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Ecuador-focused gold miner SolGold booked a deeper annual loss, largely owing to higher payments to employees and contractors.
Pre-tax losses for the year through March amounted to $32.7m, widening from losses of $11.8m on-year.
The company said the loss was largely due to $23.8m being recognised as a share-based payments expense.
'This represents the BlackScholes fair value of share options granted to directors, employees and contractors expensed due to the options vesting immediately in the current year,' it said.
'Additionally, the group experienced an increase in employee benefit expenses and insurance costs.'
At 8:03am: (LON:SOLG) SolGold PLC share price was -0.12p at 27.18p