Richland Resources has widened its H1 pretax loss to $1.5m, from a loss of $0.98m, as it achieved a number of key operational goals at the Capricorn Sapphire project. Revenue was $0.6m, from $0.3m.
"The reporting period has seen us achieve a number of key operational goals at our Capricorn Sapphire project including the establishment of a new geological model and resource, in order to guide future extraction, and the implementation of important optimisation upgrades at the plant," said CEO Bernard Olivier in a statement.
"Our commitment to low shareholder dilution continues as we secured a debt facility to underpin operations and implemented significant cuts to corporate costs. A high production run-rate is now being maintained and I look forward to further ramping up production and continuing to build our sapphire sales and marketing channels to achieve profitability."
At 10:38am: (LON:RLD) Richland Resources share price was -0.38p at 1.63p