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Ormonde Mining swung to a first-half profit after it booked a gain on an asset sale, and said it was conducting due diligence on a potential acquisition of a resources project.
Pre-tax profit for the six months through June amounted to €1.16m, compared to a €1.11m loss on-year, and included a €1.6m gain on the €6m sale of the company's 30% interest in the Barruecopardo mine in Spain.
Pre-tax losses from continuing operations were €0.44m, compared to losses of €0.43m on-year.
'Following an extensive review of a wide range of resource projects, since the completion of the Barruecopardo disposal, the board is pleased to advise that the company has recently entered into an exclusivity agreement in relation to a potential acquisition of a resource project,' Ormonde Mining said.
'Due diligence is ongoing, the pace of which may be impacted by Covid-19 related limitations, with there being no certainty that a transaction will be concluded.'
'The company will provide an update to shareholders in relation to progress as appropriate.'
At 1:51pm: (LON:ORM) Ormonde Mining PLC share price was +0.08p at 0.78p