Katoro Gold losses narrow as it assesses new projects

16th Sep 2022 15:35

(Sharecast News) - Katoro Gold reported an operating loss of £0.64m in its first half on Friday, narrowing from £0.78m year-on-year, as it progressed operations on several fronts.

The AIM-traded firm, which remains pre-revenue, said its total loss for the six months ended 30 June narrowed to £0.48m from £0.77m at the same time last year.

Operationally, Katoro noted the successful completion of its drill programme on the Haneti nickel project in the period, including an exploration update in late May.

It also signed a joint venture agreement with Lake Victoria Gold for its Imweru gold project, with the board reporting that "various new projects" were currently under assessment - some at an "advanced stage" of discussion.

"Moving into the second half of 2022, Katoro Gold is in the process of assessing various new projects to further diversify its portfolio and unlock value-based opportunities that align with its strategy of being a preeminent African-focused gold and mineral exploration and development company," said executive chairman Louis Coetzee.

"At present, the company is already in advanced discussions with a number of parties with regard to the new projects under assessment."

"I remain optimistic about the company's prospects into the second half of the year."

Reporting by Josh White at Sharecast.com.