(Alliance News) - Alba Mineral Resources PLC said on Thursday it expects a steady stream of news flow from investee companies.
For the financial year which ended on November 30, the London-based mineral exploration company's pretax loss narrowed to GBP1.8 million vs GBP2.1 million a year ago.
But the group's net assets as at November 30 increased year-on-year to GBP12.9 million from GBP10.0 million.
Chair George Frangeskides said: "A key event during the year was our successful spin-out listing on AIM of our portfolio of Greenlandic assets. The new AIM-quoted vehicle which now holds 100% of those assets, GreenRoc Mining plc, is led by an experienced, Greenland-focused senior management team."
Alba anticipates a steady stream of news flow from investee companies, particularly GreenRoc, a company focused on the development of mineral projects in Greenland.
GreenRoc made its initial public offering on AIM in London back in September, debuting at 10 pence per share. Alba now owns 54% of the GreenRoc group after the IPO.
Multiple projects are ongoing in the UK and Ireland. In particular at the Clogau-St David's Gold Mine, it's estimated that there will be up to 4,000 tonnes of fine material available fro waste tip.
Alba Mineral shares were up 7.6% at 0.20 pence each on Thursday afternoon in London.
By Xindi Wei; xindiwei@alliancenews.com
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Alba Mineral Resources (ALBA)