IronRidge Reports Sharply Widened First Half Pretax Loss

9th Mar 2018 12:27

LONDON (Alliance News) - IronRidge Resources Ltd on Friday reported a sharply widened pretax loss for the first half of 2018 financial year, and said that it is progressing with its projects in Chad, Ghana, and Australia.

The AIM-listed miner posted a pretax loss of AUD4.0 million, or GBP2.26 million, for the six months to the end of December, compared with a pretax loss of AUD2.2 million in the year ago period. Revenue fell to AUD3,623 compared with AUD3,929 in 2016.

In the period, administration and consulting expenses increased to AUD1.1 million from AUD773,145 and the group reported share based payments expenses of AUD2.3 million, up from AUD538,850 the prior year.

IronRidge bought Tekton Minerals Pte Ltd for USD2.3 million during the first half, giving it access rights to ground holding high-grade gold targets in Chad, central Africa.

The company also said that it has entered into "conditional and binding" terms with Ghanian firm Joy Transporters Ltd for exclusive rights to 318 kilometres squared of the Saltpond exploration licence and Cape Coast application.

Ongoing mapping across group's 100% owned Monogorilby Bauxit portfolio in Australia discovered additional high-grade bauxite mineralisation at surface within two new areas.

IronRidge shares were up 1.0% at 24.75 pence per share on Friday.