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Thor Mining Completes Stage 1 Earn-In Obligations, Shares Down

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Updated: 16 Nov 2021

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.

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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.”

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