THOR ENERGY PLC — Interim / Quarterly Report 2011

Jan 8, 2012

Appendix 5B
Mining exploration entity quarterly report
Rule 5.3

Appendix 5B

Mining exploration entity quarterly report

Name of entity
THOR MINING PLC

ACN or ARBN
121 117 673

Quarter ended ("current quarter")
31 December 2011

Consolidated statement of cash flows

Cash flows related to operating activities

1.1 Receipts from product sales and related debtors
1.2 Payments for (a) exploration & evaluation (b) development (c) production (d) administration
1.3 Dividends received
1.4 Interest and other items of a similar nature received
1.5 Interest and other costs of finance paid
1.6 Income taxes paid
1.7 Other (provide details if material)

Net Operating Cash Flows

Cash flows related to investing activities

1.8 Payment for purchases of: (a) prospects (b) equity investments (c) other fixed assets
1.9 Proceeds from sale of: (a) prospects (b) equity investments (c) other fixed assets
1.10 Loans to other entities
1.11 Loans repaid by other entities
1.12 Other:- Deposits supporting guarantees

Net investing cash flows

1.13 Total operating and investing cash flows (carried forward)

Current quarter $A’ooo	Year to date (3 months) $A’ooo
0	0
(1,470)	(2,431)
0	0
0	0
(327)	(685)
0	0
10	36
0	0
0	0
0	0
0	0
(1,787)	(3,080)
0	0
0	0
(3)	(11)
0	0
0	0
0	0
0	(100)
(3)	(111)
(1,790)	(3,191)

Appendix 5B Page 1

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Appendix 5B

Mining exploration entity quarterly report

1.13	Total operating and investing cash flows (brought forward)	(1,790)	(3,191)
	Cash flows related to financing activities
1.14	Proceeds from issues of shares, options, etc. (Refer Note 6)	551	1,192
1.15	Proceeds from sale of forfeited shares	0	0
1.16	Proceeds from borrowings	0	0
1.17	Repayment of borrowings	(4)	(7)
1.18	Dividends paid	0	0
1.19	Other (provide details if material)	0	0
	Net financing cash flows	547	1,185
	Net increase (decrease) in cash held	(1,243)	(2,006)
1.20	Cash at beginning of quarter/year to date	1,614	2,377
1.21	Exchange rate adjustments to item 1.20	0	0
1.22	Cash at end of quarter	371	371

Payments to directors of the entity and associates of the directors

Payments to related entities of the entity and associates of the related entities

	Current quarter $A’ooo
Aggregate amount of payments to the parties included in item 1.2	85
Aggregate amount of loans to the parties included in item 1.10	0

1. Explanation necessary for an understanding of the transactions

$84,691 includes: - Directors fees, including superannuation for 4 Directors, totalling $21,350; Consulting fees totalling $63,341 (M Billing, $50,500, T Ireland, $12,841);

Non-cash financing and investing activities

2 Details of financing and investing transactions which have had a material effect on consolidated assets and liabilities but did not involve cash flows

1

2 Details of outlays made by other entities to establish or increase their share in projects in which the reporting entity has an interest

2

Nil

Appendix 5B Page 2

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Appendix 5B
Mining exploration entity quarterly report

Financing facilities available

Add notes as necessary for an understanding of the position.

| 3.1 Loan facilities | Amount available
$A'000 | Amount used
$A'000 |
| --- | --- | --- |
| | | |
| 3.2 Credit standby arrangements | 0 | 0 |

Estimated cash outflows for next quarter

4.1 Exploration and evaluation	$A'000
	300
4.2 Development	0
4.3 Production	0
4.4 Administration	340
Total	640

Reconciliation of cash

| Reconciliation of cash at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts is as follows. | | Current quarter
$A'000 | Previous quarter
$A'000 |
| --- | --- | --- | --- |
| 5.1 | Cash on hand and at bank | 371 | 159 |
| 5.2 | Deposits at call | | 936 |
| 5.3 | Bank overdraft | 0 | 0 |
| 5.4 | Other (90 day Term Deposit) | | 500 |
| Total: cash at end of quarter (item 1.22) | | 371 | 1,614 |

Changes in interests in mining tenements

6.1 Interests in mining tenements relinquished, reduced or lapsed	Tenement reference	Nature of interest (note (2))	Interest at beginning of quarter	Interest at end of quarter
	EL 24392	Thring Creek Prospect	100%	0%
6.2 Interests in mining tenements acquired or increased

Appendix 5B Page 3

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Appendix 5B

Mining exploration entity quarterly report

Issued and quoted securities at end of current quarter

Description includes rate of interest and any redemption or conversion rights together with prices and dates.

