21st Sep 2018 12:42
LONDON (Alliance News) - Thor Mining PLC on Friday reported a widened annual loss on higher loan impairment charges and said that it has made considerable advances at its core projects in the period.
The tungsten exploration company's loss widened in the year ended June 30 to GBP1.4 million from GBP718,000 the year before. The miner did not generate any revenue in the period, same as last year.
Thor's administrative expenses increased 38% to GBP191,000 from GBP138,000 the previous year.
Thor Mining did not declare or pay any dividends in the period.
The company's cash and cash equivalents at the end of the financial year increased to GBP463,000 from GBP379,000 the year before.
Thor Mining said it is looking to the coming year with "confidence" as it has "significantly" enhanced its position compared to a year ago.
The upgraded definitive feasibility study at its 100% owned Molyhil tungsten project, north east of Alice Springs in central Australia, supports the company's confidence that it can secure funding for the project.
Thor also believes its two other core projects - its 100% owned Pilot Mountain tungsten project in the US and its 75% owned Kapunda copper deposit in Australia - have advanced "considerably".
Shares in Thor Mining were down 1.0% Friday at 1.56 pence each.
Related Shares:
Thor Energy