30th Apr 2018 16:22
LONDON (Alliance News) - Africa-focused exploration company Altus Strategies PLC on Monday said higher costs, including stock-listing expenses, resulted in a widened loss for 2017, and the company continues to focus on securing partners for its ongoing projects.
The company, which listed on London Stock Exchange in August last year, made a pretax loss of GBP1.9 million for 2017, compared with a loss of GBP653,492 a year ago. Management fees and costs recovered from joint ventures totalled GBP401,228, down from GBP455,475.
Exploration costs rose to GBP556,447 from GBP512,636. Stock listing and acquisition related costs totalled GBP371,753 versus none the year before.
"We have set ourselves an ambitious and clear path for the years ahead. Our first objective is to secure attractive joint venture agreements with strong industry partners on our existing projects. In parallel we aim to continue to grow our portfolio of assets, through grassroots licence applications and the opportunistic acquisitions of projects and royalties," the company said.
Shares in the company were trading down 4.4% at 7.65 pence in afternoon trade.
Related Shares:
ALS.L