Horizonte Minerals plc reported a strengthened cash balance for its ferronickel operations in Araguaia, Brazil.
In its unaudited financial results for the first quarter 2021, the miner held £26,331,015 million (Q1 2020: £16,993,664) following an £18m placing during February.
Losses were recorded at £954,476 from continuing operations (Q1 2020: £41,522).
The company said that multiple components of the Araguaia project finance package were reaching the final stages.