Slide 1: May 2019
For personal use only May 2019 AIM | ASX : THR 1
Slide 2: 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 3: Corporate Snapshot
Corporate Snapshot For personal use only Thor Mining PLC AIM / ASX Code THR Market Cap UK£6.5M Cash ‐ April 2019 UK£1.0M Debt NIL Top Shareholders Metal Tiger PLC 9.8% Paul Johnson 5.7% Directors & Management 5.5% AIM | ASX : THR 3
Slide 4: Investment Case
Investment Case High Value Commodities in Demand! For personal use only Tungsten US$27,400/tonne* A strategic and supply constrained commodity ‐ Global price outlook strong. ‐ Unique properties ensure no substitutes ‐ Tungsten Classified as a Critical Commodity by US Dept of the Interior Molybdenum
Slide 5: What is Tungsten?
What is Tungsten? Tungsten is the hardest metal of all!! For personal use only Features Hardest Known Metal Very High Melting & Boiling Points Highly Corrosion Resistant – Will Not Oxidise in Air Uses Diverse Commercial Industrial & Military Applications Wear Resistant Products used in Metalworking,
Slide 6: Molyhil Tungsten Project – 100% Thor
Molyhil Tungsten Project – 100% Thor Ready for Project Finance 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 brie
Slide 7: Molyhil High Grade Reserve & Resources
Molyhil High Grade Reserve & Resources Seven Year Open Pit Life - Subsequent Underground & Nearby Deposits For personal use only Summary of Molyhil Mineral Resource Estimate (Reported 20 Jan 2014) • High grade resource • Molyhil is one of the higher grade open pit WO3 Mo Fe RESOURCE tungsten project
Slide 8: Molyhil Feasibility – August 2018
Molyhil Feasibility – August 2018 Key Features Robust Economics – Early Capital Recovery For personal use only Project NPV ‐ after tax & royalties A$101M All Equity case Project IRR ‐ after tax & royalties 59% All Equity case Project Capex A$69M US$51 million Life of Mine C1 Cost / mtu US$90 FX Rate
Slide 9: Project Enhancements
Project Enhancements For personal use only Fill year three production shortfall Extend life of mine • Steepen pit slopes • Underground production • Accelerate pit cut back with 2nd shift • Satellite deposits – Bonya tungsten • Bonya tungsten deposits • Satellite resources – Bonya Copper AIM | ASX :
Slide 10: Underground Case - High Mo & WO3 Grades Continue below Pit Floor
Underground Case - High Mo & WO₃ Grades Continue below Pit Floor For personal use only Bench Tonnes Mo % Mo (t) WO₃ % WO₃ (t) Top ‘000 mRL 420 48 0.08 39 0.73 350 400 359 0.14 487 0.57 2,044 380 440 0.13 569 0.48 2,096 360 576 0.12 702 0.29 1,690 340 605 0.11 678 0.22 1,341 320 524 0.11 593 0.21 1,1
Slide 11: Bonya - Resource Extension Potential - Longer Term Mine Life
Bonya ‐ Resource Extension Potential ‐ Longer Term Mine Life 13 Outcropping Tungsten Deposits close by at Bonya! ‐ Plus Copper & Vanadium For personal use only TUNGSTEN DRILLING APRIL 2019 • White Violet & Samarkand High Grade Tungsten + Copper • Confirmatory Assays late May • Marrakech Costean Sa
Slide 12: Molyhil Capital Cost – August 2018
Molyhil Capital Cost – August 2018 (Announced 23/8/2018) Project Finance ‐ US$43 million plus Equipment finance ‐ US$8million For personal use only Area / Description A$ million Highlights • Capex = US$50 / mtu* (life of mine) Process Plant 28.4 • Up to US$8M suitable for equipment financing Infrast
Slide 13: Molyhil Operating Cost – August 2018
Molyhil Operating Cost – August 2018 (Announced 23/8/2018) Opex – US$90* / mtu – Global Concentrate Spot Price US$225 / mtu (Apr19) For personal use only Area / Description A$ / t US$ / Crushed mtu * Mining 18.74 63.46 Crushing / Sorting 3.49 10.60 Process Plant 20.32 63.33 Power & Water¹ 8.11 25.12
Slide 14: Molyhil Project – Towards Commercialisation
