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(Alliance News) - Greatland Gold PLC on Monday reported a widened interim loss, as it saw a surge in share-based payment expenses.
For the six months that ended December 31, the London based development and exploration company, which specializes in one-tier gold and copper deposits in Australia, saw its pre-tax loss widen to GBP13.3million from GBP3.6 million a year prior.
Greatland booked a share-based payment expense of GBP9.2 million in the period, up sharply from just GBP39,000 the previous year. Exploration and evaluation expenses fell slightly to GBP1.7 million from GBP1.8 million.
It had a net cash outflow of GBP10.6 million from operating and investing activities. As at December 31, the company had net current assets of GBP58.2 million, with cash of GBP59.8 million.
Greatland Gold said it believes the company has adequate resources to continue in the foreseeable future due to its positive cash position.
The company also said it will debt fund its share of their Havieron development, a high-grade gold and copper deposit in Western Australia, after executing a debt commitment letter of GBP130 million.
The company did not declare a dividend for the half, unchanged from a year prior.
Greatland Gold shares were 2.7% lower at 7.49 pence on Monday afternoon in London.
By Sabrina Penty; Alliance News reporter
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