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IN BRIEF: Tectonic Gold turns to profit; awaits South African approval

4th Apr 2024 17:34

Tectonic Gold PLC - mineral explorer in Australia and South Africa - Swings to pretax profit of GBP46,660 in the six months to December 31, from a loss of GBP105,569 a year prior. Reports revenue of GBP84,104, compared to none a year ago. Posts no costs regarding employee benefits, management fees and on costs, compared to GBP40,000 a year prior. Accounting and audit fees increase to GBP45,400 from GBP18,710.

Looking ahead, Managing Director Brett Boynton says: "Our investment alongside London listed Kazera Global Investments PLC in the heavy mineral sands and diamond projects in South Africa waiting on approval from the South African National Nuclear Regulator for final permitting. Kazera has advised that the decision is expected by the end of April 2024 with operations to commence immediately thereafter."

He adds: "The team continues to evaluate other opportunities that are being presented and securing a suitable transaction for the company will be the focus for the remainder of the year."

Current stock price: 0.10 pence each, down 55% on the Aquis Exchange on Thursday

12-month change: down 82%

By Tom Budszus, Alliance News slot editor

Comments and questions to [email protected]

Copyright 2023 Alliance News Ltd. All Rights Reserved.

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