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ECR Minerals outlines robust financial position in interim results

ECR has an extensive portfolio of gold exploration properties in Australia

ECR Minerals PLC -

ECR Minerals PLC (LON:ECR) has posted interim financial results for the six months to March 31, 2020.

The company recorded a loss of £1.85mln during the period, including an exceptional £1.6mln charge relating to the disposal of its Argentine subsidiary. Post-period end, the company’s cash position was strengthened by a £500,000 equity financing and the receipt of A$500,000 from Fosterville South Exploration Ltd in April 2020.

The group operating loss for the period was reduced to £369,102, set against the £438,145 loss booked for the six months ended March 31, 2019.

During the period ECR was active on its Bailieston and Creswick projects in Victoria, Australia.

Post-period end, the company sold licences comprising the Avoca, Moormbool and Timor gold exploration projects in Victoria, Australia to Fosterville South Exploration Ltd for a total potential cash consideration of up to A$2.5mln, as announced in April 2020.

The company’s net assets were £2.3mln as at March 341, 2020, lower than the comparable 2019 figure due to the disposal of the Argentine subsidiary.

The current cash position of the company is £742,379.

Quick facts: ECR Minerals PLC

Price: 1.05 GBX

AIM:ECR
Market: AIM
Market Cap: £5.8 m
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ECR Minerals' Craig Brown updates on talks with potential partners for key...

ECR Minerals PLC's (LON:ECR) Craig Brown tells Proactive London's Andrew Scott they're in active discussions with potential partners on its Bailieston and Creswick projects in Victoria, Australia. ECR's recently sold licences comprising the Avoca, Moormbool and Timor gold exploration projects...

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