Armadale Capital PLC on Tuesday said it swung to loss in the first half of 2024, due to a loss on fair value of investments.
The Africa-focused natural resource projects investor swung to a pretax loss of £662,000 for the six months to June 30 from a profit of £291,000 a year before.
Armadale has no revenue, so the loss was due to a loss on fair value of investments of £510,000, swung from a £456,000 gain a year before.
During the six-month period, Armadale diversified its investments by taking an option over a 51% interest in three stages in the Canyon silver project in the US state of Idaho.
For its Mahenge graphite project in Tanzania, Armadale continued to collect the environmental baseline data required for the compliance of the mining lease, and to assist in the designing and planning of proposed operations. The company said it is currently in discussions with potential financing partners for project development funding, reporting that ‘significantly improved market fundamentals’ for graphite concentrates have positively impacted stakeholder interest.
Shares in Armadale Capital were down 33% to 0.19 pence each in London on Tuesday afternoon.
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