Dalradian reports strong cash position in second quarter results

Dalradian Resources, operator of the high-grade Curraghinalt Gold Project located in Northern Ireland, announced its second quarter results on Thursday morning.

For the three months to 30 June, the company recorded a loss of $0.01 per share or $2.7m versus -$1.4m in the comparable year-ago period.

However, warrants exercised in the first half of 2017 had already brought in a total of $10.3m for the company which stated it still had approximately $23.4m in potential proceeds sitting in yet to be exercised warrants.

Patrick F.N. Anderson, Dalradian's president and chief executive officer, commented: "funds raised from these warrants has strengthened the cash position to be more than sufficient to complete our ongoing drill program and other studies."

It also reported a decrease to $4.3m in expenditures on mineral property under development, down from $5.6m at the same time last year.

Net of receipt from the processing of mineralised material, expenditures declines from $14.5m in the second quarter of 2016 to $6.8m.

Yet cash and cash equivalents did fall from $35.7m to $34.6m.

During the reporting period 9,580 metres of underground drilling were completed and a 30,000 metre surface drilling programme begun.

The company said it was planning to submit a planning application to build a mine at Curraghinalt in 2017 and was finishing the studies and reports for the necessary environmental and social impact assessment study.

Further drill and ore sorting results would be released over the third quarter as they became available.

After the announcement Dalradian shares remained stable, up 0.34% at 1247 BST to 91.31p.