IN BRIEF: Alien Metals interim loss widens after impairment charge
Alien Metals PLC - Australia-focused mineral exploration and mining company - Says pretax loss for the first half ended June 30 widened to USD12.5 million from USD698,000 a year earlier. Exploration and evaluation expenditure was written off at USD6.7 million, compared with nothing a year earlier, following a non-cash impairment charge against the group's iron ore exploration and evaluation assets, it says. A fair value loss on financial assets of USD4.3 million, compared with a gain of USD1.0 million a year earlier, also weighed on its bottom line. The USD4.3 million loss comprised the group's investments in West Coast Silver Ltd and GreenTech Metals Ltd. It reports no revenue, unchanged from a year earlier. Alien Metals says Munni Munni and Elizabeth Hill both delivered significant progress, while its acquisition of Georgina Basin after the period end further expanded its portfolio. Looking ahead, Non-Executive Chair Michael Carter says: "The board remains focused on disciplined capital allocation, advancing the group's existing assets and pursuing opportunities that have the potential to enhance long-term value for shareholders."
Current stock price: closed on Wednesday at 0.075 pence per share in London
12-month change: down 50%
By Niall Holden, Alliance News reporter
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