Uru Metals loss widens as expenses double amid Zeb exploration
Uru Metals Ltd on Tuesday reported a widened interim loss as it reaffirmed its commitment to advancing the Zeb nickel project.
The mineral exploration and development company is focused on the Zebediela nickel project located in Limpopo, South Africa. Zeb is the flagship project of Zeb Nickel Corp, in which Uru Metals has a 73.67% interest.
Net loss widened nearly doubled to $793,000 for the six months ended September 30 from $404,000 a year ago.
This was largely due to administrative expenses more than doubling to $732,000 from $358,000.
No revenue was reported for the period, same as in the previous year, as the group is in the exploration stage.
Uru Metals said it expects to begin drilling in 2026, following the completion of surveys and the tendering of a drilling contractor.
‘Demand for nickel, an essential component in lithium-ion batteries and the burgeoning electric vehicle market, continues to grow, underscoring the strategic importance of this project,’ said non-executive chair Kyle Appleby.
‘URU remains committed to advancing the Zeb nickel project in Limpopo as a potential source of nickel sulphides for the energy transition,’ Appleby added.
Shares in Uru Metals fell 5.7% to 6.60 pence on Tuesday afternoon in London.
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