Arcadia Minerals (AM7) focused on exploration across its Namibian projects for the December 2021 half year, ending the period with a $1.4 million loss.
Work over the six months to December 31 also focused on the Kum-Kum Project which is prospective for nickel, copper and platinum group elements, and the Karibib Project which is prospective for copper and gold.
More recently, the company has reported positive lithium mineralogical test results from itsBitterwasser Project as well as “outstanding” drill results from its Swanson Tantalum Project, both in Namibia.
For the financial period, the group separated its operations into two segments – exploration activities in Namibia and administration in Australia.
Exploration costs for the period totalled $1.1 million, which made up the bulk of the $1.9 million spent on operating activities, while roughly $877,000 went towards payments to suppliers and employees.
Its Australian arm of the business accounted for a loss of $259,187 before income tax expense, and ended with $14.1 million in net segment assets.
The company started the period with $6.1 million in cash and equivalents but accounting for the loss, ended with $4.1 million which is up from $164,066 reported for the December 2020 period.
Arcadia shares were trading 3.26 per cent higher at 23.8 cents at 3:18pm AEDT.
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