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Sunrise Resources cuts losses as it continues development of CS project

For the year ended 30 September, the firm reported a loss of £301,738, lower than the £786,672 figure in the prior year

Sunrise Resources PLC - Sunrise Resources cuts losses as it continues development of CS project

Sunrise Resources PLC (LON:SRES) has cut losses in its latest full year as its hailed “significant progress” in the development of its CS Pozzolan-Perlite project in Nevada, USA.

For the year ended 30 September, the firm reported a loss of £301,738, lower than the £786,672 figure in the prior year, while it had also ended the year £27,069 in cash, although since then it has raised £200,000 in a share placing.

READ: Sunrise Resources raising £200,000 for completion of mine permitting at CS Pozzolan-Perlite Project in Nevada

Over the year, Sunrise said it had submitted a 27-year mine plan of operations and reclamation permit application to regulators while its environmental assessment for the project was “at an advanced stage”.

The firm is also continuing customer testing programmes for perlite produced from its operations and has signed a due diligence agreement for a local mothballed grinding plant for its natural pozzolan product.

Sunrise added that recent market development had resulted in increased demand for both products.

“Whilst our activities have been constrained by limited funds in 2019, we have ensured that the permitting of our CS Project has progressed as quickly as possible”, said Patrick Cheetham, executive chairman of Sunrise.

“As we go forward in 2020, I think we can justifiably say that our flagship CS Project is still on track, if a little behind the original schedule, due to factors beyond our control, and we look forward to progressing the project further in 2020”, he added.

Quick facts: Sunrise Resources PLC

Price: 0.105 GBX

AIM:SRES
Market: AIM
Market Cap: £3.46 m
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