Chairman Christopher Hall says negotiations have reached an “advanced level” with a number of companies, but it is finding it difficult to get these deals over the line, “largely because of management attitudes”.
“In spite of the very difficult market and shrinking cash balances, we are finding it difficult to agree on the value of historic exploration work, which frequently appears unfocussed,” Hall said.
The company closed one strategic investment in 2013 in Tembo Gold, a TSX-Venture listed company with a gold project in Tanzania.
It has invested C$1.75mln in exchange for a 14% stake in Tembo.
As well as continuing the search for new investments, the company will move its current projects in Turkey, East Africa and West Africa up the value curve before choosing the best option to realise its investment.
The company registered a loss of £3.63mln in 2013. That compares with a profit of £9.6mln the year before when it sold two of its Turkish properties.
The company ended the year with £10.57mln in cash, up from £4.7mln in 2012.
“The tangible achievements of 2012, which were measured in hard currency, were a difficult act to follow,” Hall continued.
“Having rehearsed our business model, of making money from exploration, for several years we had delivered results.
“The challenge was to demonstrate that this kind of success can be repeated.”
The shares edged 3.6% lower to 3.85p.