Greatland Gold plc (LON:GGP) recorded a net loss of £1.25mln in the year to June 30 as the company continued to pursue its central strategy of working up its existing pipeline of mineral exploration projects in Australia.
Total administrative expenses amounted to just under £700,000, with exploration costs ringing in at £557,000.
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That the loss is greater than last year’s simply reflects higher levels of activity, as it’s standard for junior explorers to be loss-making.
The Group's cash deposits stood at £930,500 at the period end.
“Our strategy for the year is to further advance our existing pipeline of exploration projects and to identify new early-stage exploration opportunities that we believe are underappreciated by the market,” said chairman Alex Borelli.
He cited a deal with a subsidiary of Newmont Mining Corporation (NYSE:NEM), one of the world's largest gold producers, regarding the Ernest Giles gold project, as a particular highlight of the year.
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The company also made progress with its wider portfolio of gold projects, and made a move into cobalt.