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Stratex results highlight accounting effects of Brexit on junior explorers

Stripping out gains from asset sales, Stratex's losses are down on last year
Stratex results highlight accounting effects of Brexit on junior explorers
Stratex has been a highly effective generator of gold projects

The effects of Brexit show up in all sorts of unexpected places – Stratex International plc (LON:STI) has revealed today that because of the drop in the pound following last summer’s Leave vote, the sterling valuation of its West African gold exploration projects has increased by a highly significant £3.3 mln.

Simultaneously, in results for the year ended 31 December, the company also announced an accounting loss related to the way in which it values several Turkish and other African exploration assets.

The contribution from the Altintepe project, now sold, amounted to around US$2 mln.

Combined with increased administration costs, which incorporated certain one-off non-cash adjustments, it all added up to an overall loss for the year of £2.66 mln.

That’s less than the loss for 2015, once the one-off gain from the sale of the Oksut asset has been stripped out. But one-offs will again play a part this year, as the sale of Altintepe is fully accounted for.




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