Delays in renewing the company’s licence application for the Meenaragh prospect, where drill ready targets have been identified, has meant the loss of two drilling seasons.
The company also raised £200,000 during the year from directors and associates, although the share price has been volatile in recent months. Arkle attributed this to an investor purchase of more than 25 million shares - almost 7 per cent of its issued equity - and the subsequent sale of the stake shortly afterwards in large chunks.
Overseas, the year saw Arkle granted three small licences in Zimbabwe as it continued its search for battery and platinum group metals. The company said it is looking at further afield due to a “lack of investor interest” in Irish exploration. “We obtained ground in Zimbabwe, a major lithium producer but have faced delays in expanding the holding,” said Mr Teeling. “We reviewed a number of investment opportunities in the past year and in particular we are pursuing grassroot opportunities in lithium.”
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