On 19 December 2018, Thor Mining Plc (ASX: THR), a company into the business of development and exploration of tungsten and copper project announced the establishment of proof of concept of Kapunda Copper Project. Thor Mining Plc and Environmental Copper Recovery SA Pty Ltd (“ECR”) will be working in partnership in this project.
In Kapunda Copper project, Thor Mining holds 45% interest. As per the estimate of the first resource made in February 2018, the company confirms that it contains an inferred JORC compliant resource 119,000 tonnes of copper.
The announcement also covers the highlights of significant steps of the project development process. The results of the initial hydrogeological assessment were positive followed by the completion of water sampling. The project development process further includes the construction of the required technical models of geology, the grade of the ore discovered, the variety of copper distribution, and the fracture density. As per the initial hydrogeological computer modeling resulted that there might be a possibility of the flow through the body of ore. Also, there is a chance of the possible Insitu-recovery at the ore body. The project development initial laboratory work was a success which proved the possibility of copper recovery at the site. There was also an introduction of community education program to create awareness of the benefits of Insitu-recovery amongst the community. At present, stage 2 of the project development process is in progress which will include the relevant approval process followed by the environmental and pump testing. Further, the company will begin the field recovery trials to identify the existence and recovery of any other metal options.
Once these two stages get completed, there is a requirement of approval from Commonwealth Research Program for its support in this economical and eco-friendly future mining technique which involves an amount of A$2.85 million.
The official listing date of THR is 27 September 2018. Since then, the company has given a consistent negative performance. Its ten years performance was -93.41%. The performance of THR since last one year was -60%. However, the previous three months performance of the company was positive.
For the financial year ending 2018, the company along with its subsidiary made a net loss of £1.249 million. The balance sheet of the company appears to be healthy as the company has maintained its net asset base of £11.470 and a debt to equity ratio of 0.03. The company holds a total current asset worth £1.423 and total current liabilities of £0.345 which indicates that the company is in a state to manage its short-term obligations and the working capital requirements. Also, there might be a possibility where a negative impact on the investors and the shareholders of the company as a result of an increase in the retained losses. The total shareholder’s equity is worth £11.470 million.
By the end of FY2018, the net cash available with the company was £1.374.
With the market open on 19 December 2018, there was no change seen in the price movement of the share. The share traded last on 18 December 2018, with the closing price of A$0.028 with the market capitalization of A$20.07 million.
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