Altus Strategies plc ended the first half of 2021 with a strong cash balance and an increase in profits from its mining projects in West Africa.
FINANCES
In financial results for the six months ended 30 June 2021, the company reported a cash balance of £10,808,985 (H1 2020: £5,937,486) following a private placement in March which raised £4.9m.
Total comprehensve revenue stood at £2,335,884 (H1 2020: £734,719), while revenue and costs recovered from joint venture partners were £22,604 (H1 2020: £176,674).
Cash outflow for operating activities during H1 was £2,246,342 (H1 2020: £1,136,939) with exploration expenses of £1,345,788 (H1 2020: £588,984).
Chief executive Steven Poulton said that the second quarter had been very active for the company across its portfolio of projects, including drilling in Mali.
“We look forward to another exciting quarter ahead, including the commencement of fieldwork in Egypt, further drilling programmes in Mali and an expansion of our due diligence capabilities as we accelerate the assessment of further cash paying royalty acquisition opportunities.”
OPERATIONS
Altus Strategies is a mining royalty company with poly-metal project and royalty interests in Cameroon, Liberia, Ethiopia, Morocco, Ivory Coast, Mali, Egypt and Chile.