Tanzania-focused Katoro Gold posted a full-year loss as it continued to develop its gold and nickel prospects in the African nation.
Pre-tax losses for the year through December amounted to £479k, compared to losses of £1.9m on-year.
Katoro Gold recently acquired the Haneti nickel project from majority shareholder Kibo Energy.
'I am particularly excited about Haneti's potential, which has multiple value upside triggers ahead and I look forward to keeping shareholders updated on our progress in this regard,' executive chairman Louis Coetzee said.
'We are also in the process of reviewing and assessing prospective new projects as we advance our strategy of diversifying Katoro's portfolio to increase our exposure to new commodities and geographies.'
'Finally, I would like to thank our shareholders, management, employees and advisors for their support over the course of the year and I look forward to providing further updates on our progress going forward.'
At 2:47pm: (LON:KAT) Katoro Gold Mining Plc share price was 0p at 0.98p