Join our daily newsletter At The Bell to receive exclusive market insights
- White Rock Minerals (WRM) is posting its full-year results, revealing it ended the 2021 financial year with a $9.7 million loss after tax
- The loss comes as the company’s revenue fell from over $797,000 in FY20 to just under $52,000 in FY21
- Activities wise, WRM focused on its Mt Carrington and Red Mountain projects while also completing a merger with AuStar Gold
- White Rock ended June 30 with $15.92 million worth of cash in the bank and says it is well-funded for future drill programs
- Shares in WRM are suspended from trading due to an issue lodging its FY21 results, with shares last trading at 28 cents each
White Rock Minerals (WRM) is posting its full-year results, revealing it ended the 2021 financial year with a $9.7 million loss after tax.
That figure represents a blow-out to the company’s $12.39 million profit it recorded in FY20.
The loss can be contributed to a drop in revenue, with revenue falling from over $797,000 in FY20 to just under $52,000 in FY21.
WRM’s asset impairments and expenses also blew out, totalling $7.76 million and $927,500 in losses respectively.
Activities wise, the materials stock said it spent FY20 focused on its Mt Carrington Gold and Silver Project in the Lachlan Fold Belt of NSW.
The business also spent time exploring its Red Mountain Zinc Silver and Gold Project in Central Alaska.
Additionally, White Rock announced plans to merge with fellow ASX-lister AuStar Gold, with the transaction then completed in August.
WRM ended June 30 with $15.92 million worth of cash in the bank, leaving it well-funded for future drill programs, according to the business.
Commenting on the company’s outlook in FY22, White Rock Minerals’ management team said it had a strong strategy in place to build its resource base.
Company shares were suspended from quotation on the ASX on Friday after the company failed to meet a deadline relating to its FY21 results.
WRM expects to be reinstated by Monday, October 4, and said the error was due to “unforeseen circumstances”.
White Rock Minerals last traded at 28 cents per share on Friday, September 30.
