Al-Jebouri, in the company’s financial statement, highlighted the progress made with Minto in the first half of 2021 which included the spin-out and float of Minto into a Toronto Stock Exchange listed vehicle.
The spin-out followed an important and positive technical report which supported a C$30.5mln equity raise.
“This capital raise has provided a solid foundation for Minto’s continued growth by ensuring that Minto has sufficient working capital to meet all its financial obligations as well as fund an exploration programme that we believe will significantly increase the Minto resource base,” Al-Jebouri said.
“Although we will no longer be controlling Minto and thus will not be consolidating Minto’s financial results into our company’s, as a result of the convertible loan raised this year we have been able to maintain our interest in Minto at 11.1%.
“I look forward to realising further gains on our investment as the market recognises the true value of Minto and this being reflected in the market valuation of our company.”
Commenting about the operational backdrop for Minto, during the financial reporting period, the Pembridge boss added: “Although in recovery, the economy and Minto’s operations are still affected by the Covid 19 pandemic impact.
“This has resulted in additional costs being incurred in relation to protecting the Minto staff and ensuring that we comply with all Government regulations implemented to combat the pandemic. The recovery in the copper price has supported the Minto operations, which generated free cash flow from operations of USD$7,815,000.”
In terms of the financials, Pembridge reported aUS$3.8mln loss for six months ended June 30 and it ended the period with US$3.6mln of cash reserves.