29th Oct 2019 10:12
(Alliance News) - Australia-focused natural resource firm Greatland Gold PLC on Tuesday posted a widened full-year loss due to a rise in exploration costs.
In the year ended June 30, Greatland's pretax loss widened to GBP3.3 million from GBP1.8 million last year.
Exploration costs more than doubled to GBP2.3 million from GBP1.0 million. Like last year, Greatland generated no revenue.
Greatland operates four projects in the state of Western Australia and two in Tasmania, an island just off Australia's south coast.
The company said: "This year proved to be a period of outstanding progress for Greatland, as highlighted by the excellent results from the company's second drill campaign at its Havieron gold-copper target in the Paterson region of Western Australia. These results were instrumental in securing a USD65 million farm-in agreement with Newcrest Operations Ltd , a wholly-owned subsidiary of Newcrest Mining Ltd."
"Beyond our success at Havieron, we continued to systematically advance all of our six 100% owned projects, particularly in the highly prospective Paterson province of Western Australia, where we have a strong strategic position and believe there are opportunities to identify tier-one gold-copper deposits," Greatland added.
Greatland Gold shares were 1.7% higher at 1.69 pence each in London on Tuesday morning.
By Eric Cunha; [email protected]
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