3rd Jun 2025 13:36
(Alliance News) - Focus Xplore PLC on Tuesday reported its loss narrowed during 2024, and said it plans further fundraising to support its medium and long-term growth prospects.
The strategic energy and critical minerals exploration company with exploration programs in Ontario, Canada said its pretax loss narrowed to GBP580,009 in 2024 from GBP613,860 in 2023.
Administrative expenses increased 15% to GBP517,045 from GBP450,540, which was offset by exploration expenditure reducing by 67% to GBP53,419 from GBP163,448.
Focus Xplore changed its name from Katoro Gold PLC on April 7, trading under its new company name since April 8.
The company secured GBP307,500 in financing during March and April 2025, "demonstrating support for Focus Xplore's new strategic direction and its potential to deliver shareholder value", it said.
"We are committed to moving at pace across multiple projects which means that further funds will be required in the short term to secure the medium to long term financial position of the company," said Chair Sean Wade.
"I am confident that the necessary funding to maintain this momentum can be accessed through the exercise of warrants or fundraising as required, or through project joint ventures or other commercial arrangements and move Focus towards an exciting future in a world-class jurisdiction."
Shares in Focus Xplore were down 10% at 0.040 pence each in London on Tuesday afternoon.
By Emily Parsons, Alliance News reporter
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