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Kavango Resources PLC on Friday posted a wider half-year loss as costs increased, but set out exploration plans in Botswana.
Pretax loss in the six months to June 30 widened to $883,000 from $776,000 a year ago. Administrative expenses increased to $794,000 from $725,000. Other losses increased to $89,000 from $51,000.
Kavango made no revenue, unchanged from a year prior.
‘Although the group's assets are not generating revenue...the directors have concluded that the group has funds to meet its immediate working capital requirements and that during the next 12 months from the date of the interim financial statements the group will need to raise funds to meet its planned exploration expenditures,’ Kavango explained.
The mineral explorer expects to drill at a ‘strong target’ in Botswana's Kalahari Suture Zone in the future. Kavango plans further geophysical surveys before that to identify further targets.
Kavango shares were 1.5% higher at 1.70 pence each in London on Friday morning.
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