Cloudbreak Discovery hails balance sheet amid focus on Darlot West
Cloudbreak Discovery PLC on Monday said its balance sheet was materially strengthened as it aims to execute exploration campaigns at the Darlot West gold project in Western Australia.
The London-based natural resource project generator and royalty business said pretax loss widened to £2.7 million in the financial year ended June 30, from £1.6 million a year prior.
Cloudbreak Discovery said it believed the path forward must emphasise ‘near-revenue or value-pivot projects rather than purely early-stage exploration,’ as well as jurisdictions with stable regulatory regimes and mining law clarity, among others.
Over the next 12 to 24 months, the company aims to execute exploration campaigns at the Darlot West gold project in Western Australia. Further, it seeks to monetise or spin off assets that do not fit the new strategy or recycling value. The company aims to maintain financial discipline as it aims to pursue growth.
Executive Chair Peter Huljich said: ‘These post-year events materially strengthen our balance sheet and enhance our exposure to promising gold and copper exploration in Australia-an essential geographic shift. In closing, the board and management believe the strategic repositioning initiated over the past year has reset Cloudbreak to a higher-potential trajectory. Our capital is now more aligned with active exploration and project generation, rather than lingering in non-core royalties or legacy interests. While the path ahead will require execution and discipline, we believe we are better placed than before to capture value for our shareholders.’
Cloudbreak Discovery shares were down 2.0% at 1.08 pence each on Monday afternoon in London.
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