Kazera Global PLC (LON:KZG) is looking forward to commencing phase 2 of its drilling programme at the Namibia Tantalite Investment (NTI) Mine.
In its final results statement covering the year to the end of June, the Namibia-focused company said Phase 2 exploration step-out drilling should be completed in the first half of 2020 and is expected to identify further mineral resources.
Earlier this month, the company completed a maiden JORC resource estimate for the White City pegmatite as part of the ongoing exploration programme at NTI.
The pre-revenue company posted a loss for the year of £1.34mln, compared to a loss the year before of £2.54mln.
As at June, the company had £421,000 in cash in the bank; after the end of the reporting period the company raised around £400,000 before expenses through a share placing.
"The first phase of our exploration programme has proven to be a success and has given the company impetus to continue to realise this value through further drilling. At the same time, the group continues to look at future cash flow opportunities such as Kazera Trading from which the company can leverage management expertise to deliver value,” said Larry Johnson, the chief executive officer of Kazera Global.
Kazera Trading is the ore trading arm of the company.
“We see the Tantalite Valley Mine as being a highly material project and we will continue to focus on high-grading the mine licence while facilitating processes to create meaningful production from the mine in the future," Johnson added.