Goldplat (LON:GDP), the gold recovery firm, told investors it expects an operating loss for the last financial year (to end June, 2015) to be at the same level as the figure posted in the first half.
That number - at December 30 last year - was an operating loss of £827,000 for the six months.
Gerard Kisbey-Green, the firm's chief executive, said: "The substantial improvements in trading have not flowed through as rapidly as we had hoped.
"In particular, resumption of operations and improvements in Ghana were not realised during the period with significant value still in the pipeline at the year-end.
However, the Africa focused company is budgeting for an overall operating profit in its 2016 year, which ends June 30 next year.
It believes that capital projects will be funded internally with peak funding requirements being financed by non-equity capital during the period.
Shares in Goldplat were 6.25% lower at 1.875p