17th May 2018 11:44
LONDON (Alliance News) - Phoenix Global Mining Ltd said on Thursday its pretax loss widened in 2017 due to higher year-on-year administrative expenses in a year in which it listed on the London Stock Exchange.
Phoenix's pretax loss for 2017 was USD1.4 million, significantly widened from USD306,657 the previous year.
The mining company, which focuses on North America, saw its 2017 full year administrative costs jump to USD1.1 million from USD227,210 the year before.
Expenses from a placing and subscription also rose in 2017 to USD302,867, up from USD77,414 the year before, due to its initial public offering in June 2017.
The group produced no revenue for 2017, due to not having any producing assets, and will not pay a dividend.
The company was nonetheless positive in its outlook and drew attention to its initial public offering, which raised gross proceeds of USD6.0 million, and the success of many of its projects.
Phoenix says it has produced a "commercially profitable copper mine, with significant additional gold and silver production potential" with copper production targets 16% higher than the company had initially planned.
The company also noted that it has acquired three additional prospective projects at its Empire mine and its "exciting gold project" in Gordon Lake.