MetalNRG PLC (LSE:MNRG) booked a loss of £1mln during the six months to June 2022, and closed out the period with £12,000 in cash.
The company continued to progress its partnership with EQTEC, in relation to its participation in the acquisition and planned recommissioning of a 1MW waste-to-energy plant in Italy.
Originally commissioned in 2015, the plant was built around EQTEC's proprietary and patented Advanced Gasification Technology.
Once operational, the plant will transform straw and forestry wood waste from local farms and forests into green electricity and heat for use in the local community. The plant is likely to be commissioned in the next few months.
The company has also worked closely with EQTEC to identify a number of additional projects and create a short list of investable projects.
The plan is to refinance the plant once it is fully operational.
Work at the Goldridge gold project in Arizona also continued. As previously announced, SRK Consulting completed a Competent Person's Report (CPR) on the asset.
In the report, SRK pointed out that in addition to the old waste dumps and pillars left behind by previous operators, there appears to be an opportunity to explore in more detail the connectivity between the previously producing gold mines to get a detailed understanding of the geological structure on the property. Work has progressed in this direction and the initial findings are encouraging.
Late in September, MetalNRG also announced a legal victory in regard to a case involving associated company Brit Energy.