11th Jun 2019 13:41
(Alliance News) - African Battery Metals PLC on Tuesday said it is well positioned for the future as its loss narrowed in its most recently ended financial year.
The AIM-listed company said its pretax loss narrowed to GBP335,000 in the six months to the end of March from GBP593,000 loss reported a year earlier. African Battery metals did not generate any revenue in either year.
The battery metal exploration and development company completed a business restructuring and refinancing in February, with Andrew Bell joining as chair and Paul Johnson as executive director.
The new board launched a strategic and operational review to assess existing business operations and new opportunities.
At the end of March, African Battery Metals said it will resume exploration in the Democratic Republic of Congo at the Kisinka copper-cobalt project, with a termite mound sampling programme covering the entire licence commencing in April.
"Despite the challenges in late 2018, African Battery Metals is now, in the opinion of the board, extremely well positioned for what we expect will be a strong natural resource sector recovery, particularly in respect of battery and electrification metals and storage metals," said Johnson.
The stock was trading 12% lower on Tuesday in London at 0.40 pence a share.