LONDON (Alliance News) - Alexander Mining PLC on Monday reported a widening in its annual loss due to a surge in administrative and research expenses.
Shares in the company were trading down 10% at 0.045 pence each.
For 2018, the mining company posted a pretax loss of GBP513,000 compared to GBP430,000 a year ago.
Administrative costs increased to GBP374,000 from GBP329,000 and research & development expenses rose to GBP140,000 from GBP101,000, hurting the company's profitability.
As it is currently in the exploration stages, Alexander Mining did not generate any revenue in 2018 nor 2017.
Looking ahead, the company said it is investigating a range of "potentially complementary and value accretive" opportunities in the natural resources sector.
"Based on the current budget, the company should have adequate working capital through until the end of the current year. It is anticipated that further capital will need to be raised in that time or a corporate transaction carried out," Alexander Mining said.
