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Annual Results

Scotgold Resources reduces losses

29 September 2017 07:09

Scotgold Resources reported a reduced loss for the year of AUS$1,348,167 compared with the prior year of AUS$1,505,592 in the year to 30 June 2017.

Sales of gold and gold concentrates, and increase in gold concentrates' inventory during the year amounted to 258 troy ounces (2016 - 12 troy ounces) and, before costs, have reduced deferred mineral and exploration expenditure by AUS$582,111 (2016 - AUS$26,993).

At balance date, the company has AUS$572,332 in cash and cash equivalents (2016 - AUS$738,866, and holds gold in concentrates' inventory with a net realisable value of approximately AUS$222,000.

The directors are currently working with their appointed investment banking advisers on sourcing funding for the Cononish Project from debt and private equity providers and are hopeful of progress being made in this regard.

The directors are nevertheless also mindful of the short and medium term working capital needs of the company and may need to consider addressing these separately in the light of the timing of the completion any project finance transaction for the Cononish project.

The company's full annual report for the year to 30 June 2017 is now available on the company's website.

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