Alien Metals Ltd (AIM:UFO, OTC:ASLRF) saw losses widen in 2021 as the exploration and development company focused on new prospects in western Australia and made significant progress on the Hancock iron ore project.
Operating loss came in at US$2.3mln, compared to a loss of US$1.2mln in 2020, as it completed a number of drilling programmes at the Hancock Ranges project which culminated in a maiden JORC resource.
It also undertook a maiden drilling programme at Elizabeth Hill.
The minerals exploration and development company said It ended 2021 with total assets of US$13.0mln, of which US$6.4mln was cash.
“Alien Metals is well financed, with quality assets and a growing technical team, and with the recent acquisition of the Munni Munni PGE project, looks forward to an even busier 2022 and beyond,” a statement said.
A share placing in November 2021 meant the the company is in an excellent funding position to advance all the exploration projects as well as looking at further acquisitions well into 2022, the AIM-traded company said.