Ferrum Crescent posts a pre-tax loss of $1.6m for the year to the end of June - down from $2.3m last time.
Revenues fell to $22,517 from $23,753 but the group had other income of $490,850 (2015: nil) and while the foreign exchange loss rose to $395,816 from $176,532 exploration expenditure of $188,506 was down from $456,595.
Executive chairman Justin Tooth said: "2016 has been a key period for resetting Ferrum Crescent to be able to build real value for shareholders. The Company has seen a significant restructure in how it is operated, costs have been cut back and new skills made available to the group.
"After careful review an option was signed on a suite of lead zinc assets in Spain that bring a significant pre-existing data package on projects in a strong performing commodity, in a politically stable region.
"I am also pleased with the work we have done on Moonlight and I look forward to announcing more new to the market from both of our projects, following the Boards decision to exercise the Spanish option and mobilisation to site about to begin."
At 8:04am: (LON:FCR) Ferrum Crescent Ltd share price was +0.02p at 0.25p