29th Nov 2024 15:50
(Alliance News) - Conroy Gold & Natural Resources PLC on Thursday said its loss widened during the first half of its current financial year, following a plummet in the fair value of the group's warrants.
The Ireland and Finland-focused gold exploration and development company said its pretax loss widened during its financial year that ended May 31 to EUR585,920 from EUR362,829 the year before.
Movement in the fair value of its warrants declined 96% to EUR90,403 from EUR257,050 last year, while its operating expenses increased 12% to EUR681,504 from EUR604,891.
Interest expenses reduced to GBP1,300 from GBP14,991, and its finance income grew to GBP6,481 from insubstantial earnings a year prior.
At May 31, Conroy Gold had work commitments to the value of EUR48,000 for the financial year ahead, compared to EUR98,965 at the same time last year.
Chair John Sherman said: "This is a sad time for the company and all involved with it following the recent passing of Conroy's founder and inspiration Richard Conroy. It has now fallen to myself and my colleagues to build upon the work done to date and to deliver Richard's vision of an operational gold mine in Ireland."
Shares in Conroy Gold & Natural Resources were down 5.9% at 4.00 pence each in London on Friday afternoon.
By Emily Parsons, Alliance News reporter
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