Cloudbreak Discovery PLC (LSE:CDL) (LSE: CDL), a natural resource project generator, ended the financial year to the end of June in a healthy cash position.
The company had £1.3mln in cash and cash equivalents, up from £6,478) a year earlier, after it raised funds at the time of its admission to the main market of the London Stock Exchange.
As a pre-revenue company, it is little surprise that the company made a loss; the loss for the year narrowed to £902,060 from £1.1mln the year before despite exploration and evaluation cash expenditures of £29,675, up from zero the previous year.
Administrative costs as a percentage of total assets clocked in at 14.1%, a decrease compared to 20.2% for the period ended 30 June 2020.
"Since listing on the main market earlier this year, Cloudbreak has been successfully executing its business model with 13 out of our 17 assets now optioned to partners. Through our strategic alliance and partnerships, we can expect an active year ahead with sampling and testing results from several projects,2 said Kyler Hardy, the chief executive officer of Cloudbreak.
Cloudbreak shares were up 3.0% at 1.7p.