Landore Resources Ltd on Monday said it narrowed its loss as the company continues to prepare for production.

The North American-focused precious, base and battery metal exploration and development company said pretax loss narrowed in 2023 to £1.5 million from £1.9 million the previous year.

Exploration costs fell 69% to £679,153 from £2.2 million, meanwhile admin costs increased 31% to £2.1 million from £1.6 million.

Investments made over the year rose 95% to £331,585 from £169,682 last year.

Interim Chief Executive Officer Glenn Featherby said: ‘2023 was a difficult year for the group with the junior gold sector continuing to experience very depressed and challenging market conditions. Our exploration activities during the year were minimal due to funding constraints.’

Post year-end, the company has raised £600,000 through a subscription and placing at 2.4p per share.

As announced on June 12, an additional £3.7 million will be raised via a two tranche subscription of 153.5m shares at 2.4p each.

Landore shares were down 3.4% to 4.39 pence each in London on Monday afternoon.

Looking ahead, the company’s main focus will be to develop its flagship BAM Gold Project at the Junior Lake property in Ontario, Canada. Planned work will include increasing the size of the existing resource and targeting high grade areas with a ‘significant’ drilling programme set to commence in July.

In other news, the company confirmed that Alexander Shaw has assumed with effect today the role of chief executive officer in a non-board capacity.

Copyright 2024 Alliance News Ltd. All Rights Reserved.