Thomson Resources (ASX: TMZ) reported its activities for the September 2024 quarter, focusing on resource definition at the Webbs and Conrad Silver Projects in the New England Fold Belt. In the Lachlan Fold Belt, the company continued exploration planning at key gold prospects, including Harry Smith and Barellan.
Operational efforts centered on resolving legacy issues at the Texas Project, previously managed by another operator. Thomson terminated its agreement with Warwick Gold Holdings and resumed control of the Texas Project, negotiating its sale to reduce debt by over AU$1 million in bond obligations. The company secured a AU$6 million fundraising mandate and re-negotiated terms with creditors, past directors, and employees, achieving significant cost savings. Directors also committed personal funds to meet short-term obligations until share raising efforts conclude.
With cash reserves of AU$22,000 at the end of the quarter, Thomson aims to stabilize operations while reviewing its tenement portfolio and managing 976 million outstanding shares.
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