Alba Mineral Resources Announces Year-End Results and AGM Details

Published 02/05/2025, 16:14
Alba Mineral Resources Announces Year-End Results and AGM Details

LONDON - Alba Mineral Resources plc (AIM:ALBA) has reported its financial results for the year ended November 30, 2024, and provided details of its upcoming Annual General Meeting (AGM). The company, focused on the exploration and development of natural resources, highlighted several key developments in its mining operations and strategic investments.

Financial Highlights:

  • Alba raised £1,167k during the year to fund its operations and project development.
  • The group reported a loss after tax of £3,523k, primarily due to a one-off impairment expense related to its Horse Hill investment.
  • Operating losses before impairments were £715k, consistent with the previous year.
  • Gross assets at year-end totaled £7,756k, reflecting investments in the Clogau Gold Project and a stake in GreenRoc Strategic Materials Plc.

Operational and Project Updates:

  • Alba achieved successful sales of gold from its Clogau-St David’s Mine, selling three limited edition gold coins at a premium price, validating the mine’s commercial potential.
  • The company completed extensive works at Clogau, including infrastructure development and the first phase of blasting.
  • Waste tip trenching results showed positive head grades, indicating favorable economics for future processing.
  • Alba maintained a significant stake in GreenRoc, providing strategic and technical support, and participated in share placings to support GreenRoc’s graphite project.
  • The company exercised an option to earn into the Finnsbo rare earth and gold project in Sweden after due diligence confirmed high-grade prospects.
  • Alba received partial repayment of shareholder loans from Horse Hill Developments Limited, although production at Horse Hill was suspended following a Supreme Court decision.

AGM Announcement:

Alba’s AGM is scheduled for May 27, 2025, at the company’s registered office in London. Shareholders will receive notifications and relevant documents according to their communication preferences.

Executive Chairman’s Comments:

George Frangeskides expressed satisfaction with the progress made at Alba’s projects, especially Clogau. He noted the positive market reaction to Alba’s and GreenRoc’s share prices and underscored GreenRoc’s advancements in developing critical mineral projects. Frangeskides also highlighted the strategic importance of rare earth elements and Alba’s involvement in this sector through the Finnsbo project.

Outlook:

Alba’s strategy remains focused on unlocking value from previously mined or drilled projects. The company plans to continue its exploration and development activities, particularly at the Clogau Gold Mine, and to pursue additional assets that complement its portfolio.

This information is based on a press release statement.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers
© 2007-2025 - Fusion Media Limited. All Rights Reserved.