Half Year Financial Report (2023)
REVIEW OF OPERATIONS AND FINANCIAL RESULTS
Resolution Minerals Ltd holds exploration projects for gold and new energy metals (Cu, Co, Pb, Zn, Mn, U and SiO2)) in the highly prospective Tintina Gold Belt in Alaska, USA, the McArthur and South Nicholson Basins in the Northern Territory (Cu, Co, Pb, Zn, Mn, U) and the Lake Eyre and Eromanga Basins in South Australia (U and SiO2).
In the half year to 31 December 2022, the Company continued expenditure to earn into the 64North Project in Alaska, USA and progress its new energy metals projects in the Northern Territory. Minimal expenditure was completed on the newly granted George Project in South Australia.
The net loss of the Company, from the six months to 31 December 2022 was $737,995 (31 December 2021: $524,854). The main factor contributing to the increased loss was engagement of two 2 Executive Directors in the current period and a substantial portion of their costs were not on-charged to exploration. The higher expense was offset by increased revenue relating to the administration of the JV.
On 14 September 2022 Mark Holcombe joined the Board of the Company as an Executive Director and Non-executive Director Duncan Chessell succeeded Craig Farrow as Non-executive Chairman following his resignation from the Company. Additionally, founding Director Andrew Shearer resigned from the Board and Steven Groves resigned as Managing Director.