Caerus Minerals PLC said it made operational progress in Cyprus in the first half of 2022, but other issues had overshadowed its performance.
In particular, at Kalavasos, the imposition of a regional military buffer means the licence is effectively cancelled while there have been funding issues at the Troulli development and a disputed claim for A$2mln from Kalavasos' vendor BMG Resources.
Caerus changed its management in May with a strategic review of all projects in Cyprus now underway.
Charlie Long, its new chief executive, said Caerus still believes that in Troulli it has one of the best copper-gold projects on the island and the most likely to become an operating mine.
Developing it though will take time, he said, and the new management believes the previous plan to fast-track its development carries risk as well as advantages.
After baseline and feasibility studies are complete, Caerus estimates it will take at least 12 months to finalise and submit the environmental impact assessment.
Following that submission, government agencies will need 9 to 12 months to make a decision on the mining licence, Long said.
Concurrent to this, there will be time to complete the social licensing process, including community engagement and consultation meetings.
"In terms of Troulli's economic studies, the next task is to commission an independent scoping study."
Long added that Caerus is now evaluating metals projects beyond Cyprus as part of its refreshed strategic alliance with EV Metals.
Losses in the half year to June were £1.4mln (£415,000) including impairment and credit write-offs.
Net cash at the end of the half-year was £1.4mln.