Amur Minerals Corporation (LON:AMC) said it is expecting “some high value outputs” in 2020 after the mineral explorer reported narrowed losses in its 2019 financial year.
For the year ended December 31, the AIM-listed company reported a pre-tax loss of £2.3mln, less than the £3.3mln loss in the prior year, it also ended the year with cash reserves of US$400,000.
Looking forward, Amur said it is “fully focused” on the completion of the TEO and bankable feasibility study (BFS), adding that incorporating results from its “highly successful” field season in 2018 was expected to “substantially increase” the current JORC mineral resource estimate of 155.1mln ore tonnes at its Kun-Manie project in Russia.
The company also said optimised mine scheduling is expected to substantially increase the open pit potential of the project, while metallurgical test work should improve project economics if a separate copper only concentrate was achievable as it will increase market payability for both the copper and nickel streams.
Amur also said it is planning tan updated economic model incorporating the impact of the above strategies.
The firm added that it is “actively seeking to invest in mining opportunities in the near future that are either near cash flow or are already in production in established mining jurisdictions” to provide revenue streams to fund its corporate activities.
Amur shares jumped 14.6% to 1.58p in mid-morning trading on Friday.