Tamar Minerals loss widens as prepares for Cornwall tin exploration
Tamar Minerals PLC on Monday reported a wider loss in its first half of its financial year, as the company prepares to begin exploration.
The London-based tin and copper explorer is targeting south west England. The company’s current iteration is the product of Tectonic Gold PLC’s reverse takeover of Godolphin Exploration Ltd.
In April 2025, Tectonic said it was acquiring Godolphin through a £3.7 million all-share deal, giving former Godolphin investors 63% of the enlarged firm’s capital. Tectonic also carried out a 20-into-1 share consolidation.
The deal shifted Tamar ‘into a dedicated tin and copper explorer focused on the historic mining districts of Devon and Cornwall’, in the company’s words, and also meant moving the financial year-end to the end of June from March 31.
For the six months ended in December, Tamar’s pretax loss widened to £141,758 from £44,035.
‘This figure primarily comprises administrative, corporate and exploration expenses incurred as we position the company for active fieldwork,’ Tamar said on Monday. It has no revenue.
As of December 31, its Australian assets were valued at £3.0 million, after currency translation effects.
Tamar in March closed a £2.0 million fundraise and acquired the Godolphin mineral rights which it had previously only had under option.
‘With this capital now in place, we intend to commence drilling at Great Wheal Vor later this year, targeting the depth extensions of the high-grade main lode. Great Wheal Vor was one of Cornwall’s premier tin producers in the 19th century,’ Tamar Chief Executive Mark Thompson said.
‘Grades at the base of the main lode were estimated historically to have been 3 [metres] to 5m wide at circa 3.5% [tin]. We will be aiming to test the historical thesis with the upcoming drill programme,’ Thompson added.
Tamar shares were last quoted at 5.10 pence each on the Aquis Exchange in London.
Copyright 2026 Alliance News Ltd. All Rights Reserved.