viewErris Resources PLC

Erris Resources' full-year results show it has secured significant cash buffer

Erris has a diverse portfolio of exploration assets in the British Isles and Scandinavia

Erris Resources PLC -

Erris Resources PLC (LON:ERIS) halved its losses in the year to December 31, 2019 to just over €530,000, down from more than a €1mln loss a year earlier.

The company closed out the period with €1.4mln cash in the bank, although that figure has subsequently dropped slightly since the year-end.

WATCH: Erris Resources CEO details high-grade gold targets and plans for Loch Tay in Scotland

Erris said it is continuing with exploration projects in Ireland, Norway and Scotland.

“We are fully aware that the share price performance of the company since IPO has been challenging,” said chairman Anton du Plessis in a statement. 

“Much of this has been beyond the company's control, linked to macro events and a generally weak market for junior exploration companies. However, with our strong cash position of around €1.2m at the end of March and team with a proven track record of discovery and value creation, I am confident that the company will deliver to shareholders.

"Erris is also currently impacted, like all companies, by the (coronavirus) COVID-19 pandemic and has taken all necessary steps to protect the well-being of its staff, stakeholders and local communities,” he added.

Quick facts: Erris Resources PLC

Price: 5.75 GBX

Market: LSE
Market Cap: £2.23 m

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