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LONDON (Alliance News) - Miner SolGold PLC on Friday reported a significantly increased annual loss as it progresses its assets in Ecuador.
For the 12 months to June, SolGold's pretax loss was AUD15.3 million, compared to AUD8.3 million a year before. It produces no revenue.
During the year, SolGold achieved a mineral resource estimate from its Alpala deposit, giving 430 million tonnes of ore at a grade of 0.8% copper equivalent indicated, and 650 million tonnes at 0.6% copper equivalent inferred.
It successfully raised GBP45 million during the year, and as of June 30 had a cash balance of AUD81.8 million from AUD89.3 million a year prior.
Chairman Brian Moller commented: "I am pleased to report this has been a significant year for SolGold, during which we have materially progressed substantial parts of our Ecuadorian portfolio, notably at the Cascabel project and latterly through identifying 10 key regional projects to progress on.
"The release of the resource estimate at Alpala in January was a fantastic start to the year, confirming Cascabel as a world class copper project, and providing the Company with a strong platform upon which to grow," Moller continued.
"With a significant update on the maiden resource expected in the fourth quarter of 2018, an independent preliminary economic assessment set for release in the first quarter of 2019, and the ongoing development of our 10 priority regional projects, the next year is set to be exciting for SolGold and its stakeholders."
Shares were 5.4% higher on Friday at a price of 37.51 pence each.
