Ormonde Mining plc’s “significant reductions” in management salaries resulted in more than halving losses from its base and precious metal operations in Spain.
FINANCES
For the six months ended 30 June 2022 the company’s results showed post-tax losses of €363,000 (2021: €630,000 loss).
Ormonde held €3.4m in cash (€3.7m at 31 Dec 2021).
OPERATIONS
The company conditionally sold La Zarza for €2.3 million and submitted applications for a three-year extension to three gold explorations permits for the Salamanca (50.9%) and Zamora (46.6%) gold projects.
During the first six months of the year, the company evaluated projects in a number of countries covering opportunities in precious metals and stones as well as base and battery metals.
Ormonde said that the projects required significant investment with little short or medium-term benefits, and is seeking opportunities which can return a profit without excessive risk.
SELECTIVITY
Chief executive Brendan McMorrow said that the sale of La Zarza, conditional on shareholders’ approval, would give the company stronger finances to invest in new opportunities.
“Although we have not yet identified the optimal project for our next phase, I am encouraged by the quality and volume of the opportunities that we have reviewed and the strength of the newly constructed board and its advisory team.
“Our balance sheet strength allows us the benefit of selectivity, ensuring that when we do move forward with a transaction, we expect it to be a highly attractive one.”