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(Alliance News) - Miner SolGold PLC reported an widened annual loss which was attributed to share-based payments expenses.
For the year ended June 30, SolGold posted a pretax loss of USD32.7 million, up from USD11.8 million last year. Share-based payments, related to share options granted to directors, employees and contractors, totalled USD23.9 million up year-on-year from USD8.1 million.
The company did not generate any revenue during the period but raised GBP45.0 million through the issue of 100 million shares at 45.00 pence each to BHP Bullion Ltd.
Exploration and evaluation expenditure for the year totalled USD73.0 million, up 20% from USD60.7 million.
Operationally, the company completed 91,225 metres of drilling in its flagship Cascabel concession in northern Ecuador, up from 84,423 metres last year.
The Alpala deposit in Cascabel received an updated mineral resource estimate of 2.05 billion tonnes of ore at a grade of 0.6% copper equivalent indicated and 900 million tonnes at 0.4% copper equivalent inferred.
Looking ahead, SolGold said its priority is to develop the Alpala deposit, including providing another mineral resource estimate followed by a pre-feasibility study expected to be complete in first quarter of the new financial year.
It also aims to complete the acquisition of Cornerstone Capital Resources Inc, a mineral properties firm which also has a stake in Cascabel. SolGold in January 31 made an offer to acquire Cornerstone's entire share capital for 55.00 pence per share, which represented a 20% premium over Cornerstone's closing price before SolGold's announcement.
Shares in SolGold were 0.6% at 27.12 pence each in London on Friday morning.