Forex provides slight respite for Uranium Resources losses

Tanzania-focussed uranium exploration company Uranium Resources announced its results for the six months to 31 December on Thursday, with nil revenue and total administrative expenses growing slightly to $0.14m from $0.12m in the same period of 2015.

The AIM-traded firm’s loss before tax grew to $0.29m from $0.27m, with total losses for the period being the same figures.

It did make some ground on foreign exchange translation, however, making for a narrowed total comprehensive loss of $0.16m, from $0.19m.

Losses per share remained in line with the prior year at 0.04 cents.

“Uranium Resources has developed a credible exploration model which led to the discovery of the Mtonya uranium deposit that is thought to be amenable to in-situ recovery,” commented managing director Alex Gostevskikh on the firm’s outlook.

“Estes Limited remains supportive of the Mtonya project and the Company, which was once again demonstrated as they agreed to provide a loan extension and a further loan facility of $50,000 following the period end in January 2017.

“The company has and will continue to investigate opportunities for engaging a strategic investor to advance Mtonya as well as other growth opportunities.”