Fulcrum Metals PLC on Thursday reported that its half-year loss widened as expenses soared, but Fulcrum said it is excited to continue advancing its projects.

The Canada-focused mineral exploration and development company said pretax loss widened to £434,473 in the first half of the financial year ending March 31 from £187,723 a year before.

This was driven by administrative expenses more than doubling to £354,065 from £111,671 a year prior. Fulcrum has no revenue.

Fulcrum said it has continued to increase its understanding of its highly prospective projects through targeted exploration programs and has continued to advance its projects across Ontario and Saskatchewan through airborne surveys.

Looking ahead, the company said: ‘Despite challenging market conditions, Fulcrum has continued to advance existing projects whilst creating opportunities, via option agreements and acquisitions, in highly prospective projects. The board is excited about the future of the company and looks forward to updating the market on our progress in due course.’

Shares in Fulcrum were untraded at 15.58 pence each in London on Thursday morning.

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