EARNINGS UPDATES: Amaroq Minerals, Arrow Exploration swing to profit

Tue, 29th Aug 2023 13:06

(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Tuesday and not separately reported by Alliance News:

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Amaroq Minerals Ltd - mine development company with a land package of gold and strategic mineral assets in Southern Greenland - Swings to net income of USD20.0 million in the first half of 2023 from a loss of USD10.5 million the previous year as it records a USD31.3 million gain on the loss of control of a subsidiary during the period. Also records project management income of USD506,640 in the half, compared to none the year prior. Says programme at Nalunaq is progressing on plan and to budget, with rehabilitation works due to start shortly, and first gold production anticipated next year.

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Arrow Exploration Corp - oil and gas company with projects in Colombia and Canada - Swings to pretax income of USD2.1 million in the first half of 2023 from a loss of USD4.7 million the previous year as the company records significantly higher revenue in the period. Revenue more than doubles to USD17.3 million from USD8.4 million the year prior. Average corporate production in the half more than doubled to 2,169 barrel of oil equivalent per day from 980 boed the year prior. Realized corporate oil operating netbacks rose to USD44.21 per barrel thanks to increased production allowing operating cost to be spread over more barrels.

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Galantas Gold Corp - owner and operator of a open pit gold mine in County Tyrone, Northern Ireland - Reports a net loss of USD2.7 million in the first half of 2023, narrowed from a loss of USD3.0 million the year prior. Narrowed loss comes as the company's cost and expenses of operations reduce to USD378,190 from USD392,501 and firm records a foreign exchange loss of USD59,720 compared to a gain the year prior. Reports no revenue, unchanged from a year prior.

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By Heather Rydings, Alliance News senior economics reporter

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