(Alliance News) - Power Metal Resources PLC on Tuesday said its loss narrowed in its most recently ended financial year, despite an increase in operating expenses.
The AIM-listed mineral resources exploration & development company said pretax loss narrowed in the year ended September 30 to GBP1.4 million from GBP1.6 million the year before, with no significant revenue in either year.
Operating expenses grew to GBP835,000 from GBP668,000 the year prior.
Power Metal explained that its loss narrowed after fair value gains rose to GBP415,000 from just GBP36,000 the year before.
"Much of the development achieved in the company was undertaken in the year ended September 30 and since then we have seen the launch of proactive exploration and corporate activities across multiple projects including district scale opportunities," said Chief Executive Paul Johnson.
"We believe that 2021 and the coming years presents a great opportunity for junior resource opportunities and where possible we intend to take full advantage," added Johnson.
Power Metal shares were trading 6.5% lower in London on Tuesday at 2.60 pence each.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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Power Metal (POW)