LONDON (Alliance News) - IronRidge Resources Ltd on Friday reported a widened annual loss due to an impairment of exploration and evaluation assets.
In the year ended June, IronRidge Resources pretax loss widened to USD13.2 million from USD5.2 million the year before.
The minerals exploration company's revenue increased to USD52,648 from USD4,228 the year before.
IronRidge had a USD4.0 million impairment in the year, from zero last year, incurred from exploration activities from all of its areas of interest. The company expects to recoup these losses when an area is successfully developed.
The company did not declare any dividends in the year, same as the period before.
IronRidge's cash and cash equivalents at the end of the year increased to USD8.9 million from USD2.4 million.
Chief Executive Officer Vincent Mascolo said: "It has been an incredibly productive year for the company, a period in which we have matured significantly having transformed our asset base and building a foundation for future growth.
"With the discovery of projects, which bear significant upside potential, we have set ourselves an ambitious and clear path for the years ahead. To complement our corporate strategy, we have assembled an impressive, highly experienced and African focused team of geoscientists whom will lead the company as it matures and transitions from explorer to developer."
Shares in IronRidge Resources were down 0.2% at 22.45 pence each.
