Sula Iron & Gold has narrowed its H1 pretax loss to £780,000, from a loss of £1.1m. Revenue was nil.
"The first half year of FY 2017 was very busy for Sula," said CEO Roger Murphy, referring to operations.
"We plan to maintain this strong momentum into the second half of the year," he added.
"We are delighted that 10 of the 14 holes we have drilled at Sanama have hit gold, and we are equally delighted to have reported a new discovery area at TZ4 the Southern Target, which reinforces our view that Ferensola presents a substantially scaled gold system rather than a single isolated occurrence.
"We remain convinced that the gold potential of Ferensola is significant and look forward to proving this to the market."
At 9:16am: (LON:SULA) Sula Iron Gold PLC share price was +0.01p at 0.25p