LONDON (Alliance News) - Altus Strategies PLC on Thursday said its pretax loss widened in the first quarter of 2018 through a combination of increased administrative expenses and a reduction in fees recovered from joint venture partners.
For the three months to March 31, Altus's pretax loss was GBP543,366, widened from GBP515,781 the year before.
This was caused by a 31% rise in administrative expenses to GBP330,085 from GBP252,213 as well as a drop in management fees and costs recovered from joint venture partners to just GBP5,951 from GBP34,494.
Altus is a royalty generator in the mining sector and focuses on Africa. It makes mineral discoveries across multiple licences and enters joint ventures, which its partners can earn interest in by advancing them toward production.
Since the end of the quarter, Altus has defined drill targets at its Tabakorole gold project in Mali and defined a new prospect at its Diba gold project, also in Mali. A royalty and joint venture term sheet have been signed with Corben Resources Ltd on the Zolowo and Laboum gold projects in Liberia and Cameroon.
In the next 12 months, Altus intends to close its agreements with Canyon Resources Ltd for a joint venture termination and the transfer of the Birsok & Mandoum bauxite project in Cameroon. It will also aid in the completion of due diligence for project in Mali, Liberia, and Cameroon.
Altus is also looking to create new joint venture or royalty agreements and to begin exploration to generate new projects. Altus will also evaluate project and royalty acquisition opportunities, both private and within listed companies.
Shares in Altus Strategies were untraded at 4.32 pence on Thursday afternoon.