Landore Resources H1 losses widen on exploration costs

Exploration firm Landore Resources said on Tuesday that losses had widened in the six months ended 30 June on the back of increased exploration costs.

Landore posted an interim loss of £2.42m, widened from the first-half loss of £695,406 reported in 2020, principally due to the £1.64m shelled out on exploration costs during the period and a £200,000 jump in administrative expenses to £794,818..

The AIM-listed group also said losses per share had widened from 1.0p to 2.4p.

Cash and equivalents shot up from £79,032 to £2.31m, with Landore highlighting that it remained debt free and in possession of "sufficient funding" to complete its current drilling and exploration programme and to meet working capital requirements until the end of June 2022.

Landore, which recently completed a drilling programme on its BAM gold project, stated it was also optimistic about the prospects of the eventual production of battery metals from its Junior Lake portfolio.

As of 1015 BST, Landore shares were up 4.90% at 23.34p.