Bacanora Lithium PLC (LON:BCN) lost US$15.6mln for the year ended 31 December 2020, including a US$4.1mln loss on discontinued assets.
During 2020, Bacanora incurred US$4.4mln in general and administrative costs.
Its operating loss was US$5.3mln for the year.
Savings were made due to reduced corporate and operational activities compared with the prior period as well as careful cost management on legal and professional fees, travel and office expenses.
The board and senior executive management also took temporary pay cuts during the period in response to the coronavirus crisis.
Bacanora has not entered into commitments to develop its flagship Sonora project in Mexico yet, as front-end engineering work continues.
The company had a cash balance of US$39.2mln at 31 December 2020.