By Christian Moess Laursen
Shares in Pathfinder Minerals fell on Thursday after the company said its board has doubts on the company’s ability to continue if the sale of its subsidiary IM Minerals isn’t completed.
At 0804 GMT, share were down 0.05 pence, or 9.5%, at 0.48 pence
However, the London-listed mining company expects the completion of the deal imminently, as it agreed in March to sell its 100%-owned subsidiary IM Minerals to Acumen Advisory Group for 2 million pounds ($2.5 million).
Following the deal, the company has a binding agreement with Acumen that the latter will progress a legal claim against the government of Mozambique, from which, if successful, Pathfinder will received a substantial contingent payment, it said.
“While that process is underway, assuming completion of the disposal, Pathfinder will be well funded and able to pursue other opportunities which offer shareholders multiple avenues for value creation,” Chairman Dennis Edmonds said.
Pathfinder said its pretax loss widened slightly to GBP376,000 in 2023 from GBP367,000 in 2022.
Write to Christian Moess Laursen at christian.moess@wsj.com
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