Mila Resources PLC (LSE:MILA) said it is making 'solid progress' on a number of potential new opportunities to add to its pipeline.
In an update alongside the company's interims, investors were told the process had been boosted by the appointment to the project generator team of Alastair Goodship, a seasoned exploration geologist.
Mila styles itself as a post-discovery gold exploration accelerator, which, practically, means the careful identification and development of mining assets.
As such, it is looking to bolster its pipeline knowing that most mining companies are binary investments predicated on the success of just one project.
"With this in mind, the team are making solid progress on a number of potential opportunities; however, there can be no guarantee that these will come to fruition," said Mila's chairman Mark Stephenson.
"The board are hopeful that through the continued focus on quality and whilst retaining the internal expertise to rapidly add value to a project, we will be able to make further updates on the advancement of Mila's project generator strategy during the current period."
During the period, Mila Resources advanced its exploration activities at the Kathleen Valley Gold Project in Western Australia.
It has entered into a strategic partnership with Liontown Resources (ASX:LTR), Australia's leading lithium company, to explore lithium extensions at the Kathleen Valley site. This collaboration underscores the value of Mila's business model and its commitment to diversifying and expanding its project portfolio.
Financially, Mila Resources reported a successful fundraising effort, securing gross proceeds of £2 million to support ongoing work at Kathleen Valley and explore additional development opportunities.
As of December 31, Mila was sitting on almost £1.7 million in cash. As would be expected of a company in the mining exploration and development phase, it made a loss for the period - a modest £321,436.