Highlighting its operational progress during the year the company noted success at the ISR Copper property where a field pump test was completed at the Kapunda project gathering evidence for a successful operation.
A maiden resource estimate was reported for several deposits at the site, based on historic drilling data, resulting in an inferred resource estimate of 66.1mln tonnes at 0.17% copper, for 114,000 tonnes of contained copper.
READ: Thor Mining reveals maiden resource estimates
At the Molyhil tungsten and molybdenum project the company upgraded its resource estimates too – defining 4.7mln tonnes at 0.28% tungsten trioxide, 0.14% molybdenum, 0.05% copper and 18% iron.
It noted a successful joint venture drilling program at nearby Bonya project, while also delivering a maiden resource estimate for the White Violet and Samarkand deposits which reinforces significant potential to extend the profitable life of the Molyhil operation.
Updating on prevailing commodity market conditions, which have weakened, Thor said: “The Molyhil project remains very well positioned with expected production costs of US$90 per tonne, at the lower end of global production costs.”
It noted that the recent weakness in copper prices is potentially a response to coronavirus - with the price in a range between US$5,000 to US$6,400 per tonne - while tungsten fell by around 20% presently sitting at US$240 to US$245 per tonne and molybdenum pricing fell to a range between US$9 and US$10.