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(Sharecast News) - Richmond Hill Resources reported a first-half loss on Thursday, as the newly-listed AIM company focused on building out its Canadian exploration portfolio and preparing for its first drilling campaign at the Martello gold project in Ontario.
The firm, formerly Rogue Baron, was admitted to AIM in October and completed the acquisition of Bulawayo CC Ventures, holder of the Saint-Sophie project in Qubec.
It said the six months to 31 March were centred on establishing funding and technical foundations for its Canadian assets, led by the acquisition of Martello and continued work at Saint-Sophie.
Richmond Hill posted a loss after tax of 588,000 for the period, compared with a restated loss of 203,000 a year earlier.
Administrative expenses rose to 588,000 from 72,000, including 191,000 of share-based payments and 151,000 of expenses paid in shares.
The company held cash of 656,000 at the period end, up from 44,000 at 30 September 2025.
It raised 600,000 in January through a placing at 2.6p per share to fund the Martello acquisition and planned exploration work.
A WRAP retail offer in February raised a further 39,000, allowing retail and existing shareholders to participate on the same terms.
Loans of 144,000 were also converted into shares during the period.
Richmond Hill said Martello comprised 88 mining claims covering 4,241 hectares in the Wabigoon Greenstone Belt, south-east of Dryden in Ontario.
The property hosts three historical mine shafts and several documented gold occurrences, with historical high-grade grab samples reported at up to 1,050 grams per tonne of gold.
During the half-year, a third-party contractor completed a drone magnetic survey over Martello, alongside historical data compilation, target generation and drill programme planning.
Shortly after the period ended, the company completed its maiden diamond drilling programme at the project, drilling seven holes for a total of 1,307 metres.
The company said visual logging identified wide quartz-feldspar porphyry units, zones of silicification, sulphide-bearing quartz veining and intervening mafic units, with several intervals selected for assay.
It cautioned that the observations were visual and lithological only, and were not a guide to gold grade, which can only be determined by laboratory assay.
Richmond Hill also expanded its land position around Martello after the period ended, announcing the conditional acquisition of the Bartlett mining claims and additional nearby claims in April.
At Saint-Sophie, the company said the Qubec project provided copper-gold exposure to complement the gold focus at Martello, and would be advanced in parallel with its Ontario interests.
Chief executive Hamish Harris said the near-term focus was the receipt and interpretation of assay results from the Martello maiden drilling programme, describing it as the central catalyst for the second half of the financial year.
"In parallel, the company will continue to advance Saint-Sophie, integrate its expanded Martello land position, and progress target generation across the wider property so that it is positioned to move efficiently onto its next priorities," he said.
At 1011 BST, shares in Richmond Hill Resources were up 2.35% at 1.74p.
Reporting by Josh White for Sharecast.com.
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