(Alliance News) - Panthera Resources PLC on Friday said its loss widened in its most recently ended financial year as it has made progress on its projects in India and Africa.
The gold exploration and development company reported narrowed pretax loss of USD1.6 million for the year to the end of March compared to USD2.5 million a year earlier, as administrative expenses reduced to USD934,720 from USD1.1 million.
A year ago, Panthera also booked USD513,285 in AIM listing costs and USD311,666 in expenses associated with share options.
The company did not generate any revenue in either year, as it is currently focused on projects in India and west Africa.
At the Bhukia gold project in India, the company said it is in talks with local government to reach an out of court settlement that will allow its joint venture to commence the resource drill-out. The move came after the company's prospecting licence application was rejected in August 2018.
Meanwhile, activities in west Africa have advanced well over the last year, Panthera noted, with the establishment of technical teams and the creation of subsidiaries in both Burkina Faso and Mali.
In Mali, geophysical work at the Kalaka project has identified potential extensions to the known mineralisation at the K1A prospect, while at he Bassala project first phase mapping and geochemistry by Panthera has identified lateritic, alluvial, eluvial and some hard rock artisanal gold workings. Exploration work is continuing, Panthera said.
Initial drill testing at the Naton project in Burkina Faso returned positive results, Panthera highlighted, while the acquisition of the Labola project gives the company an advanced, drill ready, property, it said.
"I am delighted to be able to report results for our second year and first whole year since listing on the AIM market in December 2017," said Chief Executive Geoff Stanley.
"The board is confident that 2020 provides an opportunity for great success," added Non-Executive Chair Michael Higgins.
Panthera shares were trading 5.3% lower on Friday in London at 8.05 pence each.
Panthera Res. (PAT)