(Alliance News) - Horizonte Minerals PLC on Friday said its first quarter loss widened, largely due to reduced foreign exchange gains.
The Brazil-focused nickel company posted a GBP954,476 pretax loss for the first three months of 2021, stretched from GBP41,522 a year earlier.
Administrative expenses were 22% higher year-on-year at GBP820,802 compared to GBP674,458 and foreign exchange gains fell 80% to GBP184,584 from just shy of GBP1.0 million. It did not generate revenue in either period.
During the quarter, the company completed a GBP18 million fundraise, largely with new investors. It helped strengthen is cash balance to GBP26.3 million from GBP10.9 million in December.
Horizonte shares were 1.3% lower at 7.45 pence each in London on Friday morning.
By Eric Cunha; ericcunha@alliancenews.com
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Horizonte Minerals (HZM)