Ormonde Mining plc (LON:ORM) has said it expects to see more new investment opportunities arise as a result of the present macroeconomic environment, given the turmoil created by the coronavirus (COVID-19) pandemic.
In its full-year results statement, the company told investors it has assessed more than 60 new opportunities over the past two months, and a number of those are now being considered ‘for advancement’.
“While the COVID-19 situation has created an unprecedented set of circumstances, and with international travel having ceased entirely, Ormonde is continuing to review current and new opportunities, and armed with the €6mln cash disposal proceeds, is in a strong financial position from which to develop its business over the coming period," said Jonathan Henry, Ormonde's executive chairman.
Financial results out today reflected a year of transition for Ormonde, following its exit from the Barruecopardo tungsten mine in Spain.
It also saw management changes with Henry stepping up to take the executive chair, whilst Tim Livesey and Richard Brown joined the board as non-executive directors.
Henry continued: "Following the disposal of our interest in the Barruecopardo mine, Ormonde's new Board and Executive Management have focussed on identifying opportunities in the resource sector capable of transforming shareholder value.
“This work has progressed rapidly with a number of opportunities being actively considered.”
Ormonde ended the year to December 31, 2019, with €130,000 of cash and equivalents as the Barruecopardo transaction closed in February 2020.
The pre-revenue company reported an €11.3mln loss after tax for 2019, with its loss for continuing operations stated at €900,000.