Exploration and development firm URU Metals Ltd (LON: URU) shares are sliding on Wednesday after the company reported a more comprehensive first-half loss.
URU posted a $1.6 million loss for the six months ended September 30th 2020 compared to a $230,000 loss during the same period in 2019.
The losses stem from a rise in administrative expenses from $263,000 to $302,000 while URU made a $1.5 million loss on the settlement of debts.
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However, the company is bullish on its prospects and continues to believe that the base minerals industries’ long-term fundamentals remain positive.
“The Company maintains its core strategy to develop its nickel assets, as the Board anticipates growing demand and price appreciation for nickel in the short to medium term,” commented Jay Vieira URU’s non-executive chairman.
Shares of URU are down 11.96% at 202p on Wednesday, following Tuesday’s close at 230p.