Mila Resources PLC (LSE:MILA) booked a loss of just over £1mln in the year to 30 June 2022, nearly half of which was accounted for by a non-cash charge relating to warrants.
The company had cash of just over £1mln at the period end.
During the financial year, Mila acquired a 30% interest in the Kathleen Valley project, a proven gold asset located in a Tier One region in Western Australia.
A drill programme is underway and results to date have given a strong indication of an extensive mineralised system with consistent commercial grades and widths.
The focus is on the Coffey Deposit, one of three known deposits.
Among the highlights from drilling at Coffey are 6.6 metres grading 14.86 grams per tonne gold and 21.79 grams per tonne silver.
Post-period end, in October 2022, Mila raised a further £696,000.