1st Nov 2018 14:23
LONDON (Alliance News) - Metals exploration company Greatland Gold PLC on Thursday said it remains optimistic in its gold, metals and copper outlook despite reporting a widened annual loss.
For the year to June 30, Greatland posted a pretax loss of GBP1.8 million compared to GBP1.3 million a year prior, due to increased exploration costs of GBP1.0 million from GBP557,848.
Administrative expenses also surged to GBP818,943 from GBP694,186 a year ago.
As it is an exploration company, Greatland did not record any revenue.
The company defines the year as "another exciting period", during which major positive developments occurred on its key exploration projects.
Notably, the company discovered copper, silver, gold and pathfinder elements at its Scallywag target within its Havieron licence in Western Australia.
Looking ahead, the company said it remained "confident in the long-term fundamentals for the mining industry", and is "particularly optimistic" regarding the outlook for gold, other precious metals and copper.
Greatland Gold shares were trading down 3.0% at 1.12 pence each.
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