African Battery losses widen slightly in first half

African Battery Metals reported an interim loss of £0.79m on Wednesday, slightly wider than the £0.78m loss it posted at the same time last year, resulting in a loss per share of 0.01p, narrowing from 0.04p.

The AIM-traded firm said it had net assets of £6.09m at period end on 31 March, compared to £7.15m on 30 September last year.

On the operational front, African Battery said it appointed a team with “proven expertise” in African exploration, mining and project generation during the period.

That, the board claimed, positioned it to become a primary vehicle on the London market for investors to gain exposure to battery metal commodities, particularly cobalt, lithium, copper and nickel.

Its current focus was on cobalt, with the initial portfolio targeting the Democratic Republic of the Congo.

The board said it was also actively evaluating multiple opportunities across Africa to rapidly build the portfolio.

“On a wider project generation level, we continue to evaluate multiple projects across Africa to rapidly build our portfolio, capitalise on the battery metal demand fundamentals and deliver value for shareholders,” said chief executive Roger Murphy.

“Although our primary focus is cobalt, the board continues to assess additional exploration projects within the wider battery metal arena.”

Murphy said that during the period, the company undertook several corporate initiatives including a restructuring of the board.

It also raised additional capital to implement its strategy.

“With an established team of international and African based personnel, I believe the company now possesses the right ingredients to leverage and create a successful investment grade vehicle and I look forward to updating the market on progress moving forward.

“I would like to thank all our employees for their hard work and commitment as we enter the next stage in our development.”