Horizonte Minerals (LON: IOG) shares are down on Friday after the company revealed its loss for the first quarter widened.
The nickel company reported a pre-tax loss of £954,476 for Q1 2021, compared to £41,522 during the same period in 2020.
The company said that although its assets are not generating revenue and it reported a loss, “the directors consider that the Group has sufficient funds to undertake its operating activities for a period of at least the next 12 months including any additional expenditure required in relation to its current exploration projects.”
The company's loss was not helped by its administrative expenses rising to £820,802 from £674,458, while gains on foreign exchange fell to £184,584 from £941,446.
The company noted that some of its highlights for the period were the successful completion of an £18 million fundraise with predominately new institutions resulting in a strengthened cash balance of £26 million and multiple components of the Araguaia project finance package reached the final stages.
Horizonte Minerals share price is down 1.72% at 7.42p at the time of writing.
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