LONDON (Alliance News) - Erris Resources PLC on Friday reported a significant increase in its annual loss due to higher expenses and a big impairment.
Erris is a European-focused mineral exploration company with projects in Ireland, Sweden and Finland.
For 2018, the miner posted a pretax loss of EUR1.1 million versus GBP556,999 in 2017.
This was due to administrative expenses more than trebling to EUR696,083 from EUR204,725 and to a EUR317,396 impairment of exploration projects.
However in 2017, Erris had incurred a charge of EUR340,044 related to costs of its initial public offering, which was lacking from the 2018 financial statement.
Revenue for the year rose to EUR165,216 from EUR111,676.
"Erris Resources has had an active year with significant work undertaken at the Abbeytown zinc-lead-silver-copper project in Northwest Ireland, that resulted in the successful delineation of new mineralisation," Non-Executive Chair Jeremy Martin said.
He added: "Parallel to this, we continued to work with our partner, Centerra Gold in Sweden, where a number of new gold targets have been tested. More recently, this partnership has been expanded into two new districts in Finland where several targets are under review."
Looking ahead, Erris said it continues to advance its strategy focused on value creation through exploration and discovery as it looks for new projects in line with its investment criteria.
Furthermore, with a GBP2.0 million cash position, Erris said it is well-funded for the whole of 2019.
Erris Resources shares were trading 0.6% higher at 5.54 pence each early Friday morning.
