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LONDON (Alliance News) - URU Metals Ltd on Thursday posted its delayed financial year results showing a widened loss on administrative expenses and an unrealised loss on its shares in Management Resource Solutions PLC.
The mining company's shares were suspended on Thursday as information exchange between its current and previous auditors had been delayed, preventing the publication of results.
In its year to March 31, the miner reported a total comprehensive loss of USD1.0 million, widening from USD717,000 the year before.
A majority of this loss, USD862,000, was attributable to administrative expenses - which increased from USD670,000 the year before.
The company's remaining loss was due to its Management Resource Solutions PLC shares and was categorised as an unrealised loss on available-for-sale financial assets. This had a USD334,000 impact, which was somewhat mitigated by a USD159,000 foreign exchange gain.
In its prior year, the company made no comparable unrealised loss, but did record a USD72,000 loss on foreign exchange.
URU Chairman Jay Vieira said that Management Resource Solutions is now experiencing "positive trading" after a "difficult 2017 financial period".
The company's main operations for the year concerned its 100% owned Zebediela nickel project, as well as its 50% interest in the Burgersfort nickel project. Both of these are located in South Africa and exploration is ongoing, meaning that no revenue was recorded during the period.
The chief executive of URU, John Zorbas, expressed his confidence in the future of the Nickel market, adding that its use in electric vehicle batteries is likely to mean an increased long-term demand.
"Your management believes that our current projects have the potential to deliver shareholder value and look forward to updating shareholders on the development of its nickel projects in South Africa," said Zorbas.
