Nickel-copper explorer Amur Minerals Corp (LON:AMC) moved into the black but said there was much to do at its flagship Russian project.
Amur Minerals, which is developing the Kun-Manie nickel-copper sulphide scheme in the Russian far east, made a first-half profit of US$2.9mln against a loss of US$5.3mln a year ago.
The company said it was debt-free throughout the six months to June 30 with cash reserves of US$8.3mln at the end of the period.
Highlights in the period included the award of a detailed exploration and production licence at Kun-Manie and an upgrade of its Kubuk deposit resources.
Chief executive Robin Young described the award of the licence as a major milestone, but said there were further steps to take.
"There remains a substantial amount of work as we continue to advance Kun-Manie from exploration to pre-production, but with Russia's commitment to the development of the Far East and the dedication of our own staff, we have great opportunity to progress from a pure explorer to become a nickel sector player," he said.
Chairman Robert Schafer said: "The company will continue to be very busy throughout the remainder of 2015, aiming to complete the infill drilling programme and metallurgical test work results, which will have a material impact on the economic potential of Kun-Manie."