Kainantu Resources Ltd (TSX-V:KRL) (KRL) said the company’s balance sheet and capital resources were managed prudently in the year ended December 31, 2022 with its total assets reaching $7.61 million during the period, an increase of $2.10 million compared to 2021.
The company also said its expenditure on exploration and evaluation activities for the year totalled $2.03 million which has been capitalised compared with $1.45 million in 2021.
"Over the past 12 months, the company has continued to build upon our corporate and our operational objectives. The acquisition of the highly prospective Kili Teke and May River projects mark a new phase for the company as we progress towards targeted drilling across the KRL portfolio,” Matthew Salthouse, CEO of KRL, said in a statement.
“In an operational context, our MT survey assisted us to accelerate and activities at key targets, including the highly prospective Ontenu Prospect. At May River, further field survey work identified a series of interesting and exciting results at the Mountain Gate prospect.”
The company closed the year with $0.31 million in cash. It also completed the final tranche of a C$2.5M private placement on January 24, 2023.
During the fiscal year 2022, cash outflows totalled $2.46 million on investing activities during the year, up from $1.58 million in the previous year.
The company reported a net loss of $1.49 million during the period, a decrease of $0.29 million compared to 2021.
“In 2023, our focus is on advancing work for drilling campaigns at selected prospects with Ontenu and KRL North being the priority. Closing the Kili Teke deal and advancing project re-optimisation work is another key focus for the company,” said Salthouse..
“The company is well advanced on funding initiatives and expects to provide a further update in the near future,” he added.
Kainantu Resources is an Asia-Pacific focused gold mining company with four highly prospective gold-copper projects in Papua New Guinea, namely the Kili Teke Project, the KRL South, KRL North and the May River Project.
Contact the author at jon.hopkins@proactiveinvestors.com