URU Metals incurred a $977,000 loss in the six months to 30 September as it continued to advance its Zebediela nickel project in South Africa.
The company has been drilling the project and undertaking metallurgical test work.
URU also increased its stake during the half year period in Management Resources Solutions, a service business to the mining industry.
It now owns 9.7% of the company.
URU reported $1.8m cash at the end of the half year period.