Sunrise Resources shares rise amid narrowed full-year loss
Sunrise Resources PLC on Friday reported a narrowed full-year loss, despite an absence of revenue, as a reduction in impairment of exploration expenditure gave support to its bottom line.
The industrial mineral projects developer reported a pretax loss of £342,231 for the financial year that ended September 30, narrowed from £658,806 a year prior.
Sunrise reported no revenue, down from £112,050 the year before. The prior year’s figure related to its sale agreement with Dicalite Management Group for the 29 mining claims held for the Diatomite in the Crow Springs area of Nevada, US.
Sunrise does not yet produce minerals and has no income aside from a small amount of bank interest and payments from project transactions.
The bottom line was supported by a reduction in impairment of exploration expenditure down to nothing from £422,135.
Shares in Sunrise Resources were up 7.7% at 0.035 pence on Friday afternoon in London.
‘Over the past few years, the company has established a valuable portfolio of drill-ready precious metal, base-metal and industrial mineral projects. Our strategy remains to valorise those projects through sale or other arrangements seeking, wherever possible, free-carried exposure to increases in value and production from the projects. We will also consider further exploration on the projects as funds permit,’ said the company.
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