10th Sep 2014 09:52
LONDON (Alliance News) - Wolf Minerals Ltd Wednesday said its pretax loss narrowed in its last financial year, mainly thanks to a USD2.7 million foreign exchange gain.
Its pretax loss narrowed to USD3.7 million in the twelve months ended June 30, from USD5.3 million a year earlier, as revenue rose to USD137,825, from USD94,463 in the previous year, and it booked the big foreign exchange gain related to a change of currency of a loan it has. Its revenues come from interest it receives.
Wolf is developing the Hemerdon tungsten and tin project in Devon, and is expecting that construction will complete in the third quarter of 2015. In May, it raised GBP99.2 million in a share placing that means it is fully funded through until it starts making positive cash flow.
"We are looking for nearby opportunities to extend or enhance the project and are in the process of drilling six diamond drill holes around the pit ... This work is being undertaken with the view to increasing wall slopes which in turn would create additional reserves and mine life. We expect this work to be completed in the fourth quarter of this year," Managing Director Russell Clark said in a statement.
Wolf Minerals' shares were up 1.2% to 17.07 pence per share Wednesday morning.
By Joshua Warner; [email protected]; @JoshAlliance
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