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Sunrise Resources pushing hard to deliver production in the first half of next year

The market for horticultural grades of perlite is particularly strong, Sunrise said, with market growth being driven in part by the growth in the legal cannabis market in parts of the USA
Sunrise’s portfolio of assets also includes the Junction and Bakers Gold projects

Sunrise Resources PLC (LON:SRES) has made good progress towards the development of the CS Pozzolan-Perlite project since its mid-December update.

In its half-year results statement, executive chairman, Patrick Cheetham, said Sunrise is pushing ahead with mine planning and permitting, and season sensitive environmental baseline studies have been completed or are in progress.

The developer said it is also starting to see the results of its market development work and highlighted “a significant step forward” in the recent signing of a memorandum of understanding for an off-take agreement and commercial testing with a major buyer and processor of raw perlite.

READ: Sunrise Resources shares surge as it secures MOU for development of CS project​

“We are continuing to push hard in developing the CS Project with the ambition to deliver first production by the end of the first half of 2019,” Cheetham added.

As for the half-year results, they were much as expected, with a loss before tax of £174,517 in the six months to the end of March, versus a loss of £162,860 the year before.

At present, the company has no revenue.

The group ended the reporting period with £320,636 in cash and cash equivalents, up from £287,982 the year before.

Shares in Sunrise were unchanged.

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