(Alliance News) - Katoro Gold PLC on Friday said its annual loss widened due to impairments linked to a drilling programme.
The London-based gold and nickel exploration and development company said pretax loss in 2022 widened to GBP1.3 million from GBP1.1 million a year prior.
Katoro Gold attributed the widened loss to an impairment of GBP209,500 as the next phase of the Haneti drill programme was not formalised, meaning related funding was not raised.
Katoro posted no revenue, unchanged from the year prior.
Looking ahead, Katoro said it has "great confidence" in its future prospects, saying it is well-positioned for 2023 and confident that there will be "significant progress and value creation."
Shares in Katoro Gold were down 6.8% at 0.098 pence each in London on Friday morning.
By Sabrina Penty, Alliance News reporter
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Katoro Gold (KAT)