Canada-focused Rambler Metals saw losses widen in the last year as it worked to bring its Ming Mine into commercial production.
The company posted revenues of $1.2m in the year to the end of July, down from $3.5m in 2011.
This led to a net loss of $3.37m - or 0.026c loss per share - compared to a loss of $53,000 for the previous year, a loss per share of 0.001c.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
However, the firm said that during the 12 month period 14,918 ounces of gold was produced and sold during commissioning of the mine at an average price of CAD$1,650, generating revenue of $25.2m.
Ming Mine revenues were credited to the Mineral Properties asset and would continue to be until commercial production is declared, Rambler said.
It added that following the completion of construction and commissioning of its copper concentrator, revenue of $3m was realised from the sale of 1,271 tonnes of concentrate in July.
George Ogilvie, President and Chief Executive Rambler Metals & Mining said: "Commencing and accelerating production at our Ming Copper-Gold Mine has been a great achievement for the company this year".
"Generating revenue and a consistent focus on reducing cash costs has given us a strong balance sheet which will further support organic growth and acquisitions," he said.
MM
-
8 of the best houses for sale with annexesThe best houses with annexes – from a period property in the Lake District to a 13th-century house with a two-bedroom annexe in Saltwood, Kent
-
Zelenskyy moves to appease Donald Trump – what happens now?Ukraine’s president Volodymyr Zelenskyy is conceding ground to secure the least-worst deal possible, says Emily Hohler
