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.