LONDON (Alliance News) - Altus Strategies PLC on Tuesday mulled funding options for 2019 as it reported a wider fourth quarter loss.
The company's fourth quarter pretax loss amounted to GBP544,839, wider than GBP120,927 a year ago. In the fourth quarter of 2017, Altus benefited from a GBP227,200 fair value gain, while in the final quarter of 2018 it took a GBP47,011 fair value loss.
Over the next twelve months, the company said it will seek to secure joint venture partnership and royalty transactions for its projects and advance its exploration projects so they can be transacted on.
The company said it looks forward to progressing and formally closing agreements with Canyon, Indiana and Corben in Cameroon, Mali and Liberia.
Based on the spending profile of 2018, Altus Strategies said its cash balance at the end of the year will be "insufficient to fund operations for the whole of 2019".
"The group will continue to preserve cash but recognises that it will be necessary to either, or a combination of, raise additional funding, sell its equity position in Canyon or enter joint venture agreements which include cash pre-payments within the next twelve months," the company said.
Shares in the company closed untraded at 3.75 pence on Tuesday.