Malawi focused rare earths explorer Mkango Resources (CVE:MKA) has significantly scaled down its administrative and exploration expenditures, it told investors, posting quarterly numbers to end September.
Expenses for the three months were around US$167,000 compared toUS$573,000 in the same period of 2014 and the net loss for the third quarter was US$48,844 against a loss of US$2.7mln last year.
The firm had cash at the end of September of US$328,246, which combined with future equity placements will generate sufficient cash flow to maintain the company’s ability to meet its short and medium term objectives and milestones, it said..
Mkango, focused on Songwe Hill, is currently funding operations with equity raised in a non-brokered private placing which closed in October this year.