Review and results of operations
The net results of operations after income tax expense for the half year was a profit of $317,102 (2016: loss $236,144).
Thomson continued its exploration at the Bygoo Tin Project with successful drilling during the half year intersecting high grade tin of similar tenor to those previously recorded at both North and South prospects. Further significant funding was also received under the amended Farm-in and Joint Venture Agreement. Where a North American private investor can earn a 51% equitable interest of the Bygoo Tin Project on contributing $A3,000,000 in a series of staged payments by 30 June 2018. 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. Further drilling at Bygoo and other prospects in the regional area is planned to commence in the first quarter of 2018.
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.
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