Empire Metals Ltd on Monday said its annual loss narrowed and its administrative expenses declined.

The minerals exploration and development company focused on Australia said its pretax loss for 2022 narrowed to £1.2 million from £2.3 million the prior year.

Empire Metal said its administrative expenses fell 90% to £1.0 million from £1.9 million the previous year.

Cash flows from operating activities increased to £1.7 million from £589,254 the previous year.

The company said that it had increased its exploration area to 2,155 kilometres from 3.1 kilometres in Australia, comprising four major projects and transforming the company into a significant explorer in the nation.

The company recorded no revenue in 2022; unchanged from the previous year.

Managing Director Shaun Bunn said: ‘Empire can now boast one of the largest and most prospective exploration footprints across Australia,’

‘Our agreement in April 2022 which saw Empire acquire majority interests in three highly prospective exploration projects, Pitfield, Walton and Stavely, set the tone for our activities for the new year.’

Empire Metals said 2023 is appearing to be a promising and productive year for the company.

‘We push forward determinedly with exploration programmes across multiple projects; most notably Pitfield and Eclipse-Gindalbie, but also the Stavely and Walton projects,’ the company said.

Empire Metals shares rose 5.2% to 1.87 pence each in London on Monday morning.

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