Savannah Resources (LON:SAV) – CORP: FY15 results
Market Cap: £5.8m; Current Price: 2p
LBT widens due to loss on disposal and impairment
LBT increased to £3.1m in FY15 from £1.9m in FY14, due to a £0.7m loss on the disposal of its listed interest’s and a £1m impairment associated with its listed interests.
Net debt totalled £0.1m in FY15 compared to net cash of £1.5m in FY14.
Exploration expense of £1.2m in FY15 was down from £1.4m in FY14.
£1.1m raised from the issue of shares during the course of the financial year with £1.75m raised post period end.
In Oman, 2016 is expected to see the expansion of the mineral resource estimate with the continued assessment of a number of potential production routes, while in Mozambique the focus will be on an updated mineral resource estimate alongside a scoping study and pilot plant test work for a dry mining operation.