(Alliance News) - Uru Metals Ltd on Wednesday posted a widened loss for its first half due to higher costs and the settlement of debts.
For the six months ended September, the exploration and development firm posted a total loss of USD1.6 million, widened from USD230,000 the year prior, as administrative expenses rose to USD302,000 from USD263,000 and the company recognised a loss of USD1.5 million on the settlement of debts.
Looking ahead, Chair Jay Vieira said: "URU continues to believe that the long-term fundamentals of the base minerals industries remain positive and will be working hard in the coming year to unlock the value of our projects for our shareholders. The company maintains its core strategy to develop its nickel assets, as the Board anticipates growing demand and price appreciation for nickel in the short to medium term."
Cash held as at September-end was USD223,000, up from USD66,000 at the same time in 2019.
Shares in Uru Metals were untraded on Wednesday morning in London, last quoted at 248.00 pence each.
By Ife Taiwo; ifetaiwo@alliancenews.com
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Uru Metals (URU)