Slide 1: Investor Presentation ASX Announcement
ASX Code: “THR” Date: 10 June 2015 Company Announcements Office, For personal use only ASX Securities Limited, THOR MINING PLC 20, Bridge Street, Registered Numbers: Sydney, N.S.W. 2000 United Kingdom 05 276 414 Australia 121 117 673 Investor Presentation Registered Office: 58 Galway Avenue, The Dir
Slide 2: An emerging tungsten developer
For personal use only An emerging tungsten developer June 2015 1
Slide 3: Disclaimer & Legal Notice
Disclaimer & Legal Notice 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
Slide 4: Overview: Building a Tungsten Group
Overview Building a Tungsten Group For personal use only • AIM|ASX (THR) listed mining group focussed on tungsten • Thor owns two tungsten projects at different stages in Project Stages developed & established jurisdictions • Potential to become a 20+ year tungsten supplier – Molyhil, NT Production
Slide 5: Molyhil Tungsten Project – 100% Thor
Molyhil Tungsten Project – 100% Thor Targeting Production in 2016 For personal use only Location • Northern Territory, Australia – 320km east of Alice Springs • Two adjacent magnetite skarn bodies with economic mineralisation of scheelite, molybdenite, & Geology magnetite • Southern ore body mined b
Slide 6: Molyhil Reserve & Resources
Molyhil Reserve & Resources An expanded reserve with improved economics For personal use only Summary of Molyhil Mineral Resource Estimate • High grade resource – Molyhil is one of the higher WO3 Mo Fe grade projects in the Western World RESOURCE • Reserve delivers 6 year mine life and favourable Mt
Slide 7: Molyhil Feasibility – published Jan 2015
Molyhil Feasibility – published Jan 2015 Key Features For personal use only Project NPV - after tax & royalties A$67 million All Equity case Project IRR - after tax & royalties 44% All Equity case Project Capex A$70 million US$58 million Life of Mine C1 Cost / mtu US$112 Life of Mine EBITDA A$201 mi
Slide 8: Molyhil Feasibility: Robust Economics – Early Capital Recovery
Molyhil Feasibility Robust Economics – Early Capital Recovery For personal use only At Forecast Tungsten Prices At 4 Year Historical Average Source: Company Forecasts At 4 Year Historical Low AIM | ASX : THR 7
Slide 9: Molyhil Capital Cost
Molyhil Capital Cost Capex - A$70million / US$58 million For personal use only Highlights Area / Description A$ million • Capex = US$60 / mtu* (life of mine) Process Plant 24.6 • Up to A$12M suitable for equipment financing Infrastructure 6.2 * After Mo Credits Tailings Storage 2.7 Roadworks & Civil
Slide 10: Molyhil Operating Cost
Molyhil Operating Cost Opex – US$112* / mtu - approx ⅓ of Revenue Forecast For personal use only Project Opex US$/mtu 250 200 Area / Description A$ / tonne US$ / mtu * 150 Milled 100 Mining 17.73 40.90 50 Crushing / Sorting 6.33 14.60 0 Process Plant 33.80 77.90 Power & Water¹ 16.99 39.20 Camp 3.40
Slide 11: Production Schedule
Production Schedule Six Year life with Pit cut-back in year 4 For personal use only Total Year 0 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Volume Mined ‘000t 18,953 1,160 3,481 3,680 4,263 3,915 1,808 646 Ore Crushed & Sorted ‘000t 3,079 - 309 540 540 540 540 610 Ore treated ‘000t 2,311 - 234 409 40
Slide 12: Product Marketing
Product Marketing First class partner For personal use only • Letter of Intent (LOI) from US Global Tungsten & Powders (GTP) for 70 - 75% of tungsten concentrate production – Pricing benchmarked against London Metal Bulletin European spot price – GTP is one of the top 3 non-Chinese tungsten processo
Slide 13: Molyhil Timeline
Molyhil Timeline Near term production For personal use only Q3’14 Q4’14 Q1’15 Q2’15 Q3’15 Q4’15 Q1’16 Q2’16 Q3’16 Public Environment Report **Complete Agreements with traditional **Complete owners Offtake Agreements ** Partially Complete (LOI in place) DFS Optimisation **Complete MMP Approval Financ
Slide 14: Nearby Exploration Targets
Nearby Exploration Targets Multiple nearby targets with potential to add substantial project life! For personal use only AIM | ASX : THR 13
Slide 15: Pilot Mountain Tungsten Project – 100% Thor
Pilot Mountain Tungsten Project – 100% Thor Advanced exploration - a resource with significant upside For personal use only Location • Located in Nevada, USA • 250km south-east of city of Reno Geology • Tungsten – copper – silver skarn style mineralisation at three primary locations including: Deser
Slide 16: Pilot Mountain Projects
Pilot Mountain Projects High grade projects, potential to be more than a moderate sized resource For personal use only • Existing Indicated and Inferred Resource • Tier 1 Targets based on historic drilling • Tier 2 targets with favourable geology & proximity to known mineralisation • Western targets
Slide 17: Pilot Mountain Resources
Pilot Mountain Resources Potentially economic resource with serious growth potential For personal use only Desert Scheelite Resource Estimate Resource WO3 Ag Cu Desert Scheelite Contained Grade Contained Contained Tonnes Grade % metal (t) Grade % metal (t) metal (t) g/t Indicated 6,090,000 0.31 18,9
Slide 18: Pilot Mountain Tenement Area
Pilot Mountain Tenement Area Numerous Targets with Historical Drilling to Follow Up For personal use only Significant potential upside via 1. Potential very high grade eastern extension of Desert Scheelite deposit (follow up 14m @ 0.89% WO₃ & 18m@ 1.8% Cu) 2. Exploration targets @ Garnet & Gun Metal
Slide 19: Spring Hill Gold Project – 100% Thor
Spring Hill Gold Project – 100% Thor* (*after completion of acquisition of remaining 49%) Advanced exploration – a gold resource with potential for low cost development For personal use only Location • Northern Territory, Australia – 150 km south of Darwin Geology • Coarse grained gold mineralisatio
Slide 20: Spring Hill Gold Project
Spring Hill Gold Project Advanced gold project - resource with upside & development potential For personal use only SPRING HILL – KEY POINTS • Indicated Resource at shallow depth 6.9 Mt @ 1.74g/t = 390,000 ounces gold • Recent drilling & assay upgrades • Thor hold 51% & is acquiring the remaining 49
Slide 21: Gold Resource – Spring Hill
Gold Resource – Spring Hill TOTAL RESOURCE ESTIMATE For personal use only Classified as “Indicated” Undiluted Oxidised Transition Unweathered TOTAL Resource Cutoff MT g/t ‘000 MT g/t ‘000 MT g/t ‘000 MT g/t ‘000 g/t Au oz Au oz Au oz Au oz 0.5 4.6 1.28 190 1.3 1.41 59 4.06 1.54 201 10.0 1.4 450 0.7
Slide 22: Contact
Contact For personal use only Mick Billing Chairman & Chief Executive Officer Tel. | +61 8 7324 1935 Fax. | +61 8 8351 5169 mbilling@thormining.com 58 Galway Avenue Marleston, SA, 5033 Australia www.thormining.com AIM | ASX : THR 21