Thor Mining shares (LON:THR) gained during Wednesday trading after the company posted a promising trading update for the quarter.

The mining company updated on the market on the October to December period, noting a ‘sound’ cash position, taking the country through to the latter half of 2019.

Chief Executive Michael Billing welcomed the results as a ‘positive quarter’, with progress made on all major projects as well as strengthened funds.

He also added:

“The appointment of corporate advisors to support and guide our efforts towards off-take & financing for Molyhil is a strategy we believe will improve our prospects of securing the best arrangement possible for our shareholders.”

“A number of potential scenarios are possible with various interested parties, and we hope to be in a position to advise progress shortly.”

“Additionally, the potential of nearby Bonya tenements, hosting tungsten, copper, and vanadium, provides potential upside for Molyhil, and also for other stand-alone development opportunities.”

“The improvement in the Pilot Mountain resource estimate is an additional welcome boost as we advance our technical studies.”

“Proof of Concept for ISR recovery for the Kapunda copper project is a significant critical step in this very exciting project.”

Thor Mining is listed on both the Australian Stock Exchange and the London Stock Exchange AIM market.

The company has projects in Australia as well as Nevada and Arizona in the UK.

Shares in Thor are currently up +6.40% as of 15:21PM (GMT), as the market reacts to the announcement.