Review and results of operations
The net results of operations after income tax expense for the half year was a loss of $236,144 (2015: $874,680).
Thomson's Bygoo Tin Project received a major boost during the half year to December with the signing of a Farm-in and Joint Venture Agreement with a North American private investor. The new partner can earn a 51% equitable interest of the Bygoo Tin Project on contributing $A3,000,000 in a series of staged payments by 30 November 2017. They then have an option to contribute additional funds to earn a further 25% interest. The option will be exercisable until 1 October 2018 at an exercise price of A$22,000,000, with an initial payment at commencement of A$4,000,000.
Thomson welcomes this investment as a strong show of support for the prospectivity of the Bygoo Tin Project. The farm-in funding removes the financial constraints on Thomson into developing this project towards production. A short drilling campaign was carried out at Bygoo in December and results are awaited. Further drilling is planned to commence in the second quarter of 2017.
The information in this report that relates to Exploration Results, Mineral Resources or Ore Reserves is based on information compiled by Eoin Rothery, (MSc, MAIG RPGeo), who is a member of the Australian Institute of Geoscientists. Mr Rothery is a full time employee of Thomson Resources Ltd. Mr Rothery has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves". Mr Rothery consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.
The principal activity of the Company is exploration for the discovery and delineation of high grade base and precious metal deposits specifically within the Lachlan and Thomson Fold Belt of NSW and the development of those resources into cash flow generating businesses.
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About Thomson Resources Ltd
Thomson Resources Ltd (ASX:TMZ) is an NSW active mineral explorer. Thomson has several tin projects (including an advanced project near Ardlethan), as well as gold, copper and zinc targets in a range of settings. Thomson has a good record of discovery, with multiple new Intrusion-Related Gold (gold with copper, lead, zinc, molybdenum, tungsten) systems discovered in the Thomson Fold Belt in the NW of the state.
Thomson Resources Ltd