(Alliance News) - Rockfire Resources on Monday reported improved annual results as it continues with its planned wet season programme ahead of a year expected to be "particularly challenging".
Shares in the gold and base-metal focused explorer closed 0.3% higher at 0.78 pence each on Monday afternoon in London.
Rockfire's pretax loss for 2019 narrowed to GBP635,542 from GBP2 million reported for 2018. Impairments declined to GBP87,475 from GBP1.4 million and administrative expenses fell to GBP548,067 from GBP581,378.
No dividend was declared, unchanged from the year prior.
"The year 2019 has been an exciting growth period for the company, on both geological and administrative fronts. An impressive gold strike at the Plateau gold deposit late in the year was a defining event for the group, providing a clear resource expansion focus and insight to a potentially large gold development project," Rockfire Resources said.
Looking ahead, the company said that the work carried out by its Queensland technicians have not been hurt by the the Queensland State borders being closed amid ongoing Covid-19 pandemic. It stated that all of the team is based in Queensland and exploration field work will initially focus on mapping and soil/rock sampling until the state lock-down on Queensland is lifted.
Rockfire said that it is in talks with service providers regarding potential short-term cost reduction measures, adding that it is looking into its ability to access Australian and UK government grants and incentives.
As at the end of 2019, the company had cash of GBP763,060
By Ife Taiwo; ifetaiwo@alliancenews.com
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Rockfire (ROCK)