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(Alliance News) - GreenRoc Mining PLC said on Friday pretax loss widened, yet notes "enormous progress" in exploration and development of graphite mine.
The London-based mining company, which has operations in Greenland, said its pretax loss in the year ended November 30 had widened to GBP1.2 million, from GBP306,000 the year prior.
This is attributed to increased administrative expenses of GBP1.03 million from GBP305,000 in financial 2021.
GreenRoc noted it did not generate revenue as it remains in the exploration and development stage for its Amitsoq graphite project in southern Greenland. This result is unchanged from the previous year.
Looking ahead, the company said it has received "encouraging results" from its Amitsoq project, and will therefore place "maximum focus" on the mine and is looking at conducting a scoping study.
This comes after GreenRoc announced in January its mineral resource estimate for the graphite mine was 23.05 million tonnes, three times higher than the previous estimate.
Chair George Frangeskides said: "We have built up a substantial graphite resource and have done so without any sacrifice to grade, with Amitsoq now firmly established among a very select grouping worldwide of graphite deposits with resource grades averaging more than 20%."
Shares were down 1.4% at 3.40 pence in London on Friday morning.
By Sabrina Penty; Alliance News reporter
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