The directors of Thor Mining Plc (“Thor”) (AIM, ASX: THR) are pleased to provide a progress update on the sale of the royalty it holds in respect of the Spring Hill gold project.
The royalty entitlement comprises:
• A$5.70 per ounce of gold produced from the Spring Hill tenements where the gold produced is sold for up to A$1,500 per ounce; and
• A$13.30 per ounce of gold produced from the Spring Hill tenements where the gold produced is sold for amounts over A$1,500 per ounce.
At the time of writing the gold price sits at approximately A$2,600.00 per ounce.
The Company has received indicative offers and has entered into an exclusivity arrangement with a selected party that has commenced due diligence and preparation of final agreement documentation. Unfortunately aspects of the due diligence process, in particular a site visit, have been delayed due to COVID 19 travel restrictions. Suitable alternative arrangements have now been made, and Thor has extended the timeframe for due diligence completion to 30 April.
The agreement with the selected party prevents release of the terms of the agreement or the identity of the party until final agreement execution, however the Company expects to be in a position to advise further towards the end of April.
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.
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
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