7th Dec 2018 12:37
LONDON (Alliance News) - Ironveld PLC on Friday posted a narrowed loss for its most recent financial year due to a reduction in finance costs as it works to develop its vanadium and titanium project in South Africa.
Shares in Ironveld were up 8.3% at 1.95 pence on Friday.
In its financial year ended June 30, the miner recorded a GBP536,000 pretax loss, narrowing from GBP737,000 the year before.
While administrative expenses increased in the year to GBP570,000 from GBP553,000, this was offset by a drop in finance costs to just GBP7,000 from GBP185,000 the year before. Investment revenue also increased to GBP41,000 from only GBP1,000 previously.
The firm completed a placing in November 2017, which raised GBP1.8 million for working capital. Post year-end, in November 2018, it raised a further GBP400,000 for equipment purchasing costs.
Following the end of its financial year, Ironveld began its bulk sampling programme for its South African project, which is located in the northern limb of the Bushveld Complex
The programme was undertaken in order to supply run-of-mine ore to a potential offtake partner, with a 10,000 ton commercial sample being provided.
"We remain confident in a successful outcome from the ongoing bulk sampling supply programme," said Ironveld Chief Executive Peter Cox.
"We thank all our shareholders for their continued support and look forward to providing further updates in due course," Cox added.
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