(Alliance News) - Zinnwald Lithium PLC on Thursday said its loss in the first half narrowed as rising administrative expenses were offset by a halving of share-based payments costs.
The High Wycombe, England-based lithium development company did not post any revenue again, as it is developing the Zinnwald lithium project in Germany.
In the six months that ended June 30, its pretax loss narrowed to EUR1.3 million from EUR1.4 million a year earlier.
Administrative expenses were up 40% to EUR1.2 million from EUR858,953, but this was offset by share-based payments charge halving to EUR255,111 from EUR591,099.
Other operating income multiplied to EUR68,957 from EUR2,187, while finance income jumped to EUR32,792 from virtually nothing.
"Looking ahead, we have an extremely active work schedule. The company's near-term priorities are the completion of the in-fill and hydrogeological drill campaigns at the Zinnwald project, detailed mine planning and testwork programmes related to mineral and chemical processing," said Non-Executive Chair Jeremy Martin.
"The preliminary economic assessment demonstrated a robust project with very attractive economics and the team is working hard to advance this to the next stages of an updated mineral resource estimate in 2023 and on to the bankable feasibility study in early 2024.
"The additional work completed supports the potential to increase the scale of the project and is being explored further as part of the next phase. We look forward to updating the market on progress on all of these fronts as we continue our various work programmes."
Shares in Zinnwald Lithium were up 1.1% to 8.51 pence each in London on Thursday morning.
By Greg Rosenvinge, Alliance News reporter
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Zinnwald Lithium (ZNWD)