(Alliance News) - Panthera Resources PLC on Friday said its annual loss narrowed as expenses fell.
In the year to March 31, Panthera's pretax loss slimmed to USD1.1 million from USD1.6 million. Although the gold exploration and development company did not report any revenue, like a year earlier, other income climbed 95% to USD58.0 million from USD29.8 million.
Exploration costs expensed fell by 46% to USD365,139 from USD675,810 and administrative expenses were 12% lower at USD821,156 from USD934,720.
"Panthera has navigated its second full year as an AIM listed exploration and mining company. During this period, it has continued to work closely with its strategic partners, including Galaxy Gold Mining Pvt Ltd (Galaxy), to unlock a favourable outcome to the protracted prospecting license application process for its flagship Bhukia joint venture project in Rajasthan. It has also continued to build on its foundations in West Africa with the acquisition of the advanced exploration project, Labola," Panthera said.
Shares in the company closed 1.1% higher at 4.80 pence each in London on Friday.
By Eric Cunha; ericcunha@alliancenews.com
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Panthera Res. (PAT)