Xtract Resources (LON:XTR) is excited about the year ahead and reckons it's around three months away from its Chepica mine in Chile generating a profit.
In its final results statement, it said "significant progress" has been made taking it from a start-up operation to a mine that will produce at a steady state and turn a profit after expenditure.
Funding raised after the end of 2014 will help it grow operations at Chepica and explore the remaining 70% of the tenement.
It said it would also allow it to acquire additional projects to mitigate the single asset risk and grow the group's revenue base.
For 2014, the firm posted a loss of £2.95mln compared to a loss of £0.13mln in 2013, while admin and operating expenses came in at £2.34mln compared to £0.13mln in 2013.
First revenue from concentrate came in at £1.14mln compared to nil in 2013.
Jan Nelson, the chief executive, said: "The loss sustained during the period under review was as a direct result of the cost involved in starting up a new mining operation.
"We have turned this corner and look forward to reporting a profit for the group in the future.
"The team worked extremely hard and this perseverance paid off as not only was the mine turned around but significant funding was also raised post year end."
He added: "We signed two option agreements post year end on the O'Kiep copper sulphide and Concordia copper oxide surface copper tailings projects in South Africa, which we believe have the potential to transform Xtract from small scale miner to a significant mid-tier producer."