Alliance News) - CleanTech Lithium PLC on Friday said administrative costs contributed to its yearly loss widening.

The Chile-focused sustainable lithium exploration and development company said pretax loss in 2022 widened to £3.8 million from £1.2 million a year before. This relates to administrative costs which more than trebled to £3.8 million from £1.2 million last year.

No revenue was generated in 2022, unchanged from last year, as it continues its exploration stage.

Looking ahead, CleanTech said the remainder of 2023 and beyond is set to be ‘highly active’ as it continues to ‘deliver long-term sustainable value for investors and all stakeholders.’

Executive Chair Steve Kesler said: ‘The Company has advanced considerably in the past year, and I am looking forward, now in an executive capacity, to be working with the Chief Executive Officer, Aldo Boitano, and his management team to accelerate the path to commercial lithium production.’

Shares were down 1.6% at 40.85 pence each in London on Friday morning

Copyright 2023 Alliance News Ltd. All Rights Reserved.