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Greatland Gold PLC on Monday reported a widened interim loss, as it saw a surge in share-based payment expenses.
For the six months that ended December 31, the London based development and exploration company, which specializes in one-tier gold and copper deposits in Australia, saw its pre-tax loss widen to £13.3million from £3.6 million a year prior.
Greatland booked a share-based payment expense of £9.2 million in the period, up sharply from just £39,000 the previous year. Exploration and evaluation expenses fell slightly to £1.7 million from £1.8 million.
It had a net cash outflow of £10.6 million from operating and investing activities. As at December 31, the company had net current assets of £58.2 million, with cash of £59.8 million.
Greatland Gold said it believes the company has adequate resources to continue in the foreseeable future due to its positive cash position.
The company also said it will debt fund its share of their Havieron development, a high-grade gold and copper deposit in Western Australia, after executing a debt commitment letter of £130 million.
The company did not declare a dividend for the half, unchanged from a year prior.
Greatland Gold shares were 2.7% lower at 7.49 pence on Monday afternoon in London.
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