The company listed on the ISDX on 24 July and has raised money to fund the company’s exploration and drilling programme. The plan is to focus on two exploration projects: the Ukalunda and Square Post in North Queensland, Australia.
The directors consider that 2015 and 2016 are likely to see a healthy news flow from both the Ukalunda and Square Post projects as exploration proceeds and any positive results should allow value to be added.
The management has a proven track record not just in locating properties with valuable resources but, more importantly, in developing these projects to bankable stage, the company noted in its interim results.
The company reported a nominal loss of £91,000 for the first half of the year, versus a loss of £26,000 the year before, although such numbers do not mean much at this stage of the company’s development.