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Empire Metals Ltd - London-based minerals exploration and development in Australia - Reports wider loss in 2021 as administrative costs surge. Pretax loss worsens to £2.3 million from £953,769 in 2020. Administrative expenses increase to £1.9 million from £958,694. Part of administrative costs are fees of £438,059 paid in shares in 2021, compared to nothing in 2020, plus a share option expense of £473,336 in 2021, compared to £14,118 in 2020.
Empire provides an update on five holes drilled at the Eclipse gold project in Western Australia. Finds between 2.32 and 5.52 grammes of gold per tonne of ore. ‘The strong gold and copper price performance in recent years places us in a strong position,’ it says.
‘Empire is in an exceptionally strong position to make significant new discoveries and develop valuable future resources,’ adds Chair Neil O'Brien.
Current stock price: 1.20 pence
12-month change: down 56%
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