The miner’s results for the six months to the end of August revealed the group spent £204,861 in relation to exploration and metallurgical studies of its Mokopane tin project, and £324,239 on the Bushveld iron ore project.
Highlights of the period included completion of the Bushveld iron ore project scoping study focused on the P-Q zone deposit, commencement of pre-feasibility studies for the P-Q zone deposit and completion of metallurgical test work on the Mokopane tin project.
The period also saw the group launch a takeover bid for Aussie-listed Lemur Resources, a bid that ultimately proved successful after the reporting period ended.
On the same day the company announced its interim results Lemur outlined its strategic plans.
For its Imaloto coal project in Madagascar, Lemur aims to secure an independent power plant concession, to begin the environmental impact assessment, and to find a joint venture or strategic partner to assist with the development.
It also plans to use its A$16.4 million cash resource to secure one or more mining assets in Africa with a focus on those with either near term production potential or with the chance of a significant resource.
As a company that has yet to start production at its assets, Bushveld made a loss during the period. Loss before tax was £749.650.
Shares ended Thursday up 18.3% at 5.44p.