Shefa Gems Share News (SEFA)

LONDON (Alliance News) - Shefa Yamim Ltd on Thursday said its loss widened in the first-half of 2018 as it booked additional costs associated with its admission on London Stock Exchange.

The precious stones exploration company said its loss amounted to NIS959,000 or GBP204,778 for the six months to the end of June, widened slightly from NIS716,000 reported a year earlier, hit by costs associated with the initial public offering.

Shares in Shefa Yamim were admitted to trading on the London Stock Exchange in December last year.

General & administrative expenses rose year-on-year to NIS1.9 million from NIS364,000 while finance costs fell to NIS67,000 from NIS560,000.

The company did not generate any revenue in either years.

During the period, the company said it completed the bulk sampling campaign in Zone 1 of the Kishon Mid-Reach area in Northern Israel. Shefa Yamim said it is on track to start trial mining in 2019, subject to funding and good exploration results.

Meanwhile, in Zone 2, the company said it completed 26 new boreholes in the first-half.

Looking forward, the company said it now plans to obtain grade and volume estimates as well as preliminary valuations on the mineral suite. For Zone 1, it expects to complete technical economic evaluation during the second-half of the year.

"The results of the bulk sampling in Zone 1 of the Kishon Mid-Reach area, the various gemstones identified, including the finding of high grade spinel, give us the confidence to commence trial mining in 2019," said Chief executive Avi Taub.

"Additionally, we have progressed with our mine-to-market strategy and have held talks with jewellery designers to create a bespoke collection and marketing companies to distribute Shefa Yamim branded jewellery," added Taub.

Shares in Shefa Yamim were untraded on Thursday, last quoted at 96.50 pence.