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SolGold PLC on Thursday posted a profit due to the reassessment of a financial liability for the Alpala mine project in Ecuador.
SolGold is a Brisbane, Australia-based developer of copper-gold deposits in Ecuador.
It swung to a pretax profit of $2.8 million in the financial year that ended June 30, versus a loss of $23.6 million the year prior. The company does not generate revenue. The remeasurement of amortised costs of the Alpala expenditure gained SolGold a one-off boost to exploration assets of $35.0 million.
Administrative expenses, meanwhile, grew by more than a third to $17.6 million from $12.9 million.
SolGold shares were 7.2% lower at 14.68 pence each in London on Thursday morning.
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