Empire Metals Ltd. (EEE.L) on Friday posted a wider loss in fiscal 2024 compared to last year, impacted by increased expenses related to project impairment.
On the LSE, the stock is up 5 percent on Friday's trading at $14.30.
The exploration & resource development company posted loss before tax of 4.19 million pounds in fiscal 2024, compared to loss before tax of 2.79 million pounds last year.
During the year, Empire Metals reported loss of 4.09 million pounds or 0.670 pence per share, compared to loss of 2.80 million pounds or 0.560 pence per share in fiscal 2023. The company attributed the wider loss to increase in expenses related to the impairment of the Eclipse Gold Project to its net realisable value.
The company's operating loss widened to 2.83 million pounds from 2.27 million pounds a year ago.
Looking ahead, the company said,"The next 12 months will be an exciting time for Empire as we have set out several key milestones as we continue to develop the Pitfield project and evolve the Company all towards becoming a new globally significant titanium feedstock producer."
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