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ECR Minerals outlines robust financial position in interim results

ECR has an extensive portfolio of gold exploration properties in Australia

ECR Minerals PLC -

ECR Minerals PLC (LON:ECR) has posted interim financial results for the six months to March 31, 2020.

The company recorded a loss of £1.85mln during the period, including an exceptional £1.6mln charge relating to the disposal of its Argentine subsidiary. Post-period end, the company’s cash position was strengthened by a £500,000 equity financing and the receipt of A$500,000 from Fosterville South Exploration Ltd in April 2020.

The group operating loss for the period was reduced to £369,102, set against the £438,145 loss booked for the six months ended March 31, 2019.

During the period ECR was active on its Bailieston and Creswick projects in Victoria, Australia.

Post-period end, the company sold licences comprising the Avoca, Moormbool and Timor gold exploration projects in Victoria, Australia to Fosterville South Exploration Ltd for a total potential cash consideration of up to A$2.5mln, as announced in April 2020.

The company’s net assets were £2.3mln as at March 341, 2020, lower than the comparable 2019 figure due to the disposal of the Argentine subsidiary.

The current cash position of the company is £742,379.

Quick facts: ECR Minerals PLC

Price: 3.1124 GBX

Market: AIM
Market Cap: £21.58 m

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