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(Alliance News) - Cora Gold Ltd on Monday said its annual loss widened due to an increase in impairment costs, but says 2023 will be a "pivotal" year as the development of its Sanankoro project goes ahead.
The West Africa-focused gold company said its pretax loss widened to USD2.5 million in 2022 from USD1.8 million a year prior.
This was driven by impairment costs of intangible assets growing to USD1.0 million from USD466,000 in 2021.
Cash and cash equivalents fell year-on-year to USD461,000 from USD5.4 million.
Cora Gold did not declare a dividend for 2022, unchanged from a year before.
Looking ahead, Cora Gold said it will mainly focus on developing its Sanankoro project in southern Mali.
In March, Cora Gold raised USD19.8 million in equity and convertible loan notes to fund Sanankoro.
Chief Executive Officer Bert Monro said: "2023 is set to be a pivotal year for Cora, and we remain focused on commencing construction in as short a time frame as practicable once permitting and financing is completed."
Shares in Cora Gold were down 2.6% at 3.70 pence midday Monday in London.
By Sabrina Penty; Alliance News reporter
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