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Gem Resources PLC - emerald miner in South Africa, Zambia and Australia - Pretax loss narrows to £391,000 in the six months that ended June 30 from £561,000 a year before. Gem Resources has no significant revenue, so the narrowed loss is due to reduced operating expenses. The company had just £74,000 in cash as of June 30, down from £414,000 on December 31, but earlier this month, it raised £2.1 million before expenses through a £617,320 subscription from its majority shareholder, and newly appointed executive chair, Louis Ching, and the issuance of £1.5 million in unsecured convertible loan notes. Accompanying the fundraise has been the adoption of a cryptocurrency treasury policy, under which surplus funds will be used to buy bitcoin and other cryptocurrencies. Gem Resources says it is also working on an offtake and pre-finance trade agreement for its emerald production at the Gravelotte mine in South Africa and is progressing toward the restart of operations at the Curlew mine in Australia. ‘While the gemstone market remains subdued, GEMR now has the operational progress, strengthened financial position, and new strategic initiatives required to advance Gravelotte and Curlew, while also establishing innovative financing and marketing channels,’ Ching says. ‘These developments provide a solid foundation for long-term growth.’ Current stock price: 0.55 pence, up 10% in London on Friday 12-month change: down 51% Copyright 2025 Alliance News Ltd. All Rights Reserved.
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