African Battery Metals Plc (LON:ABM) has reported on six months which it described as “a very busy period” as it advanced plans to become a significant explorer, developer and ultimately producer of battery metals.
The junior mining company, formerly known as Sula Iron & Gold, was relaunched in January alongside the acquisition of a cobalt asset in the Democratic Republic of Congo (DRC) and the appointment of a team.
“The board, which has proven expertise in African exploration, mining and project generation, recognised the potential for a dedicated London listed vehicle, which could utilise its listing to become a significant participant in the battery metal arena through targeted project generation,” chief executive Roger Murphy said in a statement.
He added: “Since then, we have been identifying and assessing prospective opportunities in proven jurisdictions to acquire or farm into projects that, with investment and development, have the potential to re-rate quickly and increase shareholder value.”
Presently, the company’s main focus is on its Kisinka project, in the DRC, where exploration has commenced – some augur drilling has taken place and samples have been sent to lab for analysis.
A more targeted drill programme is anticipated, subject to the initial results, along with a licence wide soil sampling programme.
In terms of financial results, the newly rebooted company reported a £0.79mln loss for the period.
At the end of March, it had £6.09mln of net assets including £601,000 of cash and equivalents.