29th Mar 2019 11:58
LONDON (Alliance News) - Kazera Global PLC on Friday said its loss widened sharply in the first half of its current financial year as it progresses on project development in Namibia.
The AIM-listed investment company said its loss widened in the six months to the end of December 2018 to GBP794,000 from GBP480,000 reported a year earlier, due to increased costs.
Kazera said its administrative expenses were 8.1% higher at GBP439,000, while it also recorded GBP307,000 of pre-production costs versus none a year prior.
During the first half, Kazera said it was focused on the NTI licence area in Namibia, where exploration programme was developed to test and define total mineralisation across the licence area.
In September, the company announced that 165 core samples from Homestead deposit, a part of the NTI licence area, were to be sent for assay. Kazera was "highly encouraged" by initial results which showed tantalum and lithium mineralisation.
"Significant value has been added to the mine in the past few months, with highly positive results in rapid time being achieved from our exploration campaign," said Chief Executive Larry Johnson.
The drilling campaigns at Homestead was completed in early 2019, with drilling operations moving to Signaalberg and White City pegmatites with the aim of identifying additional mineralisation in both locations.
Kazera shares were trading 1.0% higher on Friday at 1.87 pence each.
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