Cloudbreak Discovery PLC (LSE:CDL, OTC:CDBDF) said its streamlined management team is looking to build on the current asset package, as it published results for the half-year to 31 December.
As detailed in a January update, the period saw the company dispose of or relinquish certain non-core assets, as well as part ways with some directors and management.
A review of the asset package resulted in the reorganised three-person board deciding to continue with the present assets and seek to prove their underlying values, said interim CEO, president and chairman Andrew Male in a statement alongside results.
"After a period of negotiations and restructuring at the executive level we have been able to establish a strong base to work from," he explained.
“Over the coming months, the board and management will work to build on the asset package with the aim of increasing its existing and future value in all areas.”
Since the start of the second half of the financial year, he said the company has also successfully optioned a Lithium brine database and knowledge set.
At the same time, it negotiated an amending agreement with G2 Energy Corp (CSE:GTOO, OTC:GTGEF), where new terms of its secured convertible debenture extend the maturity date and give Cloudbreak discretion to convert the principal into new equity.
“Going forward we will look to realise on projects and assets that have this kind of value accretion potential,” Male said.
Results showed net assets of £1.6 million, a loss before tax of £365,705 and a cash balance of £160,299.