Platinum Group Metals has incurred a net loss of $12.07 million during the year ended August 31, 2013.
According to the financial results released by Platinum Group Metals, the company’s cash position at August 31, 2013 was $121.94 million, including $10.15 million in restricted cash. At present the company holds approximately $83.0 million in cash with none being restricted.
General and administrative expenses during the period were $6.94 million, losses on foreign exchange, due primarily to a weaker Rand at period end, were $8.25 million, while stock based compensation expense, a non-cash item, totalled $1.17 million.
Finance income consisting of interest earned and property rental fees in the year amounted to $5.00 million. Loss per share for the year amounted to $0.04 per share, as compared to a loss of $0.06 per share for the comparative year of fiscal 2012.
Platinum Group has made the transition from exploration and engineering to mine construction at the Western Bushveld Joint Venture Project 1 platinum mine located near Rustenburg, South Africa.
The company is also focused on the exploration and initial engineering on the newly discovered Waterberg platinum deposit located near Mokopane, South Africa where it is the operator of the Waterberg joint venture project with the Japanese Oil, Gas and Metals National Corporation and Mnombo Wethu Consultants and has also expanded its exploration on to the prospecting rights covering 530 square kilometers immediately adjacent and north of the Waterberg JV Project property.
Platinum Group has moderated the pace of its Waterberg platinum mine construction while it works on finalizing a US$195 million project loan mandate, updated project finance plans for the project and tests the scale of the Waterberg discovery. In the short term the Company is particularly focused on exploration drilling with large scale step outs over 20 kilometers underway on the approximately 87% owned Waterberg Extension Project.
Source: Platinum Group Metals. For more information, click here.