Alliance Mineral Assets Q2 loss deepens to A$1.36m

INCREASED expenses took a toll on results for Alliance Mineral Assets Limited for its second quarter.

Net loss worsened to A$1.36 million (S$1.4 million), from a net loss of A$989,400 in the previous year, the group said in a Singapore Exchange filing on Friday morning.

For the three months ended Dec 31, interest income surged almost four times to A$64,721 from the previous year due to a higher amount of Australia dollar short-term deposits placed following its placement exercised.

There was no revenue for the quarter as it had not yet started commercial production.

The firm recorded a sharp rise in consulting and directors fees, administrative expenses and employee salaries, with these at least doubling, even as site operating expenses and borrowing costs dropped.

Alliance Mineral said that it had adjusted salaries for full-time employees to recognise the increase in activity of the company, and also increased the number of full-time employees. Directors' fees had also been approved at the annual general meeting.

It added that exploration drilling for lithium on the Bald Hill Mine Site continued, and it has yet to start commercial production of tantalum and lithium.