30th Mar 2020 16:25
(Alliance News) - IronRidge Resources Ltd on Monday reported a narrowed interim loss but will be winding down its drilling operations earlier than expected due to the spread of Covid-19.
In the six months to December 31, IronRidge recorded a pretax loss of AUD2.2 million, about USD1.4 million, halved from the AUD5.2 million seen in the same period the year before.
The company's revenue was almost wiped out, dropping to just AUD45 compared to AUD45,766 the year before.
IronRidge's share based payment expenses fell to AUD548,978 from AUD3.5 million, explaining the narrowed interim loss.
Chief Executive Vincent Mascolo said: "Our exploration and drilling activities in Africa over the period have been very successful. We are delighted with the progress the company has made to date across our portfolio, with activities undertaken continuing to add value to each of the projects.
"The company achieved a key milestone with the JORC compliant maiden mineral resource estimate at the Ewoyaa lithium project in Ghana and now looks forward to further derisking and developing this compelling project. In turn, the recent condtional acquisition of Joy Transporters Ltd, and the full ownership of the Saltpond and Cape Coast portfolios, which offer high-priority targets adjacent to the Ewoyaa project, represent a further exciting opportunity."
Looking ahead, IronRidge said it is winding down its drilling and field programmes a few weeks earlier than originally planned before the upcoming wet season, due to the outbreak of Covid-19.
"Whilst the company is winding down activities on the ground, other work continues with the analysis of soils and auger drilling samples submitted to date, review of results from field programmes and planning for further field programmes and drilling campaigns. Furthermore, the company's range of corporate activities, including progressing the recently announced conditional acquisitions along with other new opportunities, will continue unabated," Mascolo added.
Shares in IronRidge Resources were 2.7% lower in London on Monday afternoon at 9.00 pence each.
By Paul McGowan; [email protected]
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