Ormonde Mining plc said it was reviewing a range of new opportunities for base and precious metals, battery metals and precious stones in Africa and Europe.
FINANCES
The company made the announcement in its final results for the year ended 31 December 2021 which showed a total comprehensive loss of €1.6 million, including €400,000 asset impairment (2020: €1.1m).
This relates to a revised value of its La Zarza copper-gold-zinc interests in Andalucia at €2m, a €400,000 reduction from previous guidance.
The company said that the new figures were a fair value as it continues discussions regarding a transaction.
Ormonde held net assets of €5.96m, including a cash balance of €3.75m.
The company added it had also tried to reduce its overheads with board and management costs lower on a full year basis by approximately 60%.
The impact of these reductions will be realised in the current year.
ASSETS
Ormonde retains its Salamanca and Zamora gold projects (48%) in Castilla and Leon, Spain.
CORPORATE
The company’s newly constructed board includes the appointment in October 2021 of Brian Timmons as non-executive chairman (previously non-executive director).
Brendan McMorrow became chief executive officer in November 2021 and Keith O’Donnell also joined the board.
Senior technical and geological consultants appointed during the year included Steve Nicol and Professor Garth Earls.
TRANSITIONAL
Chairman Brian Timmons said that until the company made progress in new investments, the directors would waive their entitlement to non-executive directors’ fees.
“2021 was a year of transition for the company as we restructured the board, reviewed the company’s assets, reorganised the company to operate on a reduced cost basis, and positioned Ormonde to execute an opportunity to enable the company to leverage its listing and balance sheet and generate value for shareholders.
“I am conscious that shareholders are keen to see the value of their holding grow.
“Our job is to ensure that we deliver the best opportunity to achieve this; one which offers the maximum upside from the company’s current balance sheet.
“I am confident that we have the team in place to execute on that goal and deliver shareholder value.”