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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.
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