Vanadium Resources (VR8) has reported a net loss after tax of $1.68 million after progressing activities for its Steelpoordrift vanadium project in South Africa.
Over the 12-month period, the main priority of the company was commencing and advancing the project’s definitive feasibility study (DFS).
VR8 said the DFS remained within budget and on track throughout the financial year.
Furthermore, the company continued to market the project globally, with management undertaking a media campaign to promote the project at mining conferences.
These activities resulted in cash outflows of $1.05 million, which was mostly due to payments for suppliers and employees.
The company spent $2.94 million on investing activities, of which $2.55 million was directed towards exploration and evaluation.
It brought in $5.1 million from financing activities, which included $4.6 million raised through a strategic placement, offered at a premium to Raubex.
It finished the financial year with an improved cash and cash equivalents position of $2.92 million.
Shares were trading 23.4 higher to close at 9.5 cents.
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