Landore widens loss, eyes more equity raises to carry out development plans

Shares in Landore Resources Ltd are down almost 5% after its full-year pre-tax loss widened, and said it would continue to raise additional equity as need to carry out its development plans.

"Although nickel prices have continued to be depressed the outlook is becoming more positive," the company said in a statement.

"The Junior Lake Nickel-Copper-Cobalt-PGEs Project will continue to be developed with the aim of a resource base of at least 100,000 tons of nickel equivalent so that Landore Resources can ultimately sell the project to a third party or enter into joint venture partnership."

Pre-tax loss of £1.72m, from a loss of £1.54m. Exploration costs and administrative expenses comprised the lion's share of the losses in both years.

Landore had no debt and said it would continue to raise further equity as needed to carry out its development plans.

"Shareholders have been very supportive of the group's financing needs and the Directors are confident of raising further funds as required."

At 10:15 BST, shares in AIM-quoted Landore were down 4.92% to 2.9p each.