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LONDON (Alliance News) - Cora Gold Ltd said Monday it swung to profit from a previous year's loss after floating on AIM and gaining on business combination.
For the past financial year, the West African-focused gold exploration company reported a pretax profit of USD3.6 million versus a pretax loss of USD54,000 year-on-year.
The company said the profit was driven by gains from the acquisition of a portfolio of exploration assets from Hummingbird Resources PLC and Kola Gold Ltd.
If impairment charges and exceptional items are considered, the company reported a USD394,000 loss due to expansion and admission to trading costs.
The company floated on AIM trading in October after an initial public offering of GBP3.5 million.
"2017 was an important year for Cora Gold which marked our initial public offering on London's AIM with an exciting portfolio of gold exploration projects and a high calibre team in place. We hit the ground running, focussing on unlocking the value in our two core projects, the Sanankoro Gold Discovery and the Tekeledougou Gold Project in Southern Mali," said Chief Executive Officer Jonathan Forster.
The company said it looks forward to 2018 and has a "busy schedule of exploration programmes planned" for the current year.
Cora Gold shares were trading down 0.9% at 14.62 pence each.
