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(Alliance News) - Cadence Minerals PLC on Tuesday reported a wider annual loss, caused by unrealised loss on financial investments.
The London-based early stage investment and development company within the mineral resource sector said pretax loss widened in 2022 to GBP5.5 million from GBP144,000 in 2021. This was attributed to an unrealised loss on financial investments of GBP4.6 million, related to a 49% reduction in the share price of its largest investee, European Metals Holdings Ltd.
Shares in AIM-listed European Metals Holdings fell by 48% over the course of 2022, to 35.50 pence from 68.50p. However, the stock has rebounded by 33% so far in 2023 to 48.00p on Tuesday.
Cadence Minerals shares were down 1.3% at 8.09p and are down 24% so far in 2023.
Cadence recorded no revenue for 2022.
Looking ahead, Cadence Minerals said its portfolio remains balanced and is well-placed to tackle ongoing macroeconomic uncertainty.
"In the coming year, we look forward to further developing the Amapa iron ore project, progressing the permitting pathway, and, if possible, securing a joint venture partner to co-develop the asset," Chief Executive Officer Kiran Morzaria said.
By Sabrina Penty, Alliance News reporter
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