18th Jun 2018 16:19
LONDON (Alliance News) - Thor Mining PLC on Monday said the decline in market value in the last four months does not reflect the company's performance, as it progresses well across of all projects.
The exploration & development company said its shares fall 50% since early February. The stock was trading flat on Friday at 2.00 pence per share.
Thor Mining believes the movement in share price reflects the challenging conditions in the junior resource sector in the UK, Canadian and Australian markets. However, the company believes that the loss in market value does not correlate with the progress that has been achieved across the company over the last four months.
In its letter to shareholders, the company said it remains "very well-funded" with sufficient cash to cover planned work programmes and general working capital requirements until well into 2019.
Also, during recent months Thor Mining has seen considerable progress across all three key projects.
Molyhil tungsten project in Northern Australia, the company progresses on the definitive feasibility study. This work has taken longer than expected, but Thor Mining expects a positive outcome upon completion. The company plans to report a range of positive developments, including process improvements and extended mine life.
Meanwhile, at Pilot Mountain tungsten, copper & silver project in Nevada, US, the company undertook the scoping study to assess pit optimisation and enhance project development.
At Kapunda copper project in South Australia, the company plans preparatory works for the commercial development of the well. Thor Mining has an interest in 45% of the project.
After the drilling, completed at the end of February, the company found a maiden inferred resource of 119,000 tonnes of contained copper, which considerably exceeded the company's internal expectations.
"Back to the issue of our share price and market valuation I would reiterate the board's view that the decline in share price by 50% in the last four months is not reflective of the publicly released progress, or of the internal work that has been undertaken by the Thor team," said Chairman Mick Billing.
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