Nativo Resources PLC on Thursday said its loss narrowed during 2024 as costs reduced, and the firm evaluates the potential for further development.
The Latin America-focused exploration company, formerly known as Echo Energy, with interests in precious metals mining and production in Peru, said its pretax loss narrowed to $2.2 million in 2024 from $4.1 million in 2023.
This was primarily driven by finance costs reducing by 65% to $1.1 million from $3.1 million.
Nativo reported revenue of $44,000 for the year, against none in 2023, with cost of sales totalling $216,701.
‘Based on historical records, Nativo and Boku have identified numerous high potential tailings projects in the Ancash region of central Peru which subject to agreements will be assessed for their potential to be reprocessed to recover lost metals,’ said Nativo.
‘Tailings reprocessing represents a cheap and low risk approach to build a resource inventory. Defining a resource and demonstrating cost-effective routes for the economic recovery of the lost metals will be required before a final investment decision is made.’
The first tailings deposit of up to two million tonnes was secured through an option agreement in April, the company added.
Nativo is also in the process of restructuring its €10 million Eurobond, which ‘will be key to attracting significant future investment’, it said.
Shares in Nativo Resources were up 0.9% at 0.58 pence each in London on Thursday afternoon. The stock is down 91% over the past year.
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