Extractive Industries

Critical Metals eyes new ventures after losses widen

Critical Metals plc announced an increase in losses during 2020 but remained confident of progress this year with potential opportunities.

Acquisitions: Critical Metals has narrowed its search and is discussing a small number of potential opportunities (Pixabay)

EVALUATION

Results for H2 2020 showed a net loss of £152,111 compared with £17,437 for the same period in 2019.

The group had cash reserves of £630,148 (2019: £34,342) and raised £800,000.

In September 2020 it listed on the standard segment of the main market of the London Stock Exchange.

Critical Metals chairman Russell Fryer said: “Over the course of the period under review, we have been rigorously evaluating a number of opportunities to ensure that we make the right acquisition that will build value for shareholders. 

“Any transaction is deemed likely to be categorised a reverse takeover as defined in the listing rules and we expect the funding for any transaction to be derived from existing cash resources, or the raising of additional capital.

“We have now narrowed down our search and are in discussions with a small number of potential opportunities.”

Critical Metals’ investments are in operators or near-term revenue generators within the natural resources sector in Africa.

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