Exploration stage company Kincora Copper Ltd (CVE:KCC) saw losses almost halve in 2015.
The pre-revenue company posted a loss of C$1.07mln for 2015, versus a loss of C$1.98mln the year before.
There was a sharp reduction in salaries and management fees to C$24,000 from C$590,000 the year before.
The company ended the reporting period with cash and cash equivalents of C$398,000, with another half million or so held in an escrow account.
Last month, the Mongolia-focused explorer added to its assets in the area with the acquisition of a new copper gold prospect adjacent to two existing properties.
The new licence, Ulaan Khudag (Red Well), is 15km along the mineralised trend from the huge Rio Tinto-controlled Oyu Tolgoi project.
A sample in the east of the licence returned 2% copper and 0.25 grams per tonne (g/t) gold with anomalous values also to the west, Kincora said.
Kincora added it is also looking at more advanced prospects and will hold talks with its largest shareholder Origo Partners and other members of the board.
Work this year so far on its two existing licences has identified near surface targets that warrant testing on the margins of the Bronze Fox Intrusive Complex.
Next steps will include trenching then drilling for finger porphyries targets.