Ortac Resources narrows loss as it strives towards revenue

Exploration and development company Ortac Resources announced its unaudited financial results for the six months to 30 September on Friday - a period in which it recorded nil revenue, but did narrow its loss before tax to £0.25m from £0.34m.

The AIM-traded firm was kept busy, however, as it increased its initial stake in Casa Mining to 21.25% as Casa looked to potentially double the 1.2Moz resource at their Misisi Project in the Democratic Republic of the Congo.

It increased its stake in Andiamo Exploration to 27% as Andiamo expanded their land position in Eritrea and initiated plans for an active 2017 exploration season, and reported that Zamsort continued to proceed with the construction of their copper and cobalt processing plant at Kalaba.

Ortac currently has an option on 19.35% equity in Zamsort.

In Slovakia, the company said it continued to engage with potential local partners and assess developments in the alternate leaching technologies coming to market.

A total of £0.67m before costs was raised from two private placements during the reporting period and one subsequent placement post period.

“The past six months has seen an improvement in sentiment towards the sector, which is partially reflected in the renewed interest in some of the company's projects and investments,” said chairman Anthony Balme.

“We remain committed to keeping costs under control and are hopeful that the value in the company's portfolio of projects and investments will soon be realised in its share price.”