22nd Jun 2023 18:21
Cornish Metals Inc - UK-focused mineral exploration and development company - Narrows loss in the three months ended April 30 to CAD206,802, around GBP123,396. This compares to a loss of CAD979,427 the year prior. Total operating expenses in the period climb to CAD924,120 from CAD627,115. Net cash used in operating activities rises to CAD1.0 million from CAD625,384, while net cash used in investing activities multiplies to CAD7.0 million from CAD1.2 million.
"It is just over a year since the GBP40.5 million financing led by Vision Blue Resources completed, and we are pleased with the excellent progress that has been made during this time. Dewatering of the mine is on track for commencing later this summer and other aspects of the project are well underway. With the completion of the metallurgical drill programme this month, we look forward to continuing the exploration programme of the Wide Formation at Carn Brea in the coming weeks to demonstrate the Mineral Resource potential of this target," says Chief Executive Richard Williams.
Current stock price: 11.00 pence
12-month change: down 46%
By Heather Rydings, Alliance News senior economics reporter
Comments and questions to [email protected]
Copyright 2023 Alliance News Ltd. All Rights Reserved.
Related Shares:
Cornish Metals