Pathfinder Minerals Loss Holds Steady; Still Seeking Licence Recovery

(Alliance News) - Pathfinder Minerals PLC on Friday said its annual loss was relatively flat as ...

Alliance News 28 June, 2019 | 3:20PM
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(Alliance News) - Pathfinder Minerals PLC on Friday said its annual loss was relatively flat as administrative expenses were maintained while it seeks to recover control of licences in Mozambique.

Shares in Pathfinder were up 6.4% at 2.34 pence in afternoon trade.

The miner posted a pretax loss of GBP645,000 for 2018, up slightly from GBP615,000 the year before. In both years, the loss entirely consisted of administrative expenses.

Pathfinder has been trying to get mining concession numbers 760C and 4623C, now consolidated as licence number 4623C, reinstated but has not yet succeeded.

In 2019, the company has made more progress, having agreed in principle a proposed deal with Jacinto Veloso, a 50% shareholder in current licence owner Pathfinder Mocambique SA.

"Discussions are continuing to progress in a positive way both with regards to a transaction in respect of the licence and with prospective funders who are conducting their own asset-level due diligence. Should a transaction be concluded, the board anticipates that the effect on the business would likely be transformational," said Non-Executive Co-Chair Henry Bellingham.

By Anna Farley;

Copyright 2019 Alliance News Limited. All Rights Reserved.

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Securities Mentioned in Article

Security Name Price Change (%) Morningstar
Pathfinder Minerals PLC 0.53 GBX 10.53 -

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