Alba Mineral Resources shares traded near multi-year lows on Friday after the Wales-focused miner released final results dominated by delays to their Clogau gold project.
Alba Minerals shares were down 5% in low-volume choppy trade at the time of writing on Friday – and were trading near the lowest levels since 2020. Shares had been trading between being 4% higher and 5% lower for most of Friday’s session.
Alba Mineral Resources shares have sunk circa 70% over the past 5 years.
George Frangeskides, Executive Chairman of Alba Mineral Resources, said he had purchased £15,000 worth of shares during the period and now has a total of 48 million shares worth around £48,000 at current prices.
The Chairman hopes to purchase more shares to demonstrate his “steadfast belief” in the company. His holding represents 0.68% of Alba.
Discussing the ongoing delays at their key Welsh project, Frangeskides said:
“Although the ongoing hiatus in the planned in-mine work activities at Clogau has been frustrating, we believe that we are finally approaching a conclusion to the current ecological permitting process and that the HRA, once concluded, can provide a framework for a more streamlined and efficient process for future permitting applications.”
Greater operating loss
Alba recorded a £1,623,000 operating loss in the year, primarily due to costs of listing GreenRoc Mining, a spinout with assets in Greenland.
Alba has two externally operated investments in GreenRoc and the Horse Hill oil project in Surrey.
GreenRoc has increased graphite resources at their Amitsoq Island Deposit threefold with an average grade of 20.41%. Amitsoq is one of just two projects globally with grades in excess of 20%.
Alba wrote down their investment in Horse Hill to £2.6 million – in line with the valuation attributed to the project by the largest shareholders.