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IN BRIEF: Empire Metals posts wider loss in 2021 as admin expenses up

Fri, 24th Jun 2022 09:12

Empire Metals Ltd - London-based minerals exploration and development in Australia - Reports wider loss in 2021 as administrative costs surge. Pretax loss worsens to GBP2.3 million from GBP953,769 in 2020. Administrative expenses increase to GBP1.9 million from GBP958,694. Part of administrative costs are fees of GBP438,059 paid in shares in 2021, compared to nothing in 2020, plus a share option expense of GBP473,336 in 2021, compared to GBP14,118 in 2020.

Empire provides an update on five holes drilled at the Eclipse gold project in Western Australia. Finds between 2.32 and 5.52 grammes of gold per tonne of ore. "The strong gold and copper price performance in recent years places us in a strong position," it says.

"Empire is in an exceptionally strong position to make significant new discoveries and develop valuable future resources," adds Chair Neil O'Brien.

Current stock price: 1.20 pence

12-month change: down 56%

By Tom Budszus; tombudszus@alliancenews.com

Copyright 2022 Alliance News Limited. All Rights Reserved.

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