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Natural resource investment company Armadale reported narrower first-half losses thanks to lower costs and rise in the value of its investments.
For the six months ended 30 June 2021, pre-tax losses narrowed to £27,000 from £159,000 year-on-year, as the value of its investments increased to £139,000 from £2,000.
'The first half of 2021 has seen Armadale focus on project permitting which has seen the company subsequent to the end of the half year progress to being a fully permitted development company,' the company said.
'The mining permit is the culmination of a long project of advancement for the company, which has progressed from the discovery of the deposit through to feasibility study and now is development ready,' it added.
'The company is now well placed to proceed towards financing and development...'