Talon Metals Corp., mineral exploration company incorporated in the British Virgin Islands, announced financial results for the third quarter of 2019 ended September 30, 2019. The company reported net loss of US$0.5mln or nil per share, as compared to net loss of US$1.7mln or $0.01 per share for the period ended September 30, 2018. The net loss during the third quarter of 2019 was mainly the result of administration expenses, while in the same period of 2018 it was also the result of the fair value revaluation of the Resource Capital Fund VI L.P. unsecured convertible loan.
For the nine month period ended September 30, 2019, the company’s net loss was US$4.2mln or $0.01 per share, compared to net loss of US$6.1mln or $0.05 per share for the same period of the previous year.
Capitalized exploration costs and deferred expenditures reported by the BVI company amounted to US$0.8mln in Q3 2019, as compared to US$0.2mln for the same quarter of 2018. The net capitalized exploration cost on the Tamarack Nickel-Copper-Cobalt Project to September 30, 2019 is US$49.5mln.