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(Alliance News) - Aura Energy Ltd on Monday said its full-year loss widened on higher costs, despite growth in revenue.
For the financial year to the end of June, the uranium and vanadium explorer reported a pretax loss of AUD3.0 million, widened from AUD2.0 million the year before.
This was due to higher costs stemming from employee benefits, consulting and advisory fees, public relations and share-based payments.
Revenue for the period, however increased more than fourfold to AUD32,293 from AUD6,838 the prior year.
During the year, Aura secured the exploitation licence for the Tiris uranium project in Mauritania, and had completed the definition of the Haggan Vanadium project in Sweden.
Looking ahead, Aura is now looking for funding for the Tiris project, and will move towards the development of the project should the uranium environment prove receptive.
In addition, Aura expects to publish the Haggan scoping study in early October.
"Whilst the financial year was one of outstanding success from a business building point of view the response on the equity market for Aura was poor and at year end the lack of recognition of Aura's business activity resulted in a low share price. The reasons revolve around the poor outcome for Aura's February share placement, unavoidable delays in studies, uranium price and the general market tone around the US-China trade war," said Executive Chair Peter Reeve.
Shares in Aura Energy were up 5.3% at 0.50 pence on Tuesday but are down more than 40% since the start of 2019.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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