The gold and base metals-focused group posted results today for the six months to September 30 - a period which charted significant activity including the change of name from Aurasian Minerals PLC.
The group raised £163,400 in a private placing in April and is now in the process of raising additional financing in two tranches. As part of this, Southern Arc has come aboard as a strategic partner and will hold 29.9% of Tethyan shares.
Under the terms of its option agreement for Suva Ruda, Tethyan needs to drill 2,000 metres in 2016 on the 'Rudnitza' porphyry, which is taking place in November and this month.
At Gokcanica, it may earn up to an 80% interest by completing exploration worth US$ 500,000 to be followed by a PFS (pre-feasibility study) and BFS (bankable feasibility study).
In keeping with a firm at this stage, the firm spent £577,000 on pursuing exploration and operating costs and the cash balance declined by £411,000 from £1,024,000 to £613,000.
The pre-tax loss was £570,000 (2015: loss of £281,000).