Imperial Minerals posts a pre-tax loss of £95,232 for the year to the end of June - down from £215,546 in 2015.
Revenue was nil - unchanged from last time.
Put bluntly, the period has been a challenging one for our Company. Continued weak market sentiment towards smaller, pre revenue natural resources projects coupled with turbulent greater macro investment issues (such as Britains decision to leave the European Union) have made pathway and funding alternatives for ISDX Growth Market micro-cap companies most difficult.
In an attempt to break away from the crowd, Imperial spent much of its time this year looking at more left field resource projects and has been far more focused on understanding the likelihood of project fundability before committing precious resources to securing these opportunities.
The bulk of Imperials energies were expended on pursuing a Welsh hydro-electric energy project and resulted in a conditional offer to buy the project. Alas, despite a number of site visits, exhaustive vendor negotiations, positive pre-financing discussions and preliminary legal due diligence, Imperial ultimately could not get comfortable with the veracity of the projects long historical and complex ownership.
Yet despite this setback Imperial remains unperturbed and is cautiously optimistic about the future. Our confidence is rooted in rebounding commodity prices which, after many years of stagnation, are again moving north. There is also an acceptance by project owners and promoters that pricing and structuring norms must change in order for deals to be palatable for the market. Consequently, deals are getting done and they are being supported if priced correctly. Imperial continues to be run leanly with listing costs negotiated to as low as possible.