(Alliance News) - Fulcrum Metals PLC on Wednesday said that the year ahead promised to be exciting period of growth as it reported a widened loss.
The Canada-focused commodity explorer said pretax loss widened to GBP1.7 million in 2023 from GBP619,597 in 2022.
Notably, administrative expenses increased to GBP985,684 in 2023 from GBP254,339.
Chief Executive Officer Ryan Mee was positive about Fulcrum's outlook: "I believe that a key differentiator for Fulcrum is the development of a tailings business through key acquisition agreements in Kirkland Lake which, essentially, creates a tailings hub with an estimated 200,000 ounces of gold."
He added: "Fulcrum's evolution has been significant since the company's admission to AIM and it continues at pace. The year ahead promises to be an exciting period of growth for the company."
The company highlighted that the Tully gold project is now permitted and drill ready for this year.
Meanwhile, Chair Clive Garston will not seek re-election following the company's annual general meeting on June 3. The company is progressing with the appointment of a new chair.
Fulcrum shares fell 1.0% to 15.10 pence each on late Wednesday morning in London.
By Tom Budszus, Alliance News slot editor
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Fulcrum Metals (FMET)