Lower exploration and administrative costs allowed Landore Resources Ltd. (LON:LND) to reduce its losses in the first six months of 2016.
The Guernsey-based firm posted a loss of £733,000, down from £1.2mln a year earlier – results which Landore said were “in line with expectations”.
It attributed the improved financials to “substantial savings”, with administrative expenses falling to £508,000 (H1 2015: £716,000) and exploration costs almost halving to £250,000 (H1 2015: £467,000).
The company’s efforts in the first half were almost entirely focused on the BAM East Gold prospect at its Junior Lake property in Ontario, Canada.
Back in March, drilling had intersected a “significant new gold zone” and the company expects a follow-up drilling programme to begin over the next week or two to gather material for metallurgical testing.
As for lithium, Landore sold its Root Lake project during the period for £117,500, while it said it is “currently reviewing” its other lithium prospects at Junior Lake.
Shares were down 1% to 3.9p.