Thomson Resources quarterly activities update

Thomson Resources (ASX:TMZ) has released an update on its activities for the quarter ending September 30, 2024. The company concentrated on exploration in the New England Fold Belt and Lachlan Fold Belt regions and resolved corporate issues related to the Texas project.

Summary of Thomson Resources quarterly update

Thomson Resources focused on exploration in the New England and Lachlan Fold Belts, planning drilling at Webbs and Conrad Silver Projects and exploration at Harry Smith and Barellan prospects. Corporate actions included resolving issues with the Texas project, renewing exploration licenses, and finalizing the Texas project sale to reduce costs. A $6.0 million fundraising mandate was negotiated, along with debt funding to meet commitments. Cash flow details include $184,000 in exploration expenditure and $551,000 in financing inflows. Thomson holds ten exploration licenses in New South Wales and targets high-grade metal deposits, emphasizing shareholder value.

Executive commentary on quarterly update

The completion of negotiations for the sale of the Texas project is expected to significantly reduce ongoing operating costs and debt commitments, including a saving of $1,063,961 in bonds owed to the Queensland Department of Mines.