18th Jul 2025 16:18
(Alliance News) - Great Southern Copper PLC on Friday said its loss widened during its most recent financial year, primarily driven by asset impairments.
The Chile-focused copper, gold and lithium explorer said pretax loss widened to GBP4.2 million in the year that ended March 31, from GBP1.8 million the year before.
Administrative expenses increased 11% to GBP2.0 million from GBP1.8 million, and the firm recorded a one-off GBP2.2 million impairment charge on intangible assets.
"This has been another year of important progress for Great Southern Copper as we advanced exploration across our copper-gold-silver portfolio in Chile," said Chief Executive Officer Sam Garrett.
"At Especularita, we secured significant new ground with the acquisition of the Artemisa and Cerro Negro concessions, consolidating our position along the Mostaza trend and expanding our drill-ready pipeline. Initial surface mapping and sampling across these areas confirmed mineralised prospects with high copper and silver values, enhancing the scale of the opportunity. As a result, we identified drill-ready targets and subsequently drilled several of these during the year and post-period.
"Our Phase I diamond drilling at Mostaza confirmed extensions of high-grade copper-silver mineralisation and significantly enhanced the copper-silver grades of the deposit," Garrett said.
Shares in Great Southern Copper were up 4.7% at 2.88 pence in London on Friday afternoon. The stock has more than doubled from 1.35p over the past year.
CEO Garrett continued: "In line with our disciplined, value-focused approach, we made the strategic decision to discontinue exploration at both San Lorenzo and Monti. These projects no longer meet our threshold for continued investment, and stepping back allows us to concentrate our technical and financial resources on the high-impact opportunities at Especularita, where we see the greatest potential for near-term discovery and value creation.
"The demand outlook for copper and other critical metals remains strong, supported by global decarbonisation trends...With a robust exploration pipeline and disciplined strategy, we believe GSC is well-positioned for the year ahead," he said.
By Emily Parsons, Alliance News reporter
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