Cadence Minerals PLC on Tuesday reported a wider annual loss, caused by unrealised loss on financial investments.

The London-based early stage investment and development company within the mineral resource sector said pretax loss widened in 2022 to £5.5 million from £144,000 in 2021. This was attributed to an unrealised loss on financial investments of £4.6 million, related to a 49% reduction in the share price of its largest investee, European Metals Holdings Ltd.

Shares in AIM-listed European Metals Holdings fell by 48% over the course of 2022, to 35.50 pence from 68.50p. However, the stock has rebounded by 33% so far in 2023 to 48.00p on Tuesday.

Cadence Minerals shares were down 1.3% at 8.09p and are down 24% so far in 2023.

Cadence recorded no revenue for 2022.

Looking ahead, Cadence Minerals said its portfolio remains balanced and is well-placed to tackle ongoing macroeconomic uncertainty.

‘In the coming year, we look forward to further developing the Amapa iron ore project, progressing the permitting pathway, and, if possible, securing a joint venture partner to co-develop the asset,’ Chief Executive Officer Kiran Morzaria said.

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