(Alliance News) - Sunrise Resources PLC on Tuesday recorded a full-year loss, as mining projects continue to develop.
The Macclesfield, England-based mine developer with operations in Nevada reported a pretax loss of GBP478,223 for the year ending September 30, widening from GBP335,252 the year prior.
Sunrise Resources said it does not expect to report a profit until the profitable development or disposal of its projects.
Impairment of exploration assets had widened to GBP194,247, from GBP30,021 a year ago, while loss per share also widened to 0.013 pence per share from 0.009p, the company said, it did not declare a dividend.
Sunrise Resources said it had achieved a significant milestone in the conditional approval of CS natural pozzolan by the California Department of Transport, meanwhile developments at the company's Hazen pozzolan and Pioche sepolite projects have enabled Sunrise Resources to "evolve more broadly in the industrial minerals space in Nevada".
The company also signed purchase option agreements with Tolsa SA and Kinross Gold USA Inc at its Pioche and Jackson's Wash projects respectively. Tolsa has already begun evaluation work, and Kinross is expected to begin exploration in 2023.
Chair Patrick Cheetham said: "We now have three key projects moving forward as well as a strong portfolio of royalty interests and wholly owned projects available for joint venture or disposal. There are several potential value catalysts within the company's project portfolio and your board believes we can look forward to productive developments in 2023."
Sunrise Resources shares were flat at 0.14 pence per share on Tuesday morning in London.
By Harvey Dorset, Alliance News reporter
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Sunrise Res (SRES)