Ironridge Resources Ltd (LON:IRR) returned a loss before tax of A$6.4mln during the year to 30 June 2020.
At the year end, the company had A$7.3mln in the bank, enough to carry it through significant work programmes on its gold and lithium assets in West Africa, especially since it’s also running a drill-for-equity programme with GeoDrill.
"This year has seen sustained progress for IronRidge as we continue to make great strides in the development and exploration of our gold and lithium assets, despite global challenges,” said chief executive Vincent Mascolo.
"The company's flagship Zaranou gold project continues to deliver exceptional high-grade drilling results across the project area, and with only 10% of the shear zone tested, we have great optimism for the further exploration of the project. The third phase of our drilling programme commenced earlier this month.”
Meanwhile, the company’s Ewoyaa lithium project now boasts a resource of 14.5mln tonnes grading 1.31% Li2O.