30th Sep 2019 17:44
(Alliance News) - Australia-based mineral exploration company IronRidge Resources Ltd on Monday said absence of impairment charges relating to exploration assets and lower share-based payment charges led to a sharply narrowed loss for financial 2019.
For the year to June 30, the company recorded a pretax loss of AUD7.1 million, around GBP3.9 million, versus GBP13.2 million pretax loss in the comparative year ago period. Income fell to AUD45.9 million from AUD52.6 million.
The sharply narrowed loss was attributed to absence of impairment charges relating to exploration assets. In financial 2018, impairment charges totaled AUD4.0 million. Also, the company's share based payment charges fell year-on-year to AUD3.6 million from AUD5.9 million.
"The company's board and management remain committed to the corporate strategy of creating and sustaining shareholder value through the discovery and advancement of our significant mineral deposits of globally demanded commodities through to production or onward sale. We look forward to keeping investors up to date as we advance both our ongoing drilling programmes and our corporate initiatives," said IronRidge Chair Neil Herbert.
Shares in IronRidge closed down 1.3% at 14.06 pence each in London on Monday.
By Tapan Panchal; [email protected]
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