		Total number	Number quoted	Issue price per security (see note 3) (cents)	Amount paid up per security (see note 3) (cents)
7.1	Preference *securities (description)
7.2	Changes during quarter (a) Increases (b) Decreases
7.3	*Ordinary securities	639,762,950	639,762,950 Refer Note 7	N/A	Fully Paid
7.4	Changes during quarter (a) Increases through issues (b) Decreases through returns of capital, buy-backs	38,250,000	38,250,000 Refer Note 8	1.0 pence	Fully Paid
7.5	*Convertible debt securities (description)
7.6	Changes during quarter (a) Increases (b) Decreases
7.7	Options (description and conversion factor)
	Options B:	5,000,000	0	Exercise price (Cents) 5.0	Expiry date 31/03/2012
	Options C (Directors)	8,000,000	0	4.0	24/11/2013
	Options D (associates)	1,000,000	0	5.0	20/12/2013
	Options D (associates)	1,000,000	0	3.5	13/06/2014
	Share placement -CDI Warrants	27,922,800	27,922,800	2.625	25/03/2012
	-UK Warrants	14,024,173	14,024,173	1.5 UK pence	31/03/2012
7.8	Issued during quarter Options D	0	0	-

Appendix 5B Page 4

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Appendix 5B
Mining exploration entity quarterly report

| 7.9 | Exercised during quarter
-CDI Warrants
-UK Warrants | 0
0 | 0
0 | 0
0 | |
| --- | --- | --- | --- | --- | --- |
| 7.10 | Expired during quarter
Options A
Option B | 0
0 | 0
0 | | |
| 7.11 | Debentures
(totals only) | | | | |
| 7.12 | Unsecured notes
(totals only) | | | | |

Compliance statement

1. This statement has been prepared under accounting policies which comply with accounting standards as defined in the Corporations Act or other standards acceptable to ASX (see note 4).
2. This statement does give a true and fair view of the matters disclosed.

Sign here: _________
Date: 09/01/2012
(Company Secretary)

Print name: Allan Burchard

Notes

1. The quarterly report provides a basis for informing the market how the entity's activities have been financed for the past quarter and the effect on its cash position. An entity wanting to disclose additional information is encouraged to do so, in a note or notes attached to this report.
2. The "Nature of interest" (items 6.1 and 6.2) includes options in respect of interests in mining tenements acquired, exercised or lapsed during the reporting period. If the entity is involved in a joint venture agreement and there are conditions precedent which will change its percentage interest in a mining tenement, it should disclose the change of percentage interest and conditions precedent in the list required for items 6.1 and 6.2.
3. Issued and quoted securities. The issue price and amount paid up is not required in items 7.1 and 7.3 for fully paid securities.
4. The definitions in, and provisions of, AASB 1022: Accounting for Extractive Industries and AASB 1026: Statement of Cash Flows apply to this report.

Appendix 5B Page 5

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Appendix 5B

Mining exploration entity quarterly report

5 Accounting Standards ASX will accept, for example, the use of International Accounting Standards for foreign entities. If the standards used do not address a topic, the Australian standard on that topic (if any) must be complied with.

6 Proceeds are net of issue costs.

7 Ordinary securities comprise of:
- Listed on London Stock Exchange (AIM) 349,771,790
- Escrowed until 2/8/2012 on Australian Stock Exchange 40,000,000
- Listed on Australian Stock Exchange (ASX) – as CDIs 249,991,160
- Total Ordinary Shares at 31 December 2011 639,762,950

8 Issues during the quarter comprise of:
- Listed on London Stock Exchange (AIM) 38,250,000
- Listed on Australian Stock Exchange (ASX) – as CDIs 0
- Total Ordinary Shares issued to 31 December 2011 38,250,000

Appendix 5B Page 6