(Alliance News) - Sunrise Resources PLC on Wednesday reported annual loss and said it continues to develop CS pozzolan-perlite project in Nevada, US, towards production.
Sunrise Resources shares were 40% lower in London at 0.12 pence each in morning trade.
The AIM-listed mining project development company said loss for the year ended September 30 narrowed to GBP301,738 compared to loss of GBP786,672 a year ago, while cash position at year end was GBP27,069.
Sunrise said it has been developing CS project towards production during the period.
Patrick Cheetham, executive chair, said: "Whilst our activities have been constrained by limited funds in 2019, we have ensured that the permitting of our CS project has progressed as quickly as possible.
He said the company has made "substantial" progress with the submission of its 27 year mine plan to regulatory authorities, while environmental assessment for the project is now at an advanced stage.
Sunrise also said that recent market developments have resulted in increased demand for both perlite and pozzolan products.
Perlite is used in the construction sector, helping create building materials such as concrete, while pozzolan is used in cement.
By Loreta Juodagalvyte; loretajuodagalvyte@alliancenews.com
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Sunrise Res (SRES)