Kainantu Resources Ltd (TSX-V:KRL) (KRL) said it continued to progress its exploration activities across its portfolio of projects in the first half of 2023, with highlights including gaining 100% ownership of the May River Project and publishing an NI 43-101-compliant inferred resource report for its Kili Teke acquisition.
‘An immediate focus remains on actions to close the Kili Teke deal, given progress in advancing regulatory approvals in Papua New Guinea,” commented KRL CEO Matthew Salthouse.
“In addition, our field campaign at the Ontenu project in KRL South has produced some exceptional early-stage results; supporting activities to move towards a drilling programme in this area.”
The company reported a net loss for the first half of 2023 of $0.63 million, in line with the year-ago period’s loss of $0.52 million.
Exploration expenditures totalled $0.44 million, down $0.78 million from the first half of 2022 due to a focus on maintaining capital while ensuring license commitments are met.
It ended the six-month period with $0.59 million in cash, up from $0.31 million as of January 1, 2023.
Subsequent to the end of the second quarter, the company said it is advancing steps to close a further round of funding via a convertible note and complete the remaining steps to complete the Kili Teke acquisition.
“KRL will continue to preserve cash in capital markets which remain challenging; while also examining options to ensure KRL's overall portfolio is adequately valued as we move through the remainder of 2023,” Salthouse commented in a statement.
KRL is an Asia-Pacific-focused gold mining company with three highly prospective gold-copper projects, KRL South, KRL North, and the May River Project.
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