Swedish graphite focused Flinders Resources Ltd (CVE:FDR) reported first quarter results, which showed a decreased loss, as it continues to try and position itself as a leading supplier to current and future graphite and graphene industries.
The net loss for the three months to end January was $573,934 narrowed from a net loss of $615,488 for the preceding quarter to end October.
The decrease was mainly due to a decrease in depreciation of $106,864 from $130,230 in Q4 to $23,366 in the first quarter.
Notably, during the first quarter, Flinders suspended operations at its Woxna Graphite Mine due to low demand and resultant poor pricing of graphite concentrates.
The period however did see it receive a grant from the Swedish government of $21,030 as an award for its research on the production and marketing of graphite.
In April and May the marketing team will travel to Europe, North America and Asia to demonstrate high-purity graphite samples from Woxna.
The tour will focus on auto and battery cell manufacturers, with the aim of developing commercial relationships that will enable Flinders to permit and construct a high-purity graphite plant adjacent to its existing operational concentration facility.
Flinders's 100-per-cent-owned Woxna mine and concentrator in Sweden is the only publicly listed modern full-scale, fully permitted (100,000-tonne-per-annum feed) operational graphite production facility.
This facility has been commissioned and remains in a production-ready state until refractory-grade graphite concentrate demand increases.
While, the firm has not demonstrated the economic viability or technical feasibility of the Woxna operation by the completion of a mining study, should prices for spherical graphite increase, or should it be able to produce a higher quality product that can demand a higher price, management believes, with a fully permitted and operational mine and concentrator, Flinders will be able to produce graphite concentrate stock to feed into a commercial purification flow sheet.