LONDON (Alliance News) - Erris Resources PLC on Thursday reported a widened first half loss and said that it has continued to advance exploration programmes in Sweden and Ireland as well as expanding its portfolio through acquisitions of further permits and licences in each country.
Shares in Erris were trading 25% higher at 10.00 pence each.
For the six months to June 30, the zinc and gold explorer recorded a pretax loss of EUR355,333, compared with a pretax loss of EUR84,413 in the year ago period, on a revenue of EUR65,747 and EUR23,587, respectively.
The widened loss was mainly due to increase in administrative costs to EUR301,078 from EUR88,533, which primarily relates to the additional costs related to being a public listed company, it said, including the costs of non-executive directors, brokers, nomad and other advisors.
Erris Resources ended the year with a cash balance of EUR3.4 million, significantly higher than EUR720,000 at the end of the prior year, due to the proceeds from the IPO in December 2017.
It has six licenses in Ireland for zinc prospects and seven gold projects in Sweden.
