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(Alliance News) - Aura Energy Ltd on Friday reported a widened loss for the first half of its financial year as costs rose, despite strong growth in revenue.
For the six months to the end of December, the Australian minerals firm reported a pretax loss of AUD1.5 million, around GBP7752,172, widened from AUD1.4 million the year before, due to a rise in administrative costs, and employee benefit expenses.
This was in spite of a rise in revenue and other income to AUD256,542 from AUD16,640.
During the period, Aura secured two gold exploration licences for the Kinross Tasiast project in Mauritania, and completed the definitive feasibility study for the Tiris uranium project, also in Mauritania, displaying "strong financial metrics".
In addition, the company completed the Haggan vanadium project scoping study during the period, and is pressing for the release of the study as soon as possible.
Looking ahead, Aura said following the revaluation of its gold prospects the company has deemed them to be a key asset and has continued discussions with several parties on advancing them,
In addition, Aura is still looking for a more optimal corporate structure for Haggan in Sweden and the gold tenements in order to place both on a stronger independent funding footing.
Several options for the assets include an initial public offering, reverse takeover or a corporate transaction.
Shares in Aura Energy were untraded on Friday, last quoted at 0.20 pence in London.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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