Base Resources Ltd on Friday said it was cognisant of challenges ahead, while hailing progress regarding its Kenyan exploration efforts.
The Africa-focused mineral sands producer and developer said the financial year that ended on June 30 was successful. The company in August had reported a post-tax net loss of $4.8 million compared to a profit of $80.7 million in financial 2022, with revenue falling 2.8% to $271.4 million from $279.1 million.
‘With the delay in advancing the Toliara project, substantial effort is being applied to identification of attractive business development opportunities to provide broader funding options for Toliara project development and to secure optionality in pursuit of our longer-term ’vision 2031’ objective of multiple concurrent operations. We are also accelerating our wider Kenyan exploration efforts with the recent lifting of the licensing moratorium,’ Chair Michael Stirzaker said at the company’s annual general meeting.
‘While we are cognisant of the challenges before us, we are confident that we have the team, approach, reputation and support to successfully navigate them,’ he added.
Base Resources shares were 1.6% lower at 6.15 pence each in London on Friday afternoon.
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