W Resources has posted an H1 pretax loss of £332,000, from a year-ago loss of £359,000. It described the year as one of transition.
"We have reached major milestones in Spain and Portugal with initial production at La Parrilla in 2016 and are on track for Regua in 2018, whilst increasing the prospectivity at the other three projects," said chairman Michael Masterman.
"The La Parrilla mine plan is progressing well, with production commencing in Q3 2016, and in parallel, we are continuing our discussions with regard to financing the mine at asset level and are encouraged by the response to date.
"These factors, combined with the Full Mine approval, see the FTM construction on-track ahead of the ramp-up to full production in 2017.
"At Regua, metallurgical results to date have been encouraging, and this, combined with process flowsheet updates will enable us to start work on the definition development study."