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  5. FinnAust Mining's full year pre-tax loss widens due to recent acqusitions

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FinnAust Mining's full year pre-tax loss widens due to recent acqusitions

Mon, 19th Sep 2016 08:49

(ShareCast News) - Titanium and ilmenite explorer FinnAust Mining's full year pre-tax loss widened due to the cost of recent acquisitions, with management adding it was wary of the impact the Brexit vote would have on future trading and performance.For the year ended 30 June, loss before tax widened by 10.4% to £620,059 compared to the previous year.Cash at year-end fell 46.5% to £425,046, although since June the company had raised £500,000 through a placing of 10m new ordinary shares of 0.01p each at 5p per share.Nonetheless, Yuen Low at ShoreCap said: "given its burn rate, we expect that more funds will need to be raised shortly".The Pituffik titanium project in Greenland, which the company bought in December 2015, "has the potential to be in the top percentile of the projects worldwide in terms of heavy mineral grade" and the company's financial year was characterised by the rapid transformation and progress of the project, as multiple prospects were identified.The AIM-listed company is to publish the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC code) compliant resource report by the end of the year on the project, ahead of commencing a proof-of-concept bulk sampling programme in 2017.Chairman Graham Marshall said: "I am confident that Pituffik has the potential to be a globally significant titanium project with a low cost route to market ... The remainder of 2016 will see us deliver a maiden resource for the area and strengthen our understanding of the processing requirements for this unusually pure mineralisation, which will in turn aid our end user/offtake discussions."He said following the result of the June referendum to leave the European Union, the company "acknowledge that this may have an impact on the company's future trading and performance" and that he "cannot say with any certainty as to what this impact will be, given the uncertainty surrounding the UK's withdrawal from the EU" but the company will continue to monitor the situation closely and "take action as and where deemed appropriate".FinnAust also recently bought Avannaa Exploration, a subsidiary of Cairn Energy, which is yet to settle and remains conditional on approval of Greenland's authorities.In January it increased the licence coverage by about 50% across the Hammaslahti copper-gold-zinc project, the Outokumpu copper project and the Kelkka nickel project in Finland.The company was admitted to the Frankfurt Stock Exchange in February, in response to the strong demand from European investors as its core operations are located across the continent.Shares in FinnAust Mining were down 2.26% to 6.50p at 0853 BST.
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31 Jan 2017 11:08

FinnAust makes two senior appointments as Pituffik progresses

(ShareCast News) - Greenland and Finland-focused FinnAust Mining announced on Tuesday that it has finalised two senior appointments to strengthen its development team as it continues to evaluate commercialisation of the Pituffik Titanium Project. The AIM-traded firm confirmed Hans Jensen has been ap

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25 Jan 2017 10:46

FinnAust appoints experienced marketing advisor

(ShareCast News) - Greenland and Finland-focused FinnAust Mining announced on Wednesday that it has engaged the services of Titanium Industry Global Advisory as marketing advisor to the company. The AIM-traded firm said TIGA is an advisory firm specialising in providing strategic and commercial dire

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16 Jan 2017 13:04

FinnAust posts positive test data from Pituffik

(ShareCast News) - Greenland and Finland-focused FinnAust Mining updated the market on its metallurgical test work programme at its Pituffik Titanium Project in Greenland on Monday. The AIM-traded company said Allied Mineral Laboratories was engaged in October 2016 to complete the next phase of proc

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5 Jan 2017 07:44

FinnAust Mining buys Avannaa, gains new Greenland exploration licence

(ShareCast News) - Titanium and ilmenite explorer FinnAust Mining has bought Avannaa Exploration, after gaining approval from the Greenland government, and has won a new licence, which "strengthens" its footprint within country. FinnAust bought Avannaa from Capricorn Oil, a subsidiary of Cairn energ

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22 Nov 2016 13:24

FinnAust In Talks To Raise GBP5 Million For Pittufik Project (ALLISS)

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22 Nov 2016 13:19

FinnAust Mining in talks over share placing

(ShareCast News) - AIM-listed FinnAust Mining said it is in discussions with investors to potentially raise up to £5m from a placing of new ordinary shares to fund feasibility studies, among other things. The group said the proceeds would also be used to fund an environmental impact assessment, a so

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5 Oct 2016 15:11

UK Shareholder Meetings Calendar - Next 7 Days

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4 Oct 2016 10:32

FinnAust Mining shares rise as Pituffik development continues

(ShareCast News) - Greenland and Finland-focused company FinnAust Mining announced "significant advances" on Tuesday, in its optimising of the metallurgical processes required to produce an ilmenite concentrate from the Pituffik Titanium Project in Greenland. The AIM-traded firm said the "successful

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27 Sep 2016 14:16

FinnAust announces completion of 2016 work programme

(ShareCast News) - Greenland and Finland-focused company FinnAust Mining announced on Tuesday that it has completed its 2016 work programme at the Pituffik Titanium Project in Greenland. The AIM-traded firm said the programme was designed in consultation with SRK Exploration Services, and executed b

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14 Sep 2016 08:59

FinnAust Gets Green Light From Greenland For Social Impact Assessment

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5 Sep 2016 11:04

FinnAust Mining takes over Cairn Energy´s Avannaa subsidiary

(ShareCast News) - FinnAust Mining announced the purchase of Greenland-focused Avannaa through an all-share deal, giving it access to new low-cost, high-quaility assets. The miner would pay Capricorn Oil, a subsidiary of Cairn Energy, $500,000 through the issuance of new shares. Significantly, two

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5 Sep 2016 07:47

FinnAust Expands Greenland Presence With Avannaa Exploration Deal (ALLISS)

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24 Aug 2016 15:07

FinnAust Mining finds significant resource scale at Greenland titanium mine

(ShareCast News) - Precious and base metals explorer FinnAust Mining's shares rose as it said it found resources of significant scale at its pure Pituffik titanium mining project in Greenland. Extensive trenching over the main project areas identified large volumes of ilmenite rich sand across many

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19 Jul 2016 09:19

FinnAust Receives Approval For Greenland Pituffik Titanium Project

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