Shares in Arkle Resources experienced a decline on Tuesday following the company's announcement that it recorded a first-half pretax loss due to increased costs. Additionally, Arkle revealed that it is in search of a partner who can assist with the drilling expenses for its gold assets in Ireland.
At 0847 GMT, shares were down by 5.3% at 0.45 pence, having previously fallen as much as 16%.
Arkle, an Irish exploration company specializing in gold and zinc, reported a first-half pretax loss of 33,000 euros ($34,955), a significant decrease compared to the profit of EUR21,000 achieved during the same period last year. The company did not provide any information regarding revenue for the specified period.
The company explained that although it has an intensive drilling program for its gold licenses in Ireland, the challenging fundraising environment on London's AIM market has made finding a partner exceedingly difficult.
In regards to lithium, Arkle stated that further work is required for its Irish assets, while work in Zimbabwe - where it was granted lithium licenses last year - has been paused.
Furthermore, the company stated that it is currently progressing with the acquisition of two license blocks in another jurisdiction that may potentially contain lithium. However, other proposals involving gold, base metals, and rare earths have failed to pass the due diligence process.
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