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LONDON (Alliance News) - Kodal Minerals PLC Wednesday said its pretax loss widened in its recent full year, as administrative expenses increased while the company developed its operations in Norway.
The mining exploration company, which has licences for a phosphate and iron project in Norway and listed on AIM at the end of December, said its pretax loss widened to GBP232,705 for the twelve months ended March 31 from GBP18,665 the previous year.
Kodal, which is yet to produce any revenues, said the majority of its losses came from an increase in administrative expenses to GBP195,151 from GBP18,596.
The company put its focus on developing the Kodal project, which currently has a JORC compliant total indicated resource of 14.6 million tonnes at 2.26% phosphate and 24.12% iron and an inferred resource of 34.2 million tonnes at 2% phosphate and 20.38% iron.
Kodal Minerals also noted that it made share based payments totalling GBP33,056 related to options the company granted during the period.
The company raised GBP300,000 during the summer of 2013 from the issue of shares to private investors and has completed placings to raise GBP2.3 million since its IPO in December. It had cash balances of GBP1.5 million at March 31.
Kodal Minerals shares were up 2.6% to 0.400 pence on Wednesday.
By Tom McIvor; tommcivor@alliancenews.com; @TomMcIvor1
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