(Alliance News) - MetalNRG PLC on Friday announced a widened loss in 2020 but remains upbeat about its performance and hopes to add to its investment portfolio in the coming year.
MetalNRG shares jumped 17% to 0.82 pence each in London on Friday.
The natural resource investing and exploration company reported a pretax loss for 2020 of GBP810,133, widening from GBP584,855 for the 10 months to December 31, 2019. The company said however that it comes out of year "stronger than it was 12 months ago".
This was the company's first full year on the Main Market of the London Stock Exchange.
For the year, Chief Executive Rolf Gerritsen said: "We reviewed numerous investment opportunities but decided to focus on three projects in particular: Oil & Gas in Romania, Oil & Gas in the UK, and Lake Victoria Gold in Australia with its assets in Tanzania. MetalNRG also made progress on the Goldridge asset in Arizona and took steps to address its investment in IMC's uranium asset in Kyrgyzstan, which has been impacted by the government's imposed ban on the exploitation of Uranium in the country."
MetalNRG did not declare a dividend for the year, unchanged from the year prior.
"The next 12 months are going to see us work hard on a number of fronts, both developing existing assets and hopefully adding to our investment portfolio and we look forward to keeping the market up to speed with our progress," MetalNRG said.
By Greg Roxburgh; gregroxburgh@alliancenews.com
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Metalnrg Plc (MNRG)