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(Alliance News) - Alien Metals Ltd on Wednesday said its loss widened in 2018 as it is focused on existing concessions development and is exploring acquisition opportunities.
The mining exploration and development company reported a widened pretax loss to USD1.5 million in 2018 compared to USD1.4 million the year before, due to an increase in administrative expenses.
The AIM-listed company did not generate any revenue in either years as the company is looking to acquire "one or more" additional projects.
Alien Metals said its work to identify suitable acquisition targets to-date has included lithium, gold and base metals projects in a various geographies, including Mexico, Sub-Saharan Africa and Australia.
During 2018, the company completed its initial exploration programme over its portfolio of mining concessions covering an area of over 1,500 hectares, to develop and direct future exploration work. As at December 31, Alien Metals held 12 fully owned mining concessions.
The stock was trading 10% lower on Wednesday in London at 0.13 pence a share.