Chairman’s Statement
The year ended June 2013 was a challenging period for many small resource companies, and Thor shared a number of those challenges. Depressed financial markets and delays in achieving critical milestones at our Molyhil Tungsten Project tried the patience of the management team and investors. However, we made very good progress at our gold project at Spring Hill, and have increasing confidence of a positive outcome for Molyhil in due course.
Tungsten
At Molyhil, following completion of the Definitive Feasibility Study, we commenced marketing activities to secure concentrate off-take agreements, as well as a number of optimisation initiatives to extend the life of the project and improve commercial returns. While these efforts have not yet resulted in the ultimate desired outcomes, substantial progress has been made, and it is hoped that we will be able to announce positive results before the end of this calendar year.
Gold
Within the two years since the acquisition of the initial 25% interest in Spring Hill, substantial progress has been made. This year, in addition to extending the resource, a Memorandum of Understanding was signed for processing of ore at a nearby facility, and on 24 June 2013 we announced the results of a study which may lead to the commencement of gold production, at very low capital cost, within the next twelve months. Thor now holds a 51% interest in Spring Hill and we expect to achieve our goal to increase this interest to 80% by the due date of 31 January 2014.
At Dundas in Western Australia, progress was limited as we concentrated all available funds on the other projects; however, looking forward, we hope to be in a position to test a number of promising targets in the near term.
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