Thor Mining announced Tuesday that it has fulfilled its Stage 1 expenditure obligations for the Alford East Copper-Gold Project, South Australia.
As a result, the company increased its interest to 51% interest in the oxide mineral rights from Spencer Metals as agreed in an earn-in agreement.
Also Read: The Best Copper Stocks to Buy
Thor Mining shares are currently down 5% Tuesday at 0.778p.
The Stage 1 requirement saw Thor spend A$500,000, while it will also issue A$250,000 in fully paid Thor shares.
Thor can earn a further 29% interest (80% in total) by funding an additional A$750,000 expenditure over the next 2 years and A$250,000 in Thor shares — which the company's managing director confirmed they will do.
Nicole Galloway Warland, Managing Director of Thor Mining, said: “The company is now progressing with the completion of the Stage 2 earn in, which will result in Thor having an 80% interest in this highly prospective project. This demonstrates our confidence in Alford East and the value it can bring to the company.”
Should you invest in Thor Mining shares?
Thor Mining shares are traded on the London stock exchange's AIM market (the alternative investment market), which is the submarket specifically for smaller companies. AIM stocks are attractive to investors as they have tax advantages and smaller companies have the potential to benefit from rapid growth. But are Thor Mining shares the best buy? Our stock market analysts regularly review the market and share their picks for high growth companies