11th Mar 2020 13:35
(Alliance News) - Adriatic Metals PLC on Wednesday reported a widened loss in the first half of its financial year.
The precious and base metals explorer said that in the six months to December 31, its pretax loss stretched to GBP3.8 million from GBP847,850.
Administrative expenses soared to GBP3.6 million from GBP717,663.
The mining company - which is listed in Australia - floated on the London Stock Exchange in December. It is the owner of the Vares project in Bosnia & Herzegovina, which comprises of a historic open cut mine at Veovaca and brownfield exploration at Rupice.
In January, Adriatic said a study of the Rupice and Veovaca areas found a net present value, with an 8% discount, of USD917 million.
Shares in the company were 2.9% higher at 64.80 pence each in London on Wednesday afternoon.
By Eric Cunha; [email protected]
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