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Altona Rare Earths PLC on Monday reported a slimmed full-year loss, as its bottom line was boosted by cost reductions. Shares in the critical raw materials-focused explorer and developer fell 17% to 1.94 pence on Monday afternoon in London. Altona reported a pretax loss of £943,000 for the financial year that ended June 30, narrowing from £1.7 million a year prior. The company reported no revenue for the period, flat with the year before. Driving the slimmed loss were lower costs. Administrative expenses fell 19% to £789,000 from £971,000 and operating costs reduced 35% to £66,000 from £102,000. Further supporting the bottom line, finance costs were 83% lower at £88,000 from £527,000. ‘With a unique combination of critical raw materials projects, Altona is well positioned to contribute to the global supply of highly sought commodities essential for clean energy, high technology, defence and industrial applications,’ said the company. ‘The company and the board remain actively focused on identifying and evaluating additional projects that align with our investment profile and strategic objectives, leveraging our extensive network and combined industry experience to uncover compelling opportunities that can drive long-term growth,’ continued Altona Rare Earths. However, the company did note challenges tied to the capital markets. ‘While capital markets remain difficult for junior exploration companies, we continue to take a disciplined and long-term approach,’ commented Chair Simon Charles. On Thursday last week, the company said Charles will step down as non-executive chair on Friday this week, following over two years on the board. Altona Rare Earths said its priorities are to advance the Monte Muambe site towards feasibility and progress the Sesana project to drill-ready status. It added that it also seeks to identify near-term opportunities that align with its focus on critical raw materials. Copyright 2025 Alliance News Ltd. All Rights Reserved.
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