Caerus Mineral Resources PLC (LSE:CMRS) returned a pre-tax loss of £415,553 during the six months ended 30 June, up from £41,844 in the corresponding period a year ago.
The net cash outflow from operating activities was £540,316 although the overall net cash position increased to £1.9mln.
During the period, Caerus was admitted to Aim, increased the size of its Cyprus exploration portfolio and signed option agreements with both Jubilee Metals Group PLC (AIM:JLP, FRA:JI5, JSE:JBL, OTC:JUBPF) and Bezant Resources PLC (AIM:BZT, FRA:BN5) to accelerate development towards production via joint ventures.
Post the period end, the company commenced a diamond drill programme aiming to establish an NI 43-101 resource for the Troulli and Kokkinapetra licences
"Over the past six month, the company has made considerable progress since our listing in London, and is well on its way to achieving its strategic objectives,” said chief executive Martyn Churchouse.
“Our dual programme of developing of hard rock copper-gold resources and building a resource of metal-bearing surface material within dumps, stockpiles and tailings has quickly gathered momentum. Since the signing of the agreement we have and continue to work closely with Jubilee Metals and look forward to the results of on-going metallurgical test work aimed at developing an optimised mineral processing design as we move forward with our projects. We are also working closely with Bezant with forward-looking design discussions focusing on the most likely production scenarios for priority projects including plant throughput, feedstock-type scheduling and general logistics.”