(Alliance News) - Europa Metals Ltd on Monday said its loss widened in the first half of its current financial year amid unfavourable currency translation rates.
The Australian mining projects developer reported pretax loss of AUD1.7 million - about USD1.3 million - for the six months to the end of 2020, compared to AUD1.4 million loss a year earlier.
Europa Metals said its exploration expenditure remained broadly flat during the half-year, at AUD950,854 versus AUD954,762 a year prior. However, the company recorded a foreign exchange loss of AUD73,865 compared to a gain of AUD38,362 a year before.
The company did not generate any revenue at all in the recent half-year compared to insubstantial revenue in the first half of financial 2020.
Europa Metals noted that there does not currently appear to be any material impact on the company or any significant uncertainties as a result of the coronavirus pandemic.
AIM-listed Europa Metals shares were trading 7.0% higher in London on Monday at 12.30 pence each, while in Johannesburg, the stock was down 7.2% at ZAR270.00 a share.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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Europa Metals (EUZ)