AfriTin Mining Ltd (LON:ATM) booked a loss of just over £1mln in the year to 28 February 2019, equating to a loss per share of 0.23p.
Although AfriTin has not yet commenced commercial production from its Uis tin mine in Namibia, the company did book £27,000 of sales from the sale of sand at Zaaiplaats.
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During the period AfriTin spent £571,000 on exploration and evaluation work and £4.7mln on the phase one pilot plant.
As at 28 February 2019, the Group had cash in the bank of just under £1.8mln.
The completion of an equity subscription of around £3mln on 22 May 2019 as well as the finalisation of a standby working capital facility for around 1.7mln with Bushveld Minerals will allow AfriTin to complete the development of the Phase 1 Pilot Plant and will provide general working capital to achieve first production of tin concentrate.
The company describes production of tin from Uis as “imminent.”