Ironveld FY pre-tax losses widen on higher administrative expenses

29th Dec 2020 08:07

(Sharecast News) - Mining outfit Ironveld saw pre-tax losses widen from £600,000 to £1.01m in the year ended 30 June as administrative expenses increased.

Ironveld's total comprehensive income for the year increased from £414,000 to £4.67m but basic and diluted losses per share widened to 0.16p from 0.10p.

Looking forward, Ironveld said it was continuing to engage with a range of parties following the recent lapse of its option agreement with IIG with a view to an alternative funding transaction or strategic partnership and expects to conclude this in 2021.

Chief executive Martin Eales said: "The year to June 2020 was dominated by the Strategic Review process and led to the announcement of the intended strategic partnership with IIG in March 2020.

"Whilst, ultimately, the parties agreed to allow IIG's Option to lapse in November 2020 discussions continue with IIG and other parties with a view to concluding a strategic or project financing transaction."

As of 1115 GMT, Ironveld shares were up 8.04% at 0.55p.