Richland Resources achieves second quarter production goal

The AIM-traded firm reported $0.64m in revenue from continuing operations, up from $0.28m in the first half of last year.

Its operating loss was $1.5m, turning around the $1m loss a year ago, which the board said was result of the ramp up of development and production.

As at 30 June Richland had $0.4m cash and cash equivalents; total assets of $4.8m, of which current assets were $1.5m; and total non-current assets of $3.3m.

During the first half Richland produced a total of 1.03 million cts, of which 411,172 cts was produced during the first quarter and 617,750 cts produced during the second quarter.

“The reporting period has seen us achieve a number of key operational goals at our Capricorn Sapphire project including the establishment of a new geological model and resource, in order to guide future extraction, and the implementation of important optimisation upgrades at the plant,” said Richland Resources CEO Bernard Olivier.

“Our commitment to low shareholder dilution continues as we secured a debt facility to underpin operations and implemented significant cuts to corporate costs.

“A high production run-rate is now being maintained and I look forward to further ramping up production and continuing to build our sapphire sales and marketing channels to achieve profitability,” Olivier explained.