(Alliance News) - Power Metal Resources PLC on Wednesday reported that full-year revenue more than doubled, and its loss narrowed.
Power Metal Resources is an exploration company focused on North America, Africa, and Australia. Its shares dropped 7.3% to 0.86 pence each in London on Wednesday afternoon.
Revenue in the financial year ended September 30 rose to GBP78,000 from GBP37,000 a year earlier.
Pretax loss narrowed to GBP1.3 million from GP2.9 million.
"The cyclical downturn in the mineral resource exploration sector continued throughout the year under review, with increasing signs however that this pressure may now be easing not least with the strong increases in the prices of gold and uranium, two commodities of focus within the company's portfolio," Power Metal said.
"The year saw the company continue to focus on its business model of advancing robust internal exploration programmes to seek major metal discoveries and build underlying project value, whilst also looking in parallel for significant value crystallisation through corporate activity to build the value of the company."
Looking ahead, Power Metal said it continues to execute on its robust business model of exploration/development project generation and advancement and value crystallisation.
By Sophie Rose, Alliance News senior reporter
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Power Metal (POW)