The former Caspian Holdings mutated last year from an oil company to a miner, and enjoyed more than its fair share of exploration success, resulting in it becoming a stock market darling and the second best performing share of 2012 in the UK.
The share price surge enabled the company to get away three share placements during 2012, raising £1.53mln in the process, resulting in a healthy positive net cash and cash equivalents position at the end of 2012 of £673,293.
“The main focus for the company in 2013 will be to drive forward the exploration programme in both Spain and Portugal and deliver first tungsten production from the La Parrilla Tailings project," declared company chairman Michael Masterman.
Being still at the exploration stage, W Resources has no revenues at present but, through maintenance of a low cost base, restricted pre-tax losses to just £405,225. This was despite increased costs resulting from exploration activity and a £110,997 hit as a result of writing down the value of its 50% interest in oil firm, Black Gold of Kentucky, to zero.
Investors impatient for the revenue to start rolling in may not have to wait too long, with the company targeting first production in the second half of 2013 at the La Parrilla tailings project.
The shares were up 11.5% in mid-afternoon trading at 1.55p.