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(Alliance News) - Caerus Mineral Resources PLC on Wednesday said its loss widened in 2022, citing a "tumultuous year".
The Cyprus-focused copper miner said its pretax loss widened in 2022 to GBP5.5 million from, GBP987,970 in 2021. This was largely attributed to an impairment of intangible assets of GBP3.1 million, up from GBP118,690 in 2021.
The company did not generate any revenue in 2022 unchanged from 2021.
Caerus also noted several headwinds related to its joint venture agreement with copper-gold project developer Bezant Resources PLC, which was cancelled back in October. The companies cited an inability to "agree on a way forward".
In January, Caerus sold its Cyprus subsidiaries to PM Ploutonic Metals Ltd and Indo-European Mining PR Ltd for USD528,001 in cash. The company said this was done to focus on the acquisition of larger upstream development opportunities in the battery metals sector.
Looking ahead, Caerus said it is making "meaningful progress" on its new strategy which focuses on clean energy, and added it has made an application to the Financial Conduct Authority for the restoration of its listing. This comes after the company delayed publishing its 2022 audited results, resulting in a temporary share suspension.
By Sabrina Penty, Alliance News reporter
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