29th Dec 2021 15:19
Red Rock Resources PLC - gold explorer in Australia, Kenya and Ivory Coast - Slumps to a pretax loss of GBP1.7 million for the financial year ended June 30 compared to a GBP5.2 million profit the year before. Red Rock blames the loss on an increase in project development costs during the period, after the one-off 2020 write-back of the company's interest in the Kenyan gold assets in the previous year. Red Rock is not yet generating revenue from its operating activities. The company highlighted progress in its three drill programmes since the end of June 2021. Drilling for copper and cobalt in Congo and for gold in Kenya took place in 2021 while gold drilling began in Australia in December. Positive results are expected from all three programmes, which will be announced over the next few weeks, Red Rock says. Drilling in Kenya was singled out as a particular area of focus, with the potential to build a "large gold resource" there.
"After a successful year in which the company took the many challenges associated with the Covid-19 pandemic, and turned them into operational advantages, we look forward to continued nurturing of the seeds planted during the period in the year ahead," says Chair & Chief Executive Andrew Bell.
Current stock price: 0.48 pence, up 15% Wednesday
Year-to-date change: down 54%
By Will Paige; [email protected]
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