13th Mar 2019 11:26
LONDON (Alliance News) - IronRidge Resources Ltd on Wednesday said its loss shrank considerably in its most recent half-year due to a big reduction in its share-based payments expense.
The mineral exploration and development company posted a pretax loss of AUD2.5 million, or GBP1.3 million, for the six months to December 31, significantly narrowed from its AUD4.0 million loss the year before.
The company's share-based payments expense was AUD787,037, almost a third of AUD2.3 million a year before.
Administration and consulting expenses increased, however, to AUD1.7 million from AUD1.1 million.
IronRidge's revenue for the period was AUD45,766, many times its AUD3,623 revenue for the year-ago period. However, as the company is still in its development phase and did not generate any of this revenue from operations.
Last month, IronRidge announced that it has obtained the right to acquire the Zaranoi gold licence application in Ivory Coast and has entered into a binding agreement with the two vendor parties which grants IronRidge the option to acquire the entire project via "staged earn in arrangements and expenditure to feasibility study".
Shares in IronRidge were untraded at 18.75 pence on Wednesday.
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IRR.L