(Alliance News) - Power Metal Resources PLC on Friday said its first-half loss narrowed on lower costs.
The metals exploration company, focused on North America, Africa, and Australia, said its pretax loss in the six months to March 31 narrowed to GBP1.6 million from GBP1.7 million a year prior. This was attributed to a GBP48,000 gain on disposal of its Kanye Resources joint venture, as well as a 23% drop in operating expenses to GBP1.0 million.
Revenue for the half-year fell by 99% to just GBP1,000 from GBP198,000 the year before, but the company did not provide any further financial details.
Looking ahead, Power Metal said it is making progress across all areas and expects to focus on the completion of exploration projects in the coming months.
Chief Executive Officer Sean Wade said: "The key to unlocking value is to complete planned portfolio disposals, secure operational partnerships over certain exploration interests, drive our uranium interests forward, and ensure the company has access to quality sources of finance in sufficient quantity to enable it to boldly pursue its ambitions."
Shares in Power Metal were up 0.6% at 0.73 pence each in London on Friday afternoon.
By Sabrina Penty, Alliance News reporter
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Power Metal (POW)