Cobra Resources PLC (LON:COBR) saw its losses widen in 2020 after undertaking a successful exploration campaign and drilling programme on its flagship Wudinna gold project in South Australia.
"The company has delivered some very strong progress over the course of the period that position us for a hugely exciting next phase which is now underway,” said chairman Greg Hancock. “We look forward to a period of significant activity which lies in front of us."
The gold explorer’s pretax losses widened to £1.0mln, from £0.7mln in 2019.
Cobra holds a 50% interest in Wudinna following the drilling programme.
Wudinna is located in the Gawler Craton, which is home to some of the largest Iron oxide copper gold ore (IOCG) discoveries in Australia including Olympic Dam, as well as Prominent Hill and Carrapateena.