15th Mar 2016 10:55
LONDON (Alliance News) - European Metals Holdings Ltd Tuesday said its loss widened in 2015 following its entrance into AIM late last year as it continues to progress its project in the Czech Republic.
The lithium exploration and development company, which listed on AIM in early December, said its pretax loss amounted to USD1.3 million in 2015, wider than the USD267,830 loss booked in the previous year after seeing numerous expenses increase in the year.
The big driver was the USD557,246 paid in share-based expenses, something that was not booked at all in 2014, whilst professional fees rose to USD255,832 from USD98,800 and share registry fees soared to USD278,023 from USD30,302.
European Metals also reported higher rent and utility expenses, audit and compliance fees, depreciation costs, travel expenses, administration costs and insurance payments.
The company is solely focused on the Cinovec project, where it has sent 420 kilogrammes of lithium concentrate to Australia to test a variety of technologies for the production of lithium carbonate.
Late in 2015, European Metals launched a 5,000 metre drilling campaign that stretched into the early part of 2016, with the results confirming the extent and consistency of the lithium and tin mineralisation at Cinovec.
European Metals shares were trading down 6.1% to 8.80 pence per share on Tuesday morning.
By Joshua Warner; [email protected]; @JoshAlliance
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