Salt Lake Potash posts wider H1 loss on higher expenses

Salt Lake Potash has widened its first-half pre-tax loss on the back of higher exploration, evaluation and business-development expenses.

Its primary focus during the period continued to be the advancement of the Lake Wells' Project, which was located in the Northern Goldfields of Western Australia.

The project comprised 1126 sq km of exploration licences, substantially covering the Lake Wells Playa and the area immediately contiguous to the lake.

"The Project has potential to host a large, high grade salt lake brine project to produce highly sought after Sulphate of Potash (SOP) for domestic and international fertiliser markets," the company said in a statement.

Its pret-ax loss for the six-month period was $4.9m, from a loss of $2.2m.

At 31 December 2016, Salt Lake Potash has cash reserves of $3.5m, from $7.5m at 30 June. Net assets stood at $4.7m, from $9.4m six months earlier.

At 13:38 GMT, shares in AIM-listed Salt Lake Potash were flat at 34p each.