Aim-listed gold and nickel explorer and developer Katoro Gold posted an operating loss of £640 372 for the interim period to June 30, an improvement on the loss of £783 710 reported for the first half of 2021.
This results in a total loss of £483 175 for the period under review – a 37.4% improvement on the £771 791 loss of the six months to June 30, 2021.
During the first half, the company completed drilling at the Haneti nickel project and signed a joint venture agreement with Lake Victoria Gold for its Imweru gold project, both in Tanzania.
Despite generating no revenue by periods end, Katoro says it has adequate cash and cash equivalents to ensure the group is able to continue as a going concern for the foreseeable future until such time that revenues are earned through the sale or development and mining of a mineral deposit.
Moving into the second half of the year, Katoro is in the process of assessing various new projects to further diversify its portfolio and unlock value-based opportunities that align with its strategy.
At present, the company is in advanced discussions with a number of parties with regard to the new projects under assessment.
“I remain optimistic about [Katoro’s] prospects into the second half of the year. As such, I thank the directors and management team of Katoro Gold for their dedication and hard work throughout this period,” says executive chairperson Louis Coetzee.