Director Appointment

RNS Number : 1324K

Thor Mining PLC

27 August 2019

 

27 August 2019

THOR MINING PLC

DIRECTOR APPOINTMENT

The Directors of Thor Mining PLC ("Thor" or the "Company") (AIM, ASX: THR) are pleased to announce that the Company has appointed Mr Mark Potter to the Board as a Non-Executive Director with immediate effect.

Mr Mick Billing, Executive Chairman, commented: 

"We are pleased to announce the appointment of Mark as a Non-Executive Director of Thor.  Mark is a Director of Metal Tiger Plc, a major shareholder of Thor, and we are delighted to be able to further strengthen our ties with Metal Tiger.

"Mark has an outstanding background in commercial aspects of the resources industry, and we are very pleased to add his strengths to our team."

Background

Mark Potter is a Director of Metal Tiger Plc, a company quoted on the AIM market of the London Stock Exchange.

Mark is the Founder and a Partner of Sita Capital Partners LLP, an investment management and advisory firm specialising in investments in the mining industry. He was formerly a Director and Chief Investment Officer of Anglo Pacific Group, a London listed natural resources royalty company, where he successfully led a turnaround of the business through acquisitions, disposals of non-core assets, and successful equity and debt fundraisings.

Prior to Anglo Pacific, Mark was a founding member and Investment Principal for Audley Capital Advisors LLP, a London based activist hedge fund, where he was responsible for managing all natural resources investments. Mark worked on several landmark deals in the mining sector including the successful distressed investment and turnaround of Western Coal Corp and its Can$3.3bn sale to Walter Energy Inc.

Mark invested over US$300m during the period 2005 to 2012 in the mining sector, realising proceeds of over US$900m on which he generated returns in excess of US$600m. The Audley European Opportunities Fund was nominated by Eurohedge as a top performing hedge fund in the event-driven space for 2006, 2007 and 2010.

Prior to Audley Capital, Mark worked in corporate finance for Salomon Smith Barney (Citigroup) and Dawnay, Day, a private equity and corporate finance advisory boutique during which time he completed over US$2bn of M&A, equity and debt transactions. Mark graduated with an MA degree in Engineering and Management Studies from Trinity College, University of Cambridge.

Mark Roderick Potter, aged 42, is or has been a director of the following companies or a partner in the following partnerships during the last five years:

Current

Past

Kalahari Metals Limited Kiran Capital Advisors Limited Metal Tiger PLC Sita Capital Partners LLP Sita Capital Limited

Anglo Pacific Cygnus Limited Anglo Pacific Group PLC APG Aus No 1 Pty Ltd APG Aus No 2 Pty Ltd APG Aus No 3 Pty Ltd APG Aus No 4 Pty Ltd APG Aus No 5 Pty Ltd APG Aus No 6 Pty Ltd APG Aus No 7 Pty Ltd Alkormy Pty Ltd Argo Royalties Pty Ltd Centaurus Royalties Limited Gordon Resources Pty Ltd Hydro Carbon Holdings Pty Ltd Indian Ocean Resources Pty Ltd Indian Ocean Ventures Pty Ltd Shetland Talc Limited Southern Cross Royalties Limited Starmont Holdings Pty Ltd Starmont Ventures Pty Ltd Woodford Wells Pty Ltd

Mark Potter does not hold any shares in the Company. Metal Tiger plc, of which Mark Potter is a Director and Chief Investment Officer, holds 74,050,000 Thor Ordinary Shares of 0.01p each, representing 9.01 per cent. Of the Company's Total Voting Rights.

There is no further information that is required to be disclosed pursuant to Rule 17 and Schedule 2 paragraph (g) of the AIM Rules for Companies

The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.

Enquiries:

Mick Billing	[phone]	Thor Mining PLC	Executive Chairman
Ray Ridge	[phone]	Thor Mining PLC	CFO/Company Secretary
Colin Aaronson/ Richard Tonthat/ Ben Roberts	[phone]	Grant Thornton UK LLP	Nominated Adviser
Nick Emerson Claire Louise Noyce / John Beresford-Peirse	[phone]  [phone]	SI Capital Ltd Hybridan LLP	Joint Broker Joint Broker
Tim Blythe/ Camilla Horsfall	[phone]	Blytheweigh	Financial PR

Updates on the Company's activities are regularly posted on Thor's website  www.thormining.com, which includes a facility to register to receive these updates by email, and on the Company's twitter page @ThorMining.

About Thor Mining PLC

Thor Mining PLC (AIM, ASX: THR) is a resources company quoted on the AIM Market of the London Stock Exchange and on ASX in Australia.

Thor holds 100% of the advanced Molyhil tungsten project in the Northern Territory of Australia, for which an updated feasibility study in August 2018¹ suggested attractive returns.

Adjacent Molyhil, at Bonya, Thor holds a 40% interest in deposits of tungsten, copper, and vanadium, including an Inferred resource for the Bonya copper deposit².

Thor also holds 100% of the Pilot Mountain tungsten project in Nevada USA which has a JORC 2012 Indicated and Inferred Resources Estimate³ on 2 of the 4 known deposits.  The US Department of the Interior has confirmed that tungsten, the primary resource mineral at Pilot Mountain, has been included in the final list of Critical Minerals ⁶2018.

Thor is also acquiring up to a 30% interest Australian copper development company EnviroCopper Limited, which in turn holds rights to earn up to a 75% interest in the mineral rights and claims over the resource on the portion of the historic Kapunda copper mine in South Australia recoverable by way of in situ recovery⁴, and also holds rights to earn a 75% interest in portion of the Moonta Copper project also in South Australia, and is considered amenable to recovery by way of in situ recovery⁵. 

Thor has an interest in Hawkstone Mining Limited, an Australian ASX listed company with a 100% Interest in a Lithium project in Arizona, USA.

Finally, Thor also holds a production royalty entitlement from the Spring Hill Gold project⁶ of:

•  A$6 per ounce of gold produced from the Spring Hill tenements, sold for up to A$1,500 /oz; and

•  A$14 per ounce of gold produced from the Spring Hill tenements, sold for amounts over A$1,500 /oz.

Notes

¹ Refer ASX and AIM announcement of 23 August 2018

² Refer ASX and AIM announcement of 26 November 2018

³ Refer AIM announcement of 13 December 2018 and ASX announcement of 14 December 2018

⁴ Refer AIM announcement of 10 February 2016 and ASX announcement of 12 February 2018

⁵Refer AIM announcement of 5 March 2019 and ASX announcement of 6 March 2019

 ⁶Refer AIM announcement of 26 February 2016 and ASX announcement of 29 February 2016

 

END

 

 

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