Thor Mining PLC (LON:THR) (ASX:THR) said it has recently begun talks with potential investors about a second of its projects and it also expects an initial resource estimate from the Bonya prospect in Australia before the end of the year.
In its latest quarterly review, Thor's executive chairman Mick Billing said management have started “cutting non-essential project and corporate expenditure in order to conserve cash resources” while it continued to carry out talks with investors about its core Molyhil project and now also with US investors about the Pilot Mountain project in Nevada.
Earlier this month the company raised gross proceeds of £510,000 through a placing and subscription by directors.
This came on the back of challenging market conditions for tungsten this year, though the price of the metal has improved by more than 25% since early September as a potential market overhang was removed in China.
Billing said the board remained confident in the quality of the Molyhil project and that the resource upgrades and exploration drilling at 40%-owned Bonya will add to its value.
“We look forward to the initial resource estimates at Bonya which we expect late in the current quarter. We believe this will significantly improve the production profile and economics of the Molyhil project, and also increase the overall attractiveness of the project to strategic investors and offtake partners.”
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