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(Alliance News) - Greatland Gold PLC on Friday reported a widened interim loss on increased administrative expenses but expressed confidence in its ability to fund its operations for the foreseeable future.
The London-based precious and base metals explorer and developer posted a pretax loss of GBP3.6 million in the six months to December 31, widened from GBP2.7 million a year before.
Administration expenses rose 31% to GBP1.1 million from GBP842,171. Further, the company incurred foreign exchange losses of GBP581,303 and finance costs of GBP97,229 that did not occur a year ago.
Greatland did not generate any revenue in the period as it is still in the exploration and development stage of its operations.
The company's cash amounted to GBP14.3 million as at December 31. Due to this positive cash position, Greatland said it is confident that it has adequate resources to continue its operations for the foreseeable future.
"The group also has the ability to raise capital for expansion purposes, if required and has demonstrated a consistent ability to do so in the past," Greatland stated.
Looking ahead, Greatland plans to focus on its Havieron project, a joint venture with Newcrest Mining Ltd in Shire of East Pilbara in Australia.
Greatland and Newcrest are also preparing for the upcoming launch of the exploration programme at another joint venture, Juri in Paterson province of Australia.
"Looking ahead, 2022 is set to be an exciting and busy time for Greatland with the extensive growth drilling campaign continuing at Havieron and a feasibility study due by the December 2022 quarter. We are also preparing for the upcoming launch of the 2022 exploration programme at the Juri joint venture building upon the results from the initial campaign and focusing on drilling several high-priority targets, along with ramping up exploration activities across our 100% owned targets," Chief Executive Shaun Day commented.
"Greatland is in a strong operational position with an experienced team to execute our growth plans to increase shareholder value and build a company of significant scale."
Shares were down 5.1% at 14.94 pence each on Monday morning in London.
By Abby Amoakuh; abbyamoakuh@alliancenews.com
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