FinnAust Mining posts a loss before taxation of £620,059 for the year to the end of June compared with a loss of £561,381 last time. The group's cash position at 30 June 2016 was £425,046 (30 June 2015: £795,368).
Post period end the company raised £500,000 through a placing of 10,000,000 new ordinary shares at 5p apiece.
Chief executive Roderick McIllree said: "This has been a transformational year for FinnAust, defined by the acquisition of the highly prospective Pituffik titanium project in Greenland. With multiple prospects identified and results to date underpinning our belief that Pituffik has the potential to be in the top percentile of titanium projects globally in terms of grade, we believe this deposit has the potential to become a significant value driver for the company.
"Our focus is now on strengthening our knowledge of the asset, and we expect to be in a position to publish a JORC compliant resource by the end of 2016, ahead of commencing a proof-of-concept bulk sampling programme in 2017.
"With Greenland only just beginning to reveal its resource potential we are delighted to have a first-mover position in this prospective region, and in line with this, post-period end we expanded our geographical footprint through the acquisition of two polymetallic assets in the south-west of the country.
"Both projects boast multiple, large, high-grade polymetallic targets that are drill ready. With near term development potential at Pituffik and additional upside opportunity available at these news assets, we believe the coming year will be extremely active for the Finnaust.
"We look forward to keeping shareholders updated with our progress as we look to deliver on these value accretive milestones."
At 8:06am: (LON:FAM) FinnAust Mining Plc share price was 0p at 6.65p