29th May 2020 16:16
(Alliance News) - Sunrise Resources PLC on Friday reported a narrowed loss for the first half of its financial year, as administrative and pre-licence exploration costs fell.
The company, which is developing the CS pozzolan-perlite project in Nevada, US, posted a pretax loss of GBP151,378, narrowed from GBP157,139 the same period the year before.
Pre-licence exploration costs dropped to GBP1,907 from GBP2,281 year-on-year, as Sunrise said the period was more focused on the permitting of the CS Pozzolan-Perlite project.
In addition, administrative expenses dropped to GBP149,642 from GBP155,241.
During the period, the project's Plan of Operations/Reclamation Permit Application was accepted as complete by lead regulator the Bureau of Land Management.
In addition, the environmental assessment has been released by the BLM for a public comment period which ends on June 15. After this period, a permitting decision will be made.
"We anticipate a 'Finding of No Significant Impact' which will permit mining to proceed subject to the issue of the State Reclamation Permit and the lodgement of the appropriate reclamation bond and other routine permits," said Executive Chair Patrick Cheetham.
"Our next objective is to initiate first production of perlite and natural pozzolan for larger scale customer trials as soon as possible with the expectation that this will transition to commercial production in due course on the commitment of potential customers to sales contracts and appropriate funding," Cheetham added.
Shares in Sunrise Resources were down 0.8% at 0.13 pence on Friday in London.
By Dayo Laniyan; [email protected]
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