Molyhil Project – Towards Commercialisation Driving Toward Development and Production For personal use only COMPLETE • Definitive Feasibility Study • EPA & Traditional Owner Approval SCHEDULED • Project Finance • Resource Estimate for Bonya Tungsten Deposits • Mining Management Plan • Detailed Engin
Slide 15: Pilot Mountain Tungsten Project – 100% Thor
Pilot Mountain Tungsten Project – 100% Thor A resource with significant upside – moving toward feasibility! For personal use only Location • Located in Nevada, USA • 250km south-east of city of Reno Geology • Tungsten – copper – zinc - silver skarn style mineralisation at four primary locations: • D
Slide 16: Pilot Mountain Resources
Pilot Mountain Resources The Largest Reported Tungsten Resource in the USA For personal use only Pilot Mountain Resource Estimate (Reported 13 December 2018) Resource WO3 Ag Cu Zn Grade Contained Grade Contained Grade Contained Grade Contained MT % metal (t) g/t metal (t) % metal (t) % metal (t) Ind
Slide 17: Pilot Mountain Scoping Study – Sept 2018
Pilot Mountain Scoping Study – Sept 2018 Key Features – 12 Year Mine Life For personal use only Desert Scheelite Open Pit Scoping Life of Mine EBITDA US$125M Project Capex US$30M to US$35M Project payback 30 months Add in Garnet & Process Enhancements Life of Mine EBITDA US$202M–US$370M Project Cape
Slide 18: Pilot Mountain Project – Towards Commercialisation
Pilot Mountain Project – Towards Commercialisation Driving Toward Project Development For personal use only Scoping Study ‐ Complete Pre‐Feasibility Study Metallurgical Testwork • Phase 1 – Complete! We can produce saleable concentrates! • Phase 2 – Nearing Completion Optimise flow sheet Prepa
Slide 19: EnviroCopper Ltd - Thor Acquiring 30%
EnviroCopper Ltd ‐ Thor Acquiring 30% A new production approach to well known assets with production history For personal use only Location • Located in South Australia • Kapunda - 90km north of city of Adelaide • Moonta – 150km north-west of Adelaide Geology • Substantial near surface oxidised copp
Slide 20: EnviroCopper Resources & Exploration Targets
EnviroCopper Resources & Exploration Targets Growing Copper resource with further Gold¹ potential For personal use only Kapunda Copper Resource Estimate (Reported 12 Feb 2018) Resource Copper • Thor Mining PLC is acquiring up to a 30% equity in this resource Grade Contained • The Company is not awar
Slide 21: Insitu Recovery (ISR) Recovery Model
Insitu Recovery (ISR) Recovery Model For personal use only • Low cost / low environmental impact metal production. • A chemical process rather than a high cost mining operation (No large pit / no crushing or grinding / no waste dumps etc) • Substantial Australian government & research body funding g
Slide 22: EnviroCopper Ltd - Towards Commercialisation
EnviroCopper Ltd ‐ Towards Commercialisation Driving Toward Project Development – with Australian Government Funding! For personal use only KAPUNDA MOONTA Field Recovery Trials • Pump Testing Resource Estimate • Hydro Evaluation •Category 1 Under way • Follow up Gold Recovery •Categories 2 & 3 – dri
Slide 23: Next Steps
Next Steps Commercialisation of these Great Assets For personal use only Pilot Mountain Molyhil • Complete Testwork • Finance for Development • Upgrade Garnet Resource • Construct & Commission • Feasibility • Develop Resources ‐ Bonya • Development Permitting EnviroCopper Ltd • Resource Estimate for
Slide 24: 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 @MickBilling 58 Galway Avenue Marleston, SA, 5033 Australia www.thormining.com @ ThorMining Source: Argus Metals AIM | ASX : THR 24
Slide 25: Board & Management
Board & Management For personal use only Mick Billing – Chairman & CEO Dave Thomas – Non‐executive Director Career includes experience in company management, Has worked for Anglo American, Selection Trust, BP company secretarial, senior commercial, and CFO roles Minerals, WMC and BHP Billiton in sen