(Alliance News) - Bacanora Lithium PLC on Monday reported a narrowed annual loss but said it is excited at the progress being made as its two flagship projects, in Mexico and Germany.
In the financial year to June 30, the company's pretax loss narrowed to USD11.1 million from USD12.8 million the year before.
Bacanora's general & administrative expenses were broadly flat at USD7.0 million.
The miner did not generate any revenue in financial 2019 or 2018.
Chief Executive Peter Secker said: "The securing of the strategic investment from top-tier lithium company Ganfeng Lithium, the advancement of the Sonora project in Mexico to construction-ready status and the completion of a feasibility study for a high-value lithium operation at our Zinnwald project in Germany, all are stand-out milestones achieved during the year under review.
"All provide Bacanora with a strong platform from which we can build on in the year ahead and, in the process, deliver on our objective of becoming a leading supplier of high-value lithium products to fast-growing industries, such as electric vehicles and energy storage."
The company said it believes it will soon be in a position to finalise the financing package for Sonora and said it is "advancing discussions" with potential partners for Zinnwald after completing the feasibility study.
"Today, we have two high-value lithium projects with a combined net present value of over USD1.7 billion at the funding stage and we are focused on advancing these to the construction stage at the earliest opportunity. With this in mind, I look forward to providing further updates on our progress during what promises to be an exciting year," Secker added.
Shares in Bacanora Lithium were down 5.0% in London on Monday at 32.29 pence each.
By Paul McGowan; paulmcgowan@alliancenews.com
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