Slide 1: For personal use only
For personal use only Mick Billing - Chairman & Chief Executive Officer Tel: +61 8 7324 1935 Fax: +61 8 8351 5169 Email: mbbt@senet.com.au Address: Level 1, 32 Richmond Road, KESWICK, SA, 5035, AUSTRALIA www.thormining.com 1
Slide 2: For personal use only
This document and all other information (whether in writing or otherwise) which may be made available is: 1. Supplied solely for the intended recipient and may not be copied, reproduced, further distributed to any other person or published, in whole or in part, for any purpose. 2. Provided confident
Slide 3: Corporate: Board & Management
CORPORATE BOARD & MANAGEMENT For personal use only Directors • Mick Billing - Chairman & CEO • Trevor Ireland - Director • Greg Durack - Director • Mick Ashton - Director • Dave Thomas - Director Management Richard Bradey - Expl Mgr Allan Burchard - CFO & Co Sec EXCHANGE LISTINGS ASX “THR” AIM “THR”
Slide 4: Molyhil Project - Positive DFS Completed June 2012
MOLYHIL PROJECT For personal use only POSITIVE DFS COMPLETED JUNE 2012 TUNGSTEN + MOLYBDENUM 4
Slide 5: The Tungsten Market
MINE DEVELOPMENT - MOLYHIL THE TUNGSTEN MARKET Projected to grow at 6%pa through to 2016 For personal use only • Tungsten is extremely hard & very wear resistant • Principal use * 55% Hard metals (cemented carbides) * High tech tools, wear parts, drilling & mining tools * 23% Steels & alloys * 14% L
Slide 6: Molyhil DFS Key Points
MINE DEVELOPMENT - MOLYHIL For personal use only MOLYHIL DFS KEY POINTS • Capex A$70m • Opex / tonne ore A$89/t • Opex / mtu WO₃ A$125 • Revenue (per mtu WO₃) US$354 • Mine life 4 years • Scope for extension • Payback period 21 months • EBIT Cash flow A$61 million (net of funding) • NPV A$28 million
Slide 7: Molyhil Resource Estimate
MINE DEVELOPMENT - MOLYHIL MOLYHIL RESOURCE ESTIMATE Category Tonnes (M) WO3 (%) MoS2(%) Fe(%) For personal use only Indicated 3.8 0.29 0.22 18.8 Inferred 0.9 0.25 0.25 15.2 TOTAL 4.7 0.28 0.22 18.1 Very high grade tungsten near surface to deliver early payback of capital Bench Top mRL Tonnes WO3 %
Slide 8: Molyhil Operating Parameters
MINE DEVELOPMENT - MOLYHIL Operating Parameters For personal use only Annual throughput of Ore 400,000 tonnes Tungsten recovery 85% Molybdenum recovery 77.8% Annual Product Output Product Grade Annual Production Scheelite Concentrate 72.9% WO₃ 2,000 tpa Molybdenum Concentrate 51% Mo 1,000 tpa 8
Slide 9: Exploration Upside - Molyhil
EXPLORATION UPSIDE - MOLYHIL • Significant potential to increase For personal use only throughput @ Molyhil & extend life • More prospects for exploration & evaluation close to Molyhil • 15 Untested Tungsten prospects nearby 9
Slide 10: Spring Hill Project - Gold
For personal use only SPRING HILL PROJECT GOLD 10
Slide 11: Spring Hill - Key Points
DEPOSIT EVALUATION – SPRING HILL THOR HOLD RIGHTS TO 80% EQUITY For personal use only SPRING HILL – KEY POINTS • Indicated Resource at shallow depth 3.6 Mt @ 2.3g/t = 274,000 ounces gold • Proximity to most infrastructure • Brownfields discovery potential of company-making magnitude • +30% of gold r
Slide 12: Spring Hill Total Resources
DEPOSIT EVALUATION - SPRING HILL TOTAL RESOURCES: For personal use only 3.6 million tonnes @ 2.3 g/t gold Containing 274,000 ounces gold Comprising: Measured Indicated Inferred TOTAL Million Grade Million Grade Million Grade Million Grade Contained tonnes g/t Au tonnes g/t Au tonnes g/t Au tonnes g/
Slide 13: Spring Hill - 2012 Activity
For personal use only DEPOSIT EVALUATION – SPRING HILL SPRING HILL – 2012 ACTIVITY • Metallurgical testwork • Exploration drilling • Near surface • Deep targets • Resource Upgrade • Scoping Studies SIGNIFICANT POTENTIAL TO INCREASE THE OPEN PIT RESOURCE BY DRILLING BEYOND 150 METRES DEPTH 13
Slide 14: Spring Hill: Simplified Geological Plan & Gold Deposit Outline
For personal use only DEPOSIT EVALUATION – SPRING HILL Historical Intersections approx 1km north of resource boundary Spring Hill: Simplified geological plan & gold deposit outline • Spring Hill gold resource currently contained within four zones of mineralisation. • Known mineralisation to the nort
Slide 15: Gold Exploration - Spring Hill: Gold in the Pine Creek Area
GOLD EXPLORATION - SPRING HILL Gold in the Pine Creek Area For personal use only • There are abundant gold deposits throughout the Pine Creek Inlier • The geology & geological history is identical to the Tanami Inlier (a few hundred km to the SW) which hosts the Callie deposit (production + resource
Slide 16: Gold Exploration - Spring Hill: Koolpin Formation
GOLD EXPLORATION – SPRING HILL KOOLPIN FORMATION * For personal use only PROGRAM 2012 • Review data • Geophysical survey • Initial deep drill test * Koolpin Formation – potential host to Callie style mineralisation appears at surface in the north west of the tenement dipping under Spring Hill. 16
Slide 17: Gold - Dundas Project
For personal use only GOLD 17 DUNDAS PROJECT
Slide 18: Gold Exploration - Dundas Exploration Program
GOLD EXPLORATION - DUNDAS For personal use only EXPLORATION PROGRAM Extend & infill calcrete geochemistry (ongoing) • Air-core RAB drill better calcrete anomalies (ongoing) • Follow up RC drilling according to results • Thor Mining PLC holds 60% equity in the Dundas project with rights to 100% 18
Slide 19: Summary
SUMMARY For personal use only THOR MAKING SIGNIFICANT STRIDES TOWARDS PRODUCER STATUS: • Moving to development at Molyhil Tungsten/Molybdenum Project • Completing confirmatory drilling & pre-feasibility investigations at Spring Hill Gold Project POTENTIAL FOR SIGNIFICANT ADDITIONAL GOLD DISCOVERY: •