(Alliance News) - MetalNRG PLC on Monday reported a widened loss in its maiden results on increased administrative costs.
In the 10 months to December 31, MetalNRG recorded a pretax loss of GBP584,855 compared to a GBP238,108 loss in the year to February 28.
The company's administrative expenses more than doubled to GBP594,10 from GBP249,692.
MetalNRG did not generate any revenue in either period.
The company listed on London's Main Market in July, switching its shares from the NEX Exchange.
MetalNRG said: "Initially, the company had planned to list on the London Stock Exchange's Main Market with the focus of the business being uranium and gold. In relation to uranium, we had two solid earn-in agreements signed one with International Mining Company Invest Inc, a company with a uranium mining licence in the Kyrgyz Republic, which was ready to move into production and a second earn-in agreement with Mkango Resources Ltd for their African project also focused on Uranium.
"As a result of the decision of the government in the Kyrgyz Republic to propose a full ban on the exploration and production of uranium in that country, we had to review our strategy and hold off on our plans. This also meant delaying the planned re-listing of the company.
"Following this setback, we decided to focus our efforts on our gold projects in Arizona, our interests in Australia and to seek new projects to be added to our portfolio. With this revised strategy we listed the company in July 2019 and since then we have been implementing our strategic plans."
As a result, the company will now focus on its 100%-owned Gold Ridge Project in Arizona, US.
Shares in MetalNRG closed down 2.5% in London on Monday afternoon at 0.39 pence each.
By Paul McGowan; paulmcgowan@alliancenews.com
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Metalnrg Plc (MNRG)