Kemin Resources narrows FY loss, updates on licence extension progress

Shares in AIM-listed Kemin Resources rose almost 30% after it more than halved its full-year pre-tax loss, and announced positive progress in the process of extending the existing licences for both Drozhilovskoye and Smirnovskoye.

Pre-tax loss for the year was £445,000, from a loss of £1.26m.

"The company is in the latter stages of receiving approval for the extension of its exploration licences (for Drozhilovskoye and Smirnovskoye)," said chief executive Sanzhar Assaubayev in a statement.

"Once the licences are granted, which is expected in Q3 2017, the company will continue with its exploration programmes, with a view to moving to production in the future."

He expected the value of the Drozhilovskoye and Smirnovskoye to be enhanced by the inclusion of copper and lithium resources.

Assaubayev also noted continued financing support for the company from Amrita Investments Ltd, a vehicle owned by the company's majority shareholders.

At 10:35 BST, shares in Kemin were up 28.57% to 3.38p each.