Pathfinder Minerals books loss and continues to seek mining licence

Natural resources provider Pathfinder Minerals (LON: PFP) announced its annual results for 2018 today, and they revealed the Company had posted a loss for the full year.

Pathfinder told investors today that pre-tax losses for the year stood at £645,000, which represented a widened loss from £615,000 on-year.

The Company said that they remained confident following their Board appointment over the last year and their continued efforts to push for the reinstatement of mining licences in Mozambique. The Company also said they were, “optimistic about the range of options being proposed”.

Pathfinder comments

In their latest statement, the Company’s director Sir H C Bellingham attached the following comments on appointments and the Board’s outlook for the Company.

“In August 2018, Nick Trew stepped down from the Board and Simon Farrell and Scott Richardson-Brown joined the Board in the roles of Non-executive Co-Chairman and Executive Director, respectively. Scott Richardson-Brown was later appointed to the role of Chief Executive Officer.”

“Scott Richardson-Brown left the Company on 3 June 2019 to pursue other business interests, and the Board wishes him well with his future endeavours. John Taylor was appointed as the Company’s new Chief Executive Officer on the same date and I am happy to report there has been no let-up in the pace of operations and activity since then.”

“Discussions are continuing to progress in a positive way both with regards to a transaction in respect of the Licence and with prospective funders who are conducting their own asset-level due diligence. Should a transaction be concluded, the Board anticipates that the effect on the business would likely be transformational.”

Investor notes

Following the announcement, the Company have witnessed a modest rally during Monday trading, up 0.087% or 0.002p to 2.3p a share 01/07/19 13:19 GMT.

Elsewhere in the mining and minerals sector, recent updates have come from; Arc Minerals Ltd (LON: ARCM), AfriTin Mining Ltd (LON: ATM), Ferrexpo Plc (LON: FXPO), Altus Strategies Plc (LON: ALS) and Kefi Minerals plc (LON: KEFI).

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Senior Journalist at the UK Investor Magazine. Also a contributing writer at the Investment Observer, UK Property Journal and UK Startup Magazine. Postgraduate of King's College London with a specialisation in Business Ethics. Interested in Development Economics and David Hume.