Kennedy Ventures reported a pre-tax loss of £1.1m for the fiscal year ended June 30 2017, a wider loss than the £788,000 reported a year ago.
Cash and cash equivalents for the year was approximately £364,000 compared to £60,000 in 2016 while net assets was £3.54m compared to £1.41m in 2016.
Post period, the company said it completed an additional fundraise, raising gross proceeds of £3.75m in July 2017 which are expected to be used for further plant upgrades and execution of a new drilling program.
The Board said it will be recommending to shareholders to change the name of Kennedy Ventures PLC to Kazera Global PLC at the AGM.
'With the support of our shareholders we successfully raised funds of £3.25 million in two separate placings in July 2016 and January 2017 leading to a series of personnel and equipment site upgrades as well as the implementation of new controls and quality management systems, resulting in improved efficiencies at the plant and quality output of our product,' said CEO Larry F. Johnson.
'Aftan has also implemented a new explosives programme with more consistent blasting and the generation of new adits, which has resulted in improved mining face availability and flexibility. Moreover, Aftan has improved fixed costs and working capital by driving out upfront cash payments and sourcing fixed price agreements while working towards more localisation within Namibia.'